Document:

EXHIBIT 4.1

DESCRIPTION OF COMMON STOCK

The following summary of the common stock of
Plymouth Industrial REIT, Inc. is based on and qualified by the Second Articles of Amendment and Restatement of Plymouth Industrial
REIT, Inc. (the “charter”) and our Seconded Amended and Restated Bylaws of Plymouth Industrial REIT, Inc. (the “bylaws”).
For a complete description of the terms and conditions of the common stock, refer to the charter and bylaws, both of which are
filed as exhibits to this Annual Report on Form 10-K. References herein to “we,” “our,” “us”
and “company” refer to Plymouth Industrial REIT, Inc.

General

Our charter provides that we may issue up to 900,000,000
shares of common stock, $0.01 par value per share, or our common stock. Our charter authorizes our board of directors, with the
approval of a majority of the entire board of directors and without any action by our common stockholders, to amend our charter
to increase or decrease the aggregate number of authorized shares of stock or the number of authorized shares of any class or series
of our stock.

Under Maryland law, stockholders generally are
not personally liable for our debts or obligations solely as a result of their status as stockholders.

Dividends, Liquidation and Other Rights

Subject to the preferential rights of any other
class or series of our stock and to the provisions of our charter regarding the restrictions on ownership and transfer of our stock,
holders of shares of our common stock are entitled to receive dividends and other distributions on such shares if, as and when
authorized by our board of directors out of assets legally available therefor and declared by us and to share ratably in the assets
of our company legally available for distribution to our stockholders in the event of our liquidation, dissolution or winding up
after payment or establishment of reserves for all known debts and liabilities of our company.

Holders of shares of our common stock have no preference,
conversion, exchange, sinking fund or redemption rights and have no preemptive rights to subscribe for any securities of our company.
Our charter provides that our common stockholders generally have no appraisal rights unless our board of directors determines prospectively
that appraisal rights will apply to one or more transactions in which holders of our common stock would otherwise be entitled to
exercise appraisal rights. Subject to the provisions of our charter regarding the restrictions on ownership and transfer of our
stock, holders of our common stock will have equal dividend, liquidation and other rights.

Under the Maryland General Corporation Law (“MGCL”),
a Maryland corporation generally cannot dissolve, amend its charter, merge, convert, consolidate, sell all or substantially all
of its assets or engage in a statutory share exchange unless declared advisable by its board of directors and approved by the affirmative
vote of stockholders entitled to cast at least two-thirds of all of the votes entitled to be cast on the matter unless a lesser
percentage (but not less than a majority of all of the votes entitled to be cast on the matter) is set forth in the corporation’s
charter. Our charter provides for approval of any of these matters by the affirmative vote of stockholders entitled to cast a majority
of the votes entitled to be cast on such matters, except that the affirmative vote of stockholders entitled to cast at least two-thirds
of the votes entitled to be cast generally in the election of directors is required to remove a director (and such removal must
be for cause) and the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be cast on
such matter is required to amend the provisions of our charter relating to the removal of directors, relating to the restrictions
on the transfer and ownership of shares or the vote required to amend such provisions. Maryland law also permits a Maryland corporation
to transfer all or substantially all of its assets without the approval of the stockholders of the corporation to an entity if
all of the equity interests of the entity are owned, directly or indirectly, by the corporation. Because our operating assets may
be held by our operating partnership or its subsidiaries, these subsidiaries may be able to merge or transfer all or substantially
all of their assets without the approval of our stockholders.

Voting Rights of Common Stock

Subject to the provisions of our charter regarding
the restrictions on ownership and transfer of our stock and except as may otherwise be specified in the terms of any class or series
of our common stock, each outstanding share of our common stock entitles the holder to one vote on all matters submitted to a vote
of stockholders, including the election of directors, and, except as provided with respect to any other class or series of stock,
the holders of shares of our common stock will possess the exclusive voting power. There is no cumulative voting in the election
of our directors. Directors are elected by a plurality of all of the votes cast in the election of directors.

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Power to Reclassify and Issue Stock

Our charter authorizes our board of directors to
reclassify any unissued shares of our common stock into other classes or series of stock, to establish the designation and number
of shares of each class or series and to set, subject to the provisions of our charter relating to the restrictions on ownership
and transfer of our capital stock, the preferences, conversion and other rights, voting powers, restrictions, limitations as to
dividends and other distributions, qualifications and terms and conditions of redemption of each such class or series.

Restrictions On Ownership and Transfer

In order for us to qualify as a real estate investment
trust (“REIT”) under the Internal Review Code of 1986, as amended (the “Code”), our stock must be beneficially
owned by 100 or more persons during at least 335 days of a taxable year of 12 months (other than the first year for which an election
to be a REIT has been made) or during a proportionate part of a shorter taxable year. Also, not more than 50% of the value of the
outstanding shares of stock (after taking into account options to acquire shares of stock) may be owned, directly, indirectly or
through application of certain attribution rules by five or fewer individuals (as defined in the Code to include certain entities
such as qualified pension plans) at any time during the last half of a taxable year (other than the first year for which an election
to be a REIT has been made).

Our charter contains restrictions on the ownership
and transfer of our stock that are intended to assist us in complying with these requirements and continuing to qualify as a REIT.
The relevant sections of our charter provide that, subject to the exceptions described below, no person or entity may actually
or beneficially own, or be deemed to own by virtue of the applicable constructive ownership provisions of the Code, more than 9.8%
(in value or in number of shares, whichever is more restrictive) of the outstanding shares of any class or series of our capital
stock, excluding any shares of stock that are not treated as outstanding for federal income tax purposes. We refer to this restriction
as the “ownership limit.” A person or entity that would have acquired actual, beneficial or constructive ownership
of our stock but for the application of the ownership limit or any of the other restrictions on ownership and transfer of our stock
discussed below is referred to as a “prohibited owner.”

The constructive ownership rules under the Code
are complex and may cause stock owned actually or constructively by a group of related individuals and/or entities to be owned
constructively by one individual or entity. As a result, the acquisition of less than 9.8% of our common stock (or the acquisition
of an interest in an entity that owns, actually or constructively, our common stock) by an individual or entity, could, nevertheless
cause that individual or entity, or another individual or entity, to own constructively in excess of 9.8% of our outstanding common
stock and thereby violate the applicable ownership limit.

Our board of directors, in its sole and absolute
discretion, prospectively or retroactively, may exempt a person from the limit described in the paragraph above and may establish
or increase an excepted holder percentage limit for that person. The person seeking an exemption must provide to our board of directors
any representations, covenants and undertakings that our board of directors may deem appropriate in order to conclude that granting
the exemption will not cause us to lose our status as a REIT. Our board of directors may not grant an exemption to any person if
that exemption would result in our failing to qualify as a REIT. Our board of directors must waive the ownership limit with respect
to a particular person if it: (i) determines that such ownership will not cause any individual’s beneficial ownership of
shares of our stock to violate the ownership limit and that any exemption from the ownership limit will not jeopardize our status
as a REIT; and (ii) determines that such stockholder does not and will not own, actually or constructively, an interest in a tenant
of ours (or a tenant of any entity whose operations are attributed in whole or in part to us) that would cause us to own, actually
or constructively, more than a 9.8% interest (as set forth in Section 856(d)(2)(B) of the Code) in such tenant or that any such
ownership would not cause us to fail to qualify as a REIT under the Code. Our board of directors may require a ruling from the
IRS or an opinion of counsel, in either case in form and substance satisfactory to our board of directors, in its sole discretion,
in order to determine or ensure our status as a REIT.

As a condition of the exception, our board of directors
may require an opinion of counsel or IRS ruling, in either case in form and substance satisfactory to our board of directors, in
its sole and absolute discretion, in order to determine or ensure our status as a REIT and representations and undertakings from
the person seeking the exemption or excepted holder limit in order to make the determinations above. Our board of directors may
impose such conditions or restrictions as it deems appropriate in connection with such an exception.

Our board of directors may, in its sole and absolute
discretion, increase or decrease the ownership limit for one or more persons, except that a decreased ownership limit will not
be effective for any person whose actual, beneficial or constructive ownership of our stock exceeds the decreased ownership limit
at the time of the decrease until the person’s actual, beneficial or constructive ownership of our stock equals or falls
below the decreased ownership limit, although any further acquisition of shares of our stock or beneficial or constructive ownership
of our stock will violate the decreased ownership limit. Our board of directors may from time to time increase or decrease any
ownership limit if, among other limitations, the new ownership limit would not prevent five or fewer persons to actually or beneficially
own more than 49.9% in value of our outstanding stock.

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Our charter further prohibits:

		·	The following summer of the common stock of Plymouth Industrial REIT, Inc. is based on an qualified by the Second Articles
of Amendment and Restatement of Plymouth Industrial REIT, Inc. (the “charter”) and our Seconded Amended and Restated
Bylaws of Plymouth Industrial REIT, Inc. (the “bylaws”). For a complete description of the terms and conditions of
the common stock, refer to the charter and bylaws, both of which are filed as exhibits to this Annual Report on Form 10-K.

		·	any person from transferring shares of our stock if such transfer would result in shares of our stock being beneficially owned
by fewer than 100 persons (determined without reference to any rules of attribution).

Any person who acquires or attempts or intends
to acquire actual, beneficial or constructive ownership of shares of our stock that will or may violate the ownership limit or
any of the other restrictions on ownership and transfer of our stock described above must give written notice immediately to us
or, in the case of a proposed or attempted transaction, provide us at least 15 days prior written notice, and provide us with such
other information as we may request in order to determine the effect of such transfer on our status as a REIT.

The ownership limit and other restrictions on ownership
and transfer of our stock described above will not apply if our board of directors determines that it is no longer in our best
interests to attempt to qualify, or to continue to qualify, as a REIT or that compliance is no longer required in order for us
to qualify as a REIT.

Pursuant to our charter, if any purported transfer
of our stock or any other event would otherwise result in any person violating the ownership limits or such other limit established
by our board of directors, or could

result in us being “closely held” within the meaning of Section
856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year) or otherwise
failing to qualify as a REIT, then that number of shares causing the violation (rounded up to the nearest whole share) will be
automatically transferred to, and held by, a charitable trust for the exclusive benefit of one or more charitable organizations
selected by us. The prohibited owner will have no rights in shares of our stock held by the trustee. The automatic transfer will
be effective as of the close of business on the business day prior to the date of the violative transfer or other event that results
in the transfer to the trust. Any dividend or other distribution paid to the prohibited owner, prior to our discovery that the
shares had been automatically transferred to a trust as described above, must be repaid to the trustee upon demand. If the transfer
to the trust as described above is not automatically effective, for any reason, to prevent violation of the applicable restriction
on ownership and transfer of our stock, then that transfer of the number of shares that otherwise would cause any person to violate
the above restrictions will be void. If any transfer of our stock would result in shares of our stock being beneficially owned
by fewer than 100 persons (determined without reference to any rules of attribution), then any such purported transfer will be
void and of no force or effect and the intended transferee will acquire no rights in the shares.

Shares of our stock transferred to the trustee
are deemed offered for sale to us, or our designee, at a price per share equal to the lesser of (i) the price per share in the
transaction that resulted in the transfer of the shares to the trust (or, in the event of a gift, devise or other such transaction,
the last reported sale price at the time of such gift, devise or other transaction) and (ii) the last reported sale price on the
date we accept, or our designee accepts, such offer. We may reduce the amount payable to the prohibited owner by the amount of
dividends and distributions paid to the prohibited owner and owed by the prohibited owner to the trustee and pay the amount of
such reduction to the trustee for the benefit of the charitable beneficiary. We have the right to accept such offer until the trustee
has sold the shares of our stock held in the trust. Upon a sale to us, the interest of the charitable beneficiary in the shares
sold terminates and the trustee must distribute the net proceeds of the sale to the prohibited owner and any dividends or other
distributions held by the trustee with respect to such stock will be paid to the charitable beneficiary.

If we do not buy the shares, the trustee must,
within 20 days of receiving notice from us of the transfer of shares to the trust, sell the shares to a person or persons designated
by the trustee who could own the shares without violating the ownership limits or other restrictions on ownership and transfer
of our stock. Upon such sale, the trustee must distribute to the prohibited owner an amount equal to the lesser of (i) the price
paid by the prohibited owner for the shares (or, if the prohibited owner did not give value in connection with the transfer or
other event that resulted in the transfer to the trust (e.g. , a gift, devise or other such transaction), the last reported
sale price on the day of the transfer or other event that resulted in the transfer of such shares to the trust) and (ii) the sales
proceeds (net of commissions and other expenses of sale) received by the trustee for the shares. The trustee may reduce the amount
payable to the prohibited owner by the amount of dividends and other distributions paid to the prohibited owner and owed by the
prohibited owner to the trustee. Any net sales proceeds in excess of the amount payable to the prohibited owner will be immediately
paid to the charitable beneficiary, together with any dividends or other distributions thereon. In addition, if prior to our discovery
that shares of our stock have been transferred to the trustee, such shares of stock are sold by a prohibited owner, then such shares
shall be deemed to have been sold on behalf of the trust and, to the extent that the prohibited owner received an amount for or
in respect of such shares that exceeds the amount that such prohibited owner was entitled to receive, such excess amount shall
be paid to the trustee upon demand.

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The trustee will be designated by us and will be
unaffiliated with us and with any prohibited owner. Prior to the sale of any shares by the trust, the trustee will receive, in
trust for the charitable beneficiary, all dividends and other distributions paid by us with respect to such shares, and may exercise
all voting rights with respect to such shares for the exclusive benefit of the charitable beneficiary.

Subject to Maryland law, effective as of the date
that the shares have been transferred to the trust, the trustee may, at the trustee’s sole discretion:

		·	rescind as void any vote cast by a prohibited owner prior to our discovery that the shares have been transferred to the trust;
and

		·	recast the vote in accordance with the desires of the trustee acting for the benefit of the beneficiary of the trust.

However, if we have already taken irreversible
corporate action, then the trustee may not rescind and recast the vote.

If our board of directors or a committee thereof
determines that a proposed transfer or other event has taken place that violates the restrictions on ownership and transfer of
our stock set forth in our charter, our board of directors or such committee may take such action as it deems advisable in its
sole and absolute discretion to refuse to give effect to or to prevent such transfer, including, but not limited to, causing us
to redeem shares of stock, refusing to give effect to the transfer on our books or instituting proceedings to enjoin the transfer.

Every owner of more than 5% (or such lower percentage
as required by the Code or the Treasury regulations promulgated thereunder) in number or value of the outstanding shares of our
stock, within 30 days after the end of each taxable year, must give written notice to us stating the name and address of such owner,
the number of shares of each class and series of our stock that the owner beneficially owns and a description of the manner in
which the shares are held. Each such owner also must provide us with any additional information that we request in order to determine
the effect, if any, of the person’s actual or beneficial ownership on our status as a REIT and to ensure compliance with
the ownership limits. In addition, any person that is an actual owner, beneficial owner or constructive owner of shares of our
stock and any person (including the stockholder of record) who is holding shares of our stock for an actual owner, beneficial owner
or constructive owner must, on request, disclose to us such information as we may request in good faith in order to determine our
status as a REIT and comply with requirements of any taxing authority or governmental authority or to determine such compliance
and to ensure compliance with the ownership limits.

Any certificates representing shares of our stock
will bear a legend referring to the restrictions on ownership and transfer of our stock described above.

These restrictions on ownership and transfer could
delay, defer or prevent a transaction or a change of control of our company that might involve a premium price for our common stock
that our stockholders believe to be in their best interest.

Transfer Agent and Registrar

The transfer agent and registrar
for our common stock is Continental Stock Transfer & Trust Company.

Business Combinations

Under the MGCL, certain “business combinations”
(including a merger, consolidation, share exchange or, in certain circumstances specified under the statute, an asset transfer
or issuance or reclassification of equity securities) between a Maryland corporation and any interested stockholder, or an affiliate
of such an interested stockholder, are prohibited for five years after the most recent date on which the interested stockholder
becomes an interested stockholder. Maryland law defines an interested stockholder as:

		·	any person who beneficially owns, directly or indirectly, 10% or more of the voting power of the corporation’s outstanding
voting stock; or

		·	an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was
the beneficial owner of 10% or more of the voting power of the then outstanding voting stock of the corporation.

A person is not an interested stockholder under
the statute if the board of directors approved in advance the transaction by which the person otherwise would have become an interested
stockholder.

In approving a transaction, however, a board of
directors may provide that its approval is subject to compliance, at or after the time of the approval, with any terms and conditions
determined by it.

After such five-year period, any such business
combination must be recommended by the board of directors of the corporation and approved by the affirmative vote of at least:

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		·	80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and

		·	two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested
stockholder with whom (or with whose affiliate) the business combination is to be effected or held by an affiliate or associate
of the interested stockholder.

These supermajority approval requirements do not
apply if, among other conditions, the corporation’s common stockholders receive a minimum price (as defined in the MGCL)
for their shares and the consideration is received in cash or in the same form as previously paid by the interested stockholder
for its shares.

These provisions of the MGCL do not apply, however,
to business combinations that are approved or exempted by a corporation’s board of directors prior to the time that the interested
stockholder becomes an interested stockholder. Our board of directors has adopted a resolution opting out of the business combination
provisions of the MGCL. This resolution provides that any alteration or repeal of the resolution by the board of directors shall
be valid only if approved, at a meeting duly called, by the affirmative vote of a majority of votes cast by stockholders entitled
to vote generally for directors. Our bylaws provide that any such alteration or repeal of the resolution will be valid only if
approved, at a meeting duly called, by the affirmative vote of a majority of votes cast by stockholders entitled to vote generally
for directors.

We do not have a “poison pill” or stockholder
rights plan. We intend to seek prior stockholder approval before adopting a stockholder rights plan unless, due to timing constraints
or other reasons, a majority of the directors who qualify as independent directors under NYSE American corporate governance standards
determines that it would be in the best interests of stockholders to adopt a plan before obtaining stockholder approval. We also
intend that any stockholder rights plan we adopt without prior stockholder approval would either be ratified by stockholders or
must expire, without being renewed or replaced, within one year.

Control Share Acquisitions

The MGCL provides that holders of “control
shares” of a Maryland corporation acquired in a “control share acquisition” have no voting rights with respect
to their control shares except to the extent approved by the affirmative vote of at least two-thirds of the votes entitled to be
cast in the election of directors, generally, excluding shares of stock in a corporation in respect of which any of the following
persons is entitled to exercise or direct the exercise of the voting power of such shares in the election of directors: (1) the
person who made or proposes to make a control share acquisition, (2) an officer of the corporation or (3) an employee of the corporation
who is also a director of the corporation. “Control shares” are voting shares of stock that, if aggregated with all
other such shares of stock previously acquired by the acquirer or in respect of which the acquirer is able to exercise or direct
the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquirer to exercise voting power
in electing directors within one of the following ranges of voting power:

		·	one-tenth or more but less than one-third;

		·	one-third or more but less than a majority; or

		·	a majority or more of all voting power.

Control shares do not include shares that the acquiring
person is then entitled to vote as a result of having previously obtained stockholder approval. A “control share acquisition”
means the acquisition, directly or indirectly, of ownership of, or the power to direct the exercise of voting power with respect
to, issued and outstanding control shares, subject to certain exceptions.

A person who has made or proposes to make a control
share acquisition, upon satisfaction of certain conditions (including an undertaking to pay expenses and making an “acquiring
person statement” as described in the MGCL), may compel the corporation to call a special meeting of stockholders to be held
within 50 days of demand to consider the voting rights of the control shares. If no request for a special meeting is made, the
corporation may itself present the question at any stockholders meeting.

If voting rights of control shares are not approved
at the meeting or if the acquiring person does not deliver an “acquiring person statement” as required by the statute,
then, subject to certain conditions and limitations, the corporation may redeem any or all of the control shares (except those
for which voting rights have previously been approved) for fair value determined, without regard to the absence of voting rights
for the control shares, as of the date of the last control share acquisition by the acquirer or of any meeting of stockholders
at which the voting rights of such shares are considered and not approved. If voting rights for control shares are approved at
a stockholders meeting and the acquirer becomes entitled to vote a majority of the shares entitled to vote, all other stockholders
may exercise appraisal rights. The fair value of the shares as determined for purposes of such appraisal rights may not be less
than the highest price per share paid by the acquirer in the control share acquisition.

The control share acquisition statute does not
apply to: (1) shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction or
(2) acquisitions approved or exempted by the charter or bylaws of the corporation.

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Our bylaws contain a provision exempting from the
control share acquisition statute any and all acquisitions by any person of shares of our stock. Our bylaws provide that any amendment,
alteration or repeal of this provision shall be valid only if approved, at a meeting duly called, by the affirmative vote of a
majority of votes cast by stockholders entitled to vote generally for directors. There can be no assurance that such provision
will not be amended or eliminated at any time in the future.

Subtitle 8

Subtitle 8 of Title 3 of the MGCL permits a Maryland
corporation with a class of equity securities registered under the Exchange Act and at least three independent directors to elect
to be subject, by provision in its charter or bylaws or a resolution of its board of directors and notwithstanding any contrary
provision in the charter or bylaws, to any or all of the following five provisions:

		·	a classified board;

		·	a two-thirds vote requirement for removing a director;

		·	a requirement that the number of directors be fixed only by vote of the directors;

		·	a requirement that a vacancy on the board be filled only by the remaining directors and for the remainder of the full term
of the class of directors in which the vacancy occurred; or

		·	a majority requirement for the calling of a special meeting of stockholders.

Our charter provides that, at such time as we became
eligible to make a Subtitle 8 election and except as may be provided by our board of directors in setting the terms of any class
or series of stock, we elect to be subject to the provisions of Subtitle 8 relating to the filling of vacancies on our board of
directors. Through provisions in our charter and bylaws unrelated to Subtitle 8, we already (1) require a two-thirds vote for the
removal of any director from the board, (2) vest in the board the exclusive power to fix the number of directorships, subject to
limitations set forth in our charter and bylaws, and (3) require, unless called by the chairman of our board of directors, our
president, our chief executive officer or our board of directors, the request of stockholders entitled to cast not less than a
majority of all votes entitled to be cast on a matter at such meeting to call a special meeting to consider and vote on any matter
that may properly be considered at a meeting of stockholders. Our bylaws provide that we may not make a Subtitle 8 election to
create a classified board. Our bylaws provide that any amendment, alteration or repeal of this provision shall be valid only if
approved, at a meeting duly called, by the affirmative vote of a majority of votes cast by stockholders entitled to vote generally
for directors. There can be no assurance that such provision will not be amended or eliminated at any time in the future.

Amendments to Our Charter and Bylaws

Other than amendments to certain provisions of
our charter described below and amendments permitted to be made without stockholder approval under Maryland law or by a specific
provision in the charter, our charter may be amended only if such amendment is declared advisable by our board of directors and
approved by the affirmative vote of stockholders entitled to cast a majority of all of the votes entitled to be cast on the matter.
The provisions of our charter relating to the removal of directors, the restrictions on the transfer and ownership of shares or
the vote required to amend such provisions may be amended only if such amendment is declared advisable by our board of directors
and approved by the affirmative vote of stockholders entitled to cast not less than two-thirds of all of the votes entitled to
be cast on the matter. Except as otherwise noted with respect to amendments requiring the affirmative vote of a majority of votes
cast by stockholders entitled to vote generally for directors, our board of directors has the exclusive power to adopt, alter or
repeal any provision of our bylaws or to make new bylaws.

Meetings of Stockholders

Under our bylaws, annual meetings of stockholders
must be held each year at a date, time and place determined by our board of directors. Special meetings of stockholders may be
called by the chairman of our board of directors, our chief executive officer, our president and our board of directors. Subject
to the provisions of our bylaws, a special meeting of stockholders to act on any matter that may properly be considered at a meeting
of stockholders must be called by our secretary upon the written request of stockholders entitled to cast a majority of all of
the votes entitled to be cast on the matter at such meeting who have requested the special meeting in accordance with the procedures
specified in our bylaws and provided the information and certifications required by our bylaws. Only matters set forth in the notice
of a special meeting of stockholders may be considered and acted upon at such a meeting.

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Advance Notice of Director Nominations and New Business

Our bylaws provide that:

		·	with respect to an annual meeting of stockholders, nominations of individuals for election to the board of directors and the
proposal of business to be considered by stockholders at the annual meeting may be made only:

		o	pursuant to our notice of the meeting;

		o	by or at the direction of our board of directors; or

		o	by a stockholder who was a stockholder of record both at the time of giving of the notice required by our bylaws and at the
time of the annual meeting, who is entitled to vote at the meeting in the election of each individual so nominated or on such other
business and who has provided the information and certifications required by the advance notice procedures set forth in our bylaws.

		·	with respect to special meetings of stockholders, only the business specified in our notice of meeting may be brought before
the meeting of stockholders, and nominations of individuals for election to our board of directors may be made only:

		o	by or at the direction of our board of directors; or

		o	provided that the meeting has been called for the purpose of electing directors, by a stockholder who is a stockholder of record
both at the time of giving of the notice required by our bylaws and at the time of the meeting, who is entitled to vote at the
meeting in the election of each individual so nominated and who has provided the information and certifications required by the
advance notice procedures set forth in our bylaws.

The purpose of requiring stockholders to give advance
notice of nominations and other proposals is to afford our board of directors the opportunity to consider the qualifications of
the proposed nominees or the advisability of the other proposals and, to the extent considered necessary by our board of directors,
to inform stockholders and make recommendations regarding the nominations or other proposals. The advance notice procedures also
permit a more orderly procedure for conducting our stockholder meetings.

Anti-takeover Effect of Certain Provisions of Maryland Law and
of Our Charter and Bylaws

The restrictions on ownership and transfer of our
stock, the provisions of our charter regarding the removal of directors, the exclusive power of our board of directors to fill
vacancies on the board and the advance notice provisions of the bylaws could delay, defer or prevent a transaction or a change
of control of our company that might involve a premium price for holders of our common stock or otherwise be in their best interests.
Likewise, if our board of directors were to opt in to the business combination provisions of the MGCL or the provisions of Subtitle
8 of Title 3 of the MGCL providing for a classified board of directors, or if the provision in our bylaws opting out of the control
share acquisition provisions of the MGCL were amended or rescinded, these provisions of the MGCL could have similar anti-takeover
effects.

 

    7EXHIBIT 4.2

DESCRIPTION OF THE SERIES A PREFERRED STOCK

The following summary of the material terms
and provisions of the 7.50% Series A Cumulative Redeemable Preferred Stock of Plymouth Industrial REIT, Inc. (the “Series
A Preferred Stock”) is based on and qualified by the Second Articles of Amendment and Restatement of Plymouth Industrial
REIT, Inc. (the “charter”), including the articles supplementary setting forth the terms of the Series A Preferred
Stock (the “Articles Supplementary”), and the Second Amended and Restated Bylaws of Plymouth Industrial REIT, Inc.
(the “bylaws’). For a complete description of the terms and conditions of the Series A Preferred Stock, refer to the
charter, the Articles Supplementary and the bylaws, all of which are filed as exhibits to this Annual Report on Form 10-K. References
herein to “we,” “our,” “us” or “company” refer to Plymouth Industrial REIT, Inc.

General

Under our charter, we currently are authorized
to issue up to 100,000,000 shares of preferred stock, $0.01 par value per share. Our charter further provides that our board of
directors may classify any unissued shares of preferred stock into one or more classes or series of stock and, prior to issuance
of any class or series of preferred stock, shall (i) designate that class or series to distinguish it from all other classes or
series of our stock, (ii) specify the number of shares to be included in the class or series, (iii) set or change the preferences,
conversion or other rights, voting powers (including voting rights exclusive to such class or series), restrictions (including,
without limitation, restrictions on transferability), limitations as to dividends or other distributions, qualifications and terms
or conditions of redemption of such class or series, and (iv) cause us to file articles supplementary with the Maryland State Department
of Assessments and Taxation.

Ranking

The Series A Preferred Stock ranks, with respect
to priority of payment of dividends and distributions and rights upon voluntary or involuntary liquidation, dissolution or winding
up of our affairs:

		•	senior to all classes or series of our common stock, and to any other class or series of our capital stock issued in the future,
unless the terms of that capital stock expressly provide that it ranks senior to, or on parity with, the Series A Preferred Stock;

		•	on parity with any class or series of our capital stock, the terms of which expressly provide that such capital stock will
rank on parity with the Series A Preferred Stock; and

		•	junior to our existing and future indebtedness and any other class or series of our capital stock, the terms of which expressly
provide that such capital stock will rank senior to the Series A Preferred Stock.

The term “capital stock” does not
include convertible or exchangeable debt securities, which, prior or subsequent to conversion or exchange, will rank senior in
right of payment to the Series A Preferred Stock.

Dividends

When, as and if authorized by our board of directors,
holders of shares of the Series A Preferred Stock are entitled to receive cumulative cash dividends from, and including, the issue
date, payable quarterly in arrears on the last day of March, June, September and December of each year, beginning on December 31,
2017 until December 31, 2024, at the rate of 7.50% per annum on the $25.00 liquidation preference per share (equivalent to a fixed
annual rate of $1.875 per share), or the Initial Rate. On and after December 31, 2024, if any shares of Series A Preferred Stock
are outstanding, we will pay cumulative cash dividends on each then-outstanding share of Series A Preferred Stock at an annual
dividend rate equal to the Initial Rate plus an additional 1.5% of the liquidation preference per annum, which will increase by
an additional 1.5% of the liquidation preference per annum on each subsequent December 31 thereafter, subject to a maximum annual
dividend rate of 11.5% while the Series A Preferred Stock remains outstanding.

     

     

    

 

Dividends payable on the Series A Preferred Stock
for any partial or longer period are computed on the basis of a 360-day year consisting of twelve 30-day months. If any dividend
payment date falls on any day other than a business day as defined in the Articles Supplementary for our Series A Preferred Stock,
the dividend due on such dividend payment date shall be paid on the first business day immediately following such dividend payment
date, and no dividends will accrue as a result of such delay. Dividends will accrue and be cumulative from, and including, the
prior dividend payment date (or with respect to the first dividend to be paid on the Series A Preferred Stock, the original issue
date of the Series A Preferred Stock) to, but excluding, the next dividend payment date, to holders of record as of 5:00 p.m.,
New York City time, on the related record date. The record dates for the Series A Preferred Stock are the March 15, June 15, September
15 or December 15 immediately preceding the relevant dividend payment date. If any record date falls on any day other than a business
day as defined in the Articles Supplementary for our Series A Preferred Stock, the record date shall be the immediately preceding
business day.

Dividends on the Series A Preferred Stock will
accrue whether or not:

		•	we have earnings;

		•	there are funds legally available for the payment of those dividends; or

		•	those dividends are authorized and declared by our board of directors.

Except as described in the next two paragraphs,
unless full cumulative dividends on the Series A Preferred Stock for all past dividend periods that have ended shall have been
or contemporaneously are declared and paid in cash or declared and a sum sufficient for the payment thereof is set apart for payment,
we will not:

		•	declare and pay or declare and set apart for payment dividends, and we will not declare and make any other distribution of
cash or other property, directly or indirectly, on or with respect to any shares of our common stock or shares of any other class
or series of our capital stock ranking, as to dividends, on parity with or junior to the Series A Preferred Stock, for any period;
or

		•	redeem, purchase or otherwise acquire for any consideration, or pay or make available any monies for a sinking fund for the
redemption of, any shares of our common stock or shares of any other class or series of our capital stock ranking, as to payment
of dividends and the distribution of assets upon our liquidation, dissolution or winding up, on parity with or junior to the Series
A Preferred Stock.

The foregoing sentence, however, will not prohibit:

		•	dividends payable solely in shares of capital stock ranking, as to payment of dividends and the distribution of assets upon
our liquidation, dissolution or winding up, junior to the Series A Preferred Stock, or in options, warrants or rights to subscribe
for or purchase any such junior shares, including shares issued under any distribution reinvestment plan;

		•	the conversion into or exchange for other shares of any class or series of capital stock ranking, as to payment of dividends
and the distribution of assets upon our liquidation, dissolution or winding up, junior to the Series A Preferred Stock;

		•	our purchase of shares of Series A Preferred Stock or any other class or series of capital stock ranking, as to payment of
dividends and the distribution of assets upon our liquidation, dissolution or winding up, on parity with or junior to the Series
A Preferred Stock pursuant to our charter to the extent necessary to preserve our qualification as a real estate investment trust
(“REIT”) as discussed under “— Restrictions on Ownership and Transfer”; or

		•	our purchase of shares of any class or series of capital stock on parity with the Series A Preferred Stock pursuant to a purchase
or exchange offer made on the same terms to holders of all outstanding shares of Series A Preferred Stock.

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When we do not pay dividends in full (and do
not set apart a sum sufficient to pay them in full) on the Series A Preferred Stock and the shares of any other class or series
of capital stock ranking, as to dividends, on parity with the Series A Preferred Stock, we will declare any dividends upon the
Series A Preferred Stock and each such other class or series of capital stock ranking, as to dividends, on parity with the Series
A Preferred Stock on a pro rata basis, so that the amount of dividends declared and paid per share of Series A Preferred Stock
and such other class or series of capital stock will in all cases bear to each other the same ratio that accrued dividends per
share on the Series A Preferred Stock and such other class or series of parity capital stock (which will not include any accrual
in respect of unpaid dividends on such other class or series of capital stock for prior dividend periods if such other class or
series of parity capital stock does not have a cumulative dividend) bear to each other. No interest, or sum of money in lieu of
interest, will be payable in respect of any dividend payment or payments on the Series A Preferred Stock which may be in arrears.

Holders of shares of Series A Preferred Stock
are not entitled to any dividend, whether payable in cash, property or shares of capital stock, in excess of full cumulative dividends
on the Series A Preferred Stock as described above. Any dividend payment made on the Series A Preferred Stock will first be credited
against the earliest accrued but unpaid dividends due with respect to those shares which remain payable. Accrued but unpaid dividends
on the Series A Preferred Stock will accrue as of the dividend payment date on which they first become payable.

Our board of directors may not authorize, and
we may not declare any dividends on the Series A Preferred Stock or pay or set apart for payment any dividends on the Series A
Preferred Stock, if the terms of any of our agreements, including any agreements relating to our indebtedness, prohibit such authorization,
declaration, payment or setting apart for payment or provide that such authorization, declaration, payment or setting apart for
payment would constitute a breach of or default under such an agreement. Likewise, no dividends will be authorized by our board
of directors or declared or paid or set apart for payment by us if such authorization, declaration, payment or setting apart for
payment is restricted or prohibited by law.

If a default or event of default under the terms
of any existing or future indebtedness occurs and is continuing, we may be precluded from paying certain distributions (other than
those required to allow us to maintain our qualification as a REIT) under the terms of any existing indebtedness or future indebtedness
we incur.

If, for any taxable year, we designate as a “capital
gain dividend,” as defined in Section 857 of the Internal Revenue Code of 1986, as amended (the “Code”), any
portion of the dividends, or the Capital Gains Amount, as determined for federal income tax purposes, paid or made available for
that year to holders of all classes of our capital stock then, except as otherwise required by applicable law, the portion of the
Capital Gains Amount that shall be allocable to the holders of shares of Series A Preferred Stock will be in proportion to the
amount that the total dividends, as determined for federal income tax purposes, paid or made available to holders of Series A Preferred
Stock for the year bears to the total dividends paid or made available for that year to holders of all classes of our capital stock.
In addition, except as otherwise required by applicable law, we will make a similar allocation with respect to any undistributed
long-term capital gains that are to be included in our stockholders' long-term capital gains, based on the allocation of the Capital
Gains Amount that would have resulted if those undistributed long-term capital gains had been distributed as “capital gain
dividends” by us to our stockholders.

Increase in Initial Rate. On December
31, 2024, if any shares of Series A Preferred Stock are outstanding, each then-outstanding shares of Series A Preferred Stock will
be entitled to receive cash dividends in an amount equal to the Initial Rate plus 1.5% of the liquidation preference per annum,
which annual dividend rate will further increase by an additional 1.5% of the liquidation preference per annum on December 31 of
each year thereafter, subject to a maximum annual dividend rate of 11.5%.

Adjustment to Dividend Rate — Default
Period. Subject to the cure provisions described below, a default period with respect to the Series A Preferred Stock,
or a Default Period, will commence on a date we fail to deposit sufficient funds for the payment of dividends as required in connection
with any dividend payment date or date of redemption. A Default Period will end on the business day on which, by 12:00 noon, New
York City time, an amount equal to all unpaid dividends and any unpaid redemption price has been deposited irrevocably in trust
in same-day funds with our transfer agent, in its capacity as redemption and paying agent, or the Redemption and Paying Agent.
The applicable dividend rate for each day during the Default Period will be equal to the then-current dividend rate plus 2.0% of
the $25.00 stated liquidation preference, or $0.50 per share (prorated for the number of days in such Default Period computed on
the basis of a 360-day year consisting of twelve 30-day months).

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No Default Period will be deemed to commence
if the amount of any dividend or any redemption price due (if such default is not solely due to our willful failure) is deposited
irrevocably in trust, in same-day funds with the Redemption and Paying Agent by 12:00 noon, New York City time, on a business day
that is not later than three business days after the applicable dividend payment date or redemption date.

Liquidation Preference

Upon any voluntary or involuntary liquidation,
dissolution or winding up of the company, or a Liquidation Event, before any distribution or payment shall be made to holders of
shares of our common stock or any other class or series of capital stock ranking, as to rights upon any Liquidation Event, junior
to the Series A Preferred Stock, holders of shares of Series A Preferred Stock will be entitled to be paid out of our assets legally
available for distribution to our stockholders, after payment of or provision for our debts and other liabilities, a liquidation
preference of $25.00 per share of Series A Preferred Stock, plus an amount per share equal to all accrued but unpaid dividends
(whether or not authorized or declared) to, and including, the date of payment. The rights of holders of Series A Preferred Stock
to receive the liquidating distribution described above will be subject to the proportionate rights of any other class or series
of our equity securities ranking on parity with the Series A Preferred Stock as to rights upon liquidation, dissolution or winding
up, and junior to the rights of any class or series of our equity securities expressly designated as ranking senior to the Series
A Preferred Stock. If, upon a Liquidation Event, our available assets are insufficient to pay the full amount of the liquidating
distributions on all outstanding shares of Series A Preferred Stock and the corresponding amounts payable on any then-outstanding
shares of any class or series of parity capital stock, then holders of shares of Series A Preferred Stock and such parity capital
stock will share ratably in any distribution of assets in proportion to the full liquidating distributions to which they would
otherwise be respectively entitled.

Holders of shares of Series A Preferred Stock
will be entitled to written notice of any distribution in connection with any Liquidation Event not less than 30 days and not more
than 60 days prior to the distribution payment date. After payment of the full amount of the liquidating distributions to which
they are entitled, holders of shares of Series A Preferred Stock will have no right or claim to any of our remaining assets. A
Change of Control/Delisting (as defined below) will not be deemed to constitute a Liquidation Event and no such advance notice
will be required. See “—Special Optional Redemption.”

In determining whether a distribution (other
than upon voluntary or involuntary liquidation), by dividend, redemption or other acquisition of shares of our capital stock or
otherwise, is permitted under Maryland law, amounts that would be needed, if we were to be dissolved at the time of the distribution,
to satisfy the preferential rights upon dissolution of holders of shares of Series A Preferred Stock will not be added to our total
liabilities.

Redemption at Our Option

Except with respect to our special optional redemption
right described below under “Special Optional Redemption” and maintaining our qualification as a REIT as described
in “— Restrictions on Ownership and Transfer,” we may not redeem the Series A Preferred Stock prior to December
31, 2022. On and after December 31, 2022, we may, at our option, upon not fewer than 30 and not more than 60 days’ written
notice, redeem the Series A Preferred Stock, in whole or in part, at any time or from time to time, solely for cash at a redemption
price of $25.00 per share, plus an amount equal to all accrued but unpaid dividends (whether or not authorized or declared) to,
and including, the date fixed for redemption, without interest, to the extent we have funds legally available for that purpose.

If fewer than all of the then-outstanding shares
of Series A Preferred Stock are to be redeemed, we will select the shares of Series A Preferred Stock to be redeemed pro rata (as
nearly as may be practicable without creating fractional shares) by lot, or by any other equitable method that we determine will
not result in any holder violating the 9.8% Series A Preferred Stock ownership limit. If such redemption is to be by lot and, as
a result of such redemption, any holder of shares of Series A Preferred Stock, other than a holder of Series A Preferred Stock
that has received an exemption from the ownership limit, would have actual or constructive ownership of more than the 9.8% of the
issued and outstanding shares of Series A Preferred Stock by value or number of shares, whichever is more restrictive, because
such holder’s shares of Series A Preferred Stock were not redeemed, or were only redeemed in part, then, except as otherwise
provided in the charter, we will redeem the requisite number of shares of

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Series A Preferred Stock held by such holder such
that no holder will own in excess of the 9.8% Series A Preferred Stock ownership limit subsequent to such redemption. See “—
Restrictions on Ownership and Transfer” below. In order for their shares of Series A Preferred Stock to be redeemed, holders
must surrender their shares at the place, or in accordance with the book-entry procedures, designated in the notice of redemption,
or the Optional Redemption Notice. Holders will then be entitled to the redemption price plus an amount equal to any accrued but
unpaid dividends payable upon redemption following surrender of the shares as detailed below. If an Optional Redemption Notice
has been given (in the case of a redemption of the Series A Preferred Stock other than to preserve our qualification as a REIT),
if the funds necessary for the redemption have been set apart by us in trust for the benefit of the holders of any shares of Series
A Preferred Stock called for redemption and if irrevocable instructions have been given to pay the redemption price plus an amount
equal to all accrued but unpaid dividends, then from and after the redemption date, dividends will cease to accrue on such shares
of Series A Preferred Stock and such shares of Series A Preferred Stock will no longer be deemed outstanding. At such time, all
rights of the holders of such shares will terminate, except the right to receive the redemption price plus an amount equal to all
accrued but unpaid dividends payable upon redemption, without interest. So long as no dividends are in arrears and subject to the
provisions of applicable law, we may from time to time repurchase all or any part of the Series A Preferred Stock, including the
repurchase of shares of Series A Preferred Stock in open-market transactions and individual purchases at such prices as we negotiate,
in each case as duly authorized by our board of directors.

Unless full cumulative dividends on all shares
of Series A Preferred Stock have been or contemporaneously are authorized, declared and paid or declared and a sum sufficient for
the payment thereof set apart for payment for all past dividend periods that have ended, no shares of Series A Preferred Stock
will be redeemed unless all outstanding shares of Series A Preferred Stock are simultaneously redeemed and we will not purchase
or otherwise acquire directly or indirectly any shares of Series A Preferred Stock or any class or series of our capital stock
ranking, as to payment of dividends and the distribution of assets upon our liquidation, dissolution or winding up, on parity with
or junior to the Series A Preferred Stock (except by conversion into or exchange for our capital stock ranking junior to the Series
A Preferred Stock as to payment of dividends and the distribution of assets upon our liquidation, dissolution or winding up); provided,
however, that whether or not the requirements set forth above have been met, we may purchase shares of Series A Preferred Stock
or any other class or series of capital stock ranking, as to payment of dividends and the distribution of assets upon our liquidation,
dissolution or winding up, on parity with or junior to the Series A Preferred Stock pursuant to our charter to the extent necessary
to ensure that we meet the requirements for qualification as a REIT for federal income tax purposes, and may purchase or acquire
shares of Series A Preferred Stock or any then-outstanding class or series of preferred stock on parity with the Series A Preferred
Stock pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding shares of Series A Preferred
Stock. See “— Restrictions on Ownership and Transfer” below.

An Optional Redemption Notice will be mailed,
postage prepaid, not less than 30 days nor more than 60 days prior to the applicable redemption date, addressed to the respective
holders of record of the Series A Preferred Stock to be redeemed at their respective addresses as they appear on our stock transfer
records as maintained by our transfer agent named in “— Transfer Agent and Registrar.” No failure to give such
notice or any defect therein or in the mailing thereof will affect the validity of the proceedings for the redemption of any shares
of Series A Preferred Stock except as to the holder to whom notice was defective or not given; provided, that notice given to the
last address of record will be deemed to be valid notice. In addition to any information required by law or by the applicable rules
of any exchange upon which the Series A Preferred Stock may be listed or admitted to trading, each Optional Redemption Notice will
state:

		•	the redemption date;

		•	the redemption price;

		•	the number of shares of Series A Preferred Stock to be redeemed;

		•	procedures of DTC for book entry transfer of shares of Series A Preferred Stock for payment of the redemption price;

		•	that dividends on the shares of Series A Preferred Stock to be redeemed will cease to accrue on such redemption date; and

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		•	that payment of the redemption price plus an amount equal to any accrued but unpaid dividends will be made upon book entry
transfer of such Series A Preferred Stock in compliance with DTC’s procedures.

If fewer than all of the shares of Series A Preferred
Stock held by any holder are to be redeemed, the Optional Redemption Notice mailed to such holder will also specify the number
of shares of Series A Preferred Stock held by such holder to be redeemed or the method for determining such number.

Any such redemption may be made conditional on
such factors as may be determined by our board of directors and as set forth in the Optional Redemption Notice.

We are not required to provide an Optional Redemption
Notice in the event we redeem Series A Preferred Stock in order to qualify or maintain our status as a REIT.

If a redemption date falls after a dividend record
date and on or prior to the corresponding dividend payment date, each holder of shares of the Series A Preferred Stock at the close
of business on such dividend record date will be entitled to the dividend payable on such shares on the corresponding dividend
payment date notwithstanding the redemption of such shares on or prior to such dividend payment date, and each holder of shares
of Series A Preferred Stock that surrenders such shares on such redemption date will be entitled to an amount equal to the dividends
accruing after the end of the applicable dividend period to, but excluding, the applicable redemption date. Except as described
above, we will make no payment or allowance for unpaid dividends, whether or not in arrears, on Series A Preferred Stock for which
a notice of redemption has been given.

All shares of Series A Preferred Stock that we
redeem, repurchase or otherwise acquire will be retired and restored to the status of authorized but unissued shares of preferred
stock, without designation as to series or class.

Future debt instruments or senior capital stock
may prohibit us from redeeming or otherwise repurchasing any shares of our capital stock, including the Series A Preferred Stock,
except in limited circumstances.

Special Optional Redemption

Upon the occurrence of a Change of Control/Delisting
(as defined below), we may, at our option, redeem the Series A Preferred Stock, in whole or in part within 120 days after the first
date on which such Change of Control/Delisting occurred, solely in cash at a redemption price of $25.00 per share, plus an amount
equal to any accrued but unpaid dividends to, and including, the redemption date.

We will mail to you, if you are a record holder
of the Series A Preferred Stock, a notice of redemption, or a Special Optional Redemption Notice, no fewer than 30 days nor more
than 60 days before the redemption date. We will send the Special Optional Redemption Notice to your address shown on our stock
transfer books. A failure to mail a Special Optional Redemption Notice or any defect in the Special Optional Redemption Notice
or in its mailing will not affect the validity of the redemption of any Series A Preferred Stock except as to the holder to whom
notice was defective. Each Special Optional Redemption Notice will state the following:

		•	the redemption date;

		•	the redemption price;

		•	the number of shares of Series A Preferred Stock to be redeemed;

		•	DTC’s procedures for book entry transfer of Series A Preferred Stock for payment of the redemption price;

		•	that dividends on the shares of Series A Preferred Stock to be redeemed will cease to accrue on such redemption date;

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		•	that payment of the redemption price and an amount equal to any accrued but unpaid dividends will be made upon book entry transfer
of such Series A Preferred Stock in compliance with DTC’s procedures; and

		•	that the shares of Series A Preferred Stock are being redeemed pursuant to our special optional redemption right in connection
with the occurrence of a Change of Control/Delisting and a brief description of the events constituting such Change of Control/Delisting.

If we redeem fewer than all of the then-outstanding
shares of Series A Preferred Stock, the notice of redemption mailed to each stockholder will also specify the number of shares
of Series A Preferred Stock that we will redeem from each stockholder or the method for determining such number. In this case,
we will determine the number of shares of Series A Preferred Stock to be redeemed in the same manner described above in “—
Redemption at Our Option.”

If we have given a Special Optional Redemption
Notice and have set apart sufficient funds for the redemption in trust for the benefit of the holders of the Series A Preferred
Stock called for redemption, then from and after the redemption date, those shares of Series A Preferred Stock will be treated
as no longer being outstanding, no further dividends will accrue and all other rights of the holders of those shares of Series
A Preferred Stock will terminate. The holders of those shares of Series A Preferred Stock will retain their right to receive the
redemption price for their shares and an amount equal to all accrued but unpaid dividends to, but excluding, the redemption date,
without interest.

The holders of Series A Preferred Stock at the
close of business on a dividend record date will be entitled to receive the dividend payable with respect to the Series A Preferred
Stock on the corresponding payment date notwithstanding the redemption of the Series A Preferred Stock between such record date
and the corresponding payment date or our default in the payment of the dividend due. Except as provided above, we will make no
payment or allowance for unpaid dividends, whether or not in arrears, on Series A Preferred Stock to be redeemed.

A “Change of Control/Delisting” is
when, after the original issuance of the Series A Preferred Stock, any of the following has occurred and is continuing:

		•	a “person” or “group” within the meaning of Section 13(d) of the Securities Exchange Act of 1934, as
amended, or the Exchange Act, other than our company, its subsidiaries, and its and their employee benefit plans, has become the
direct or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of our common equity representing
more than 50% of the total voting power of all outstanding shares of our capital stock entitled to vote generally in the election
of directors, or Voting Stock; provided, that notwithstanding the foregoing, such a transaction will not be deemed to involve a
Change of Control/Delisting if (i) we become a direct or indirect wholly-owned subsidiary of a holding company and (ii) more than
50% of the direct or indirect holders of the Voting Stock of such holding company immediately following such transaction are the
same as the holders of our Voting Stock immediately prior to such transaction;

		•	the consummation of any share exchange, consolidation or merger of our company or any other transaction or series of transactions
pursuant to which our common stock will be converted into cash, securities or other property, other than any such transaction in
which the shares of our common stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged
for, more than 50% of common stock of the surviving person or any direct or indirect parent company of the surviving person immediately
after giving effect to such transaction;

		•	any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated
assets of our company and its subsidiaries, taken as a whole, to any person other than one of our subsidiaries;

		•	our stockholders approve any plan or proposal for the liquidation or dissolution of our company;

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		•	our common stock ceases to be listed or quoted on a national securities exchange in the United States; or

		•	the Continuing Directors cease to constitute at least a majority of our board of directors.

“Continuing Director” means a director
who either was a member of our board of directors on October 25, 2017 or who becomes a member of our board of directors subsequent
to that date and whose appointment, election or nomination for election by our stockholders was duly approved by a majority of
the continuing directors on our board of directors at the time of such approval, either by a specific vote or by approval of the
proxy statement issued by our company on behalf of our board of directors in which such individual is named as nominee for director.

Redemption at Option of Holders Upon a Change of Control/Delisting

If a Change of Control/Delisting occurs at any
time the Series A Preferred Stock is outstanding, then each holder of then-outstanding shares of Series A Preferred Stock shall
have the right, at such holder’s option, to require us to redeem for cash, out of funds legally available therefor, any or
all of such holder’s shares of Series A Preferred Stock, on a date specified by us that can be no earlier than 30 days and
no later than 60 days following the date of delivery of the Company Change of Control/Delisting Notice (as defined below), or the
Company Change of Control/Delisting Redemption Date, at a redemption price equal to the $25.00 liquidation preference per share
plus an amount equal to all accrued but unpaid dividends (whether or not authorized or declared), to, and including, the Change
of Control/Delisting Redemption Date, or the Change of Control/Delisting Redemption Price; provided, a holder shall not have any
redemption right with respect to any shares of Series A Preferred Stock that have been called for redemption pursuant to our optional
redemption right as described under “— Redemption at Our Option” or our special optional redemption right as
described under “— Special Optional Redemption,” to the extent we have delivered notice of our intent to redeem
on or prior to the date of delivery of the Company Change of Control/Delisting Notice.

Redemption of Series A Preferred Stock shall
be made, at the option of the holder thereof, upon:

		(i)	delivery by such holder to the Redemption and Paying Agent of a duly completed notice, or the Holder Change of Control/Delisting
Redemption Notice, in compliance with DTC’s procedures for tendering interests in global certificates, prior to the close
of business on the business day immediately preceding the Change of Control/Delisting Redemption Date; and

		(ii)	book-entry transfer of the Series A Preferred Stock in compliance with the procedures of DTC, such transfer being a condition
to receipt by the holder of the Change of Control/Delisting Redemption Price therefor.

Notwithstanding anything herein to the contrary,
any holder delivering to the Redemption and Paying Agent the Holder Change of Control/Delisting Redemption Notice shall have the
right to withdraw, in whole or in part, such Holder Change of Control/Delisting Redemption Notice at any time prior to the close
of business on the business day immediately preceding the Change of Control/Delisting Redemption Date by delivery of a written
notice of withdrawal to the Redemption and Paying Agent in accordance with the provisions described below.

The Redemption and Paying Agent shall promptly
notify us of its receipt of any Holder Change of Control/Delisting Redemption Notice or written notice of withdrawal thereof.

On or before the 20th calendar day after the
occurrence of a Change of Control/Delisting, we shall provide to all holders of record of the Series A Preferred Stock and the
Redemption and Paying Agent a notice, or the Company Change of Control/Delisting Notice, of the occurrence of such Change of Control/Delisting
and of the redemption right at the option of the holders arising as a result thereof. Such notice shall be sent in accordance with
the procedures of DTC for providing notices. We will issue a press release for publication on the Dow Jones & Company, Inc.,
Business Wire, PR Newswire or Bloomberg Business News (or, if these organizations are not in existence at the time of issuance
of the press release, such other news or press organization as is reasonably calculated to broadly disseminate the relevant information
to the public), or post a notice on the “Investor Relations” page of our corporate website, in any event prior to the
opening of business on the first business day following the date on which we provide the Company Change of Control/Delisting Notice
to the holders of our Series A Preferred Stock.

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Each Company Change of Control/Delisting Notice
shall specify:

		(i)	the events constituting a Change of Control/Delisting;

		(ii)	the date of the Change of Control/Delisting;

		(iii)	the last date on which a holder of Series A Preferred Stock may exercise the redemption right pursuant to the Change of Control/Delisting;

		(iv)	the Change of Control/Delisting Redemption Price;

		(v)	the Change of Control/Delisting Redemption Date;

		(vi)	the name and address of the Redemption and Paying Agent; and

		(vii)	the procedures that holders must follow to require us to purchase their Series A Preferred Stock.

Our failure to give the Company Change of Control/Delisting
Notice or any defect contained therein shall not limit the redemption rights of the holders of Series A Preferred Stock or affect
the validity of the proceedings for the purchase of the Series A Preferred Stock.

Upon receipt by the Redemption and Paying Agent
of the Holder Change of Control/Delisting Redemption Notice, the holder of the Series A Preferred Stock in respect of which such
Holder Change of Control/Delisting Redemption Notice was given shall (unless such Holder Change of Control/Delisting Redemption
Notice is withdrawn) thereafter be entitled to receive solely the Change of Control/Delisting Redemption Price in cash with respect
to such shares of Series A Preferred Stock. Such Change of Control/Delisting Redemption Price shall be paid to such holder, subject
to receipt of funds by the Redemption and Paying Agent, on the later of (x) the Change of Control/Delisting Redemption Date with
respect to such shares of Series A Preferred Stock and (y) the time of book-entry transfer of such Series A Preferred Stock to
the Redemption and Paying Agent by the holder thereof.

A Holder Change of Control/Delisting Redemption
Notice may be withdrawn (in whole or in part) by means of a written notice of withdrawal delivered to the Redemption and Paying
Agent in accordance with the Company Change of Control/Delisting Notice at any time prior to the close of business on the business
day immediately preceding the Change of Control/Delisting Redemption Date, specifying the number of shares of Series A Preferred
Stock with respect to which such notice of withdrawal is being submitted; provided, however, the notice must comply with appropriate
procedures of DTC.

Prior to 11:00 a.m. New York City time on the
Change of Control/Delisting Redemption Date, we must deposit with the Redemption and Paying Agent in trust sufficient funds (in
immediately available funds if deposited on such business day) to pay the Change of Control/Delisting Redemption Price of all the
shares of Series A Preferred Stock that are to be purchased as of the Change of Control/Delisting Redemption Date. If the Redemption
and Paying Agent holds funds sufficient to pay the Change of Control/Delisting Redemption Price of the Series A Preferred Stock
for which a Change of Control/Delisting Redemption Notice has been tendered and not withdrawn on the Change of Control/Delisting
Redemption Date, then as of such Change of Control/Delisting Redemption Date, (a) such shares of Series A Preferred Stock will
cease to be outstanding and dividends will cease to accrue thereon (whether or not book-entry transfer of such shares of Series
A Preferred Stock is made) and (b) all other rights of the holders in respect thereof will terminate (other than the right to receive
the Change of Control/Delisting Redemption Price upon book-entry transfer of such shares of Series A Preferred Stock).

To the extent that the aggregate amount of cash
deposited by us to satisfy the Change of Control/Delisting Redemption Price exceeds the aggregate Change of Control/Delisting Redemption
Price of the shares of Series A Preferred Stock that we are obligated to redeem as of the Change of Control/Delisting Redemption
Date, then, following the Change of Control/Delisting Redemption Date, the Redemption and Paying Agent must promptly return any
such excess to our company.

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We will not be required to make a redemption
in connection with a Change of Control/Delisting if a third party makes such an offer in a manner, at the times and otherwise in
compliance with the requirements for an offer made by us and the third party redeems all Series A Preferred Stock properly tendered
and not withdrawn pursuant to its offer.

In connection with any offer to redeem Series
A Preferred Stock in connection with a Change of Control/Delisting, we will, in each case if required, (i) comply with Rule 13e-4,
Rule 14e-1 and any other applicable tender offer rules under the Exchange Act, (ii) file a Schedule TO or any other required schedule
under the Exchange Act and (iii) otherwise comply with all federal and state securities laws.

No Maturity, Sinking Fund or Mandatory Redemption

The Series A Preferred Stock has no stated maturity
date, is not subject to any sinking fund, and (except as described above under “— Redemption at Option of Holders upon
a Change of Control/Delisting,”) is not subject to mandatory redemption. We are not required to set aside funds to redeem
the Series A Preferred Stock.

Reopening

The Articles Supplementary establishing our Series
A Preferred Stock permit us to “reopen” this series, without the consent of the holders of our Series A Preferred Stock,
in order to issue additional shares of Series A Preferred Stock at any time and from time to time. We may in the future issue additional
shares of Series A Preferred Stock without the consent of the existing holders of the Series A Preferred Stock. Any additional
shares of Series A Preferred Stock will have the same terms as the existing shares of Series A Preferred Stock. These additional
shares of Series A Preferred Stock will, together with the existing shares of Series A Preferred Stock, constitute a single series
of securities.

Limited Voting Rights

Holders of shares of the Series A Preferred Stock
generally do not have any voting rights, except as set forth below.

If dividends on the Series A Preferred Stock
are in arrears for six or more quarterly periods (whether or not consecutive), the number of directors then constituting our board
of directors will automatically be increased by two and holders of shares of Series A Preferred Stock, voting together as a single
class with the holders of any other then-outstanding class or series of capital stock ranking on parity with the Series A Preferred
Stock upon which like voting rights have been conferred and are exercisable, or collectively, any Voting Preferred Stock, will
be entitled to vote for the election of two additional directors to serve on our board of directors, or the Preferred Directors,
until all unpaid dividends for past dividend periods shall have been paid in full or a sum sufficient for such payment in full
is set apart for payment with respect to the Series A Preferred Stock and any then-outstanding class or series of capital stock
ranking on parity with the Series A Preferred Stock. The nomination procedures with respect to the Preferred Directors will be
established by us, as necessary. The Preferred Directors will be elected by a plurality of the votes cast in the election and each
of the Preferred Directors will serve until the next annual meeting of stockholders and until his successor is duly elected and
qualifies or until the director’s right to hold the office terminates, whichever occurs earlier. The election will take place
at:

		•	a special meeting called upon the written request of holders of at least 20% of the then-outstanding shares of Series A Preferred
Stock and any Voting Preferred Stock; provided, that, if we receive the request no earlier than 120 days before and no later than
45 days before the date fixed for our next annual or special meeting of stockholders, we must instead provide for the election
at such annual or special meeting of stockholders, to the extent we may do so in compliance with applicable law. For the avoidance
of doubt, the board of directors shall not be permitted to fill the vacancies on the board of directors as a result of the failure
of the holders of 20% of the Series A Preferred Stock and any Voting Preferred Stock to deliver such written request for the election
of the Preferred Directors; and

		•	each subsequent annual meeting (or special meeting held in its place) thereafter until all accrued dividends on the Series
A Preferred Stock and any then-outstanding class or series of preferred stock on parity with the Series A Preferred Stock have
been paid in full for all past dividend periods that have ended.

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If and when all accrued dividends on the Series
A Preferred Stock and any then-outstanding class or series of preferred stock ranking on parity with the Series A Preferred Stock
shall have been paid in full or a sum sufficient for such payment in full is set apart for payment, holders of shares of Series
A Preferred Stock and any Voting Preferred Stock shall be divested of the voting rights set forth above (subject to re-vesting
in the event of each and every subsequent preferred dividend default) and the term and office of each Preferred Director so elected
will terminate and the number of directors will be reduced accordingly.

Any Preferred Director may be removed at any
time with or without cause by the vote of, and may not be removed otherwise than by the vote of, the holders of record of a majority
of the outstanding shares of Series A Preferred Stock and any Voting Preferred Stock (voting together as a single class). So long
as a preferred dividend default continues, any vacancy in the office of a Preferred Director may be filled by written consent of
the Preferred Director remaining in office, or if none remains in office, by a vote of the holders of record of a majority of the
outstanding shares of Series A Preferred Stock and any Voting Preferred Stock (voting together as a single class).

So long as any shares of Series A Preferred Stock
remain outstanding, in addition to any other vote or consent of stockholders required by our charter, we will not, without the
affirmative vote or consent of the holders of at least two-thirds of the outstanding shares of Series A Preferred Stock voting
together as a single class with any Voting Preferred Stock, authorize, create or issue, or increase the number of authorized or
issued shares of, any class or series of capital stock ranking senior to the Series A Preferred Stock with respect to payment of
dividends or the distribution of assets upon our liquidation, dissolution or winding up, or reclassify any of our authorized capital
stock into such capital stock, or create, authorize or issue any obligation or security convertible into or evidencing the right
to purchase such capital stock.

In addition, so long as any shares of Series
A Preferred Stock remain outstanding, we will not, without the affirmative vote or consent of the holders of at least two-thirds
of the outstanding shares of Series A Preferred Stock, amend, alter or repeal our charter, including the terms of the Series A
Preferred Stock, whether by merger, consolidation, transfer or conveyance of substantially all of our assets or otherwise, so as
to materially and adversely affect any right, preference, privilege or voting power of the Series A Preferred Stock, except that
with respect to the occurrence of any of the events set forth above, so long as the Series A Preferred Stock remains outstanding
with the terms of the Series A Preferred Stock materially unchanged, taking into account that, upon the occurrence of an event
set forth above, we may not be the surviving entity, the occurrence of such event will not be deemed to materially and adversely
affect the rights, preferences, privileges or voting power of the Series A Preferred Stock, and in such case such holders shall
not have any voting rights with respect to the events set forth above; provided, further, that with respect to any such amendment,
alteration or repeal that equally affects the terms of the Series A Preferred Stock and any Voting Preferred Stock, the affirmative
vote or consent of the holders of two-thirds of the shares of Series A Preferred Stock and any Voting Preferred Stock (voting together
as a single class) shall be required. Furthermore, if holders of shares of the Series A Preferred Stock will receive the greater
of the full trading price of the Series A Preferred Stock on the date of an event set forth above or the $25.00 per share liquidation
preference pursuant to the occurrence of any of the events set forth above or pursuant to a special optional redemption by us or
a redemption at the option of the holder upon a Change of Control/Delisting, then such holders shall not have any voting rights
with respect to the events set forth above.

In addition, and in circumstances other than
the voting issues addressed in the paragraph above, so long as any shares of Series A Preferred Stock remain outstanding, the holders
of shares of Series A Preferred Stock also will have the exclusive right to vote on any amendment, alteration or repeal of our
charter, including the terms of the Series A Preferred Stock, that would alter only the contract rights, as expressly set forth
in our charter, of the Series A Preferred Stock, and the holders of any other classes or series of our capital stock will not be
entitled to vote on such an amendment, alteration or repeal, with any such amendment requiring the affirmative vote or consent
of holders of two-thirds of the Series A Preferred Stock issued and outstanding at the time. With respect to any amendment, alteration
or repeal of our charter, including the terms of the Series A Preferred Stock, that equally affects the terms of the Series A Preferred
Stock and any Voting Preferred Stock, so long as any shares of Series A Preferred Stock remain outstanding, the holders of shares
of Series A Preferred Stock and any Voting Preferred Stock (voting together as a single class), also will have the exclusive right
to vote on any amendment, alteration or repeal of our charter, including the terms of the Series A Preferred Stock, that would
alter only the contract rights, as expressly set forth in our charter, of the Series A Preferred Stock and any Voting Preferred
Stock, and the holders of any other classes or series of our capital stock will not be entitled to vote on such an amendment, alteration
or repeal.

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Holders of shares of Series A Preferred Stock
will not be entitled to vote with respect to any increase in the total number of authorized shares of our common stock or preferred
stock, any issuance or increase in the number of authorized shares of Series A Preferred Stock or the creation or issuance of any
other class or series of capital stock, or any issuance or increase in the number of authorized shares of any class or series of
capital stock, in each case ranking on parity with or junior to the Series A Preferred Stock with respect to the payment of dividends
and the distribution of assets upon liquidation, dissolution or winding up.

Except as described above, holders of shares
of Series A Preferred Stock will not have any voting rights with respect to, and the consent of the holders of shares of Series
A Preferred Stock is not required for, the taking of any corporate action, including any merger or consolidation involving us or
a sale of all or substantially all of our assets.

Restrictions on Ownership and Transfer

In order for us to maintain our qualification
as a REIT under the Code, our shares of capital stock must be beneficially owned by 100 or more persons during at least 335 days
of a taxable year of 12 months or during a proportionate part of a shorter taxable year. Also, no more than 50% of the value of
our outstanding shares of capital stock may be owned, directly or indirectly, by five or fewer individuals (as defined by the Code
to include certain entities) during the last half of any taxable year.

To help us to maintain our qualification as a
REIT, among other purposes, our charter, subject to certain exceptions, contains, and the articles supplementary establishing the
Series A Preferred Stock will contain, restrictions on the number of shares of our common stock, our preferred stock, and our capital
stock that a person may own. Our charter generally restricts any person from acquiring beneficial or constructive ownership of
more than 9.8% in value or in number of shares (whichever is more restrictive) of the outstanding shares of any class or series
of our capital stock. The articles supplementary establishing the Series A Preferred Stock will provide that generally no person
may own, or be deemed to own by virtue of the attribution provisions of the Code, either more than 9.8% in value or in number of
shares, whichever is more restrictive, of the outstanding Series A Preferred Stock.

The beneficial ownership and/or constructive
ownership rules under the Code are complex and may cause shares of stock owned actually or constructively by a group of related
individuals and/or entities to be owned constructively by one individual or entity.

Transfer Agent and Registrar

The transfer agent and registrar for the Series
A Preferred Stock is Continental Stock Transfer & Trust Company.

 

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