Document:

Exhibit 10.7

 

INDUSTRIAL LOGISTICS PROPERTIES TRUST

 

Summary of Trustee Compensation

 

The following is a summary of the currently effective compensation of the Trustees of Industrial Logistics Properties Trust (the “Company”) for services as Trustees, which is subject to modification at any time by the Board of Trustees (the “Board”) or the Compensation Committee of the Board, as applicable.

 

·                  Each Independent Trustee receives an annual fee of $40,000 for services as a Trustee, plus a fee of $1,250 for each meeting attended. Up to two $1,250 fees are paid if a Board meeting and one or more Board committee meetings, or two or more Board committee meetings, are held on the same date.

 

·                  Each Independent Trustee who serves as a committee chair of the Board’s Audit Committee, Compensation Committee or Nominating and Governance Committee receives an additional annual fee of $15,000, $10,000 and $10,000, respectively.

 

·                  Each Trustee receives a grant of the Company’s common shares of beneficial interest as part of his or her annual compensation, as determined by the Compensation Committee of the Board.

 

·                  The Company generally reimburses all Trustees for travel expenses incurred in connection with their duties as Trustees and for out of pocket costs incurred in connection with their attending certain continuing education programs.EXHIBIT 4(1C)

 

SECOND AMENDMENT TO MASTER UNDERWRITING
AGREEMENT

 

This Second Amendment (this “Amendment”)
to the Master Underwriting Agreement dated as of December 31, 2013 (as previously amended, the “Agreement”), by and
between the State of Israel (the “State”) and Development Corporation for Israel (the “Underwriter”), is
entered into as of December 31, 2016. Unless otherwise defined herein, capitalized terms used herein shall have the meaning ascribed
to them in the Agreement.

 

WHEREAS, pursuant to Section 15 of the Agreement,
the State and the Underwriter agree to extend the termination date of the Agreement as set forth in this Amendment, subject to
the provisions hereof;

 

NOW THEREFORE, in consideration of the premises
contained herein, the parties hereby agree as follows:

 

		1.	Amendments to the Agreement.

 

Section 13(a) of the Agreement shall be amended as follows:
The date “December 31, 2016” occurring in the first sentence shall be replaced with “December 31, 2018.”

 

		2.	Confirmation of the Agreement.

 

Except as herein expressly amended, the Agreement is ratified
and confirmed in all respects and shall remain in full force and effect in accordance with its terms. Each reference in the Agreement
to “this Agreement” shall mean the Agreement as amended by this Amendment, and as hereinafter amended, restated or
otherwise modified from time to time.

 

		3.	Effectiveness.

 

This Amendment shall become effective immediately upon the execution
and delivery to each of the parties hereto of this Amendment.

 

		4.	Counterparts.

 

This Amendment may be executed simultaneously in two or more
counterparts by the parties hereto, each of which shall be deemed an original, but all of which shall constitute one and the same
instrument.

 

		5.	Governing Law.

 

This Amendment will be governed by and construed in accordance
with the laws of the State of New York, without regard to the principles of conflicts of laws thereof.

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Amendment to be duly executed and delivered as of the date first written above.

 

	 	STATE OF ISRAEL

 

	 	By:	/s/ Avi Braf
	 	Name: Avi Braf
	 	Title: Chief Fiscal Officer of the Ministry of 

Finance for the Western Hemisphere
	 	 
	 	By:	/s/ Shay Zafran
	 	Name: Shay Zafran
	 	Title: Deputy Chief Fiscal Officer of the Ministry of 

Finance for the Western Hemisphere
	 	 	 
	 	DEVELOPMENT CORPORATION FOR ISRAEL
	 	 
	 	By:	/s/ Jordan Horvath
	 	Name: Jordan Horvath
	 	Title: Vice President - LegalEXHIBIT 4(4)

 

STATE OF ISRAEL

MINISTRY OF FINANCE

 

OFFICE OF THE LEGAL ADVISOR

 

 

January 18, 2018

 

Ministry of Finance

Government of Israel

1 Kaplan Street

Hakiriya, Jerusalem 91008

ISRAEL

 

Re: Registration Statement of the State of Israel on Schedule
B

 

Dear Sirs:

 

I, Legal Advisor to
the Ministry of Finance of the State of Israel (“Israel”), have reviewed the above-referenced Registration Statement
on Schedule B (the “Registration Statement”), filed on the date hereof with the United States Securities and Exchange
Commission (the “SEC”) under the Securities Act of 1933, as amended (the “Act”), including the Prospectus
constituting a part thereof (including any amendments or supplements thereto, the “Prospectus”), and the Master Underwriting
Agreement and Master Fiscal Agency Agreement, including, in each case, the extensions, amendments and supplements thereto (collectively,
the “Agreements”), filed as exhibits to the Registration Statement, pursuant to which Israel proposes to issue and
sell certain debt securities (the “Bonds”).

 

The issuance of the
Bonds has been authorized pursuant to the State Property Law of Israel.

 

It is my opinion that
when the Bonds have been duly authorized, issued and executed by Israel and authenticated, paid for and delivered as contemplated
by the Agreements and the Prospectus, the Bonds will constitute valid and legally binding direct and unconditional obligations
of Israel under and with respect to the present laws of Israel.

 

I hereby consent to
the filing of this opinion as an exhibit to the Registration Statement and to the use of my name under the heading “Validity
of the Bonds” in the Registration Statement. In giving the foregoing consent, I do not thereby admit that I am in the category
of persons whose consent is required under Section 7 of the Act or the rules and regulations of the SEC thereunder. I also
consent to the reliance on this opinion by Arnold & Porter Kaye Scholer LLP as to any matter relating to the laws of Israel,
in connection with any opinion required to be filed with or delivered to the SEC or to the Development Corporation for Israel.

 

	 	Very truly yours,
	 	 
	 	/s/ Asi Messing
	 	 
	 	Asi Messing
	 	The Legal Advisor to the Ministry of Finance
	 	Government of IsraelEXHIBIT 4(5)

 

January 18, 2018

 

Ministry of Finance

Government of Israel

1 Kaplan Street

Hakirya, Jerusalem 91008

ISRAEL

 

Re: Registration Statement of the State of Israel on Schedule
B

 

Ladies and Gentlemen:

 

We have acted as special United States counsel
for the Government of Israel (“Israel”) in connection with the preparation of the registration statement under Schedule B
(the “Registration Statement”) filed on the date hereof with the Securities and Exchange Commission (the “Commission”)
under the Securities Act of 1933, as amended (the “Act”), pursuant to which Israel is registering U.S.$4,000,000,000
aggregate principal or maturity amount of its debt securities (the “Bonds”) to be offered and sold from time to time
as set forth in the Registration Statement and the prospectus (including any amendments or supplements thereto, the “Prospectus”)
contained therein. We are also familiar with the Master Underwriting Agreement and Master Fiscal Agency Agreement, including, in
each case, the extensions, amendments and supplements thereto (collectively, the “Agreements”) filed with the Commission
and made a part of the Registration Statement.

 

In rendering the opinion expressed below,
we have examined such certificates of public officials, government documents and records and other certificates and instruments,
and have made such other investigations, as we have deemed necessary in connection with the opinion set forth herein. Furthermore,
we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the authority
of Israel to enter into the Agreements and cause the issuance of the Bonds, and the conformity to authentic originals of all documents
submitted to us as copies. As to any document originally prepared in any language other than English and submitted to us in translation,
we have assumed the accuracy of the English translation.

 

This opinion is limited to the federal laws
of the United States and the laws of the State of New York, and we do not express any opinion herein concerning the laws of any
other jurisdiction. Insofar as the opinion set forth herein relates to matters of the law of Israel we have relied upon the opinion
of the Legal Advisor to the Ministry of Finance of the State of Israel, a copy of which is being filed as Exhibit 4(4) to
the Registration Statement, and our opinion herein is subject to any and all exceptions and reservations set forth therein.

 

     

     

    

 

Ministry of Finance

January 18, 2018

Page 2

 

Based upon and subject to the foregoing,
we are of the opinion that when the Bonds have been duly authorized, issued, and executed by Israel and authenticated, paid for
and delivered as contemplated by the Agreements and the Prospectus, the Bonds will constitute valid and legally binding direct
and unconditional obligations of Israel under the laws of the State of New York, subject to bankruptcy, insolvency, reorganization,
fraudulent conveyance, moratorium, receivership and similar laws relating to or affecting creditors’ rights generally and
to equitable principles (regardless of whether enforcement is sought in a proceeding in equity or at law).

 

We hereby consent to the filing of this
opinion as an exhibit to the Registration Statement and to the references to this firm under the heading “Validity of the
Bonds” in the Prospectus forming a part of the Registration Statement. In giving the foregoing consent, we do not thereby
admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations
of the Commission thereunder.

 

	 	Sincerely,
	 	 
	 	/s/ Arnold & Porter Kaye Scholer LLP
	 	 
	 	Arnold & Porter Kaye Scholer LLP

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