Document:

Exhibit 10.01

 

INDEMNIFICATION AGREEMENT

 

This Indemnification
Agreement (“Agreement”) is made on July __, 2015, by and between Gas Natural Inc., an Ohio corporation (the “Corporation”),
and _____________ (the “Indemnitee”). The effective date of this Agreement shall be July 1, 2015. The provisions of
this Agreement shall survive the termination of the Indemnitee’s service as a director or agent of the Corporation, but only
with respect to such period of time during which Indemnitee served in such capacity.

 

Recitals

 

A.The Indemnitee
is a director, officer, employee, fiduciary or agent of the Corporation or its subsidiaries.

 

B.Section 1701.13
of the Ohio Business Corporation Act (the “Act”), under which the Corporation is organized, empowers the Corporation
to indemnify its officers, directors, employees and agents by agreement and to indemnify persons who serve, at the request of the
Corporation, as the directors, officers, employees or agents of other corporations or enterprises.

 

C.The Corporation
has furnished, at its expense, directors and officers liability insurance (“D&O Insurance”) protecting its directors
and officers in connection with their performance of services for the Corporation.

 

D.The Corporation
believes that (i) litigation against corporate directors and officers, regardless of whether meritorious, is expensive and time-consuming
for the individual to defend; (ii) there is a risk of a judgment or settlement in litigation in which a corporate director or officer
was neither culpable nor profited personally to the detriment of the Corporation; (iii) it is increasingly difficult to attract
and keep qualified directors and officers because of such potential liabilities; (iv) it is important for a director or officer
to have assurance that indemnification will be available if the individual acts in accordance with reasonable business standards;
and (v) because available D&O Insurance and the indemnification available from the Corporation, other than by means of this
Agreement, may not be adequate to fully protect the Corporation’s directors and officers against the problems described above,
it is in the best interest of the Corporation and its shareholders for the Corporation to contractually obligate itself to indemnify
its directors and officers and to set forth the details of such indemnification.

 

E.Based upon the
conclusions stated in Recital D above, in consideration of Indemnitee’s service to the Corporation, the Corporation wishes
to enter into this Agreement with Indemnitee.

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth below, and other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

 

Section 1     Generally.
To the fullest extent permitted by the laws of the State of Ohio and subject to the exclusions and exceptions set forth in the
Act:

 

(a)The Corporation
and its subsidiaries shall indemnify Indemnitee if Indemnitee was or is a party or is threatened to be made a party to any threatened,
pending or completed action, suit or proceeding by reason of the fact that Indemnitee is or was an agent of the Corporation acting
in any official capacity, including that as a director. For the avoidance of doubt, the foregoing indemnification obligation includes,
without limitation, claims for monetary damages against Indemnitee in respect of an alleged breach of fiduciary duties.

 

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(b)The indemnification
provided by this Section 1 shall be from and against any and all expenses, judgments, fines and amounts paid in settlement actually
and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such action, suit or proceeding, provided
the Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests
of the Corporation, and, in the case of a criminal action, suit or proceeding, the Indemnitee had no reasonable cause to believe
that his or her conduct was unlawful.

 

(c)The termination
of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent,
shall not, of itself, create a presumption that Indemnitee did not act in accordance with the standards set forth in Section 1(b).

 

Section 2     Determination
that Indemnification is Proper. Any indemnification hereunder shall (unless otherwise ordered by a court) be made by the Corporation
unless a determination is made that indemnification of such person is not proper in the circumstances because he or she has not
satisfied the applicable standard of conduct set forth in Section 1(b) hereof. Any such determination shall be made either (i)
by a majority vote of a quorum of the directors who are not parties to the action, suit or proceeding in question (“disinterested
directors”), even if less than a quorum of the full Board of Directors, or (ii) by a majority vote of a committee of disinterested
directors designated by majority vote of disinterested directors, even if less than a quorum, or (iii) by a majority vote of a
quorum of the outstanding shares of stock of all classes entitled to vote on the matter, voting as a single class, which quorum
shall consist of stockholders who are not at that time parties to the action, suit or proceeding in question, or (iv) by independent
legal counsel, or (v) by a court of competent jurisdiction. However, if a final, non-appealable determination is made by a court
of competent jurisdiction that such person satisfied the applicable standards of conduct set forth in Section 1(b) hereof, then
indemnification under this Agreement shall be available as though no such determination under Section 2 (i) through (v) hereof
shall have been made.

 

Section 3     Advance Payment
of Expenses; Notification and Defense of Claim.

 

(a)Upon execution
by Indemnitee of an agreement to repay any advancement of expenses in accordance with the Act, expenses incurred by Indemnitee
in defending a threatened or pending action, suit or proceeding, or in connection with an enforcement action pursuant to Section
4(b), shall be paid by the Corporation or its subsidiaries in advance of the final disposition of such action, suit or proceeding.
Advances shall be unsecured and interest-free.

 

(b)Promptly after
receipt by Indemnitee of notice of the commencement of any action, suit or proceeding, Indemnitee shall, if a claim thereof is
to be made against the Corporation hereunder, notify the Corporation of the commencement thereof. The failure to promptly notify
the Corporation of the commencement of the action, suit or proceeding, or Indemnitee’s request for indemnification, will
not relieve the Corporation from any liability that it may have to Indemnitee hereunder, except to the extent the Corporation is
prejudiced in its defense of such action, suit or proceeding as a result of such failure.

 

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(c)In the event
the Corporation shall be obligated to pay the expenses of Indemnitee with respect to an action, suit or proceeding, as provided
in this Agreement, the Corporation, if appropriate, shall be entitled to assume the defense of such action, suit or proceeding,
with counsel reasonably acceptable to Indemnitee, upon the delivery to Indemnitee of written notice of its election to do so. After
delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Corporation, the Corporation
will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect
to the same action, suit or proceeding, provided that (1) Indemnitee shall have the right to employ Indemnitee’s own counsel
in such action, suit or proceeding at Indemnitee’s expense and (2) if (i) the employment of counsel by Indemnitee has been
previously authorized in writing by the Corporation, (ii) counsel to the Corporation or Indemnitee shall have reasonably concluded
that there may be a conflict of interest or position, or reasonably believes that a conflict is likely to arise, on any material
issue between the Corporation and Indemnitee in the conduct of any such defense or (iii) the Corporation shall not, in fact, have
employed counsel to assume the defense of such action, suit or proceeding, then the fees and expenses of Indemnitee’s counsel
shall be at the expense of the Corporation, except as otherwise expressly provided by this Agreement. The Corporation shall not
be entitled, without the consent of Indemnitee, to assume the defense of any claim as to which counsel for the Corporation or Indemnitee
shall have reasonably made the conclusion provided for in clause (2)(ii) above.

 

Section 4     Procedure
for Indemnification.

 

(a)To obtain indemnification,
Indemnitee shall promptly submit to the Corporation a written request, including therein or therewith such documentation and information
as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled
to indemnification. The Corporation shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors
in writing that Indemnitee has requested indemnification.

 

(b)The Corporation’s
determination whether to grant Indemnitee’s indemnification request shall be made promptly, and in any event within 60 days
following receipt of a request for indemnification pursuant to Section 4(a). The right to indemnification as granted by Section
1 of this Agreement shall be enforceable by Indemnitee in any court of competent jurisdiction if the Corporation denies such request,
in whole or in part, or fails to respond within such 60-day period. It shall be a defense to any such action (other than an action
brought to enforce a claim for the advance of costs, charges and expenses under Section 4 hereof where the required undertaking,
if any, has been received by the Corporation) that Indemnitee has not met the standard of conduct set forth in Section 1 hereof,
but the burden of proving such defense by clear and convincing evidence shall be on the Corporation. Neither the failure of the
Corporation (including its Board of Directors or one of its committees, its independent legal counsel, and its stockholders) to
have made a determination prior to the commencement of such action that indemnification of Indemnitee is proper in the circumstances
because Indemnitee has met the applicable standard of conduct set forth in Section 1 hereof, nor the fact that there has been an
actual determination by the Corporation (including its Board of Directors or one of its committees, its independent legal counsel,
and its stockholders) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create
a presumption that Indemnitee has or has not met the applicable standard of conduct.

 

(c)The Indemnitee
shall be presumed to be entitled to indemnification under this Agreement upon submission of a request for indemnification pursuant
to this Section 4, and the Corporation shall have the burden of proof in overcoming that presumption in reaching a determination
contrary to that presumption. Such presumption shall be used as a basis for a determination of entitlement to indemnification unless
the Corporation overcomes such presumption by clear and convincing evidence.

 

Section 5     Insurance
and Subrogation.

 

(a)The Corporation
shall purchase and maintain insurance on behalf of Indemnitee who is or was an agent of the Corporation against any liability asserted
against, and incurred by, Indemnitee or on Indemnitee’s behalf in any such capacity, or arising out of Indemnitee’s
status as such, whether or not the Corporation would have the power to indemnify Indemnitee against such liability under the provisions
of this Agreement. If the Corporation has such insurance in effect at the time the Corporation receives from Indemnitee any notice
of the commencement of a proceeding, the Corporation shall give prompt notice of the commencement of such proceeding to the insurers
in accordance with the procedures set forth in the policy. The Corporation shall thereafter take all necessary or desirable action
to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with
the terms of such policy.

 

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(b)In the event
of any payment by the Corporation under this Agreement, the Corporation shall be subrogated to the extent of such payment to all
of the rights of recovery of Indemnitee with respect to any insurance policy, who shall execute all papers required and take all
action necessary to secure such rights, including execution of such documents as are necessary to enable the Corporation to bring
suit to enforce such rights in accordance with the terms of such insurance policy. The Corporation shall pay or reimburse all expenses
actually and reasonably incurred by Indemnitee in connection with such subrogation.

 

Section 6     Certain Definitions.
For purposes of this Agreement, the following definitions shall apply:

 

(a)The term “agent”
of the Corporation shall be broadly construed and shall include any person who is or was a director, officer, employee, fiduciary
or is or was otherwise acting on behalf of the Corporation of the Corporation or a subsidiary of the Corporation; or is or was
serving at the request of, for the convenience of, or to represent the interests of the Corporation or a subsidiary of the Corporation
as a director, an officer, an employee, an associate, a fiduciary, a manager, a member, a partner, a promoter, a trustee, or an
agent of another foreign or domestic corporation, partnership, joint venture, trust or other entity or of an employee benefit plan.

  

(b)The term “official
capacity” shall be broadly construed and shall include Indemnitee’s service as an officer, director (including serving
as a member of any committee of the board of directors) and/or agent of the Corporation or a subsidiary of the Corporation and/or
at the request of, for the convenience of, or to represent the interests of the Corporation or a subsidiary of the Corporation,
and in such capacity shall include service as a trustee, fiduciary, agent or similar status (including, without limitation, a manager
of a limited liability company) with respect to the Corporation or a subsidiary of the Corporation.

 

(c)The term “action,
suit or proceeding” shall be broadly construed and shall include, without limitation, the investigation, preparation, prosecution,
defense, settlement, arbitration and appeal of, and the giving of testimony in, any threatened, pending or completed claim, action,
suit or proceeding, whether civil, criminal, administrative, legislative, or investigative and whether formal or informal.

 

(d)The term “expenses”
shall be broadly construed and shall include, without limitation, all direct and indirect costs of any type or nature whatsoever
(including, without limitation, all attorneys’ fees and related disbursements, appeal bonds, other out-of-pocket costs and
reasonable compensation for time spent by Indemnitee for which Indemnitee is not otherwise compensated by the Corporation or any
third party, provided that the rate of compensation and estimated time involved is approved by the Board, which approval shall
not be unreasonably withheld), actually and reasonably incurred by Indemnitee in connection with (i) the investigation, defense
or appeal of a proceeding (ii) serving as an actual or prospective witness in any matter arising out of, or in any way related
to Indemnitee’s service in an official capacity on behalf of the Corporation, (iii) any voluntary or required interviews
or depositions with respect to any matter arising out of, or in any way related to, Indemnitee’s official capacity, or (iv)
establishing or enforcing a right to indemnification under this Agreement, the Act or otherwise.

 

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(e)The term “judgments,
fines and amounts paid in settlement” shall be broadly construed and shall include, without limitation, all direct and indirect
payments of any type or nature whatsoever (including, without limitation, all penalties and amounts required to be forfeited or
reimbursed to the Corporation), any penalties or excise taxes assessed on a person with respect to an employee benefit plan, any
federal, state or local taxes imposed on an Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement,
and all other liabilities of any kind or nature incurred by Indemnitee as a result of, or in connection with, an action, suit or
proceeding.

 

(f)The term “Corporation”
shall include, without limitation and in addition to the resulting corporation, any constituent corporation (including any constituent
of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and
authority to indemnify its directors, officers, and employees or agents, so that any person who is or was a director, officer,
employee or agent of such constituent corporation, or is or was serving at the request of, for the convenience of, or to represent
the interests of such constituent corporation as a director, officer, employee or agent of another corporation, partnership, joint
venture, trust, employee benefit plan or other enterprise, shall stand in the same position under the provisions of this Agreement
with respect to the resulting or surviving corporation as he or she would have with respect to such constituent corporation if
its separate existence had continued.

 

(g)The term “serving
at the request of the Corporation” shall include, without limitation, any service as a director, officer, employee or agent
of the Corporation which imposes duties on, or involves services by, such director, officer, employee or agent with respect to
an employee benefit plan, its participants or beneficiaries.

 

(h)A person who
acted in good faith and in a manner such person reasonably believed to be in the interest of the participants and beneficiaries
of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Corporation”
as referred to in this Agreement.

 

(i)The term “employee
benefit plan” shall be broadly construed and shall include, without limitation, the Corporation’s Employee Stock Ownership
Plan.

 

Section 7     Certain Settlement
Provisions. The Corporation shall have no obligation to indemnify Indemnitee under this Agreement for amounts paid in settlement
of any action, suit or proceeding without the Corporation’s prior written consent, which shall not be unreasonably withheld.
The Corporation shall not settle any action, suit or proceeding in any manner that would impose any fine or other obligation on
Indemnitee without Indemnitee’s prior written consent, which shall not be unreasonably withheld.

 

Section 8     Savings Clause.
If any provision or provisions of this Agreement shall be invalidated on any ground by any court of competent jurisdiction, then
the Corporation and its subsidiaries shall nevertheless indemnify Indemnitee as to costs, charges and expenses (including attorneys’
fees), judgments, fines and amounts paid in settlement with respect to any action, suit or proceeding, including an action by or
in the right of the Corporation, to the full extent permitted by any applicable portion of this Agreement that shall not have been
invalidated and to the full extent permitted by applicable law.

 

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Section 9     Contribution.
In order to provide for just and equitable contribution in circumstances in which the indemnification provided for herein is held
by a court of competent jurisdiction to be unavailable to Indemnitee in whole or in part, it is agreed that, in such event, the
Corporation and its subsidiaries shall, to the fullest extent permitted by law, contribute to the payment of Indemnitee's expenses
in an amount that is just and equitable under the circumstances. The Corporation and the Indemnitee agree that in the absence of
personal enrichment of the Indemnitee, or acts of intentional fraud or dishonesty or criminal conduct on the part of the Indemnitee,
it would not be just and equitable for the Indemnitee to contribute to the payment of expenses arising out of an action, suit or
proceeding in an amount greater than: (i) in a case where the Indemnitee is a director of the Corporation or any of its subsidiaries
but not an officer of either, the amount of all Board and committee retainers and meeting fees paid to the Indemnitee for serving
as a director during the three months preceding the commencement of such action, suit or proceeding; or (ii) in a case where the
Indemnitee is a director of the Company or any of its subsidiaries and is an officer of either, the amount set forth in clause
(i) plus 10% of the annual base salary paid to the Indemnitee for serving as such officer(s) during the 12 months preceding the
commencement of such action, suit or proceeding; or (iii) in a case where the Indemnitee is only an officer of the Company or any
of its subsidiaries, 10% of the annual base salary paid to the Indemnitee for serving as such officer(s) during the 12 months preceding
the commencement of such action, suit or proceeding. The Corporation and its subsidiaries shall contribute to the payment of expenses
covered hereby to the extent not payable by the Indemnified Person pursuant to the contribution provisions set forth in the preceding
sentence.

 

Section 10     Form and
Delivery of Communications. Any notice, request or other communication required or permitted to be given to the parties under
this Agreement shall be in writing and either delivered in person or sent by telecopy, telex, telegram, overnight mail or courier
service, or certified or registered mail, return receipt requested, postage prepaid, to the parties at the following addresses
(or at such other addresses for a party as shall be specified by like notice):

 

If to the Corporation:

Gregory J. Osborne

1375 E. 9th Street

Suite 3100

Cleveland, Ohio 44114

 

	 	With a copy to:	Christopher J. Hubbert
	 	 	Kohrman Jackson & Krantz LLP
	 	 	1375 E. 9th Street
	 	 	29th Floor
	 	 	Cleveland, Ohio 44114

 

If to Indemnitee:

__________________

 

__________________

 

__________________

 

 

Section 11     Subsequent
Legislation. If the Act is amended after adoption of this Agreement (i) to expand further the indemnification permitted to
directors or officers, then the Corporation shall indemnify Indemnitee to the fullest extent permitted by the Act, as so amended
or (ii) to limit the indemnification permitted to directors or officers, then the Corporation shall indemnify Indemnitee to the
fullest extent permitted under this Agreement and applicable law as if such limitation shall not have been enacted.

 

Section 12     Limitations
of Actions. The parties to this Agreement, intending to contractually shorten the applicable statute of limitations, agree
that no action will be brought by or on behalf of the Corporation against Indemnitee or Indemnitee’s heirs or personal representatives
relating to Indemnitee’s service as a director, after the expiration of six months from the date Indemnitee ceases (for any
reason) to serve as a director of the Corporation, and any claim or cause of action of the Corporation will be extinguished and
deemed released unless asserted by the filing of a legal action before the expiration of such period.

 

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Section 13     Nonexclusivity.
The provisions for indemnification and advancement of expenses set forth in this Agreement shall not be deemed exclusive of any
other rights which Indemnitee may have under any provision of law, the Corporation’s Articles of Incorporation or Code of
Regulations, both as to action in Indemnitee’s official capacity and Indemnitee’s action as an agent of the Corporation,
in any court in which a proceeding is brought, and Indemnitee’s rights hereunder shall continue after Indemnitee has ceased
acting as an agent of the Corporation and shall inure to the benefit of the heirs, executors and administrators of Indemnitee.
No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee
under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her corporate status prior to such
amendment, alteration or repeal. To the extent that a change in the Act, whether by statute or judicial decision, permits greater
indemnification or advancement of expenses than would be afforded currently under the Articles of Incorporation, Code of Regulations
and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so
afforded by such change.

 

Section 14     Enforcement.
The Corporation and its subsidiaries shall be precluded from asserting in any judicial proceeding that the procedures and presumptions
of this Agreement are not valid, binding and enforceable. The Corporation agrees that its execution of this Agreement shall constitute
a stipulation by which it shall be irrevocably bound in any court of competent jurisdiction in which a proceeding by Indemnitee
for enforcement of his rights hereunder shall have been commenced, continued or appealed, that its obligations set forth in this
Agreement are unique and special, and that failure of the Corporation to comply with the provisions of this Agreement will cause
irreparable and irremediable injury to Indemnitee, for which a remedy at law will be inadequate. As a result, in addition to any
other right or remedy Indemnitee may have at law or in equity with respect to breach of this Agreement, Indemnitee shall be entitled
to injunctive or mandatory relief directing specific performance by the Corporation of its obligations under this Agreement.

 

Section 15     Interpretation
of Agreement. It is understood that the parties hereto intend this Agreement to be interpreted and enforced so as to provide
indemnification to Indemnitee to the fullest extent now or hereafter permitted by law

 

Section 16     Entire Agreement.
This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all
prior agreements, understandings and negotiations, written and oral, between the parties with respect to the subject matter of
this Agreement; provided, however, that this Agreement is a supplement to and in furtherance of the Articles of Incorporation,
Code of Regulations, the Act and any other applicable law, and shall not be deemed a substitute therefor, and does not diminish
or abrogate any rights of Indemnitee thereunder.

 

Section 17     Modification
and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both
of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any
other provision hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

Section 18     Successor
and Assigns. All of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall
be enforceable by the parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives.
The Corporation shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise)
to all or substantially all of the business or assets of the Corporation, by written agreement in form and substance reasonably
satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that
the Corporation would be required to perform if no such succession had taken place.

 

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Section 19     Supercedes
Prior Agreement. This Agreement supercedes any prior indemnification agreement between Indemnitee and the Corporation or its
predecessors.

 

Section 20     Governing
Law. This Agreement shall be governed exclusively by and construed according to the laws of the State of Ohio without regard
to conflict-of-laws principles. If a court of competent jurisdiction shall make a final determination that the provisions of the
law of any state other than Ohio govern indemnification by the Corporation of its officers and directors, then the indemnification
provided under this Agreement shall in all instances be enforceable to the fullest extent permitted under such law, notwithstanding
any provision of this Agreement to the contrary.

 

Section 21     Employment
Rights. Nothing in this Agreement is intended to create in Indemnitee any right to employment or continued employment.

 

Section 22     Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original and all of which together
shall be deemed to be one and the same instrument, notwithstanding that both parties are not signatories to the original or same
counterpart.

 

Section 23     Headings.
The section and subsection headings contained in this Agreement are for reference purposes only and shall not affect in any way
the meaning or interpretation of this Agreement.

 

IN WITNESS WHEREOF,
this Agreement has been duly executed and delivered to be effective as of the date first above written.

   

 

	 	GAS NATURAL INC.
	 	 	 
	 	By: 	 
	 	Name: 	Gregory J. Osborne
	 	Its:  	President and Chief Executive Officer
	 	 	 
	 	INDEMNITEE
	 	 	 
	 	 

	 	
        Name:

 

    	8EX-10.1

 EXHIBIT 10.1 

Execution Version 

EIGHTH AMENDED AND RESTATED ADVISORY AGREEMENT 

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

and 
 IIT ADVISOR LLC

							
	 1.
	 	 DEFINITIONS
	  	 	3	  
			
	 2.
	 	 APPOINTMENT
	  	 	8	  
			
	 3.
	 	 DUTIES OF THE ADVISOR
	  	 	8	  
			
	 4.
	 	 AUTHORITY OF ADVISOR
	  	 	11	  
			
	 5.
	 	 BANK ACCOUNTS
	  	 	11	  
			
	 6.
	 	 RECORDS; ACCESS
	  	 	11	  
			
	 7.
	 	 LIMITATIONS ON ACTIVITIES
	  	 	11	  
			
	 8.
	 	 RELATIONSHIP WITH DIRECTORS
	  	 	12	  
			
	 9.
	 	 FEES
	  	 	12	  
			
	 10.
	 	 EXPENSES
	  	 	13	  
			
	 11.
	 	 OTHER SERVICES
	  	 	14	  
			
	 12.
	 	 REIMBURSEMENT TO THE ADVISOR
	  	 	14	  
			
	 13.
	 	 OTHER ACTIVITIES OF THE ADVISOR
	  	 	15	  
			
	 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
	  	 	16	  
			
	 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
	  	 	17	  
			
	 29.
	 	 INITIAL INVESTMENT
	  	 	18	  

  
 2 

 EIGHTH AMENDED AND RESTATED ADVISORY AGREEMENT 

THIS EIGHTH AMENDED AND RESTATED ADVISORY AGREEMENT, dated as of July 27, 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 IIT Advisor LLC, a Delaware limited liability company, as successor in interest to
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 Industrial Income Advisors LLC, a Delaware limited liability company and predecessor
in interest to Advisor (“Prior Advisor”) are parties to that certain Seventh Amended and Restated Advisory Agreement, dated as of February 21, 2015 (the “Seventh Amended and Restated Agreement”); 

WHEREAS, pursuant to that certain Contribution Agreement dated July 27, 2015 by and between Prior Advisor and Advisor (the
“Contribution Agreement”), the Seventh Amended and Restated Agreement was contributed and assigned to Advisor and such contribution and assignment was approved by the Corporation’s board; 

WHEREAS, the Seventh Amended and Restated Agreement 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 Eighth 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. IIT Advisor LLC, a Delaware limited liability company, any successor advisor to the
Corporation, the Operating Partnership or any person or entity to which IIT Advisor LLC or any successor advisor subcontracts 

  
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substantially all of its functions. Notwithstanding the forgoing, a Person hired or retained by IIT Advisor 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 IIT Advisor 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, 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. 

  
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 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 FINRA. 
 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. 
 Excluded Company Property. Excluded Company
Property has the meaning set forth in that certain Merger Agreement, dated on or about July 28, 2015 among the Corporation, Western Logistics LLC and Western Logistics II LLC. 

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. 

  
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 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. 
 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 Prior 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 

  
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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 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 

  
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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. 

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, 

  
 8 

 
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 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; 

  
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 (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; 
 (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. 

  
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 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 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, 

  
 11 

 
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 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

  
 12 

 
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, and (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.
The Asset Management Fee shall be payable on the 1st day of each month. 
 (c) Operating Partnership Interests. The Prior 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; 

  
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 (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;

 (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. 

  
 14 

 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 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 30 days written notice without Cause and without penalty by a majority of the Independent Directors of the
Corporation or by the Advisor, (iii) upon 30 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. 

  
 15 

 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. 
 (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:	 	 IIT Advisor LLC
 518 17th Street
 17th Floor

Denver, CO 80202

  
 16 

 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. 
 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. 

  
 17 

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

			
	INDUSTRIAL INCOME TRUST INC.
		
	By:	 	 /s/ Thomas McGonagle

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

	Name:	 	Thomas McGonagle
	Title:	 	Chief Financial Officer
	
	IIT ADVISOR LLC
		
	By:	 	 /s/ Evan Zucker

	Name:	 	Evan Zucker
	Title:	 	Manager

 SIGNATURE PAGE TO EIGHTH AMENDED AND RESTATED ADVISORY AGREEMENT

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