Document:

Exhibit

Exhibit 10.12

AMENDED AND RESTATED 
ADVISORY AGREEMENT (2018) 
among 
INDUSTRIAL PROPERTY TRUST INC., 
INDUSTRIAL PROPERTY OPERATING PARTNERSHIP LP 
and 
INDUSTRIAL PROPERTY ADVISORS LLC 

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TABLE OF CONTENTS
	
					
	1
	

	DEFINITIONS
	3
	

	2
	

	APPOINTMENT
	8
	

	3
	

	DUTIES OF THE ADVISOR
	9
	

	4
	

	AUTHORITY OF ADVISOR
	11
	

	5
	

	BANK ACCOUNTS
	11
	

	6
	

	RECORDS; ACCESS
	11
	

	7
	

	LIMITATIONS ON ACTIVITIES
	11
	

	8
	

	RELATIONSHIP WITH DIRECTORS
	12
	

	9
	

	FEES
	12
	

	10
	

	EXPENSES
	13
	

	11
	

	OTHER SERVICES
	14
	

	12
	

	REIMBURSEMENT TO THE ADVISOR
	15
	

	13
	

	OTHER ACTIVITIES OF THE ADVISOR
	15
	

	14
	

	TERM; TERMINATION OF AGREEMENT
	15
	

	15
	

	TERMINATION BY THE PARTIES
	16
	

	16
	

	ASSIGNMENT TO AN AFFILIATE
	16
	

	17
	

	PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION
	16
	

	18
	

	INDEMNIFICATION BY THE CORPORATION AND THE OPERATING PARTNERSHIP
	16
	

	19
	

	INDEMNIFICATION BY ADVISOR
	16
	

	20
	

	NOTICES
	17
	

	21
	

	THIRD PARTY BENEFICIARY
	17
	

	22
	

	MODIFICATION
	17
	

	23
	

	SEVERABILITY
	17
	

	24
	

	CONSTRUCTION
	17
	

	25
	

	ENTIRE AGREEMENT
	17
	

	26
	

	INDULGENCES, NOT WAIVERS
	17
	

	27
	

	GENDER
	18
	

	28
	

	TITLES NOT TO AFFECT INTERPRETATION
	18
	

	29
	

	EXECUTION IN COUNTERPARTS
	18
	

	30
	

	INITIAL INVESTMENT
	18
	

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THIS AMENDED AND RESTATED ADVISORY AGREEMENT (2018), dated as of August 12, 2018 is among Industrial Property Trust Inc., a Maryland corporation (the “Corporation”), Industrial Property Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”), and Industrial Property Advisors LLC, a Delaware limited liability company. 
W I T N E S S E T H 
WHEREAS, the Corporation intends to qualify as a REIT (as defined below), and to invest its funds in investments permitted by the terms of Sections 856 through 860 of the Code (as defined below); 
WHEREAS, the Corporation is the general partner of the Operating Partnership and intends to conduct its business and make investments in Assets primarily through the Operating Partnership;
 WHEREAS, the Corporation and the Operating Partnership desire to avail themselves of the experience, sources of information, advice, assistance and certain facilities of the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the Board of Directors of the Corporation, all as provided herein; 
WHEREAS, the Corporation, the Operating Partnership and the Advisor are parties to that certain Fifth Amended and Restated Advisory Agreement dated August 12, 2017, which is amended and restated in its entirety hereby.
WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board of Directors, on the terms and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows: 
1. DEFINITIONS    . As used in this Amended and Restated Advisory Agreement (2018) (the “Agreement”), the following terms have the definitions hereinafter indicated: 
Acquisition Expenses. Any and all expenses, exclusive of Acquisition Fees, incurred by the Corporation, the Operating Partnership, the Advisor, or any of their Affiliates in connection with the selection, acquisition, development or origination of any Asset, whether or not acquired, including, without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, title insurance, and the costs of performing due diligence. 
Acquisition Fees. Any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person to any other Person (including any fees or commissions paid by or to any Affiliate of the Corporation, the Operating Partnership or the Advisor) in connection with (i) the acquisition, development or construction of a Property, (ii) the acquisition of interests in a real estate related entity or (iii) making or investing in Mortgages or the origination or acquisition of other debt or other investments, including real estate commissions, selection fees, Development Fees, Construction Fees, if any, nonrecurring management fees, loan fees, points or any other fees of a similar nature. Excluded shall be development fees and construction fees paid to any Person not affiliated with the Sponsor in connection with the actual development and construction of a project. 
Advisor. Industrial Property Advisors LLC, a Delaware limited liability company, any successor advisor to the Corporation, the Operating Partnership or any person or entity to which Industrial Property Advisors LLC or any successor advisor subcontracts substantially all of its functions. Notwithstanding the forgoing, a Person hired or retained by Industrial Property Advisors LLC to perform property and securities management and related services for the Corporation or the Operating Partnership that is not hired or retained to perform substantially all of the functions of Industrial Property Advisors LLC with respect to the Corporation or the Operating Partnership as a whole shall not be deemed to be an Advisor. 
Affiliate or Affiliated. With respect to any Person, (i) any Person directly or indirectly owning, controlling or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of such other Person; (ii) any Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, 

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controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any executive officer, director, trustee or general partner of such other Person; and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. 
Asset. Any Property, Mortgage, other debt or other investment (other than investments in bank accounts, money market funds or other current assets) owned by the Corporation, directly or indirectly through one or more of its Affiliates. 
Asset Management Fee. A fee paid to the Advisor as compensation for services rendered in connection with the management and Disposition of the Corporation’s Assets. 
Average Invested Assets. For a specified period, the average of the aggregate book value of the Assets invested, directly or indirectly, in equity interests in and loans secured by or related to real estate (including, without limitation, equity interests in REITs, mortgage pools, commercial mortgage-backed securities, mezzanine loans and residential mortgage-backed securities), before deducting depreciation, bad debts or other non-cash reserves, computed by taking the average of such values at the end of each month during such period. 
Board of Directors or Board. The persons holding such office, as of any particular time, under the Charter of the Corporation, whether they be the Directors named therein or additional or successor Directors. 
Bylaws. The bylaws of the Corporation, as the same are in effect from time to time. 
Cause. With respect to the termination of this Agreement, fraud, criminal conduct or willful misconduct by the Advisor, or a material breach of this Agreement by the Advisor, which has not been cured within 30 days of such breach. 
Charter. The amended and restated articles of incorporation of the Corporation, as amended from time to time. 
Code. Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 
Construction Fees. The term “Construction Fees” shall have the meaning given such term in the Charter.  
Contract Purchase Price. The term “Contract Purchase Price” shall mean (i) the amount actually paid or allocated in respect of the acquisition of a Property, (ii) the Corporation’s proportionate share of the amount actually paid or allocated in respect of the Real Property owned by any real estate related entity in which the Corporation acquires a majority economic interest or which the Corporation consolidates for financial reporting purposes in accordance with generally accepted accounting principals, (iii) the amount actually paid or allocated in respect of an investment in any other real estate related entity or (iv) the amount actually paid or allocated in respect of the origination or acquisition of Mortgages, other debt investments or other investments; in each case including any third party expenses, debt, whether borrowed or assumed, and exclusive of Acquisition Fees and Acquisition Expenses. 
Contract Sales Price. The total consideration paid in connection with a Disposition, other than a Listing, including without limitation, any debt or other liabilities assumed or taken subject to by an acquirer. Without limiting the generality of the foregoing, in any transaction involving the acquisition of the equity of the Corporation, the Operating Partnership or other selling entity, the Contract Sales Price will be deemed to include (whether or not expressed in the net per share price), the value assigned by the applicable buyer to all assets (or the value of such assets implied by such buyer’s offer) before subtracting liabilities to derive the net per share purchase price.
Corporation. Corporation shall have the meaning set forth in the preamble of this Agreement. 
Dealer Manager Black Creek Capital Management, LLC, an Affiliate of the Advisor, or such other Person or entity selected by the Board of Directors to act as the dealer manager for the Offering. Black Creek Capital Management, LLC is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). 

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Dealer Manager Fee. The dealer manager fee payable to the Dealer Manager for serving as the dealer manager for the Offering and reallowable to Soliciting Dealers with respect to Shares sold by them, as described in the Corporation’s Prospectus. 
Director. A member of the Board of Directors of the Corporation. 
Disposition. The term “Disposition” shall include (i) a sale of one or more Assets, (ii) a sale of one or more Assets effectuated either directly or indirectly through the sale of any entity owning such Assets, including, without limitation, the Corporation or the Operating Partnership, (iii) a sale, merger or other transaction in which the Stockholders either receive, or have the option to receive, cash, securities redeemable for cash, and/or securities of a publicly traded company, or (iv) a Listing.
Distribution Fee. The distribution fee payable to the Dealer Manager as additional compensation for serving as the dealer manager for the Offering and reallowable to Soliciting Dealers with respect to Shares sold by them, as described in the Corporation’s Prospectus. 
 
Distributions. Any distributions of money or other property by the Corporation to owners of Shares, including distributions that may constitute a return of capital for federal income tax purposes. 
Equity Shares. Transferable shares of beneficial interest of the Corporation of any class or series, including common shares or preferred shares. 
FINRA. Financial Industry Regulatory Authority, Inc. 
GAAP. Generally accepted accounting principles as in effect in the United States of America from time to time. 
General Partner. General Partner shall have the meaning set forth in the recitals at the beginning of this Agreement.
Good Reason. With respect to the termination of this Agreement, (i) any failure to obtain a satisfactory agreement from any successor to the Corporation and/or the Operating Partnership to assume and agree to perform the Corporation’s and/or the Operating Partnership’s obligations under this Agreement; or (ii) any uncured material breach of this Agreement of any nature whatsoever by the Corporation and/or the Operating Partnership that remains uncured for 30 days after written notice of such material breach has been provided to the Corporation and the Operating Partnership by the Advisor. 
Gross Market Capitalization. The sum of (i) the total outstanding principal balance of all indebtedness of the Corporation, the Operating Partnership, and its subsidiaries, and (ii) the Gross Share Value.
Gross Proceeds. The aggregate purchase price of all Shares sold for the account of the Corporation through all Offerings, without deduction for Sales Commissions, Dealer Manager Fees, Distribution Fees, volume discounts, any marketing support and due diligence expense reimbursement or Organization and Offering Expenses. For the purpose of computing Gross Proceeds, the purchase price of any Share for which reduced Sales Commissions or Dealer Manager Fees are paid to the Dealer Manager or a Soliciting Dealer (where net proceeds to the Corporation are not reduced) shall be deemed to be the full amount of the offering price per Share pursuant to the Prospectus for such Offering without reduction. 
Gross Share Value. The product of (i) the total number of shares of the Corporation outstanding plus all OP Units outstanding that are held by parties other than the Corporation, and (ii) the Value Per Share.
Independent Director. Independent Director shall have the meaning set forth in the Charter. 
Independent Expert. A person or entity with no material current or prior business or personal relationship with the Advisor or the Directors and who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Corporation. 

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Joint Ventures. The joint venture, co-investment, co-ownership or partnership arrangements in which the Corporation or any of its subsidiaries is a co-venturer, co-owner or general partner which are established to acquire or hold Assets. 
Liquidity Event. The term “Liquidity Event” shall include, but shall not be limited to, (i) a Listing, (ii) a sale, merger or other transaction in which the Stockholders either receive, or have the option to receive, cash, securities redeemable for cash, and/or securities of a publicly traded company, and (iii) the sale of all or substantially all of the Corporation’s Assets where Stockholders either receive, or have the option to receive, cash or other consideration. 
Listing. The listing of the Shares on a national securities exchange or the receipt by the Corporation’s stockholders of securities that are listed on a national securities exchange in exchange for the Corporation’s common stock. Upon such Listing, the Shares shall be deemed Listed. 
Mortgages. In connection with mortgage financing provided, invested in, participated in or purchased by the Corporation, all of the notes, deeds of trust, security interests or other evidences of indebtedness or obligations, which are secured or collateralized by Real Property owned by the borrowers under such notes, deeds of trust, security interests or other evidences of indebtedness or obligations. 
NASAA REIT Guidelines. The Statement of Policy Regarding Real Estate Investment Trusts as adopted by the members of the North American Securities Administrators Association, Inc. on May 7, 2007. 
Net Income. For any period, the Corporation’s total revenues applicable to such period, less the total expenses applicable to such period other than additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Corporation’s Assets. 
Offering. The public offering of Shares pursuant to a Prospectus. 
Operating Partnership. Operating Partnership shall have the meaning set forth in the preamble of this Agreement. 
 
Operating Partnership Agreement. The Operating Partnership Agreement between the Corporation and Industrial Property Advisors Group LLC. 
OP Unit. Units of limited partnership interest in the Operating Partnership. 
Organization and Offering Expenses. Any and all costs and expenses, other than Sales Commissions, Dealer Manager Fees, and Distribution Fees, incurred in connection with the formation of the Corporation and the qualification and registration of all its Offerings, and the marketing and distribution of Shares, including, without limitation, total underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys) payable to the Dealer Manager and Soliciting Dealers, expenses for printing and amending registration statements or supplementing prospectuses, mailing and distributing costs, salaries of employees while engaged in sales activity, telephone and other telecommunications costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings), charges of transfer agents, registrars, trustees, escrow holders, depositories and experts and fees, expenses and taxes related to the filing, registration and qualification of the sale of the Shares under federal and state laws, including accountants’ and attorneys’ fees. The cumulative Organization and Offering Expense reimbursements paid by the Corporation in connection with all Offerings will not exceed 2.0% of Gross Proceeds from the sale of Shares of all Offerings. 
Person. An individual, corporation, partnership, trust, joint venture, limited liability company or other entity. 
Property or Properties. All or a portion of the Real Property or Real Properties acquired by the Corporation, directly or indirectly through joint venture or co-ownership arrangements or other partnership or investment entities. 
Prospectus. Prospectus shall have the meaning set forth in Section 2(10) of the Securities Act of 1933, as amended (the “Securities Act”), including a preliminary Prospectus, an offering circular as described in Rule 256 of the General Rules and Regulations under the Securities Act or, in the case of an intrastate offering, any document by whatever name known, utilized for the purpose of offering and selling securities to the public. 

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Real Estate Asset Value. The amount actually paid or allocated to the purchase, development, construction or improvement of a Real Property, exclusive of Acquisition Fees and Acquisition Expenses. 
Real Property. Land, rights in land (including leasehold interests), and any buildings, structures, improvements, furnishings, fixtures and equipment located on or used in connection with land and rights or interests in land. Properties sold by the Corporation or any Affiliate to investors in tenancy-in-common interests (or pursuant to a Delaware statutory trust), beneficial interests in Delaware statutory trusts, and or similar interests shall be deemed Real Property for the purposes of this definition so long as (i) such properties are being leased by the Corporation or any Affiliate from the tenancy-in-common (or Delaware statutory trust) investors, and (ii) such properties are reflected as Assets of the Corporation in accordance with GAAP. 
REIT. A “real estate investment trust” under Sections 856 through 860 of the Code or as may be amended. 
Sale or Sales. Any transaction or series of transactions whereby: (A) the Corporation or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting of a building only, and including any event with respect to any Property which gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the Corporation or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Corporation or the Operating Partnership in any Joint Venture in which it is a co-venturer or partner; (C) any Joint Venture directly or indirectly (except as described in other subsections of this definition) in which the Corporation or the Operating Partnership as a co-venturer or partner sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including any event with respect to any Property which gives rise to insurance claims or condemnation awards; (D) the Corporation or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, conveys or relinquishes its interest in any Mortgage or portion thereof (including with respect to any Mortgage, all payments thereunder or in satisfaction thereof other than regularly scheduled interest payments) of amounts owed pursuant to such Mortgage and any event which gives rise to a significant amount of insurance proceeds or similar awards; or (E) the Corporation or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any other Asset not previously described in this definition or any portion thereof, but (ii) not including any transaction or series of transactions specified in clause (i) (A) through (E) above in which the proceeds of such transaction or series of transactions are reinvested by the Corporation in one or more Assets within 180 days thereafter. 
Sales Commission. A percentage of Gross Proceeds from the sale of primary Shares in the Offering (not including Shares sold pursuant to the Corporation’s distribution reinvestment plan) payable to the Dealer Manager and reallowable to Soliciting Dealers with respect to Shares sold by them. 
Securities. The term “Securities” shall mean any of the following issued by the Corporation, as the text requires: Equity Shares, any other stock, shares or other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing. 
Shares. The shares of the common stock of the Corporation sold in the Offering. 
Soliciting Dealers. Broker-dealers who are members of FINRA, or that are exempt from broker-dealer registration, and who, in either case, have executed selected dealer or other agreements with the Dealer Manager to sell Shares. 
Special OP Units. The separate series of limited partnership interests to be issued in accordance with Paragraph 9(c). 
Sponsor. Any Person which (i) is directly or indirectly instrumental in organizing, wholly or in part, the Corporation, (ii) will control, manage or participate in the management of the Corporation, and any Affiliate of any 

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such Person, (iii) takes the initiative, directly or indirectly, in founding or organizing the Corporation, either alone or in conjunction with one or more other Persons, (iv) receives a material participation in the Corporation in connection with the founding or organizing of the business of the Corporation, in consideration of services or property, or both services and property, (v) has a substantial number of relationships and contacts with the Corporation, (vi) possesses significant rights to control Properties, (vii) receives fees for providing services to the Corporation which are paid on a basis that is not customary in the industry, or (viii) provides goods or services to the Corporation on a basis which was not negotiated at arm’s-length with the Corporation. “Sponsor” does not include any Person whose only relationship with the Corporation is that of an independent property manager and whose only compensation is as such, or wholly independent third parties such as attorneys, accountants and underwriters whose only compensation is for professional services. 
Stockholders. The registered holders of the Corporation’s Shares. 
Termination Date. The date of termination of this Agreement. 
Termination Event. The termination or nonrenewal of this Agreement (i) in connection with a merger, sale of Assets or transaction involving the Corporation pursuant to which a majority of the Directors then in office are replaced or removed, (ii) by the Advisor for Good Reason or (iii) by the Corporation and the Operating Partnership other than for Cause. 
Total Operating Expenses. All costs and expenses paid or incurred by the Corporation, as determined under generally accepted accounting principles, that are in any way related to the operation of the Corporation or to corporate business, including Asset Management Fees and other operating fees paid to the Advisor, but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees, (vi) Acquisition Fees and Acquisition Expenses, (vii) real estate commissions on the Sale of Property, (viii) distributions made with respect to interests in the Operating Partnership, and (ix) other fees and expenses connected with the acquisition, Disposition, management and ownership of real estate interests, mortgage loans or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property). Notwithstanding the definition set forth above, any expense of the Corporation which is not part of Total Operating Expenses under the NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof. 

Total Project Cost. With regard to any Real Property acquired prior to or during the development, construction or improvement stages, all hard and soft costs and expenses paid or incurred by or on behalf of the Corporation that are in any way related to the development, construction, improvement or stabilization (including tenant improvements) of such Real Property, including, but not limited to, any debt, whether borrowed or assumed, land and construction costs. 
Value Per Share. The term “Value Per Share” shall mean (i) in the event of a Listing pursuant to which incremental equity capital is expected to be raised through the issuance of shares of the Corporation, the final price at which such shares are actually issued, or an estimate thereof reasonably determined by mutual agreement of the Corporation and the Advisor, and (ii) in the event of a Listing pursuant to which no incremental equity capital is expected to be raised through the issuance of shares of the Corporation, the closing price at the end of the first day of trading of the Corporation’s shares upon Listing, or an estimate thereof reasonably determined by mutual agreement of the Corporation and the Advisor.
2%/25% Guidelines. For any year in which the Corporation qualifies as a REIT, the requirement pursuant to the NASAA REIT Guidelines that, in any 12 month period, Total Operating Expenses not exceed the greater of 2% of the Corporation’s Average Invested Assets during such 12 month period or 25% of the Corporation’s Net Income over the same 12 month period. 
2. APPOINTMENT    . The Corporation and the Operating Partnership hereby appoint the Advisor to serve as their advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 

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3. DUTIES OF THE ADVISOR    . The Advisor undertakes to use its reasonable efforts to present to the Corporation and the Operating Partnership potential investment opportunities and to provide a continuing and suitable investment program consistent with the investment objectives and policies of the Corporation as determined and adopted from time to time by the Board of Directors. In performance of this undertaking, subject to the supervision of the Board of Directors and consistent with the provisions of the Charter, the Bylaws and the Operating Partnership Agreement, and subject to the condition that any investment advisory services provided with respect to securities shall be provided by a registered investment adviser, the Advisor shall, either directly or by engaging an Affiliated or non-Affiliated Person: 
(a) serve as the Corporation’s and the Operating Partnership’s investment and financial advisor and provide research and economic and statistical data in connection with the Corporation’s assets and investment policies; 
(b) manage and supervise the Offering process, including, without limitation: (i) develop the product offering, including the determination of the specific terms of the Securities to be offered by the Corporation, prepare all offering and related documents, and obtain all required regulatory approvals; (ii) along with the Dealer Manager, approve the participating broker dealers and negotiate the related selling agreements; (iii) coordinate the due diligence process for participating broker dealers and their review of any Prospectus and other Offering and Corporation documents; (iv) assist in the preparation and approval of all marketing materials contemplated to be used by the Dealer Manager or others in the Offering of the Corporation’s Securities; (v) along with the Dealer Manager, negotiate and coordinate with the transfer agent for the receipt, collection, processing and acceptance of subscription agreements and other administrative support functions; and (vi) manage and supervise all other services related to the organization of the Corporation, the Operating Partnership or the Offering; 
(c) provide the daily management for the Corporation and the Operating Partnership and perform and supervise the various administrative functions reasonably necessary for the management of the Corporation and the Operating Partnership, including, without limitation: (i) provide or arrange for administrative services and items, legal and other services, office space, office furnishings, personnel and other items necessary and incidental to the Corporation’s business and operations; (ii) maintain accounting data and any other information requested concerning the activities of the Corporation and the Operating Partnership as shall be required to prepare and to file all periodic financial reports with the Securities and Exchange Commission and any other regulatory agency, including annual financial statements; (iii) oversee tax and compliance services and risk management services and coordinate with appropriate third parties, including independent accountants and other consultants, on related tax matters; (iv) manage and coordinate with the transfer agent the quarterly dividend process and payments to Stockholders; (v) consult with and assist the Board of Directors in evaluating and obtaining adequate insurance coverage based upon risk management determinations; (vi) provide the Board of Directors with updates related to the overall regulatory environment affecting the Corporation and the Operating Partnership, as well as managing compliance with such matters; (vii) consult with the Board of Directors with respect to the corporate governance structure and appropriate policies and procedures related thereto; (viii) oversee all reporting, record keeping, internal controls and 
similar matters in a manner to allow the Corporation and the Operating Partnership to comply with applicable law, including the Sarbanes-Oxley Act; (ix) manage communications with Stockholders, including answering phone calls, preparing and sending written and electronic reports and other communications; and (x) establish technology infrastructure to assist in providing Stockholder support and service; 
(d) investigate, select, and, on behalf of the Corporation and the Operating Partnership, engage and conduct business with such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants, correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, real estate management companies, real estate operating companies, securities investment advisors, mortgagors, and any and all agents for any of the foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services, including but not limited to entering into contracts in the name of the Corporation and the Operating Partnership with any of the foregoing; 

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(e) consult with the officers and Board of Directors of the Corporation and assist the Board of Directors in the formulation and implementation of the Corporation’s financial policies, and, as necessary, furnish the Board of Directors with advice and recommendations with respect to the making of investments consistent with the investment objectives and policies of the Corporation and in connection with any borrowings proposed to be undertaken by the Corporation and/or the Operating Partnership; 
(f) subject to the provisions of Paragraphs 3(h) and 4 hereof, (i) locate, analyze and select potential investments, (ii) structure and negotiate the terms and conditions of transactions pursuant to which investments will be made; (iii) make investments on behalf of the Corporation and the Operating Partnership in compliance with the investment objectives and policies of the Corporation; (iv) oversee the due diligence process; (v) arrange for financing and refinancing and make other changes in the asset or capital structure of, and dispose of, reinvest the proceeds from the sale of, or otherwise deal with, investments; and (vi) enter into leases and service contracts for Properties and, to the extent necessary, perform all other operational functions for the maintenance and administration of such Properties; 
(g) upon request, provide the Board of Directors with periodic reports regarding prospective investments; 
(h) make investments in and Dispositions of Assets within the discretionary limits and authority as granted by the Board; 
(i) negotiate on behalf of the Corporation and the Operating Partnership with banks or lenders for loans to be made to the Corporation and the Operating Partnership, and negotiate on behalf of the Corporation and the Operating Partnership with investment banking firms and broker-dealers or negotiate private sales of Shares and Securities or obtain loans for the Corporation and the Operating Partnership, but in no event in such a way so that the Advisor shall be acting as broker-dealer or underwriter; and provided, further, that any fees and costs payable to third parties incurred by the Advisor in connection with the foregoing shall be the responsibility of the Corporation or the Operating Partnership; 
(j) obtain reports (which may but are not required to be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of investments or contemplated investments of the Corporation and/or the Operating Partnership in Assets; 
(k) from time to time, or at any time reasonably requested by the Board of Directors, make reports to the Board of Directors of its performance of services to the Corporation and the Operating Partnership under this Agreement, including reports with respect to potential conflicts of interest involving the Advisor or any of its affiliates; 
(l) provide the Corporation and the Operating Partnership with all necessary cash management services; 

(m) do all things necessary to assure its ability to render the services described in this Agreement; 
(n) deliver to or maintain on behalf of the Corporation copies of all appraisals obtained in connection with the investments in Real Properties and all valuations of other Assets as may be required to be obtained by the Board; 
(o) notify and obtain the approval of the Corporation’s investment committee for all non-affiliated transactions that have a Contract Purchase Price, Total Project Cost or Contract Sales Price of $30 million or less before such transactions are completed; 
(p) notify and obtain the approval of the Board for all proposed transactions that have a Contract Purchase Price, Total Project Cost or Contract Sales Price of more than $30 million before such transactions are completed; 
(q) notify and obtain the approval of a majority of the Board of Directors (including a majority of the Independent Directors) for all affiliated transactions before such transactions are completed; and 

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(r) effect any private placement of OP Units, tenancy-in-common, Delaware statutory trust, or other interests in Real Properties as may be approved by the Board. 
Notwithstanding the foregoing, the Advisor may delegate any or all of the foregoing duties to any Person so long as the Advisor or any Affiliate remains responsible for the performance of the duties set forth in this Paragraph 3, subject to the prior consent of the Corporation if all or substantially all of such duties are delegated to a Person that is not an Affiliate. 
4. AUTHORITY OF ADVISOR    . 
(a) Pursuant to the terms of this Agreement (including the restrictions included in this Paragraph 4 and in Paragraph 7), and subject to the continuing and exclusive authority of the Board of Directors over the management of the Corporation, the Board of Directors hereby delegates to the Advisor the authority to (1) locate, analyze and select investment opportunities, (2) manage and supervise the offering process, (3) structure the terms and conditions of transactions pursuant to which investments will be made, acquired or disposed of for the Corporation and the Operating Partnership, (4) acquire and dispose of investments in compliance with the investment objectives and policies of the Corporation, (5) arrange for financing or refinancing for Assets, (6) enter into leases and service contracts for Properties, (7) oversee Affiliated and non-Affiliated property managers who perform services for the Corporation or the Operating Partnership, (8) oversee Affiliated and non-Affiliated Persons with whom the Advisor contracts to perform certain of the services required to be performed under this Agreement, (9) manage communications with Stockholders, and (10) manage public reporting, internal controls, accounting and other record-keeping functions and general corporate services for the Corporation and the Operating Partnership. 
(b) Notwithstanding the foregoing, any investment in Real Properties, including any acquisition of Real Property by the Corporation or the Operating Partnership (including any financing of such acquisition), will require the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may be. 
(c) In connection with a proposed transaction that requires the approval of the Independent Directors, the Advisor will deliver to the Independent Directors all documents and other information required by them to properly evaluate the proposed transaction. 
The prior approval of a majority of the Board of Directors (including a majority of the Independent Directors) will be required for each transaction to which the Advisor or its Affiliates is a party. The Board of Directors may, at any time upon the giving of written notice to the Advisor, modify or revoke the authority set forth in this Paragraph 4. If and to the extent the Board so modifies or revokes the authority contained herein, the Advisor shall henceforth submit to the Board for prior approval such proposed transactions involving investments in Assets as thereafter require prior approval, provided however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Corporation prior to the date of receipt by the Advisor of such notification. 
 
5. BANK ACCOUNTS    . The Advisor may establish and maintain one or more bank accounts in the name of the Corporation, the Operating Partnership or the Operating Partnership’s subsidiaries and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Corporation, the Operating Partnership or the Operating Partnership’s subsidiaries, under such terms and conditions as the Board of Directors may approve, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render appropriate accountings of such collections and payments to the Board of Directors and to the auditors of the Corporation.
6. RECORDS; ACCESS    . The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for inspection by the Board of Directors and by counsel, auditors and authorized agents of the Corporation, at any time or from time to time during normal business hours. The Advisor shall at all reasonable times have access to the books and records of the Corporation and the Operating Partnership. 
7. LIMITATIONS ON ACTIVITIES    . Anything else in this Agreement to the contrary notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment made in good faith, would (a) adversely affect the status of the Corporation as a REIT, (b) subject the Corporation to regulation under the Investment 

11

Corporation Act of 1940, as amended, or (c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Corporation, its Shares or its Securities, or otherwise not be permitted by the Charter or Bylaws of the Corporation, except if such action shall be ordered by the Board of Directors, in which case the Advisor shall notify promptly the Board of Directors of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board of Directors. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of the Board of Directors so given. Notwithstanding the foregoing, the Advisor, its members, managers, directors, officers, employees and stockholders, and members, managers, stockholders, directors and officers of the Advisor’s Affiliates, shall not be liable to the Corporation or to the Board of Directors or stockholders for any act or omission by the Advisor, its members, managers, directors, officers or employees, or stockholders, members, managers, directors or officers of the Advisor’s Affiliates taken or omitted to be taken in the performance of their duties under this Agreement except as provided in Paragraph 19 of this Agreement. 
8. RELATIONSHIP WITH DIRECTORS    . Subject to Paragraph 7 of this Agreement and to restrictions advisable with respect to the qualification of the Corporation as a REIT, members, managers, directors, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parents of an Affiliate, may serve as a Director and as officers of the Corporation, except that no member, manager, director, officer or employee of the Advisor or its Affiliates who also is a Director or officer of the Corporation shall receive any compensation from the Corporation for serving as a Director or officer of the Corporation other than reasonable reimbursement for travel and related expenses incurred in attending meetings of the Board of Directors and no such Director shall be deemed an Independent Director for purposes of satisfying the Director independence requirement set forth in the Charter. 
9. FEES    . 
(a) Acquisition Fees. The Advisor shall receive Acquisition Fees in connection with each Asset acquired on the Corporation’s behalf. For investments in Real Property, the Acquisition Fee will vary depending on whether with respect to the Real Property acquired, the Advisor provides either Development Services (defined below) or Development Oversight Services (defined below) either in connection with the acquisition of such Real Property (including, without limitation, forward commitment acquisitions), the stabilization of such Real Property (including, without limitation, development and value add transactions), or both (any of the foregoing being “Development Real Properties).  For each Real Property acquired, for which the Advisor does not provide either Development or Development Oversight Services either in connection with the acquisition of such Real Property, the stabilization of such Real Property, or both (the “Non-Development Real Properties”), the Acquisition Fee is an amount equal to 2.0% of the Contract Purchase Price of the Non-Development Real Property (or the Corporation’s proportional interest therein), including Real Property held in Joint Ventures or other entities that are co-owned.  In connection with providing services related to the development, construction, improvement or stabilization, including tenant improvements, of Development Real Properties (collectively, “Development Services”) or overseeing the provision of these services by third parties on behalf of the Corporation (“Development Oversight Services”), the Acquisition Fee (the “Development Acquisition Fee”) will be an amount that will equal up to 4.0% of Total Project Cost of such Development Real Property (or the Corporation’s proportional interest therein with respect to Real Property held in Joint Ventures or other entities that are co-owned). If the Advisor engages a third party to provide Development Services directly to the Corporation, the third party will be compensated directly by the Corporation, and the Advisor will receive the Development Acquisition Fee if it provides the Development Oversight Services. With respect to Non-Development Real Properties, the Advisor is also entitled to receive Acquisition Fees of (i) 2.0% of the Corporation’s proportionate share of the Contract Purchase Price of the Real Property owned by any real estate related entity in which the Corporation acquires a majority economic interest or that the Corporation consolidates for financial reporting purposes in accordance with GAAP and (ii) 2.0% of the Contract Purchase Price in connection with the acquisition of an interest in any other real estate related entity.  Additionally, in connection with the acquisition or origination of any Mortgage, any other type of debt investment or other investment, the Advisor is entitled to receive an Acquisition Fee of 1.0% of the Contract Purchase Price and any third-party expenses related to such investment. Acquisition Fees associated with a given Asset shall be calculated in the currency used to acquire such Asset and payable in U.S. dollars. Acquisition Fees shall be paid at or after the closing of an investment. The amount of Acquisition Fees payable pursuant to this Section 9(a) shall be given retroactive effect for each Real Property acquired prior to the date of this Agreement. The total of all Acquisition Fees and Acquisition Expenses payable with respect to any Asset, including any Development Acquisition Fees, shall not exceed 6% of the Contract 

12

Purchase Price or the Total Project Cost (as applicable) of such Asset unless fees in excess of such amount are approved by a majority of the Board of Directors, including a majority of the Independent Directors. 
(b) Asset Management Fee. The Advisor shall receive the Asset Management Fee as partial compensation for services rendered in connection with the management and Disposition of the Corporation’s Assets. The Asset Management Fee shall be payable by the Corporation in cash or in Shares at the option of the Advisor, and may be deferred, in whole or in part, from time to time, by the Advisor (without interest). The Asset Management Fee shall consist of (i) a monthly fee equal to one-twelfth of 0.80% of the aggregate cost (before non-cash reserves and depreciation) of each Real Property (or the Corporation’s proportional interest therein with respect to Real Property held in Joint Ventures or real estate entities where the Corporation owns a majority economic interest or that the Corporation consolidates for financial reporting purposes in accordance with GAAP); provided, that the Asset Management Fee with respect to each Real Property located outside of the United States that the Corporation owns, directly or indirectly, will equal a monthly fee of one-twelfth of 1.20% of the aggregate cost (before non-cash reserves and depreciation) of each Real Property, (ii) a monthly fee equal to one-twelfth of 0.80% of the aggregate cost or investment with respect to an acquisition of an interest in any other real estate related entity or an origination or acquisition of any Mortgage, any other type of debt investment or other investment, and (iii) in connection with a Disposition, a fee equal to (x) 2.5% of the Gross Market Capitalization of the Corporation upon the occurrence of a Listing or (y) 2.5% of the Contract Sales Price upon the occurrence of any other Disposition. With the exception of any portion of the Asset Management Fee related to a Disposition, which shall be payable at the time of such Disposition, the Asset Management Fee shall be payable on the 1st day of each month. 
(c) Operating Partnership Interests. The Sponsor has made a capital contribution of $1,000 to the Operating Partnership in exchange for OP Units constituting a separate series of limited partnership interests (the “Special OP Units”). Upon the earliest to occur of the termination or nonrenewal of this Agreement for Cause, a Termination Event, or a Liquidity Event, all of the Special OP Units shall be redeemed by the Operating Partnership in accordance with the terms of the Operating Partnership Agreement. 
(d) Loans from Affiliates. The Advisor or any Affiliate thereof may not make any loan to the Corporation or the Operating Partnership unless a majority of the Board of Directors (including a majority of the Independent Directors) approve the loan as being fair, competitive, and commercially reasonable and no less favorable to the Corporation or the Operating Partnership than loans between unaffiliated parties under the same circumstances. 
(e) Exclusion of Certain Transactions. In the event the Corporation or the Operating Partnership shall propose to enter into any transaction with the Sponsor, the Advisor, a Director or any Affiliate thereof, then such transaction shall be approved by a majority of the Board of Directors (including a majority of the Independent Directors) as fair and reasonable to the Corporation. 
10. EXPENSES    . 
(a) In addition to the compensation paid to the Advisor pursuant to Paragraph 9 hereof and subject to the limitations below, the Corporation or the Operating Partnership shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor in connection with the services it provides to the Corporation and the Operating Partnership pursuant to this Agreement, including, but not limited to: 
(i) Up to 2.0% of Gross Proceeds from all Offerings as Organization and Offering Expense reimbursements. The Advisor will use all or a portion of this reimbursement to pay for the Corporation’s Organization and Offering Expenses, including certain distribution-related expenses of the Dealer Manager and Soliciting Dealers. The Advisor or an Affiliate of the Advisor will be responsible for the cumulative Organization and Offering Expenses of all Offerings to the extent that such expenses exceed the amount remaining from the 2.0% Organization and Offering Expense reimbursements from all Offerings, without recourse against or reimbursement by the Corporation; 
 
(ii) Acquisition Expenses; 

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(iii) the actual cost of goods and services used by the Corporation and obtained from Persons not affiliated with the Advisor, other than Acquisition Expenses, including brokerage fees paid in connection with the purchase and sale of any securities; 
(iv) interest and other costs for borrowed money, including discounts, points and other similar fees; 
(v) taxes and assessments on income of the Corporation or Assets and any other taxes otherwise imposed on the Corporation; 
(vi) costs associated with insurance required in connection with the business of the Corporation or by the officers and Directors; 
(vii) expenses of managing and operating Assets owned by the Corporation, whether payable to an Affiliate of the Corporation or a non-affiliated Person; 
(viii) all expenses in connection with payments to the Directors and meetings of the Directors and Stockholders; 
(ix) expenses associated with a Listing, if applicable; 
(x) expenses connected with payments of Distributions in cash or otherwise made or caused to be made by the Corporation to the Stockholders; 
(xi) expenses of organizing, revising, amending, converting, modifying, or terminating the Corporation or the Charter; 
(xii) expenses of maintaining communications with Stockholders, including the cost of preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 
(xiii) personnel (and related employment) costs and overhead (including, but not limited to, allocated rent paid to both third parties and an affiliate of the Advisor, equipment, utilities, insurance, travel and entertainment, and other costs) incurred by the Advisor or its Affiliates in performing the services described in Section 3 hereof, including, but not limited to, total compensation, benefits and other overhead of all employees involved in the performance of such services; provided, however, that no reimbursement shall be made for costs of personnel to the extent that such personnel perform services in transactions for which the Advisor receives a separate fee; 
(xiv) audit, accounting and legal fees and other fees for professional services relating to the operations of the Corporation and all such fees incurred at the request, or on behalf of, the Independent Directors or any committee of the Board of Directors; 
(xv) out-of-pocket costs for the Corporation to comply with all applicable laws, regulations and ordinances; and 
(xvi) all other costs incurred by the Advisor in performing its duties hereunder. 
(b) Expenses incurred by the Advisor on behalf of the Corporation and the Operating Partnership and payable pursuant to this Paragraph 10 shall be reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Corporation and the Operating Partnership and the calculation of the Asset Management Fee during each quarter, and shall deliver such statement to the Corporation and the Operating Partnership within 45 days after the end of each quarter. 
11. OTHER SERVICES    . Should the Board of Directors request that the Advisor or any director, officer or employee thereof render services for the Corporation and the Operating Partnership other than set forth in Paragraph 3, such services shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and the Independent Directors of the Corporation, subject to the limitations contained in the Charter, and shall not be deemed to be services pursuant to the terms of this Agreement. 

14

 
12. REIMBURSEMENT TO THE ADVISOR    . For any year in which the Corporation qualifies as a REIT, the Corporation shall not reimburse the Advisor at the end of any fiscal quarter Total Operating Expenses that, in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets or 25% of Net Income (the “2%/25% Guidelines”) for such year. Any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Corporation or, at the option of the Corporation, subtracted from the Total Operating Expenses reimbursed during the subsequent fiscal quarter unless a majority of the Independent Directors determine that such excess was justified based on unusual and nonrecurring factors which they deem sufficient, then the Excess Amount may be paid and within 60 days after the end of such Expense Year there shall be sent to the stockholders a written disclosure of such fact, together with an explanation of the factors the Independent Directors considered in determining that such excess expenses were justified. Such determination shall be reflected in the minutes of the meetings of the Board of Directors. The Corporation will not reimburse the Advisor or its Affiliates for services for which the Advisor or its Affiliates are entitled to compensation in the form of a separate fee. All figures used in the foregoing computation shall be determined in accordance with generally accepted accounting principles applied on a consistent basis. 
13. OTHER ACTIVITIES OF THE ADVISOR    . Nothing herein contained shall prevent the Advisor or any of its Affiliates from engaging in or earning fees from other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this Agreement limit or restrict the right of any member, manager, director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in or earn fees from any other business or to render services of any kind to any other partnership, corporation, firm, individual, trust or association and earn fees for rendering such services. The Advisor may, with respect to any investment in which the Corporation is a participant, also render advice and service to each and every other participant therein, and earn fees for rendering such advice and service. It is contemplated that the Corporation may enter into joint ventures or other similar co-investment arrangements with certain Persons, and pursuant to the agreements governing such joint ventures or arrangements, the Advisor may be engaged (directly or indirectly) to provide advice and service to such Persons, in which case the Advisor will earn fees for rendering such advice and service. The parties to this Agreement hereby acknowledge that the Advisor may provide advice and render services to Persons that will compete with the Corporation for investments. 
The Advisor shall report to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, which creates or could create a conflict of interest between the Advisor’s obligations to the Corporation and its obligations to or its interest in any other partnership, corporation, limited liability company, firm, individual, trust or association. The Advisor or its Affiliates shall promptly disclose to the Board knowledge of such condition or circumstance. If the Advisor, its members, managers, directors, employees or Affiliates thereof have sponsored other investment programs with similar investment objectives which have investment funds available at the same time as the Corporation, it shall be the duty of the Independent Directors to ensure that the Advisor and its Affiliates follow the method approved by the Independent Directors, by which investments are to be allocated to the competing investment entities and to use their reasonable efforts to ensure that such method is applied fairly to the Corporation. 
The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the Corporation which is consistent with the investment policies and objectives of the Corporation, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular investment opportunity to the Corporation even if the opportunity is of character which, if presented to the Corporation, could be taken by the Corporation. In the event an investment opportunity is located, the allocation procedure set forth under the caption “Conflicts of Interest—Conflict Resolution Procedures” in any Prospectus (as such procedures may be amended from time to time by a majority of the Board, including the Independent Directors) shall govern the allocation of the opportunity among the Corporation and Affiliates of the Advisor. 
14. TERM; TERMINATION OF AGREEMENT    . This Agreement shall continue in force for a period of one year from the date hereof, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. It is the duty of the Independent Directors to evaluate the performance of the Advisor annually before renewing the Agreement, and each such renewal shall be for a term of no more than one year. 
 

15

15. TERMINATION BY THE PARTIES    . This Agreement may be terminated (i) immediately by the Corporation and/or the Operating Partnership for Cause (subject to any applicable cure period), (ii) upon 60 days written notice without Cause and without penalty by a majority of the Independent Directors of the Corporation or by the Advisor, (iii) upon 60 days written notice with Good Reason by the Advisor or (iv) immediately by the Corporation and/or the Operating Partnership in connection with a merger, sale of Assets or transaction involving the Corporation pursuant to which a majority of the Directors then in office are replaced or removed. 
16. ASSIGNMENT TO AN AFFILIATE    . This Agreement may be assigned by the Advisor to an Affiliate or Affiliates with the approval of a majority of the Board of Directors (including a majority of the Independent Directors). The Advisor may assign any rights to receive fees or other payments under this Agreement to any Person without obtaining the approval of the Board of Directors. This Agreement shall not be assigned by the Corporation or the Operating Partnership without the consent of the Advisor, except in the case of an assignment by the Corporation or the Operating Partnership to a corporation, limited partnership or other organization which is a successor to all of the assets, rights and obligations of the Corporation or the Operating Partnership, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Corporation and the Operating Partnership are bound by this Agreement. 
17. PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION    . 
(a) After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Corporation or the Operating Partnership within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement. In addition, in accordance with the provisions of Paragraph 12, the Advisor shall be entitled to receive any Excess Amount (as defined in Paragraph 12) for which the Independent Directors determined (before or after the Termination Date) that there was justification based on unusual and nonrecurring factors. 
(b) The Advisor shall promptly upon termination: 
(i) pay over to the Corporation and the Operating Partnership all money collected and held for the account of the Corporation and the Operating Partnership pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 
(ii) deliver to the Board of Directors a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board of Directors; 
(iii) deliver to the Board of Directors all Assets and documents of the Corporation and the Operating Partnership then in the custody of the Advisor; and 
(iv) cooperate with the Corporation and the Operating Partnership to provide an orderly management transition. 
18. INDEMNIFICATION BY THE CORPORATION AND THE OPERATING PARTNERSHIP    . The Corporation and the Operating Partnership shall indemnify and hold harmless the Advisor and its Affiliates, including their respective members, managers, officers, directors, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, subject to any limitations imposed by the laws of the State of Maryland or the Charter. Notwithstanding the foregoing, the Corporation and the Operating Partnership may not indemnify or hold harmless the Advisor, its Affiliates, or any of their respective members, managers, officers, directors, partners or employees in any manner that would be inconsistent with the provisions of Section II.G of the REIT Guidelines adopted by the North American Securities Administrators Association. 
19. INDEMNIFICATION BY ADVISOR    . The Advisor shall indemnify and hold harmless the Corporation and the Operating Partnership from contract or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are incurred by reason of the Advisor’s bad faith, fraud, willful misfeasance, gross misconduct, 

16

gross negligence or reckless disregard of its duties, but the Advisor shall not be held responsible for any action of the Board of Directors in following or declining to follow any advice or recommendation given by the Advisor. 
 
20. NOTICES    . Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Charter, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein: 
	
			
	 
	 
	 

	To the Directors and to the Corporation:
	 
	Industrial Property Trust Inc.
518 17th Street
17th Floor
Denver, CO 80202

	 
	 

	To the Operating Partnership:
	 
	Industrial Property Operating Partnership LP
518 17th Street
17th Floor
Denver, CO 80202

	 
	 

	To the Advisor:
	 
	Industrial Property Advisors LLC
518 17th Street
17th Floor
Denver, CO 80202

Any party may at any time give notice in writing to the other parties of a change in its address for the purposes of this Paragraph 20. 
21. THIRD PARTY BENEFICIARY    .  The terms and provisions of this Agreement are intended solely for the benefit of each party hereto, their Affiliates and their respective successors and permitted assigns, and it is not the intention of the parties to confer third-party beneficiary rights upon any other Person.
22. MODIFICATION    . This Agreement shall not be changed, modified, terminated, or discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or assignees. 
23. SEVERABILITY    . The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 
24. CONSTRUCTION    . The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Colorado. 
25. ENTIRE AGREEMENT    . This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing. 
26. INDULGENCES, NOT WAIVERS    . Neither the failure nor any delay on the part of a party or any third party beneficiary to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 

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27. GENDER    . Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
 
28. TITLES NOT TO AFFECT INTERPRETATION    . The titles of paragraphs and subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 
29. EXECUTION IN COUNTERPARTS    . This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 
30. INITIAL INVESTMENT    . The Advisor has made a capital contribution of $200,000 to the Corporation in exchange for 20,000 Shares. The Advisor may not sell any of such Shares while the Advisor acts in such advisory capacity to the Corporation, provided, that such Shares may be transferred to Affiliates of the Advisor. The restrictions included above shall not apply to any other Securities acquired by the Advisor or its Affiliates. The Advisor shall not vote any Shares it now owns, or hereafter acquires, in any vote for the election of Directors, the removal of the Advisor, or any vote regarding the approval or termination of any contract with the Advisor or any of its Affiliates. 
 

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IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Advisory Agreement (2018) as of the date and year first above written. 
 
	
			
	INDUSTRIAL PROPERTY TRUST INC.

	 
	 

	By:
	 
	/s/ Dwight L. Merriman III

	Name:
	 
	Dwight L. Merriman III

	Title:
	 
	Chief Executive Officer

	 

	INDUSTRIAL PROPERTY OPERATING PARTNERSHIP LP

	 

	By:  Industrial Property Trust Inc., its Sole General Partner

	 
	 

	By:
	 
	/s/ Dwight L. Merriman III

	Name:
	 
	Dwight L. Merriman III

	Title:
	 
	Chief Executive Officer

	 

	INDUSTRIAL PROPERTY ADVISORS LLC

	 

	By:  Industrial Property Advisors Group LLC, its Sole Member

	 
	 

	By:
	 
	/s/ Evan H. Zucker

	Name:
	 
	Evan H. Zucker

	Title:
	 
	Manager

19Exhibit 10.1

 

Number :0400000928-2018 Nian (Henggang) No. 00055

 

WORKING CAPITAL LOAN CONTRACT 

 

Important note: The contract is signed between
borrower and lender according to laws and on equal and willing basis, and all the terms of this contract are true meaning of both
sides. In order to protect the borrower’s legitimate rights and interests, the lender hereby inform the borrower to pay full
attention to all the terms concerning the rights and obligations of both parties , especially the bold parts of the contract.

 

The Lender: Industrial and Commercial Bank
of China Ltd. Shenzhen Henggang Branch

Person in charge: Duoping Yang   

Residence (address): East City Center Garden Street
Shops 132, 132A, 133, Henggang Street, Longgang District, Shenzhen   

Zip Code: 518115

 

Borrower: Shenzhen Highpower Technology
CO., LTD.

Legal representative: Dangyu Pan   Contact:
Sun Xun

Residence (address): Building A2, Shanxia Luoshan
Industrial Zone, Pinghu Town, Longgang District, Shenzhen  

Zip Code: 518000

Tel: 0755 -89686236   Fax: 0755-89686819   E-mail:
/

 

After equal negotiation, both sides agreed to
enter into this particular contract.

 

The First Part   Basic Provisions

 

Article 1 The Use of the Loan

 

The loan Can be used for the below purpose
and shouldn’t be used for any other purposes without written consent of the lender, the lender has the right to monitor the
use of funds.

 

Use of loan: The loan can be used as current
funds for production and operations.

 

Article 2 The Loan Amount and Duration

 

2.1 The amount under this contract is RMB10,000,000.00
(RMB TEN MILLION ONLY)

 

2.2 The term under this contract is 12 months
from the date of actual withdrawal (if separate withdrawal, from the date of the first withdrawal), the actual withdrawal date
is the date on IOU.

 

Article 3 Rate, Interest and Cost

 

3.1 To Determine the RMB Loan Interest Rates

 

RMB loan interest rates shall be determined according
to the following (2)

 

(1) Fixed interest rate. Annual interest rate
shall be /% and will not change during the duration.

 

(2) Floating interest rates. Interest rate
shall be determined by base rate plus floating rate. Base rate is the corresponding base lending rate announced by the People's
Bank of China on the effective date of the contract with underlying term the same as in section 2.2. The floating
rate is up 51.40% of the base rate, and shall not change within the loan period. After withdrawal, the interest
rates shall be adjusted every 3 months. The date to determine the second period’s interest rate is the corresponding
date when the first period ends.  If the corresponding date does not exist, then choose the last day of that month. Interest
rate of each withdrawals shall be adjusted according to A.

 

    	 	 	 

     

    

 

A, the interest rate for each withdrawal during
any six month period shall be determined according to the rate set at the beginning of the underlying period regardless of the
number of withdrawals and shall be adjusted at the next six month period.

 

B, Borrowing rates of each withdrawal are determined
and adjusted individually.

 

(3) Floating interest rates. Interest rate
shall be determined by base rate plus floating rate. Base rate is up \% of national interbank lending rates, and the rate
cannot change during the period.

 

3.2 To Determine the Foreign Exchange
Loan Interest Rates

 

Borrowing Rates in Foreign Currency Follow
the / Ways to Determine:

 

(1) Fixed interest rate. Annual interest rate
shall be / and shall not change during the duration.

 

(2) Floating interest rates, borrowing rates
to / months / (LIBOR / HIBOR) as the base rate plus / basis points (one basis point to 0.01%) consisting of a floating interest
rate spreads. Contract period plus point spreads remain unchanged. The use of sub-pen drawing and each withdrawal rates were calculated.
Borrower after the withdrawal, following the / ways to adjust the benchmark interest rate, interest-bearing segment:

 

A, the benchmark interest rate changes in accordance
with the corresponding period. The second phase of the benchmark interest rate adjustment date for a full withdrawal on the corresponding
day after, if you adjust the month and the withdrawal does not exist on the corresponding date, places corresponding to the last
day of the month, day, and so on other phases.

 

B, the benchmark interest rate changes in the
first day of each Interest Period.

 

(3) Other: /

 

3.3 Interest for the borrower under the contract
is calculated on a daily basis from the date of withdrawal and is paid on a monthly basis (month / quarter / half year) interest
settlement. When the loan matures, interest should be settles along with the principal. One day interest rate = interest rate /
360.

 

3.4 Late penalty rate under the contract is
50% of the original loan interest rate, penalty interest rate for misappropriation of the loan is 50% of the original loan interest
rate.

 

Article 4 Withdrawal (This Section
Does Not Apply to Loan Cycles)

 

4.1 Funds should be withdrawn based on the actual
needs, the borrower can make single or multiple withdrawals to the loan amount limit before 11th Sep 2018.

 

4.2 If the borrower does not withdraw according
to the contract, the lender has the right to cancel all or part of the remaining unused balance. 

 

Article 5 Repayment

 

5.1 Borrower repay the loan under this contract
in one single lump sum.

 

5.2 If the Borrower prepay the principal in
advance, the borrower should compensate the lender. The compensation should be calculated as: the amount of principle that is prepaid
x the remaining time under the contract (number of months) x 0.1%; the number of months calculated for remaining time should be
rounded to the greater integral number.

 

Article 6 Cycle Loan Special Agreement Not
Applicable.

 

    	 	 	 

     

    

 

Article 7 Guarantees

 

Maximum amount of guarantee contract name:
 "the maximum guaranteed contract" (ID: ICBC 0400000928-2015 Henggangbaozi 0009)

 

Guarantor: Hong Kong Highpower Technology Co.,
Ltd.

 

Maximum amount of guarantee contract name:
 "the maximum guaranteed contract" (ID: ICBC 0400000928-2015 Henggangbaozi 0010)

 

Guarantor: Springpower Technology (Shenzhen)
Co., Ltd.

 

Maximum amount of guarantee contract name:
 "the maximum guaranteed contract" (ID: ICBC 0400000928-2015 Henggangbaozi 0011)

 

Guarantor: Dangyu Pan

 

Article 8 Financial Agreement Not
Applicable

 

/

/

 

Article 9 Dispute Resolution

 

Dispute resolution under this contract is resolved
through litigation at the court with jurisdiction where the lender is located.

 

Article 10 Other

 

10.1 Contract is in triplicate, the borrower has
one copy, the lender has two copies, which have the same legal effect.

 

10.2 The following attachments along with other
attachments mutually recognized form an integral part of this contract, and have the same legal effect as the contract:

 

Annex 1: Notice of Withdrawal

 

Annex 2: commission payment protocol

 

Article 11 Other Matters Agreed by the Parties

 

Article 11 Other provisions agreed by
both parties

 

/

/

/

 

The Second Part   Specific
Provisions

 

Article 1 Rate and Interest

 

1.1 In foreign currency borrowings, LIBOR is
the benchmark interest rate on the withdrawal date or two banking days before the adjustment date of base interest rate (11:00
noon London time) Reuters (REUTRES) Financial Telecommunication terminal "LIBOR" page displays the borrower under this
contract currency interbank offered rate; HIBOR as the benchmark interest rate adjustment date or withdrawal two banking days before
(11:15 noon Hong Kong time) Reuters (REUTRES) Financial Telecommunication terminal "HIBOR" page shows the same industry
in HK Offered Rate.

 

    	 	 	 

     

    

 

1.2 For loans with floating interest rates under
the contract, , the rules to adjust the underlying interest rate will not be changed.

 

1.3 For loans with interest rates settled monthly,
interest settlement date is 20th of each month; For loans with interest rates settled quarterly, the interest settlement date is
the 20th of the last month of each quarter; For loans with interest rates settled semi-annually, interest settlement
dates are June 20 and December 20 of each year.

 

1.4 The first interest period is from the actual
withdrawal date to the date of the first interest settlement date; the last interest period is from the following day after the
previous interest period to the final repayment date; other interest period is from the following day after the previous interest
period to the next interest settlement date.

 

1.5 In the case the People's Bank of China
adjust the policies to mandate loan interest rate, the lender will follow such policies, and will not notify the borrower.

 

1.6 Upon signing the contract, if the loan
interest rate is discounted from the base interest rate determined by People’s Bank of China, the Lender has the right to
reevaluate the discount given to the Borrower based on the national policies, credit quality of the borrower, and the changes of
the guarantors, etc. The Lender has the discretion to decide on the cancellation of part or all discount, and will notify the borrower
in the due course.

 

Article 2 Loan Withdrawal and Release

 

2.1 Upon withdrawal, the borrower must meet
the following prerequisites, otherwise lenders are not obliged to release any funds to the borrower, except the lender agrees to
advance loans:

 

(1) Except loans on credit, the Borrower has
provided appropriate guarantee according to the Lender’s requirements, and related guarantee procedures are completed;

 

(2) No breaches occurred under this contract
or other contracts signed by the Borrower and the Lender.;

 

(3) Evidence of use of funds provided by the
borrower conforms to the agreed use of funds;

 

(4) Provide any other materials needed by the
lender.

 

2.2 The written documents provided by the Borrower
to the Lender upon withdrawal shall be original; Under conditions that original written documents cannot be provided, after the
consent of the Lender, a copy of the duplicate with the official seal stamped from the Borrower.

 

2.3 Borrowers must submit withdrawal notice
to the Lender at least five banking days in advance before any withdrawal. Once withdrawal notice is submitted, without the written
consent of the lender, it may not be revoked.

 

2.4 If the Borrower meets the prerequisites
for withdrawal or agreed by the Lender to advance the loan, the lender transfers loan amount to the designated borrowers’
account, the lender is deemed to have issued the loan to the Borrower in accordance with the contract.

 

2.5 In accordance with relevant regulatory
requirements and management requirements of lenders, loans more than certain amount or that meet other conditions should be paid
by entrusted payment of the Lender, the Lender should pay loans to the designated object with the borrower's withdrawal application
and payment commission.

 

 Therefore, the Borrower should sign entrusted
payment agreement with the Lender as the attachment of the contract, and should open or designate a specific account at the Lender’s
bank to settle the payments.

 

Article 3 Repayment

 

3.1 The Borrower shall timely repay the contract
principal, interest and other payables in full. On the payment date and one banking day before each settlement day, current payable
interest, principal and other payables should be fully deposited into the repayment account opened at the Lender’s bank ,
which shall be collected by the Lender on the repayment date or interest settlement date, or the Lender has the right to require
the Borrower handle transfer procedure . If the repayment amount in the account is insufficient to cover all due amounts of the
Borrower, the lender has the right to decide the liquidation order.

 

    	 	 	 

     

    

 

3.2 The Borrower should submit written application
10 banking days in advance for advanced repayment of all or part of the loans to the lender with the consent of the Lender to pay
compensation to the Lender in accordance with the standard agreed in the contract.

 

3.3 The Borrower shall repay due principal,
interest and other payables in advance with the consent of the Lender according to the contract on the advanced repayment date
..

 

3.4 The lender has the right to call loans
in advance according to the returning situation of borrower’s funds.

 

3.5 If the actual loan period is shorten
because of the advanced repayment by the Borrower or advanced loan call by the Lender according to the contract, the corresponding
interest rate level will not be adjusted.

 

Article 4 Cycle Loan (Not Applicable)

 

Article 5   Guarantee

 

5.1 In addition to loans on credit, the borrower
should provide legitimate and effective guarantee that is accepted by the Lender to fulfill the obligations under the contract
.. Guarantee contracts are signed separately.

 

5.2 Borrower shall promptly notify the lender,
and further provides other guarantees accepted by the Lender under the conditions that damages, depreciation, property disputes,
being seized or detained, or discreet disposal of collateral by the Borrower, or the guarantor’s financial condition changes
adversely,

 

5.3 If accounts receivables are pledged as
collaterals under the contract during the period the contract is still effective, the lender has the right to declare early maturity
of loans, and require the borrower to immediately repay some or all of loan principal and interest, or request additional legitimate
and effective collaterals against the loans, if one of the following conditions occur,

 

(1) The pledgor of the accounts receivable
bad debt increases on the payer of which the accounts receivable are pledged, for two consecutive months;

 

(2) The accounts receivable that is uncollectable
accounts for over 5% of the pledgor’s total accounts receivable.

 

(3) The accounts receivable is due and uncollectable
when trade disputes (including but not limited to quality, technology, service-related disputes) or debt disputes between the pledgor
and payer

 

Article 6 Account Management

 

6.1 Borrower shall designate a special account
at the Lender’s bank for cash inflows for collecting sales revenues or planned capital repayment. Corresponding to the sales
in the form of non-cash settlement, the borrower should ensure timely receipt of funds into the designated account.

 

6.2 Lender has the right to monitor the designated
account, including but not limited to the capital income and expenditure, the borrower should cooperate. If required by the Lender,
the Borrower should enter into a special account control agreement.

 

Article 7   Representations
and Warranties

 

Borrower makes the following representations
and warranties to the lender, and such representations and warranties remains in effect under the term of the contract:

 

7.1 Borrower shall have the qualification,
and ability to perform the contract signed with the Lender.

 

    	 	 	 

     

    

 

7.2 The Borrower has received all the necessary
authorization or approval to sign and perform this contract, which is not in violation of the Articles of Association and relevant
laws and regulations, and shall bear other obligations under the contract not in conflict with other contracts.

 

7.3 The borrower has been scheduled to meet
other debt payments, bank loan principal and interest owed no malicious behavior.

 

7.4 The borrower has a sound organizational
and financial management system, in the last year of production and management process has not a major act of violation of discipline,
the current senior management has no significant adverse record.

 

7.5 The borrower provides to the lender of
all documents and information are true, accurate, complete and effective, there is no false record, misleading statement or significant
omission.

 

7.6 The borrower provides to the lender's financial
and accounting reports are prepared under Chinese accounting standards, true, fair and complete reflection of the borrower's operations
and liabilities, and the borrower's financial situation has not any material adverse change since the most recent financial reporting
period.

 

7.7 The borrower has not concealed to the lender
any litigation, arbitration or claim involved.

 

Article 8 Borrower Commitment

 

8.1 The Borrower withdraws and uses funds under
terms and conditions in the contract. The borrowed money is not used for fixed assets and equity and other investments, not in
any way into the stock market, futures market or uses prohibited by relevant laws and regulations.

 

8.2 Repay the loan principal and interest and
other payables in accordance with the contract.

 

8.3 Accept and actively cooperate with the
lender for account analysis, inspection, on-site reviews, etc., including use of the loan, including the use of funds and supervision
of the inspection. In accordance with the lender’s requirements, the borrower periodically provides summary reports for the
use of funds.

 

8.4 Accept the lender's credit check required
by the lender, and provide the lender with balance sheet, income statement and other financial and accounting information reflecting
the borrower's solvency, to actively assist and cooperate with the lender to investigate and review its financial situation and
production operations.

 

8.5 Before paying off the loan principal and
interest under the contract and other payables, the Borrower is not allowed to repay and dividends.

 

8.6 For the merger, divesture, reduction, changes
in ownership, transfer of substantial assets and debt, significant foreign investment, substantial increase in debt financing and
other activities that may adversely affect the rights of the Lender’s interest, prior written consent is required by the
lender.

 

8.7 One of the following circumstances occurs,
notify the lender:

 

(1) The change on articles of incorporation,
business scope, registered capital, the legal representative;

 

(2) Out of business, dissolution, liquidation,
business for rectification, revocation of business license is revoked or application (by application) bankruptcy;

 

(3) Or may be involved in major economic disputes,
litigation, arbitration, or the property was legally seized, detained or regulation;

 

(4) Shareholders, directors and senior management
is currently involved in serious cases or economic disputes.

 

8.8 Timely, completely and accurately disclose
related party relationships and related party transactions.

 

8.9 Sign and verify notices mailed, or in the
form, from lender ..

 

8.10 Not dispose of assets in order to reduce
the solvency; provide guarantees to third parties without damaging the interest of the lender.

 

    	 	 	 

     

    

 

8.11 If the loans under the contract are on
credit basis, the Borrower should provide complete, true, accurate information to reflect providing guarantees that may affect
its obligations under this contract, and acquire written consent from the lender.

 

8.12 Take responsibility for the expenses from
the Lender in purpose of fulfillment of contracts, including but not limited to litigation or arbitration fees, property preservation
fees, legal fees, execution fees, assessments fees, auction fees, notice fees.

 

8.13 Debt settlement under the contract is
in priority to its shareholders, and at least has equal status with the borrower's other similar debt from other creditors and
borrowers.

 

8.14 Reinforce the social and environmental
risk management, and agree to accept inspections by the Lender. If requested by the Lender, the Borrower agrees to provide the
corresponding report.

 

Article 9 Lender Commitment

 

9.1 Release loans to the Borrower in accordance
with the contract.

 

9.2 Maintains the confidentiality of non-public
information, except required by laws and regulations otherwise.

 

Article 10 Breach of Contract

 

10.1 Any of the following events constitutes
an event of breach:

 

(1)The borrower fails to repay principal,
interest, and other payables in accordance with the provisions specified in this contract, or fails to fulfill any other obligations
in this contract, or contrary to the statements, guarantee and commitments in this contract;

 

(2)The guarantees in this contract have
adversely changed to the Lender’s loan, and the Borrower is not available to provide other guarantees approved by the lender;

 

(3) Fail to pay off any other debts due
by the Borrower, or fails to fulfill or breach other obligations in this contract, or likely to affect the performance of the obligations
in this contract;

 

(4) The financial performance of the
profitability, debt payment ability, operating capacity and cash flow of the Borrower exceed the agreed standards, or deterioration
has been or may affect the obligations in this contract;

 

(5) The Borrower's ownership structure,
operation, external investment has changed adversely, which have affected or may affect the fulfillment of the obligations in this
contract;

 

(6) Borrower involves or may involve
significant economic disputes, litigation, arbitration, or asset seizure, detention or enforcement, or judicial or administrative
authorities for investigation or take disciplinary measures in accordance with the laws, or illegal with relevant state regulations
or policies in accordance with the laws, or exposure by media, which have affected or may affect the fulfillment of the obligations
in this contract;

 

(7) The borrower’s principal individual
investors, key management officer’s change, disappearances or restriction of personal liberty, likely to affect the performance
of the obligations in this contract;

 

(8) The borrower using false contracts
with related parties, using no actual transaction to extract the lender’s funds or credit, or evasion of lender’s loan
right through related party transactions;

 

(9) Borrowers have been or may be out
of business, dissolution, liquidation, business reorganizations, business license has been revoked or bankruptcy;

 

(10) Borrowers breaches food safety,
production safety, environmental protection and other environmental and social risk management related laws and regulations, regulatory
requirements or industry standards, resulting in accidents, major environmental and social risk events, likely to affect the performance
of the obligations in this contract;

 

(11) In this contract, the borrowing
is paid by credit, the borrower's credit rating, level of profitability, asset-liability ratio, net cash flow of operating and
other indicators do not meet the credit conditions of the lender; or without the lender’s written contract, pledges guarantee
or provides assurance guarantees to other party, likely to affect the performance of the obligations in this contract;

 

    	 	 	 

     

    

 

(12) Other adverse situations may affect
in the realization of loan right in this contract.

 

10.2 If the borrower breaches of contract,
the lender has the right to take one or more of the following measures:

 

(1) Require the borrower to remedy the
default within a certain time limit

 

(2) Terminate other financing funds in
other contract issued to the borrower by the lender, cancel part or all of undrawn borrowings and other financing amount of borrower;

 

(3) Announce the outstanding loan and
other financing amount between the lender and the borrower in this contract, and take back the outstanding amounts;

 

(4) Requires the borrower to compensate
the loss of the lender caused by the breach of contract;

 

(5) Measures according to provisions
of lows and regulations, provisions of this contract and other necessary measures.

 

10.3 If the borrower fails to repay the due
loan (including loan declared expire immediately), the lender has the right to charge penalty interest according to penalty interest
rate agreed by this contract from the due date. The interest fails to repay on time, charge compound interest according to overdue
penalty interest rate.

 

10.4 Borrower fails to use the loan for agreed
usage, the lender has the right charge penalty interest on embezzlement according to embezzlement penalty interest rate agreed
by this contract. The interest fails to repay on time during the embezzlement period, charge compound interest according to embezzlement
penalty interest rate.

 

10.5 The borrower simultaneously happens the
situations in section 10.3, 10.4, choosing the heavier interest rate to charge, cannot impose in double.

 

10.6 If the borrower does not repay the principal,
interest (including interest and compound interest) or other payables on time, the lender has the right to announcements through
the media for collection.

 

10.7 If the control or controlled relationship
between related parties of the borrower and the borrower changes, or the related parties of the borrower happens the other situations
except the situations of (1) and (2) in above provision 10.1, likely to affect the performance of the obligations of the borrower
in this contract, the lender has the right to take the measures agreed in the contract.

 

Article 11 Deduction

 

11.1 Borrower does not repay the due debt in this
contract according to this contract(including the debt declared due immediately), the lender has the right to deduct corresponding
amount from all the functional and foreign accounts opened at the branches of ICBC, until all the debt of the borrower in this
contract are paid off.

 

11.2 If the currency of deduct payments is
inconsistent with the currency in this contract, the exchange rate on the deduction day is the applicable exchange rate. The interest
and other fees during the deduction fees and debt pay off day, and the difference because of fluctuations the exchange rate during
this period is assumed by the borrower.

 

11.3 If deducted amount for the lender is insufficient
to pay off all debts, the lender has the right to determine the payment order.

 

    	 	 	 

     

    

 

Article 12 Transfer of Rights and Obligations

 

12.1 Lender has the right to transfer all or
part of the right in this contract to a third party, the transferring actions do not need to acquire the consent of the borrower.
If without the consent of the lender in writing, the borrower cannot transfer any right and obligations in this contract to a third
party.

 

12.2 The Lender or China Industrial and Commercial
Bank Limited ("ICBC") can Authorize or commit the other branches to perform the rights and obligations in this contract
according to operation need, or transfer the loan right in this contract to the other branches of ICBC, the borrower must agree,
and the above actions of the lender do not need to ask for permission of borrower. The other branches which undertake the lender’s
rights and obligations have the right to perform all rights in this contract, and have right to apply for litigation, arbitration,
compulsory execution for the disputes in this contract in the branch’s name.

 

Article 13 Effect, Change and Terminate
of This Contract

 

13.1 This contract is effective since the signature
date, and is terminated on the day the borrower performs all the obligations in this contract.

 

13.2 Any change of this contract shall be agreed
by all parties involved and be made in writing. The changes of provisions and agreements are part of the contract, has equal legal
right with the contract. Except the changed part, the rest part of this contract is still valid, before the changes is in effect,
the original terms of this contract is still valid.

 

13.3 The change or termination of this contract
will not affect the right of all parties involved to require compensation. The termination of this contract, will not affect the
effectiveness of the dispute settlement provisions.

 

Article 14 Law and Dispute Resolution

 

The contract formation, validity, interpretation,
performance and dispute settlement are applicable PRC laws. All caused by the contract or in connection with the contract-related
disputes and disputes, both parties should be resolved through consultation, the consultation fails according to the contract settlement.

 

Article 15 Confirmation of Address
for Litigation/Arbitration

 

15.1 The Lender and the Borrower confirm
the mailing address and method indicated in the first page of this Contract as the Borrower’s effective address and method
for service of Litigation/arbitration (including but not limited to summons, notice of trial, written judgment, order, mediation
agreement and notice for performance within a time limit, etc.).

 

15.2 the borrower agree to arbitration
or court use this contract page written arbitration/litigation document to fax, E-mail, except written judgments or orders and
conciliation statements.

 

15.3 the service agreement shall apply to the
procedures of arbitration and litigation in the first instance, second instance and retrial and implementation stages. To the above
address of service agency or court of arbitration for delivery can be directly by mail.

 

15.4 The Borrower ensures that the address
for service given above is accurate and effective. In case of change of the address for service given above, the Borrower ensures
to notify the Lender in written form in time, or the service given according to the address given above shall remain effective
and the Borrower shall bear all legal consequences arising therefrom.

 

    	 	 	 

     

    

 

Article 16 Complete Contract

 

The first part of this contract, "borrowing
conditions" and the second part of the "liquidity loan contract terms," together form a complete loan contract,
the same two words have the same meaning. The loan borrower is constrained by the above two parts.

 

Article 17 Notice

 

17.1 All notices under the contract should
be given in writing. Unless otherwise agreed, the parties designated residence stated in this contract for communication and contact
address. Address of any party or other contact is changed, shall be in writing promptly notify the other party.

 

17.2 One party can notify the other party in
the form of announcement or notary service if the recipient party refuses to receive other circumstances that cause inability to
deliver.

 

Article 18 Special Provisions For Value-Added
Tax

 

18.1 The costs/interest and expenses (to be
determined pursuant to the specific contract) that the Borrower pay the Lender under this Contract shall be a tax-included price.

 

18.2 If the Borrower requests the Lender to
issue a value-added tax invoice, the Borrower shall register information with the Lender. The information registered shall include
full name of the Borrower, identification number or social credit code of the taxpayer, address, telephone number, opening bank
and account number. The Borrower shall ensure that the relevant information provided for the Lender is accurate, correct and complete.
The Borrower shall, according to the Lender’s requirements, provide relevant supporting materials. The specific requirements
shall be announced by the Lender through website notice or website announcement.

 

18.3 If the Borrower collects a value-added
tax invoice itself, the Borrower shall provide the Lender with a power of attorney sealed, designate a person for collecting and
define the identification card number of the person. The person designated shall take the original of his identification card for
collecting the value-added tax invoice. In case of change of the person designated for collecting, the Borrower shall issue to
the Lender a new power of attorney sealed. In the event that the Borrower selects to collect the value-added tax invoice by post,
the Borrower shall also provide the correct mailing information for service. In case of change of the mailing information, the
Borrower shall notify the Lender timely in written form.

 

18.4 If the Lender is unable to issue a value-added
tax invoice timely due to force majeure, such as natural disaster, government act and social exceptional events, or due to causes
attributable to tax authorities, the Lender shall have the right to postpone issue of a value-added tax invoice, without bearing
any liability.

 

18.5 If the Borrower is unable to receive a
relevant copy of the value-added tax invoice due to causes not attributable to the Lender, such as loss, damage or delay of the
invoice after the Borrower collects or the Lender submits to a third party to post the invoice, or if the Borrower is unable to
make deduction due to delay of the value-added tax invoice, the Lender shall not bear liability of compensation for the Borrower’s
relevant economic losses.

 

18.6 Should a special red-letter invoice of
value-added tax be issued resulting from sales return, suspension of taxable service or wrong information of invoice, or authentication
failure of deduction copy and invoice copy, where the Lender should submit an Information Table for Issuing a Special Red-Letter
Invoice of Value-Added Tax to a tax authority in accordance with relevant laws, regulations and policy documents, the Borrower
shall submit an Information Table for Issuing a Special Red-Letter Invoice of Value-Added Tax to the tax authority, and the Lender
shall issue a special red-letter invoice of value-added tax after the tax authority makes review and notifies the Lender.

 

    	 	 	 

     

    

 

18.7 In case of adjustment of the national
tax rate during the execution period of this Contract, the Lender shall have the right to adjust the price agreed herein according
to the change of the national tax rate.

 

Article 19 Miscellaneous 

 

19.1 No failure to exercise or partially exercise
or delay in exercising any right hereunder by the Lender shall be deemed as a waiver or change of this right or any other right
or affect the Lender to further exercise this right or other rights.

 

19.2 The invalidity or enforceability of any
provision of the Contract shall neither affect the validity or enforceability of any other provision hereof nor affect the validity
of the entire Contract.

 

19.3 According to the provisions of relevant
laws and regulations or the requirements of the financial regulatory institutions, the Lender shall have the right to provide the
information related to this Contract and the Borrower’s other relevant information for the credit consulting system of the
People’s Bank of China and other credit information database established by law, for the eligible institutions or individuals
for consultation and use. For the purpose of conclusion and performance of this Contract, the Lender shall also have the right
to inquire the Borrower’s relevant information through the credit consulting system of the People’s Bank of China and
other credit information database established by law.

 

19.4 The terms of “the affiliated parties”,
 “the relationship between affiliated parties”, “the affiliated party transaction”, “the main individual
investor” and “the key managerial personnel” stated in the Contract shall have the same meanings as those defined
in the Accounting Standards for Enterprises No. 36 - Disclosure of Affiliated Parties (Finance and Accounting (2006) No. 3) issued
by the Ministry of Finance and future amendment thereto.

 

19.5 The term “environmental and social
risk” means the danger and relevant risk which are likely to cause by the Borrower and its affiliated party during construction,
production and operation activities, including the environmental and social problems related to energy consumption, pollution,
land, health, safety, resettlement of inhabitants, ecological protection and climate change.

 

19.6 The documents and vouchers for the loan
hereunder made and kept by the Lender according to its business rules shall constitute effective evidences of proving the claim
and debt relationship between the Borrower and the Lender and shall be binding upon the Borrower.

 

19.7 In this Contract, (1) this Contract referred
to herein shall include any amendment or supplementation to this Contract; (2) the headings to the articles hereof are for ease
of reference only, and in no event shall the substance of any paragraph be interpreted and the contents and scope be restricted
by such headings; (3) if the date of withdrawal or repayment is not a banking day, it shall be extended to the next banking day.

 

Both parties confirm: the Borrower and the
Lender have made full consultation on all terms and conditions of this Contract. The Lender has reminded the Borrower to pay special
attention to the provisions for the rights and obligations of both parties and have overall and correct understanding of these
provisions. At the Borrower’s request, the Lender has interpreted and explained relevant provisions. The Borrower has carefully
read and fully understood of all terms and conditions of this Contract (including Part 1 Basic Provisions and Part 2 Specific Provisions).
Both the Borrower and the Lender have completely consistent understanding of all terms and conditions of this Contract and have
no objection to the contents of this Contract.

 

Lender (Seal):

Person in Charge/Authorized Agent: (Seal)

Borrower (Seal):

Legal Representative/Authorized Agent: (Seal)

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