Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 
 EMPLOYEE
MATTERS AGREEMENT 
 by and between 

DTE ENERGY COMPANY 
 and 

DT MIDSTREAM, INC. 
 Dated as of
June 25, 2021 
  

 TABLE OF CONTENTS 
  

							
	 	 	Page	 
	ARTICLE I	  

	
	DEFINITIONS	  

			
	 SECTION 1.01.
	 	
Definitions 
.........................................................................................................................................

	 	 	1	 
	 SECTION 1.02.
	 	
Interpretation........................................................................................................................................

	 	 	11	 
	
	ARTICLE II	  

	
	ASSIGNMENT OF EMPLOYEES	  

			
	 SECTION 2.01.
	 	
Transferred 
Employees.............................................................................................................................

	 	 	12	 
	 SECTION 2.02.
	 	
Listed 
Employees...................................................................................................................................

	 	 	12	 
	 SECTION 2.03.
	 	
Non-Employment 
Obligation.......................................................................................................................
	 	 	12	 
	
	ARTICLE III	  

		
	PENSION, RETIREMENT AND DEFERRED COMPENSATION PLANS	 			
			
	 SECTION 3.01.
	 	
Qualified Defined Contribution 
Plans............................................................................................................
	 	 	13	 
	 SECTION 3.02.
	 	
Qualified Defined Benefit Pension 
Plans........................................................................................................
	 	 	14	 
	 SECTION 3.03.
	 	
Nonqualified Deferred Compensation Plans 
...................................................................................................
	 	 	15	 
	
	ARTICLE IV	  

	
	WELFARE PLANS	  

			
	 SECTION 4.01.
	 	
Establishment of the DT Midstream Welfare 
Plans...........................................................................................
	 	 	15	 
	 SECTION 4.02.
	 	
Coverage of DT Midstream 
Employees.........................................................................................................
	 	 	15	 
	 SECTION 4.03.
	 	
Welfare Plan 
Liabilities...........................................................................................................................

	 	 	16	 
	 SECTION 4.04.
	 	
Disability.............................................................................................................................................

	 	 	17	 
	 SECTION 4.05.
	 	
Workers’ Compensation 
Claims..................................................................................................................
	 	 	17	 
	 SECTION 4.06.
	 	
COBRA..............................................................................................................................................

	 	 	17	 
	 SECTION 4.07.
	 	
Flexible Spending 
Accounts.......................................................................................................................
	 	 	18	 
	 SECTION 4.08.
	 	
Health Savings 
Accounts...........................................................................................................................

	 	 	18	 
	 SECTION 4.09.
	 	
Retiree Welfare 
Plans...............................................................................................................................

	 	 	18	 
	 SECTION 4.10.
	 	
Vacation Buy 
Plan...................................................................................................................................

	 	 	19	 

  
 i 

							
	  
 ARTICLE V
	 
  

	
	CERTAIN OTHER ARRANGEMENTS	  

			
	 SECTION 5.01.
	 	 Other DT Midstream Benefit
Arrangements...................................................................................................
	  	 	19	 
	 SECTION 5.02.
	 	 No Change in
Control.............................................................................................................................

	  	 	19	 
	 SECTION 5.03.
	 	 Annual
Bonuses....................................................................................................................................

	  	 	20	 
	 SECTION 5.04.
	 	
Severance...........................................................................................................................................

	  	 	20	 
	
	ARTICLE VI	  

	
	STOCK PLANS	  

			
	 SECTION 6.01.
	 	 DT Midstream Stock
Plan.......................................................................................................................
	  	 	20	 
	 SECTION 6.02.
	 	 Restricted Stock Awards Held by DT Midstream
Employees...............................................................................
	  	 	20	 
	 SECTION 6.03.
	 	 Performance Share Awards Held by DT Midstream
Employees...........................................................................
	  	 	21	 
	 SECTION 6.04.
	 	 Approval and Terms of Equity
Awards...........................................................................................................
	  	 	22	 
	
	ARTICLE VII	  

	
	COMPENSATION MATTERS AND GENERAL BENEFIT MATTERS	  

			
	 SECTION 7.01.
	 	 Cessation of Participation in DTE Energy Benefit
Plans...................................................................................
	  	 	23	 
	 SECTION 7.02.
	 	 Assumption of Certain Employee Related
Obligations......................................................................................
	  	 	23	 
	 SECTION 7.03.
	 	 Restrictive Covenants in Employment and Other
Agreements.............................................................................
	  	 	24	 
	 SECTION 7.04.
	 	 Past Service
Credit................................................................................................................................

	  	 	24	 
	 SECTION 7.05.
	 	 Accrued Vacation and Other Paid Time
Off..................................................................................................
	  	 	24	 
	 SECTION 7.06.
	 	 Leaves of
Absence................................................................................................................................

	  	 	25	 
	 SECTION 7.07.
	 	 DTE Energy
Assets...............................................................................................................................

	  	 	25	 
	 SECTION 7.08.
	 	 Further Cooperation; Personnel Records; Data
Sharing......................................................................................
	  	 	25	 
	 SECTION 7.09.
	 	 Tax
Deductions....................................................................................................................................

	  	 	25	 
	
	ARTICLE VIII	  

	
	GENERAL PROVISIONS	  

			
	 SECTION 8.01.
	 	 Employment and Plan
Rights...................................................................................................................
	  	 	26	 
	 SECTION 8.02.
	 	
Confidentiality....................................................................................................................................

	  	 	26	 
	 SECTION 8.03.
	 	 Administrative
Complaints/Litigation.........................................................................................................
	  	 	26	 
	 SECTION 8.04.
	 	 Reimbursement and
Indemnification..........................................................................................................
	  	 	27	 
	 SECTION 8.05.
	 	 Entire
Agreement................................................................................................................................

	  	 	27	 
	 SECTION 8.06.
	 	
Section 
409A......................................................................................................................................

	  	 	27	 
	 SECTION 8.07.
	 	
Amendment.......................................................................................................................................

	  	 	27	 
	 SECTION 8.08.
	 	
Waiver.............................................................................................................................................

	  	 	27	 
	 SECTION 8.09.
	 	 Execution in
Counterparts.......................................................................................................................
	  	 	27	 
	 SECTION 8.10.
	 	 No Third-Party
Beneficiaries...................................................................................................................
	  	 	28	 
	 SECTION 8.11.
	 	
Notices.............................................................................................................................................

	  	 	28	 
	 SECTION 8.12.
	 	 Force
Majeure.....................................................................................................................................

	  	 	28	 
	 SECTION 8.13.
	 	 No Public
Announcement.......................................................................................................................

	  	 	28	 
	 SECTION 8.14.
	 	 Limited
Liability..................................................................................................................................

	  	 	28	 
	 SECTION 8.15.
	 	 Effect if Distribution Does Not
Occur........................................................................................................
	  	 	29	 
	 SECTION 8.16.
	 	
Miscellaneous......................................................................................................................................

	  	 	29	 

  

					
	Schedule A	  	-	  	   Listed 
Employees..............................................................................................................................

  
 ii 

 EMPLOYEE MATTERS AGREEMENT, dated as of June 25, 2021 by and between
DTE ENERGY COMPANY, a Michigan corporation (“DTE Energy”), and DT MIDSTREAM, INC., a Delaware corporation and wholly owned subsidiary of DTE Energy (“DT Midstream”). 

WHEREAS, concurrently with the execution of this Agreement, DTE Energy and DT Midstream are entering into a Separation and Distribution
Agreement (the “Distribution Agreement”), pursuant to which DTE Energy shall distribute on a pro rata basis to the holders of shares of DTE Energy common stock, without par value (“DTE Energy Shares”), its
entire interest in DT Midstream by way of a dividend of all shares of DT Midstream common stock, par value $0.01 per share (“DT Midstream Shares”), owned by DTE Energy as of the Distribution Date (as defined below); and 

WHEREAS, in connection with the Distribution (as defined below), DTE Energy and DT Midstream desire to enter into this Agreement. 

NOW, THEREFORE, in consideration of the mutual promises contained herein and in the Distribution Agreement, the parties hereto agree as
follows: 
 ARTICLE I 

DEFINITIONS 
 SECTION
1.01.    Definitions. As used in this Agreement: 
 “2021 AIP Award” has the meaning set forth
in Section 5.03. 
 “2021 DT Midstream Annual Award” has the meaning set forth in Section 5.03. 

“2021 Incentive Payment” has the meaning set forth in Section 5.03. 

“2021 REP Award” has the meaning set forth in Section 5.03. 

“Action” means any claim, complaint, petition, hearing, charge, demand, action, suit, countersuit, arbitration, inquiry,
proceeding or investigation by or before any Governmental Authority or any Federal, state, local, foreign or international arbitration or mediation tribunal. 

“Agreement” means this Employee Matters Agreement together with those parts of the Distribution Agreement referenced herein
and all schedules hereto and all amendments, modifications and changes hereto and thereto. 
 “Ancillary Agreements” means
this Agreement, the TMA and the TSA and any other instruments, assignments, documents and agreements executed in connection with the implementation of the transactions contemplated by the Distribution Agreement, including the schedules thereto. 

  
 1 

 “Assets” means all assets, properties and rights of every kind and nature
(including goodwill), wherever located (including in the possession of vendors or other third parties or elsewhere), whether real, personal or mixed, tangible or intangible, or accrued or contingent, in each case whether or not recorded or reflected
or required to be recorded or reflected on the books and records or financial statements of any Person, including the following: 

(a)    all accounting and other books, records, files and Personnel Records, whether in paper, microfilm, microfiche,
computer tape or disc, magnetic tape, electronic recording or any other form or medium; 
 (b)    all apparatus,
computers and other electronic data processing equipment, fixtures, machinery, furniture, office and other equipment, including hardware systems, circuits and other computer and telecommunication assets and equipment, automobiles, trucks, aircraft,
rolling stock, vessels, motor vehicles and other transportation equipment, special and general tools, test devices, prototypes and models and other tangible personal property; 

(c)    all inventories of materials, parts, raw materials, supplies, work-in-process and finished goods and products; 
 (d)    all interests in
real property of whatever nature, including buildings, land, structures, improvements and fixtures thereon, and all easements and rights-of-way appurtenant thereto, and
all leasehold interests, whether as owner, mortgagee or holder of a Security Interest in real property, lessor, sublessor, lessee, sublessee or otherwise; 

(e)    all interests in any capital stock of, or other equity interests in, any Subsidiary or any other Person; all bonds,
notes, debentures or other securities issued by any Subsidiary or any other Person; all loans, advances or other extensions of credit or capital contributions to any Subsidiary or any other Person; all other investments in securities of any Person;
and all rights as a partner, joint venturer or participant; 
 (f)    all license agreements, leases of personal
property, open purchase orders for raw materials, supplies, parts or services, unfilled orders for the manufacture and sale of products and other Contracts and all rights arising thereunder; 

(g)    all deposits, letters of credit, performance bonds and other surety bonds; 

(h)    all written technical information, data, specifications, research and development information, engineering
drawings, operating and maintenance manuals and materials and analyses prepared by consultants and other third parties; 

(i)    all United States, state, multinational and foreign intellectual property, including patents, copyrights, trade
names, trademarks, service marks, slogans, logos, trade dresses and other source indicators and the goodwill of the business symbolized thereby; all registrations, applications, recordings, disclosures, renewals, continuations, continuations-in-part, divisions, reissues, reexaminations, foreign counterparts and other legal protections and rights related to any of the foregoing; mask works, trade
secrets, inventions and other proprietary information, including know-how, processes, formulae, techniques, technical data, designs, drawings, specifications, customer and supplier lists, pricing and cost
information and business 

  
 2 

 
and marketing plans and proposals, discoveries, inventions, licenses from third parties granting the right to use any of the foregoing and all tangible embodiments of the foregoing in whatever
form or medium; 
 (j)    all computer applications, programs, software and other code (in object and source code form),
including operating software, network software, firmware, middleware, design software, design tools, systems documentation, instructions, ASP, HTML, DHTML, SHTML and XML files, cgi and other scripts, APIs, web widgets, algorithms, models,
methodologies, files, documentation related to any of the foregoing and all tangible embodiments of the foregoing in whatever form or medium now known or yet to be created; 

(k)    all websites, Internet URLs, domain names, social media handles and Internet user names, databases, content, text,
graphics, images, audio, video, data and other copyrightable works or other works of authorship including all translations, adaptations, derivations and combinations thereof; 

(l)    all cost information, sales and pricing data, customer prospect lists, supplier records, customer and supplier
lists, subscriber, customer and vendor data, correspondence and lists, product literature and other advertising and promotional materials, artwork, design, development and manufacturing files, vendor and customer drawings, formulations and
specifications, server and traffic logs, quality records and reports and other books, records, studies, surveys, reports, plans, business records and documents; 

(m)    all prepaid expenses, trade accounts and other accounts and notes receivable (whether current or non-current); 
 (n)    all claims or rights against any Person arising from the
ownership of any other Asset, all rights in connection with any bids or offers, all Actions, judgments or similar rights, all rights under express or implied warranties, all rights of recovery and all rights of setoff of any kind and demands of
any nature, in each case whether accrued or contingent, whether in tort, contract or otherwise and whether arising by way of counterclaim or otherwise; 

(o)    all rights under insurance policies and all rights in the nature of insurance, indemnification or contribution;

 (p)    all licenses (including radio and similar licenses), permits, consents, approvals and authorizations that have
been issued by any Governmental Authority and all pending applications therefor; 
 (q)    Cash, bank accounts, lock
boxes and other deposit arrangements; 
 (r)    interest rate, currency, commodity or other swap, collar, cap or other
hedging or similar agreements or arrangements; and 
 (s)    all goodwill as a going concern and other intangible
properties. 
 “Benefit Plan” means any plan, program, policy, agreement, arrangement or understanding that is an
employment, consulting, deferred compensation, executive 

  
 3 

 
compensation, incentive bonus or other bonus, employee pension, profit sharing, savings, retirement, supplemental retirement, stock option, stock purchase, stock appreciation right, restricted
stock, restricted stock unit, deferred stock unit, other equity-based compensation, severance pay, retention, change in control, salary continuation, life, death benefit, health, hospitalization, workers’ compensation, sick leave, vacation pay,
child bonding leave, educational assistance, disability or accident insurance or other employee compensation or benefit plan, program, agreement or arrangement, including any “employee benefit plan” (as defined in Section 3(3) of
ERISA) (whether or not subject to ERISA) sponsored, maintained or contributed to by such entity or to which such entity is a party. 

“Borrowing” has the meaning set forth on Schedule I of the Distribution Agreement. 

“Business Employee” means (a) each individual who immediately prior to the Distribution Date is employed by the DT
Midstream Group, including each Transferred Employee and including any individual who is not actively at work due to a leave of absence (including vacation, holiday, child bonding, adoption or similar family-related leave, illness, injury or
short-term disability) from which such employee is permitted to return to active employment in accordance with the DT Midstream Group’s personnel policies, as in effect from time to time, or applicable Law and (b) each former employee of
the DTE Energy Group, the DT Midstream Group or a former entity owned, in whole or in part, by the DT Midstream Group whose last employment with any of such parties immediately prior to termination (before the Distribution Date) was with the DT
Midstream Group or a former entity owned, in whole or in part, by the DT Midstream Group. 
 “Cash” means cash, cash
equivalents, bank deposits and marketable securities, whether denominated in United States dollars or otherwise. 
 “Cash
Distribution” has the meaning set forth on Schedule I of the Distribution Agreement. 
 “COBRA” means the
U.S. Consolidated Omnibus Budget Reconciliation Act of 1985, as amended from time to time, and any applicable similar state or local laws. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Consents” means any consents, waivers, authorizations, ratifications, permissions, exemptions or approvals from, or
notification requirements to, any Person other than a member of either Group. 
 “Consolidated Intercompany Debt Repayment”
has the meaning set forth on Schedule I of the Distribution Agreement. 
 “Contract” means any oral or written
contract, agreement or other legally binding instrument, including any note, bond, mortgage, deed, indenture, commitment, undertaking, promise, lease, sublease, license or sublicense or joint venture. 

  
 4 

 “Contributions to DT Midstream” has the meaning set forth on
Schedule I of the Distribution Agreement. 
 “Determination” means (a) any final determination of liability in
respect of a Tax that, under applicable Law, is not subject to further appeal, review or modification through proceedings or otherwise (including the expiration of a statute of limitations or period for the filing of claims for refunds, amended Tax
Returns or appeals from adverse determinations), including a “determination” as defined in Section 1313(a) of the Code or execution of an IRS Form 870AD, or (b) the payment of Tax by a Party (or its Subsidiary) that is
responsible for payment of that Tax under applicable Law, with respect to any item disallowed or adjusted by a Taxing Authority, as long as the responsible Party determines that no action should be taken to recoup that payment and the other Party
agrees. 
 “Distribution” means the distribution by DTE Energy to the Record Holders, on a pro rata basis, of all of the
outstanding DT Midstream Shares owned by DTE Energy on the Distribution Date. 
 “Distribution Agreement” has the meaning
set forth in the recitals of this Agreement. 
 “Distribution Date” means the date, determined by DTE Energy in accordance
with Section 5.03 of the Distribution Agreement, on which the Distribution occurs. 
 “DT Midstream” has the meaning
set forth in the preamble of this Agreement. 
 “DT Midstream 2019 Performance Share Award” has the meaning set forth in
Section 6.03(a). 
 “DT Midstream 2020 Performance Share Award” has the meaning set forth in Section 6.03(b).

 “DT Midstream AIP” has the meaning set forth in Section 5.03. 

“DT Midstream Benefit Plan” means any Benefit Plan sponsored, maintained or contributed to by any member of the DT Midstream
Group or to which any member of the DT Midstream Group is party on or after the Distribution Date. 
 “DT Midstream
Business” means the midstream pipeline, gathering and storage businesses and other operations of the DT Midstream Group, including as described in the Information Statement. 

“DT Midstream Corporate Employee” means any DT Midstream Employee who was a Transferred Employee. 

“DT Midstream Corporate Employee Compensation Deduction” means any income Tax deduction arising after the Distribution Date
with respect to any DT Midstream Corporate Employee with respect to the DTE Energy Savings Plan, the DTE Energy Pension Plan, any DTE Energy Deferred Compensation Plan or any DTE Energy Welfare Plan. 

  
 5 

 “DT Midstream Employee” means an individual who is employed by the DT
Midstream Group immediately following the Distribution Date, including any individual who is not actively at work due to a leave of absence (including vacation, holiday, illness, child bonding, adoption or similar family-related leave, illness,
injury or short-term disability) from which such employee is permitted to return to active employment in accordance with the DT Midstream Group’s personnel policies, as in effect from time to time, or applicable Law. 

“DT Midstream Equity Compensation Deduction” means any income Tax deduction arising after the Distribution Date with respect
to any Substitute DT Midstream RSU Award, Substitute DT Midstream Performance Share Award, DT Midstream 2019 Performance Share Award or DT Midstream 2020 Performance Share Award. 

“DT Midstream FSA” has the meaning set forth in Section 4.07. 

“DT Midstream Group” means (a) DT Midstream, (b) each Person that will be a Subsidiary of DT Midstream immediately
prior to the Distribution, including the entities set forth on Schedule II of the Distribution Agreement under the caption “Subsidiaries” and (c) each Person that becomes a Subsidiary of DT Midstream after the Distribution, including
in each case any Person that is merged or consolidated with or into DT Midstream or any Subsidiary of DT Midstream. 
 “DT Midstream
Legacy Employee” means any DT Midstream Employee who was employed by a member of the DT Midstream Group immediately before the Distribution Date and who was not a Transferred Employee. 

“DT Midstream Legacy Employee Compensation Deduction” means any income Tax deduction arising after the Distribution Date with
respect to any DT Midstream Legacy Employee with respect to the DTE Energy Savings Plan, the DTE Energy Pension Plan, any DTE Energy Deferred Compensation Plans or any DTE Energy Welfare Plans. 

“DT Midstream Plan HSA” has the meaning set forth in Section 4.08. 

“DT Midstream Post-Distribution Stock Price” means the per share price of DT Midstream Shares, which shall be equal to the
average of the volume weighted average price of DT Midstream Shares, traded on a when-issued basis, for each of the three consecutive trading days immediately preceding the Distribution Date. 

“DT Midstream PTO Buy” has the meaning set forth in Section 4.10. 

“DT Midstream Savings Plan” has the meaning set forth in Section 3.01(a). 

“DT Midstream Savings Plan Trust” means the trust maintained under the DT Midstream Savings Plan. 

“DT Midstream Shares” has the meaning set forth in the recitals of this Agreement. 

“DT Midstream Stock Plan” has the meaning set forth in Section 6.01. 

  
 6 

 “DT Midstream Welfare Plans” has the meaning set forth in
Section 4.01. 
 “DT Midstream Workers’ Compensation Plan” has the meaning set forth in Section 4.05. 

“DTE Energy” has the meaning set forth in the preamble of this Agreement. 

“DTE Energy Benefit Plan” means any Benefit Plan sponsored, maintained or contributed to by any member of the DTE Energy
Group or to which any member of the DTE Energy Group is party. 
 “DTE Energy Business” means the business and operations
conducted by DTE Energy and its Subsidiaries other than the DT Midstream Business. 
 “DTE Energy Deferred Compensation
Plans” means the DTE Energy Company Supplemental Savings Plan, the DTE Energy Company Executive Supplemental Retirement Plan, the DTE Energy Company Supplemental Retirement Plan and the DTE Energy Company Executive Deferred Compensation
Plan. 
 “DTE Energy Equity Compensation Deduction” means any income Tax deduction arising after the Distribution Date
(a) with respect to any DTE Energy Restricted Share Award, DTE Energy Performance Share Award or DTE Energy Phantom Share Award, in each case, that is held as of immediately prior to the Distribution by any Person who does not become a DT
Midstream Employee or (b) with respect to any Vested 2019 DTE Energy Performance Share Award or Vested 2020 DTE Energy Performance Share Award. 

“DTE Energy FSA” has the meaning set forth in Section 4.07. 

“DTE Energy Group” means DTE Energy and each of its Subsidiaries, but excluding any member of the DT Midstream Group. 

“DTE Energy Indemnitees” means DTE Energy, each other member of the DTE Energy Group and each of their respective former and
current directors, officers and employees, and each of the heirs, executors, successors and assigns of any of the foregoing. 
 “DTE
Energy Pension Plan” means the DTE Energy Company Retirement Plan. 
 “DTE Energy Performance Share Award” means a
performance share award granted under the DTE Energy Stock Plan and outstanding prior to the Distribution Date. 
 “DTE Energy
Phantom Share Award” means a share of phantom stock granted under the DTE Energy Stock Plan and outstanding as of the Distribution Date. 

“DTE Energy Plan HSA” has the meaning set forth in Section 4.08. 

“DTE Energy Pre-Distribution Stock Price” means the per share price of DTE Energy
Shares, determined on a pre-Distribution basis, which shall be equal to the average of the volume weighted average price of DTE Energy Shares, traded with due bills, for each of the three consecutive trading
days immediately preceding the Distribution Date. 

  
 7 

 “DTE Energy Restricted Stock Award” means a DTE Energy Share that is
subject to forfeiture, granted under the DTE Energy Stock Plan and outstanding as of the Distribution Date. 
 “DTE Energy Retiree
Welfare Plans” means the DTE Energy Company Comprehensive Retiree Group Health Care Plan, the DTE Energy Company Comprehensive Non-Health Welfare Benefit Plan, the DTE Supplemental Retiree Benefit
Plan, and the DTE Energy Retiree Reimbursement Arrangement Plan. 
 “DTE Energy Savings Plan” means the DTE Energy Company
Savings and Stock Ownership Plan. 
 “DTE Energy Shares” has the meaning set forth in the recitals of this Agreement. 

“DTE Energy Stock Plan” means the DTE Energy Company Long-Term Incentive Plan, as amended and restated from time to time.

 “DTE Energy VB” has the meaning set forth in Section 4.10. 

“DTE Energy Welfare Plan” means a Welfare Plan that is a DTE Energy Benefit Plan. 

“DTE Energy Workers’ Compensation Plan” means any workers’ compensation plan that is a DTE Energy Benefit Plan.

 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

“Forfeited 2019 DTE Energy Performance Share Award” has the meaning set forth in Section 6.03(a). 

“Forfeited 2020 DTE Energy Performance Share Award” has the meaning set forth in Section 6.03(b). 

“Governmental Approvals” means any notices, reports or other filings to be given to or made with, or any Consents,
registrations or permits to be obtained from, any Governmental Authority. 
 “Governmental Authority” means any Federal,
state, local, foreign, international or multinational court, government, quasi-government , department, commission, board, bureau, agency, official or other legislative, judicial, tribunal, commission, regulatory, administrative or governmental
authority. 
 “Group” means either the DTE Energy Group or the DT Midstream Group, or both, as the context requires. 

  
 8 

 “Information Statement” means the Information Statement made available on
the Internet or mailed to the holders of DTE Energy Shares in connection with the Distribution, as such Information Statement may be amended or supplemented from time to time. 

“Intercompany Debt Refinancing” has the meaning set forth on Schedule I of the Distribution Agreement. 

“Internal Distribution” has the meaning set forth on Schedule I of the Distribution Agreement. 

“Internal Restructuring” has the meaning set forth on Schedule I of the Distribution Agreement. 

“Internal Transactions” means the Internal Restructuring, Intercompany Debt Refinancing, Borrowing, Consolidated Intercompany
Debt Repayment, Cash Distribution, Internal Distribution, Specified Asset Distribution, Contributions to DT Midstream and Recapitalization, each as described on Schedule I of the Distribution Agreement. 

“IRS” means the Internal Revenue Service. 

“Law” means any statute, law, regulation, ordinance, rule, judgment, rule of common law, order, decree, Governmental
Approval, concession, grant, franchise, license, agreement, directive, guideline, policy, requirement or other governmental restriction or any similar form of decision of, or determination by, or any interpretation or administration of any of the
foregoing by, any Governmental Authority, whether now or hereinafter in effect and, in each case, as amended. 

“Liabilities” means any and all claims, debts, demands, actions, causes of action, suits, damages, fines, penalties,
obligations, prohibitions, accruals, accounts payable, reckonings, bonds, indemnities and similar obligations, agreements, promises, guarantees, make-whole agreements and similar obligations, and other liabilities and requirements, including all
contractual obligations, whether absolute or contingent, matured or unmatured, liquidated or unliquidated, accrued or unaccrued, known or unknown, whenever arising, and including those arising under any Law, Action, threatened or contemplated Action
or any award of any arbitrator or mediator of any kind, and those arising under any Contract, including those arising under the Distribution Agreement or any Ancillary Agreement, in each case, whether or not recorded or reflected or required to be
recorded or reflected on the books and records or financial statements of any Person. For the avoidance of doubt, Liabilities shall include attorneys’ fees, the costs and expenses of all assessments, judgments, settlements and compromises,
and any and all other costs and expenses whatsoever reasonably incurred in connection with anything contemplated by the preceding sentence (including costs and expenses incurred in investigating, preparing or defending against any such Actions or
threatened or contemplated Actions). 
 “Listed Employees” has the meaning set forth in Section 2.02. 

“Offer Employee Transfer Date” means the date following the Distribution Date on which a Listed Employee commences employment
with the DT Midstream Group. 

  
 9 

 “Party” means either party hereto, and “Parties” means
both parties hereto. 
 “Pension Plan” means any Benefit Plan that is a pension plan as defined in Section 3(2) of
ERISA, without regard to Section 4(b)(4) or 4(b)(5) of ERISA. 
 “Person” means an individual, a general or limited
partnership, a corporation, an association, a trust, a joint venture, an unincorporated organization, a limited liability company, any other entity and any Governmental Authority. 

“Personnel Records” means all personnel files, data and other personnel information that relates to (a) in the case of
the DTE Energy Group, any current or former employee, officer, director or other service provider of the DTE Energy Group and any Business Employee (other than a DT Midstream Employee) or any other service provider of the DT Midstream Group
immediately following the Distribution Date), or (b) in the case of the DT Midstream Group, any DT Midstream Employee and any other service provider of the DT Midstream Group immediately following the Distribution Date and, in each case under
clauses (a) and (b), other than files, data and information that are (or is) prohibited from being made available as a result of applicable Laws regarding the safeguarding of data privacy or any other legal obligation to maintain the
confidentiality of such files, data or information. 
 “Recapitalization” has the meaning set forth on Schedule I of
the Distribution Agreement. 
 “Record Date” means the close of business on the date determined by the DTE Energy board of
directors as the record date for determining the DTE Energy Shares in respect of which DT Midstream Shares will be distributed pursuant to the Distribution. 

“Record Holders” means the holders of DTE Energy Shares as of the Record Date. 

“Security Interest” means any mortgage, security interest, pledge, lien, charge, claim, option, right to acquire, voting or
other restriction, right-of-way, covenant, condition, easement, encroachment, restriction on transfer, license or other encumbrance of any nature whatsoever. 

“Shared Contract” means any Contract of any member of either Group with a third party that relates in any material respect to
both the DT Midstream Business and the DTE Energy Business, including the contracts and agreements set forth on Schedule XIV of the Distribution Agreement; provided that the Parties may, by mutual consent, elect to include in, or exclude
from, this definition any contract or agreement. 
 “Specified Asset Distribution” has the meaning set forth on
Schedule I of the Distribution Agreement. 
 “Subsidiary” of any Person means any corporation or other organization,
whether incorporated or unincorporated, of which at least a majority of the securities or interests having by the terms thereof ordinary voting power to elect at least a majority of the board of directors or others performing similar functions with
respect to such corporation or other organization is directly or indirectly owned or controlled by such Person or by any one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries. 

  
 10 

 “Substitute DT Midstream Performance Share Award” has the meaning set forth
in Section 6.03(c). 
 “Substitute DT Midstream RSU Award” has the meaning set forth in Section 6.02. 

“Tax Return” means any return, declaration, statement, report, form, estimate or information return relating to Taxes, in
each case, including any amendments thereto and any related or supporting information, required or permitted to be filed with any Taxing Authority. 

“Taxes” means all forms of taxation or duties imposed by any Governmental Authority, or required by any Governmental
Authority to be collected or withheld, including charges, in each case, in the nature of a tax, together with any related interest, penalties and other additional amounts. 

“Taxing Authority” means any Governmental Authority charged with the determination, collection or imposition of Taxes. 

“TMA” means the Tax Matters Agreement dated as of the date of this Agreement by and between DTE Energy and DT Midstream. 

“Transactions” means the Internal Transactions and the Distribution. 

“Transferred Employee” means each employee of the DTE Energy Group whose employment shall have been transferred from the DTE
Energy Group to the DT Midstream Group prior to the Distribution Date. 
 “TSA” means the Transition Services Agreement
dated as of the date of this Agreement between DTE Energy and DT Midstream. 
 “Vested 2019 DTE Energy Performance Share
Award” has the meaning set forth in Section 6.03(a). 
 “Vested 2020 DTE Energy Performance Share Award” has
the meaning set forth in Section 6.03(b). 
 “Welfare Plan” means any Benefit Plan that is an employee welfare plan as
defined in Section 3(1) of ERISA, without regard to Section 4(b)(4) or 4(b)(5) of ERISA. 
 “Workers’ Compensation
Event” means the event, injury, illness or condition giving rise to a workers’ compensation claim with respect to a DT Midstream Employee. 

SECTION 1.02.    Interpretation. (a) Words in the singular shall be held to include the plural and vice versa
and words of one gender shall be held to refer to any gender identity as the context requires. The terms “hereof,” “herein,” “herewith” and words of similar 

  
 11 

 
import, unless otherwise stated, shall be construed to refer to this Agreement as a whole (including all of the schedules hereto) and not to any particular provision of this
Agreement. Article, Section or Schedule references are to the articles, sections and schedules of or to this Agreement unless otherwise specified. Any capitalized terms used in any schedule to this Agreement but not otherwise defined
therein shall have the meaning as defined in this Agreement, the Distribution Agreement or the other Ancillary Agreement to which such schedule is attached, as applicable. Any definition of or reference to any agreement, instrument or other
document herein (including any reference herein to this Agreement) shall, unless otherwise stated, be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified from time
to time (subject to any restrictions on such amendments, supplements or modifications set forth herein). The word “including” and words of similar import when used in this Agreement shall mean “including, without
limitation,” unless the context otherwise requires or unless otherwise specified. The word “or” shall not be exclusive. The word “extent” in the phrase “to the extent” shall mean the degree to which a subject
or other thing extends, and such phrase shall not mean simply “if.” All references to “$” or dollar amounts are to the lawful currency of the United States of America. In the event that an ambiguity or question of intent or
interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring or disfavoring either Party by virtue of the authorship of any provisions hereof. 

ARTICLE II 
 ASSIGNMENT OF
EMPLOYEES 
 SECTION 2.01.    Transferred Employees. As of the date immediately prior to the Distribution
Date, the employment of the Transferred Employees by any member of the DTE Energy Group shall have been assigned and transferred to a member of the DT Midstream Group. 

SECTION 2.02.    Listed Employees. For 12 months following the Distribution Date, DT Midstream shall have the right
to solicit and offer employment with the DT Midstream Group to the employees listed on Schedule A (the “Listed Employees”). In the event any Listed Employee accepts such offer of employment from and commences employment with the DT
Midstream Group, the Parties shall use commercially reasonable efforts, subject to applicable Laws and the terms and conditions of the applicable Benefit Plans, to treat such Listed Employee as a DT Midstream Employee or a DT Midstream Corporate
Employee, as applicable, for all purposes of this Agreement, including the DTE Energy Benefit Plans and the DT Midstream Benefit Plans but excluding Article VI of this Agreement, as of the Offer Employee Transfer Date. 

SECTION 2.03.    Non-Employment Obligation. Notwithstanding anything to the
contrary contained herein, nothing in this Agreement shall create any obligation on the part of the DT Midstream Group or the DTE Energy Group to continue the employment of any employee for any definite period following the Distribution Date or to
change the employment status of any employee from “at will.” Unless required pursuant to the terms of the applicable Benefit Plan or applicable Law, the Parties agree that none of the Transactions shall result in any Business Employees
being deemed to have incurred a termination of employment or being eligible to receive severance benefits solely as a result of the Distribution. 

  
 12 

 ARTICLE III 

PENSION, RETIREMENT AND DEFERRED COMPENSATION PLANS 

SECTION 3.01.    Qualified Defined Contribution Plans. (a) Establishment of the DT Midstream Savings
Plan. Effective on or before the Distribution Date, DT Midstream shall adopt, establish and maintain a 401(k) profit sharing plan and trust for the benefit of DT Midstream Employees that is intended to be qualified under Section 401(a) of
the Code and exempt from federal income tax under Section 501(a) of the Code (the “DT Midstream Savings Plan”). If the DT Midstream Savings Plan is not adopted in the form of a
pre-approved plan for which the IRS has issued an opinion letter, as soon as practicable after the adoption of the DT Midstream Savings Plan, or as otherwise required under Revenue Procedure 2007-44, DT Midstream shall submit an application to the IRS for a determination letter that the DT Midstream Savings Plan is qualified under Section 401(a) of the Code and that the related DT
Midstream Savings Plan Trust is exempt from federal income tax under Section 501(a) of the Code, and shall take any actions not inconsistent with DT Midstream’s other general commitments contained in this Agreement and make any amendments
necessary to receive such determination. As of the Distribution Date, each DT Midstream Employee shall be eligible to participate in the DT Midstream Savings Plan, which shall recognize the service of such DT Midstream Employee with DTE Energy and
its Subsidiaries for purposes of any applicable waiting period, service condition or vesting with respect to applicable employer contributions from DT Midstream following the Distribution Date. 

(b)    DTE Energy Savings Plan. Following the Distribution, the DTE Energy Group shall retain sponsorship of the
DTE Energy Savings Plan and the DTE Energy Savings Plan shall retain all Assets and Liabilities arising out of or relating to the DTE Energy Savings Plan, including those relating to each Business Employee (and their respective beneficiaries) in
connection with his or her service prior to the Distribution, including the obligation to make all payments or distributions with respect to such Liabilities in accordance with the terms of the DTE Energy Savings Plan (including distributions
pursuant to Section 3.01(c)). As of the Distribution Date, each DT Midstream Employee shall cease active participation in the DTE Energy Savings Plan, other than with respect to benefit accruals as of the Distribution Date. 

(c)    Savings Plan Rollover. As of the Distribution Date, the DTE Energy Savings Plan shall permit each DT
Midstream Employee to elect, and the DT Midstream Group shall cause the DT Midstream Savings Plan to accept, in accordance with applicable Law and the terms of the DTE Energy Savings Plan and the DT Midstream Savings Plan, a rollover of the account
balances (including earnings through the date of transfer but excluding promissory notes evidencing all outstanding loans) of such DT Midstream Employee under the DTE Energy Savings Plan, if such rollover is elected in accordance with applicable Law
and the terms of the DTE Energy Savings Plan and by such DT Midstream Employee. Upon completion of a rollover of all or part of the account balance of any DT Midstream Employee, as described in this Section 3.01(c), DT Midstream and the DT
Midstream Savings Plan shall be responsible for all Liabilities of the DTE Energy Group under the DTE Energy Savings Plan with respect to the 

  
 13 

 
portion of the account balance of the DT Midstream Employee whose full or partial account balance was rolled over to the DT Midstream Savings Plan (and his or her respective beneficiaries), and
the DTE Energy Group and the DTE Energy Savings Plan shall have no Liabilities to provide the former DTE Energy Savings Plan participant (or any of the former participant’s beneficiaries) with benefits under the DTE Energy Savings Plan with
respect to the portion of the former participant’s account balance so rolled over. In the event a DT Midstream Employee elects a rollover of all or part of such DTE Midstream Employee’s account balance under the DTE Energy Savings Plan in
accordance with this Section 3.01(c), any promissory notes evidencing outstanding loans under the account shall be subject to the terms and conditions of the DTE Energy Savings Plan. 

(d)    Employer Savings Plan Contributions. The DTE Energy Group shall remain responsible for making all employer
contributions under the DTE Energy Savings Plan with respect to any DT Midstream Employee attributable to compensation earned prior to the Distribution Date and paid by the DTE Energy Group; provided that, any such employer contributions
shall be made by the DTE Energy Group prior to any rollover elected by a DT Midstream Employee under Section 3.01(c). The DTE Energy Group shall cause the DTE Energy Savings Plan to be amended as necessary to fully vest any employer
contributions made to the accounts of DT Midstream Employees that are unvested as of the Distribution Date. On and after the Distribution Date, the DT Midstream Group shall be responsible for all employer contributions under the DT Midstream Savings
Plan attributable to service performed by DT Midstream Employees after the Distribution Date. 
 (e)    Limitation of
Liability; Cooperation. The DTE Energy Group shall have no Liability with respect to the DT Midstream Savings Plan following the Distribution Date, including responsibility for any failure of DT Midstream to properly administer the DT Midstream
Savings Plan in accordance with its terms and applicable Law and any failure to properly administer the accounts of DT Midstream Employees and their respective beneficiaries, including accounts rolled over in accordance with Section 3.01(c), in
such DT Midstream Savings Plan. Following the date of this Agreement, the DTE Energy Group and the DT Midstream Group shall use commercially reasonable efforts to cooperate in administering the DTE Energy Savings Plan in connection with providing
benefits to DT Midstream Employees in accordance with the terms of the DTE Energy Savings Plan, including by exchanging any necessary participant records. 

SECTION 3.02.    Qualified Defined Benefit Pension Plans. Following the Distribution Date, the DTE Energy Group
shall retain sponsorship of the DTE Energy Pension Plan and the DTE Energy Pension Plan shall retain all Assets and Liabilities arising out of or relating to the DTE Energy Pension Plan, including those relating to each Business Employee (and their
respective beneficiaries) in connection with his or her service prior to the Distribution, including the obligation to make all payments or distributions with respect to such Liabilities in accordance with the terms of the DTE Energy Pension Plan.
As of the Distribution Date, each DT Midstream Employee shall cease active participation in the DTE Energy Pension Plan, other than with respect to benefit accruals as of the Distribution Date. Following the date of this Agreement, the DTE Energy
Group and the DT Midstream Group shall use commercially reasonable efforts to cooperate in administering the DTE Energy Pension Plan in connection with providing benefits to DT Midstream Employees in accordance with the terms of the DTE

  
 14 

 
Energy Pension Plan, including by exchanging any necessary participant records. For the avoidance of doubt, in no event shall any DT Midstream Employee who is not a participant in, or has not
vested in a benefit under, the DTE Energy Pension Plan prior to the Distribution Date become eligible to receive payments or benefits under the DTE Energy Pension Plan following the Distribution Date. 

SECTION 3.03.    Nonqualified Deferred Compensation Plans. Following the Distribution Date, the DTE Energy Group
shall retain sponsorship of the DTE Energy Deferred Compensation Plans and all Assets and Liabilities arising out of or relating to the DTE Energy Deferred Compensation Plans, including those relating to any Business Employee (and their respective
beneficiaries) in connection with his or her service prior to the Distribution, including the obligation to make all payments or distributions with respect to such Liabilities in accordance with the terms of the applicable DTE Energy Deferred
Compensation Plan. As of the Distribution Date, each DT Midstream Employee shall cease active participation in the DTE Energy Deferred Compensation Plans, other than with respect to benefit accruals as of the Distribution Date. The DTE Energy Group
shall cause the DTE Energy Deferred Compensation Plans to be amended as necessary to fully vest all contributions or benefits accrued by any DTE Midstream Employee as of the Distribution Date. The payment or distribution of any compensation to which
any DT Midstream Employee (and their respective beneficiaries) is entitled under the DTE Energy Deferred Compensation Plans shall occur upon the time or times provided for under the applicable DTE Energy Deferred Compensation Plan and such DT
Midstream Employee’s deferral or distribution elections, as applicable. Following the date of this Agreement, the DTE Energy Group and the DT Midstream Group shall use commercially reasonable efforts to cooperate in administering the DTE Energy
Deferred Compensation Plans for purposes of satisfying any obligations relating to the participation of any DT Midstream Employee, including by exchanging any necessary participant records. 

ARTICLE IV 
 WELFARE PLANS

 SECTION 4.01.    Establishment of the DT Midstream Welfare Plans. Effective on or before the Distribution
Date, DT Midstream shall adopt, establish and maintain Welfare Plans for the benefit of DT Midstream Employees (the “DT Midstream Welfare Plans”). 

SECTION 4.02.    Coverage of DT Midstream Employees. As of the Distribution Date, each DT Midstream Employee shall
become eligible to participate in the DT Midstream Welfare Plans, subject to the terms of such plans. To the extent applicable to any DT Midstream Welfare Plans in which DT Midstream Employees become eligible as of the Distribution Date that provide
benefits similar to the benefits that had been provided to such persons under a DTE Energy Welfare Plan immediately prior to such date, DT Midstream shall cause the DT Midstream Welfare Plans to recognize all coverage and contribution elections made
by the DT Midstream Employees under the DTE Energy Welfare Plans in effect for the period immediately prior to the Distribution Date and shall apply such elections under the DT Midstream Welfare Plans for the remainder of the period or periods for
which such elections are by their terms applicable. All beneficiary designations made by DT Midstream Employees under the DTE Energy Welfare Plans shall, to the extent applicable, be transferred to, and be in full force and

  
 15 

 
effect under, the DT Midstream Welfare Plans until such beneficiary designations are replaced or revoked by the DT Midstream Employee who made the beneficiary designation in accordance with the
terms of such plans. With respect to each DT Midstream Employee, each DT Midstream Welfare Plan shall provide that for purposes of determining eligibility to participate, vesting and calculation of, and entitlement to, benefits, service by the DT
Midstream Employee prior to the Distribution Date with DTE Energy and its Subsidiaries shall be treated as service with the DT Midstream Group. DT Midstream shall cause each DT Midstream Welfare Plan to waive any waiting periods, evidence of
insurability requirements and the application of any preexisting condition limitations with respect to each DT Midstream Employee (and, if applicable, such DT Midstream Employee’s participating spouse and/or dependents). DT Midstream shall
cause each DT Midstream Welfare Plan to honor any deductible, co-payment and out-of-pocket maximums incurred by each DT Midstream
Employee (and, if applicable, such DT Midstream Employee’s participating spouse and/or dependents) under the DTE Energy Welfare Plans in which such DT Midstream Employee participated immediately prior to the Distribution Date, if any, in
satisfying any deductibles, co-payments or out-of-pocket maximums under the DT Midstream Welfare Plans in which such DT Midstream
Employee is eligible to participate after the Distribution Date in the same plan year in which any such deductibles, co-payments or
out-of-pocket maximums were incurred. All amounts credited or applied to any annual or lifetime benefit limitation under a DTE Energy Welfare Plan with respect to a DT
Midstream Employee (and, if applicable, such DT Midstream Employee’s participating spouse and/or dependents) shall be credited or applied to the annual or lifetime benefit limitation for such DT Midstream Employee (and, if applicable, such DT
Midstream Employee’s participating spouse and/or dependents) under the corresponding DT Midstream Welfare Plan. 
 SECTION
4.03.    Welfare Plan Liabilities. (a) DT Midstream Liabilities. Except as provided in clause (b) of this Section 4.03, the DT Midstream Group and the DT Midstream Welfare Plans, as applicable,
shall retain and be responsible for all claims for welfare benefits (and for any Liabilities arising as a result of such claims) incurred with respect to any DT Midstream Employee (and, if applicable, such DT Midstream Employee’s participating
spouse and/or dependents) on or after the Distribution Date under the DT Midstream Welfare Plans, and no member of the DTE Energy Group or the DTE Energy Welfare Plans shall assume or retain any such Liabilities. 

(b)    DTE Energy Liabilities. Following the Distribution, the DTE Energy Group shall retain sponsorship of the DTE
Energy Welfare Plans. Except as provided in Sections 4.04, 4.05 and 4.07, the DTE Energy Group and the DTE Energy Welfare Plans shall retain and continue to be responsible for all claims for welfare benefits (and for any Liabilities arising as
a result of such claims) incurred with respect to any Business Employee (and, if applicable, such Business Employee’s participating spouse and/or dependents) prior to the Distribution Date, whether such claims have been paid or remain unpaid as
of such date, and the DT Midstream Welfare Plans shall not assume or retain any such Liabilities. DT Midstream shall reimburse DTE Energy Group for claims incurred but not paid as of the Distribution Date with respect to any DT Midstream Employee
(other than a Transferred Employee). Except as provided in Section 4.05, as of the Distribution Date, each DT Midstream Employee shall cease participation in the DTE Energy Welfare Plans (other than the DTE Energy Retiree Welfare Plans in
accordance with the terms of such DTE Energy Retiree Welfare Plans). 

  
 16 

 (c)    Claims Incurred. Claims for purposes of this
Section 4.03 shall be considered to be incurred as follows: (i) health, dental, vision, employee assistance program and prescription drug benefits (including in respect of hospital confinement), upon provision of such services, materials
or supplies and (ii) life, long-term disability, accidental death and dismemberment and business travel accident insurance benefits, upon the death, cessation of employment, injury, illness, or other event giving rise to such benefits. 

SECTION 4.04.    Disability. (a) DT Midstream shall assume all Liabilities related to extended (short-term)
disability benefits payable to a DT Midstream Employee after the Distribution Date, even if the disability giving rise to the benefits first occurred before the Distribution Date. 

(b)    The DTE Energy Welfare Plans shall retain any Liabilities related to long-term disability benefits payable under
the terms of the DTE Energy Welfare Plans to any Business Employee as a result of any disability that first arose before the Distribution Date. The DT Midstream Welfare Plans shall retain and be responsible for any Liabilities related to long-term
disability benefits payable under the terms of the DT Midstream Welfare Plans to any DT Midstream Employee as a result of any disability that first arises on or after the Distribution Date. 

SECTION 4.05.    Workers’ Compensation Claims. Effective on or before the Distribution Date, DT
Midstream shall adopt, establish and maintain a workers’ compensation plan of the DT Midstream Group (each, a “DT Midstream Workers’ Compensation Plan”) for the benefit of DT Midstream Employees. In the case
of any workers’ compensation claim of any DT Midstream Employee in respect of his or her employment with the DTE Energy Group or the DT Midstream Group, such claim shall be covered (a) under the applicable DTE Energy Workers’
Compensation Plan if the Workers’ Compensation Event occurred prior to the Distribution Date and (b) under the applicable DT Midstream Workers’ Compensation Plan if the Workers’ Compensation Event occurs on or after the
Distribution Date. If the Workers’ Compensation Event occurs over a period both preceding and following the Distribution, the claim shall be jointly covered under the DTE Energy Workers’ Compensation Plan and the DT Midstream Workers’
Compensation Plan and shall be equitably apportioned between them based upon the relative periods of time that the Workers’ Compensation Event transpired preceding and following the Distribution. 

SECTION 4.06.    COBRA. In the event that a Business Employee or his or her qualified beneficiary was receiving, or
was eligible to receive, continuation health coverage pursuant to COBRA prior to the Distribution Date, DTE Energy and the applicable DTE Energy Welfare Plans shall be responsible for all Liabilities to such employee (or his or her eligible
dependents) in respect of COBRA. In the event a DT Midstream Employee or his or her qualified beneficiary becomes eligible to receive continuation health coverage pursuant to COBRA on or following the Distribution Date, DT Midstream and the DT
Midstream Welfare Plans shall be responsible for all Liabilities to such employee (or his or her eligible dependents) in respect of COBRA. DT Midstream shall indemnify, defend and hold harmless the members of the DTE Energy Group from and against
all Liabilities relating to, arising out of or resulting from COBRA provided by DT Midstream, or the failure of DT Midstream to meet its COBRA obligations, to DT Midstream Employees and their respective eligible dependents. The DTE Energy Welfare
Plans shall not treat the Distribution as a COBRA qualifying event for any DT Midstream Employee (or any eligible dependent of a DT Midstream Employee). 

  
 17 

 SECTION 4.07.    Flexible Spending Accounts. As of the
Distribution Date, each DT Midstream Employee shall cease participation in the DTE Energy FSA (the “DTE Energy FSA”) and shall become eligible to participate in a flexible spending account plan established by DT Midstream (the
“DT Midstream FSA”), subject to the terms of such plan. Effective as of the Distribution Date, the DT Midstream FSA shall credit or debit the applicable account of each DT Midstream Employee who, as of the Distribution Date, was a
participant in the flexible spending account plan maintained by the DTE Energy Group with an amount equal to the balance of his or her account under the DTE Energy FSA as of the Distribution Date, and shall continue his or her elections thereunder.
If the claims made against a DT Midstream Employee’s DTE Energy FSA account prior to the Distribution Date exceed the amounts credited to such account at the Distribution Date, DT Midstream shall reimburse the DTE Energy Group for the aggregate
amount of such difference. If the amounts credited to a DT Midstream Employee’s DTE Energy FSA account at the Distribution Date exceed the claims made against such account prior to the Distribution Date, the DTE Energy Group shall reimburse DT
Midstream for the aggregate amount of such difference. As of the Distribution Date, the DT Midstream FSA shall assume responsibility for all outstanding dependent care and medical care claims under the DTE Energy FSA of each DT Midstream Employee
and shall assume and perform the obligations from and after the Distribution Date. From and after the Distribution Date, the DTE Energy Group shall provide DT Midstream with such information within the DTE Energy Group’s possession that DT
Midstream may reasonably request to enable it to verify any claims or contribution information pertaining to the DTE Energy FSA. 
 SECTION
4.08.    Health Savings Accounts. Any DT Midstream Employee who was contributing to a health savings account in connection with the DT Midstream Employee’s participation in the DTE Energy Welfare Plans (a “DTE
Energy Plan HSA”) shall retain ownership of such DTE Energy Plan HSA following the Distribution Date. DT Midstream shall take all actions as are necessary to enable any eligible DT Midstream Employee to make health savings account
contributions in connection with such DT Midstream Employee’s participation in the DT Midstream Welfare Plans (a “DT Midstream Plan HSA”) following the Distribution Date. Following the date of this Agreement, the Parties shall
use commercially reasonable efforts to cooperate in transferring the DTE Energy Plan HSAs of DT Midstream Employees to the respective DT Midstream Plan HSAs of such DT Midstream Employees. 

SECTION 4.09.    Retiree Welfare Plans. Following the Distribution, the DTE Energy Group shall retain sponsorship
of the DTE Energy Retiree Welfare Plans and all Liabilities arising out of or relating to the DTE Energy Retiree Welfare Plans relating to any Business Employee (and their respective beneficiaries) in connection with his or her service prior to the
Distribution, including the obligation to make all payments or distributions with respect to such Liabilities in accordance with the terms of the DTE Energy Retiree Welfare Plans. The DTE Energy Retiree Welfare Plans shall retain all Assets relating
to the DTE Energy Retiree Welfare Plans. The DTE Energy Group shall cause (a) each DTE Energy Retiree Welfare Plan (other than the DTE Supplemental Retiree Benefit Plan) to be amended as necessary to provide to each DT Midstream Employee who is
a participant therein immediately prior to the Distribution Date with five additional years of age and service credit solely for vesting purposes 

  
 18 

 
effective as of the Distribution Date and (b) the DTE Supplemental Retiree Benefit Plan to be amended as necessary to fully vest any employer contributions made to the accounts of DT
Midstream Employees that are unvested as of the Distribution Date. Any benefits in respect of DT Midstream Employees that remain unvested after giving effect to the foregoing as of the Distribution Date shall be treated in accordance with the terms
of the applicable DTE Energy Retiree Welfare Plan. Following the date of this Agreement, the DTE Energy Group and the DT Midstream Group shall use commercially reasonable efforts to cooperate in administering the DTE Energy Retiree Welfare Plans for
purposes of satisfying any obligations relating to the participation of any DT Midstream Employee, including by exchanging any necessary participant records. 

SECTION 4.10.    Vacation Buy Plan. As of the Distribution Date, each DT Midstream Employee shall cease
participation in the vacation buy plan maintained by the DTE Energy Group (the “DTE Energy VB”) and shall become eligible to participate in a paid-time off buy plan established by DT Midstream (the “DT Midstream PTO
Buy”), subject to the terms of such plan. Effective as of the Distribution Date, the DT Midstream PTO Buy shall credit or debit the applicable account of each DT Midstream Employee who, as of the Distribution Date, was a participant in the
DTE Energy VB with an amount equal to the balance of his or her account under the DTE Energy VB as of the Distribution Date, and shall continue his or her elections thereunder. If the claims made against a DT Midstream Employee’s DTE Energy VB
account prior to the Distribution Date exceed the amounts credited to such account at the Distribution Date, DT Midstream shall reimburse the DTE Energy Group for the aggregate amount of such difference. If the amounts credited to a DT Midstream
Employee’s DTE Energy VB at the Distribution Date exceed the claims made against such account prior to the Distribution Date, the DTE Energy Group shall reimburse DT Midstream for the aggregate amount of such difference. As of the Distribution
Date, the DT Midstream PTO Buy shall assume responsibility for payment of all vacation time purchased by a DT Midstream Employee before the Distribution Date but unused as of the Distribution Date, consistent with the terms of the DT Midstream PTO
Buy. From and after the Distribution Date, the DTE Energy Group shall provide DT Midstream with such information within the DTE Energy Group’s possession that DT Midstream may reasonably request to enable it to verify any claims or contribution
information pertaining to the DTE Energy VB. 
 ARTICLE V 

CERTAIN OTHER ARRANGEMENTS 

SECTION 5.01.    Other DT Midstream Benefit Arrangements. Effective on or before the Distribution Date, the DT
Midstream Group shall adopt, establish and maintain Benefit Plans (other than Pension Plans and Welfare Plans providing post-employment benefits other than COBRA) for the benefit of the DT Midstream Employees and shall be solely responsible for all
Liabilities with respect to such DT Midstream Benefit Plans. 
 SECTION 5.02.    No Change in Control. The
Distribution shall not constitute a “change in control” (or term of similar meaning) for purposes of any DTE Energy Benefit Plan. 

  
 19 

 SECTION 5.03.    Annual Bonuses. Effective as of the Distribution
Date, the DT Midstream Group shall establish an annual bonus program for the 2021 performance period (the “DT Midstream AIP”) for the benefit of each DT Midstream Employee who was granted an annual incentive
award for 2021 under the DTE Energy Company Annual Incentive Plan (a “2021 AIP Award”) or the DTE Energy Rewarding Employees Plan (a “2021 REP Award”). As of the Distribution Date, each DT Midstream Employee shall
cease to be an eligible participant in the DTE Energy Company Annual Incentive Plan and the DTE Energy Rewarding Employees Plan, in accordance with the terms of such plans. Effective as of the Distribution Date, DT Midstream shall have granted to
each such DT Midstream Employee an annual incentive for the 2021 performance period under the DT Midstream AIP (each, a “2021 DT Midstream Annual Award”). On the Distribution Date, DTE Energy shall (a) provide to DT Midstream
documentation detailing the estimated performance achievement and accrued liability with respect to the 2021 AIP Award or 2021 REP Award of each Transferred Employee as of immediately prior to the Distribution Date, as determined by DTE Energy in
its sole discretion, and (b) transfer to DT Midstream an amount equal to the value of the aggregate amount of such accrued liabilities (the “2021 Incentive Payment”). Following the Distribution Date, (i) DT Midstream shall
have sole responsibility and Liability for administering and paying any amount due with respect to any 2021 DT Midstream Annual Award under the DT Midstream AIP or under any other annual incentive program of the DT Midstream Group or otherwise
payable to any DT Midstream Employee following the Distribution Date and (ii) the DTE Energy Group shall have no Liability in respect of the 2021 AIP Awards or 2021 REP Awards, other than the 2021 Incentive Payment as described in this
Section 5.03. 
 SECTION 5.04.    Severance. Effective as of the Distribution, DTE Energy shall have no
Liability with respect to any severance payable to DT Midstream Employees under any severance plan, program, agreement or arrangement (whether of the DTE Energy Group, the DT Midstream Group or otherwise). It is not intended that any Business
Employee will be eligible for termination or severance payments from the DTE Energy Group or the DT Midstream Group as a result of the transfer or change of employment from the DTE Energy Group to the DT Midstream Group or from the DT Midstream
Group to the DTE Energy Group or the occurrence of the Distribution. 
 ARTICLE VI 

STOCK PLANS 
 SECTION
6.01.    DT Midstream Stock Plan. Effective on or before the Distribution Date, the DT Midstream Group shall adopt, establish and maintain an equity compensation plan (the “DT Midstream Stock Plan”). 

SECTION 6.02.    Restricted Stock Awards Held by DT Midstream Employees. Each DTE Energy Restricted Stock Award
held as of immediately prior to the Distribution by any Business Employee who will become a DT Midstream Employee shall be converted into a DT Midstream restricted stock unit award granted under the DT Midstream Stock Plan (a “Substitute DT
Midstream RSU Award”). The number of DT Midstream Shares subject to the Substitute DT Midstream RSU Award shall be equal to the number of DTE Energy Shares subject to the DTE Energy Restricted Stock Award held as of immediately prior to the

  
 20 

 
Distribution multiplied by a fraction, the numerator of which is the DTE Energy Pre-Distribution Stock Price, and the denominator of which is the DT
Midstream Post-Distribution Stock Price. Each Substitute DT Midstream RSU Award shall vest based on the holder’s employment with the DT Midstream Group. Each Substitute DT Midstream RSU Award shall have substantially the same terms and
conditions as the corresponding DTE Energy Restricted Stock Award, except that the holder thereof shall not have any rights as a stockholder in respect of such Substitute DT Midstream RSU Award until DT Midstream Shares are delivered in settlement
of such Substitute DT Midstream RSU Award and as otherwise provided herein. For the avoidance of doubt, in no event shall any DT Midstream Employee be eligible for (a) vesting with respect to any DTE Energy Restricted Stock Award or
(b) accelerated vesting with respect to any Substitute DT Midstream RSU Award solely as a result of the Distribution. 
 SECTION
6.03.    Performance Share Awards Held by DT Midstream Employees. (a) 2019 Performance Share Awards. Each DTE Energy Performance Share Award granted under the DTE Energy Stock Plan in 2019 and held as of immediately
prior to the Distribution (or immediately prior to the Record Date, solely to the extent DTE Energy elects to settle such award prior thereto) by any Business Employee who will become a DT Midstream Employee shall (i) vest as to two-thirds of the target number of DTE Energy Shares subject to such DTE Energy Performance Share Award based on actual performance as of December 31, 2020, as determined by the Organization and Compensation
Committee of the DTE Energy board of directors in its sole discretion and (ii) forfeit as to one-third of the target number of DTE Energy Shares subject to such DTE Energy Performance Share Award (the
portion described in clause (i), a “Vested 2019 DTE Energy Performance Share Award” and the portion described in clause (ii), a “Forfeited 2019 DTE Energy Performance Share Award”). Each Vested 2019 DTE Energy
Performance Share Award shall be settled by DTE Energy in its discretion (x) prior to the Record Date or (y) no later than 60 days following the Distribution Date in which case the target number of DTE Energy Shares subject to the Vested
2019 DTE Energy Performance Share Award as of immediately prior to the Distribution Date shall be appropriately adjusted as determined by DTE Energy. Effective as of the Distribution Date, DT Midstream shall grant to each DT Midstream Employee who
held a Forfeited 2019 DTE Energy Performance Share Award a performance share award pursuant to the DT Midstream Stock Plan with a target number of DT Midstream Shares subject to such award equal to the target number of DTE Energy Shares subject to
the Forfeited 2019 DTE Energy Performance Share Award multiplied by a fraction, the numerator of which is the DTE Energy Pre-Distribution Stock Price, and the denominator of which is the DT Midstream
Post-Distribution Stock Price (each such award, a “DT Midstream 2019 Performance Share Award”). Each DT Midstream 2019 Performance Share Award shall have substantially the same terms and conditions as the Forfeited 2019 DTE Energy
Performance Share Award to which it relates, provided that the DT Midstream 2019 Performance Share Award shall vest based on the achievement of DT Midstream performance metrics, as established prior to the Distribution, and the holder’s
employment with the DT Midstream Group. 
 (b)    2020 Performance Share Awards. Each DTE Energy Performance
Share Award granted under the DTE Energy Stock Plan in 2020 and held as of immediately prior to the Distribution (or immediately prior to the Record Date, solely to the extent DTE Energy elects to settle such award prior thereto) by any Business
Employee who will become a DT Midstream Employee shall (i) vest as to one-third of the target number of DTE Energy Shares subject to 

  
 21 

 
such DTE Energy Performance Share Award based on actual performance as of December 31, 2020, as determined by the Organization and Compensation Committee of the DTE Energy board of directors
in its sole discretion and (ii) forfeit as to two-thirds of the target number of DTE Energy Shares subject to such DTE Energy Performance Share Award (the portion described in clause (i), a
“Vested 2020 DTE Energy Performance Share Award” and the portion described in clause (ii), a “Forfeited 2020 DTE Energy Performance Share Award”). Each Vested 2020 DTE Energy Performance Share Award shall be settled
by DTE Energy in its discretion (x) prior to the Record Date or (y) no later than 60 days following the Distribution Date in which case the target number of DTE Energy Shares subject to the Vested 2020 DTE Energy Performance Share Award as
of immediately prior to the Distribution Date shall be appropriately adjusted as determined by DTE Energy. Effective as of the Distribution Date, DT Midstream shall grant to each DT Midstream Employee who held a Forfeited 2020 DTE Energy Performance
Share Award a performance share award pursuant to the DT Midstream Stock Plan with a target number of DT Midstream Shares subject to such award equal to the target number of DTE Energy Shares subject to the Forfeited 2020 DTE Energy Performance
Share Award multiplied by a fraction, the numerator of which is the DTE Energy Pre-Distribution Stock Price, and the denominator of which is the DT Midstream Post-Distribution Stock Price (each such award, a
“DT Midstream 2020 Performance Share Award”). Each DT Midstream 2020 Performance Share Award shall have substantially the same terms and conditions as the Forfeited 2020 DTE Energy Performance Share Award to which it relates,
provided that the DT Midstream 2020 Performance Share Award shall vest based on the achievement of DT Midstream performance metrics, as established prior to the Distribution, and the holder’s employment with the DT Midstream Group. 

(c)    2021 Performance Share Awards. Each DTE Energy Performance Share Award granted under the DTE Energy Stock
Plan in 2021 and held as of immediately prior to the Distribution by any Business Employee who will become a DT Midstream Employee shall be converted into a substitute DT Midstream performance share award granted under the DT Midstream Stock Plan (a
“Substitute DT Midstream Performance Share Award”). The target number of DT Midstream Shares that are subject to the Substitute DT Midstream Performance Share Award shall be equal to the target number of DTE Energy Shares subject to
the DTE Energy Performance Share Award held as of immediately prior to the Distribution multiplied by a fraction, the numerator of which is the DTE Energy Pre-Distribution Stock Price and the denominator of
which is the DT Midstream Post-Distribution Stock Price. Each Substitute DT Midstream Performance Share Award shall have substantially the same terms and conditions as the DTE Energy Performance Share Award to which it relates, provided that the
Substitute DT Midstream Performance Share Award shall vest based on the achievement of DT Midstream performance metrics, as established prior to the Distribution, and the holder’s employment with the DT Midstream Group. 

SECTION 6.04.    Approval and Terms of Equity Awards. DT Midstream shall adopt and approve the issuance of the
converted and replacement awards provided for herein. Notwithstanding the foregoing, awards made under the DT Midstream Stock Plan pursuant to DT Midstream’s obligations under this Agreement shall take into account all employment and service
with both DTE Energy and DT Midstream, and their respective Subsidiaries and Affiliates, for purposes of determining when such awards vest and terminate. The DT Midstream Group shall be solely responsible for all Liabilities with respect to the DT
Midstream 

  
 22 

 
Stock Plan, including the Substitute DT Midstream RSU Awards, the DT Midstream 2019 Performance Share Awards, the DT Midstream 2020 Performance Share Awards and the Substitute DT Midstream
Performance Share Awards. 
 ARTICLE VII 

COMPENSATION MATTERS AND GENERAL BENEFIT MATTERS 

SECTION 7.01.    Cessation of Participation in DTE Energy Benefit Plans. Except as otherwise provided in this
Agreement or as required by the terms of any DTE Energy Benefit Plan or by applicable Law, the DTE Energy Group shall take any and all action as shall be necessary or appropriate so that participation in DTE Energy Benefit Plans by all DT Midstream
Employees shall terminate as of the close of business on the date immediately prior to the Distribution Date and each member of the DT Midstream Group shall cease to be a participating employer under the terms of such DTE Energy Benefit Plans as of
such time. 
 SECTION 7.02.    Assumption of Certain Employee Related Obligations. Except as otherwise provided
in this Agreement, effective as of the close of business on the date immediately prior to the Distribution, DT Midstream shall assume, and the DTE Energy Group shall have no further Liability for, the following agreements and Liabilities, and DT
Midstream shall indemnify, defend and hold harmless each of the DTE Energy Indemnitees from and against any and all expenses and losses incurred or suffered by one or more of the DTE Energy Indemnitees in connection with, relating to, arising out of
or due to, directly or indirectly, any of the following: 
 (a)    all agreements entered into between
the DTE Energy Group and any DT Midstream Employee or independent contractor or other service provider providing services to the DT Midstream Group immediately following the Distribution Date; provided that if any such agreement constitutes a
Shared Contract, the benefits, obligations and liabilities under such agreement shall be allocated between DTE Energy and DT Midstream in accordance with Section 2.04 of the Distribution Agreement; 

(b)    all wages, salary, incentive compensation, commissions and bonuses payable to DT Midstream Employees
on or after the Distribution Date, without regard to when such wages, salary, incentive compensation, commissions or bonuses are or may have been earned, other than wages and salary earned through the Distribution Date; 

(c)    all moving expenses and obligations related to relocation, repatriation, transfers, tuition
assistance and adoption assistance or similar items incurred by or owed to any DT Midstream Employee on or after the Distribution Date; 

(d)    all immigration-related, visa, work application or similar rights, obligations and liabilities to
the extent they are related to any DT Midstream Employees; 
 (e)    all offer letters and letter
agreements entered into between (i) the DTE Energy Group, the DT Midstream Group or a former entity owned, in whole or in part, by the DT Midstream Group and (ii) any DT Midstream Employee providing for ongoing benefits and/or compensation
for such DT Midstream Employee; and 

  
 23 

 (f)    all Liabilities of the DT Midstream Group or in
respect of the operation or conduct of the DT Midstream Business as conducted at any time (whether prior to or after the Distribution) or any other business conducted by DT Midstream or any other member of the DT Midstream Group at any time after
the Distribution, in each case, with respect to claims made by or with respect to DT Midstream Employees relating to any Benefit Plan not otherwise retained or assumed by the DTE Energy Group pursuant to this Agreement, including such Liabilities
relating to actions or omissions of or by the DT Midstream Group or any officer, director, employee or agent thereof prior to the Distribution Date. 

SECTION 7.03.    Restrictive Covenants in Employment and Other Agreements. To the extent permitted under applicable
Law, following the Distribution, the DT Midstream Group shall be considered to be successors to the DTE Energy Group for purposes of all agreements containing restrictive covenants (including confidentiality provisions) between the DTE Energy Group
and any Business Employee executed prior to the Distribution Date such that the DTE Energy Group and the DT Midstream Group shall all enjoy the rights and benefits under such agreements, with respect to their respective business operations;
provided, however, that (a) in no event shall the DTE Energy Group be permitted to enforce any restrictive covenants against any Business Employees in their capacity as employees of the DT Midstream Group and (b) in no event shall
the DT Midstream Group be permitted to enforce any restrictive covenants against any DTE Energy employees in their capacity as employees of the DTE Energy Group. 

SECTION 7.04.    Past Service Credit. With respect to all DT Midstream Employees, as of the Distribution Date, the
DT Midstream Group shall recognize all service recognized under the comparable DTE Energy Benefit Plans for purposes of determining eligibility, participation, vesting and calculation of benefits under comparable plans and programs maintained by the
DT Midstream Group; provided that there shall be no duplication of benefits for DT Midstream Employees under such DT Midstream Group plans and programs. The DTE Energy Group shall provide to DT Midstream copies of any records available to the
DTE Energy Group to document such service, plan participation and membership and cooperate with DT Midstream to resolve any discrepancies or obtain any missing data for purposes of determining benefit eligibility, participation, vesting and
calculation of benefits with respect to the DT Midstream Employees. With respect to retaining, destroying, transferring, sharing, copying and permitting access to all such information, the DTE Energy Group and DT Midstream shall each comply with all
applicable Laws, regulations and internal policies and each Party shall indemnify and hold harmless the other Party from and against any and all Liability that arises from a failure (by the indemnifying Party) to so comply with all applicable Laws,
regulations and internal policies applicable to such information. 
 SECTION 7.05.    Accrued Vacation and Other Paid
Time Off. Effective as of the Distribution Date, the DT Midstream Group shall recognize and assume all liability for all paid time off and vacation, holiday, absence bank, sick leave and personal days off (other than deferred banked vacation),
accrued by DT Midstream Employees as of the Distribution Date, and the DT Midstream Group shall credit each DT Midstream Employee with such converted accrued days off. 

  
 24 

 SECTION 7.06.    Leaves of Absence. The DT Midstream Group shall
continue to apply all leave of absence policies as in effect immediately prior to the Distribution to inactive DT Midstream Employees who are on an approved leave of absence as of the Distribution Date. Leaves of absence taken by DT Midstream
Employees prior to the Distribution Date shall be deemed to have been taken as employees of DT Midstream. 
 SECTION
7.07.    DTE Energy Assets. Except as otherwise set forth herein, the DTE Energy Group or the DTE Energy Benefit Plans, as applicable, shall retain all reserves, bank accounts, trust funds or other balances maintained with
respect to DTE Energy Benefit Plans. 
 SECTION 7.08.    Further Cooperation; Personnel Records; Data Sharing.
The Parties shall provide each other such records and information as reasonably necessary or appropriate to carry out their obligations under applicable Law or this Agreement or for the purposes of administering their respective plans and policies.
Each Party shall be responsible for the accuracy of records and information provided to the other Party pursuant to this Section 7.08 and shall indemnify such other Party for any losses caused by inaccurate information that it has provided
(including failure to timely provide such records and information). Subject to applicable Law, all information and records regarding employment and personnel matters of Business Employees shall be accessed, retained, held, used, copied and
transmitted after the Distribution Date by the DTE Energy Group and DT Midstream, as applicable, in accordance with all Laws and policies relating to the collection, storage, retention, use, transmittal, disclosure and destruction of such records.
Access to such records after the Distribution Date shall be provided to the DTE Energy Group and DT Midstream, as applicable, in accordance with Article VII of the Distribution Agreement. Notwithstanding the foregoing, the DTE Energy Group
shall retain reasonable access to those records necessary for the DTE Energy Group’s continued administration of any plans or programs on behalf of Business Employees after the Distribution Date, and DT Midstream shall retain reasonable access
to those records necessary for DT Midstream’s administration of any equity award or other compensation or benefit payable or administered by the DT Midstream Group after the Distribution Date, provided that such access shall be limited to
individuals who have a job-related need to access such records. The DTE Energy Group shall also retain copies of all confidentiality agreements with any Business Employee in which the DTE Energy Group has a
valid business interest. With respect to retaining, destroying, transferring, sharing, copying and permitting access to all such information, the DTE Energy Group and DT Midstream shall each comply with all applicable Laws, regulations and internal
policies, and each Party shall indemnify and hold harmless the other Party from and against any and all Liability that arises from a failure (by the indemnifying Party) to so comply with all applicable Laws, regulations and internal policies
applicable to such information. 
 SECTION 7.09.    Tax Deductions. Except as required by a Determination,
(a) any DT Midstream Legacy Employee Compensation Deduction shall be claimed solely by DT Midstream or an applicable member of the DT Midstream Group, (b) any DT Midstream Corporate Employee Compensation Deduction shall be claimed solely
by DTE Energy or an applicable member of the DTE Energy Group, (c) any DTE Energy Equity Compensation Deduction shall be claimed solely by DTE Energy or an applicable member of the DTE Energy Group and (d) any DT Midstream Equity
Compensation Deduction shall be claimed solely by DT Midstream or an applicable member of the DT Midstream Group. 

  
 25 

 ARTICLE VIII 

GENERAL PROVISIONS 

SECTION 8.01.    Employment and Plan Rights. Notwithstanding anything to the contrary in this Agreement, the
Parties expressly acknowledge and agree that (a) this Agreement is not intended to create a service-related contract between any member of the DTE Energy Group or the DT Midstream Group, on the one hand, and any employee or service provider, on
the other, nor may any current or former employee or service provider of the DTE Energy Group or the DT Midstream Group rely on this Agreement as the basis for any breach of any service-related contract claim against any member of the DTE Energy
Group or the DT Midstream Group, (b) nothing in this Agreement shall be deemed or construed to require any member of the DTE Energy Group or the DT Midstream Group to continue to employ any particular employee or service provider for any period
before or after the Distribution Date, (c) nothing in this Agreement shall be deemed or construed to limit the right of any member of the DTE Energy Group or the DT Midstream Group to terminate the employment or service of any employee or
service provider at any time before or after the Distribution Date and (d) nothing in this Agreement shall be construed as establishing or amending any Benefit Plan, or any other plan, policy, agreement or arrangement for the benefit of any
employee or any other person of the DTE Energy Group or the DT Midstream Group. 
 SECTION
8.02.    Confidentiality. Each Party agrees that any information conveyed or otherwise received by or on behalf of a Party in conjunction herewith is confidential and is subject to the terms of the confidentiality
provisions set forth in Section 7.09 of the Distribution Agreement. 
 SECTION 8.03.    Administrative
Complaints/Litigation. (a) Except as otherwise provided in this Agreement and as set forth in Section 8.03(b), as of the Distribution Date, DT Midstream shall assume, and be solely liable for, the handling, administration,
investigation and defense of actions related to a DT Midstream Benefit Plan or DT Midstream Employees, including ERISA, as well as any claims based on actions occurring on or after the Distribution Date, including occupational safety and health,
employment standards, union grievances, wrongful dismissal, discrimination or human rights and unemployment compensation claims, asserted at any time against the DTE Energy Group or the DT Midstream Group by any Person other than those related to a
DTE Energy Benefit Plan. Any Liabilities arising from such actions shall be deemed DT Midstream Liabilities under the Distribution Agreement. 

(b)    Except as otherwise provided in this Agreement, as of the Distribution Date, DTE Energy shall assume, and be solely
liable for, the handling, administration, investigation and defense of actions related to a DTE Energy Benefit Plan or any current or former service provider of the DTE Energy Group who does not become a DT Midstream Employee, including ERISA, as
well as any claims based on actions occurring prior to the Distribution Date, including occupational safety and health, employment standards, union grievances, wrongful dismissal, discrimination or human rights and unemployment

  
 26 

 
compensation claims, asserted at any time against the DTE Energy Group or the DT Midstream Group by any Person. Any Liabilities arising from such actions or as otherwise expressly provided in
this Agreement shall be deemed DTE Energy Liabilities under the Distribution Agreement. 
 SECTION
8.04.    Reimbursement and Indemnification. The Parties agree to reimburse each other, within 30 days of receipt from the other Party of appropriate verification, for all costs and expenses which each may incur on
behalf of the other as a result of any of the Benefit Plans and as contemplated by Sections 4.03(b), 4.07 and 4.10. All Liabilities retained, assumed or indemnified against by the DT Midstream Group pursuant to this Agreement shall be subject to
indemnification under Section 6.02 of the Distribution Agreement and all Liabilities retained, assumed or indemnified against by the DTE Energy Group pursuant to this Agreement shall be subject to indemnification under Section 6.03 of the
Distribution Agreement, and all such Liabilities shall be subject to the indemnification procedures set forth in Article VI of the Distribution Agreement. 

SECTION 8.05.    Entire Agreement. This Agreement, including any schedules hereto and the sections of the
Distribution Agreement referenced herein, contains the entire agreement between the Parties with respect to the subject matter hereof and supersedes all previous agreements, negotiations, discussions, writings, understandings, commitments and
conversations with respect to such subject matter, and there are no agreements or understandings between the Parties with respect to the subject matter hereof other than those set forth or referred to herein or therein. 

SECTION 8.06.    Section 409A. The Parties shall cooperate in good faith and use reasonable best efforts to ensure
that the Transactions shall not result in adverse tax consequences under Section 409A of the Code to any Business Employee (or any of their respective beneficiaries), in respect of their respective benefits under any Benefit Plan. 

SECTION 8.07.    Amendment. No provisions of this Agreement shall be deemed waived, amended, supplemented or
modified by any Party hereto, unless such waiver, amendment, supplement or modification is in writing and signed by the authorized representative of each Party. 

SECTION 8.08.    Waiver. Any term or provision of this Agreement may be waived, or the time for its performance may
be extended, by the Party or parties entitled to the benefit thereof. Any such waiver shall be validly and sufficiently given for the purposes of this Agreement if, as to any Party, it is in writing signed by an authorized representative of such
Party. The failure of either Party to enforce at any time any provision of this Agreement shall not be construed to be a waiver of such provision, or in any way to affect the validity of this Agreement or any part hereof or the right of any Party
thereafter to enforce each and every such provision. No waiver of any breach of this Agreement shall be held to constitute a waiver of any other or subsequent breach. 

SECTION 8.09.    Execution in Counterparts. This Agreement may be executed in one or more counterparts, all of
which counterparts shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each 

  
 27 

 
Party and delivered to the other Party. This Agreement may be executed by electronic or PDF signature and scanned and exchanged by electronic mail, and such electronic or PDF signature shall
constitute an original for all purposes. 
 SECTION 8.10.    No Third-Party Beneficiaries. No Business Employee
or other current or former employee of any member of the DTE Energy Group or any member of the DT Midstream Group (or his/her spouse, dependent or beneficiary), or any other person not a Party to this Agreement, shall be entitled to assert any claim
hereunder. The provisions of this Agreement are solely for the benefit of the Parties and are not intended to confer upon any Person except the Parties any rights or remedies hereunder and there are no third-Party beneficiaries of this Agreement and
this Agreement shall not provide any third Person with any remedy, claim, liability, reimbursement, cause of action or other right in excess of those existing without reference to this Agreement. 

SECTION 8.11.    Notices. All notices or other communications under this Agreement shall be in writing and shall be
deemed to be duly given when delivered or mailed in accordance with the terms of Section 11.05 of the Distribution Agreement. 

SECTION 8.12.    Force Majeure. No Party shall be deemed in default of this Agreement to the extent that any delay
or failure in the performance of its obligations under this Agreement results from any cause beyond its reasonable control and without its fault or negligence, including acts of God, acts of civil or military authority, embargoes, acts of terrorism,
epidemics, war, riots, insurrections, fires, explosions, earthquakes, floods, unusually severe weather conditions, labor problems or unavailability of parts, or, in the case of computer systems, any failure in electrical or air conditioning
equipment. In the event of any such excused delay, the time for performance shall be extended for a period equal to the time lost by reason of the delay. A Party claiming the benefit of this provision shall, as soon as reasonably practicable after
the occurrence of any such event, (a) notify the other Party of the nature and extent of any such force majeure condition and (b) use due diligence to remove any such causes and resume performance under this Agreement as soon as reasonably
feasible. 
 SECTION 8.13.    No Public Announcement. Neither Party hereto shall, without the prior written
approval of the other Party, make any press release or other public announcement concerning the transactions contemplated by this Agreement, except as and to the extent that any such Party shall be so obligated by Law or the rules of any regulatory
body or stock exchange, in which case the other Party shall be advised and the Parties shall use their respective commercially reasonable efforts to cause a mutually agreeable release or announcement to be issued; provided, however, that the
foregoing shall not preclude communications or disclosures necessary to implement the provisions of this Agreement or to comply with the accounting and U.S. Securities and Exchange Commission disclosure obligations or the rules of any stock
exchange. 
 SECTION 8.14.    Limited Liability. Notwithstanding any other provision of this Agreement, no Person
who is a stockholder, director, employee, officer, agent or representative of DT Midstream or DTE Energy, in such individual’s capacity as such, shall have any Liability in respect of or relating to the covenants or obligations of DT Midstream
or DTE Energy, as applicable, under this Agreement, the Distribution Agreement or any other Ancillary Agreement 

  
 28 

 
or in respect of any certificate delivered with respect hereto or thereto, and, to the fullest extent legally permissible, each of DT Midstream and DTE Energy, for itself and its stockholders,
directors, employees, officers and Affiliates, waives and agrees not to seek to assert or enforce any such liability that any such individual otherwise might have pursuant to applicable Law. 

SECTION 8.15.    Effect if Distribution Does Not Occur. Notwithstanding anything in this Agreement to the contrary,
if the Distribution Agreement is terminated prior to the Distribution, this Agreement shall be of no further force and effect. 
 SECTION
8.16.    Miscellaneous. Except as otherwise expressly set forth in this Agreement, the provisions of Article XI of the Distribution Agreement shall apply mutatis mutandis to this Agreement. 

[Signature Page Follows] 

  
 29 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their
authorized representatives as of the date first above written. 
  

					
	DTE ENERGY COMPANY
		
	By:	 	              /s/
David Ruud

		 	Name:	 	David Ruud
		 	Title:	 	Senior Vice President & Chief Financial Officer
	
	DT MIDSTREAM, INC.
		
	By:	 	              /s/
David Slater

		 	Name:	 	David Slater
		 	Title:	 	President & Chief Executive OfficeExhibit 10.1 

 

THIRD AMENDED AND RESTATED 

 

ADVISORY AGREEMENT (2021)

 

among 

 

BLACK CREEK INDUSTRIAL REIT IV INC., 

 

BCI IV OPERATING PARTNERSHIP LP 

 

and 

 

ARES COMMERCIAL REAL ESTATE MANAGEMENT LLC

 

     

     

    

 

Table of Contents

 

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

 

     

     

    

 

THIS THIRD AMENDED AND RESTATED ADVISORY AGREEMENT
(2021) (the “Agreement”), dated as of July 1, 2021, is among Black Creek Industrial REIT IV Inc., a Maryland corporation (the
 “Corporation”), BCI IV Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”),
and Ares Commercial Real Estate Management LLC, a Delaware limited liability company (the “Advisor”).

 

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, the Operating Partnership
and BCI IV Advisors LLC, a Delaware limited liability company (the “Former Advisor”), are parties to that certain Second Amended
and Restated Advisory Agreement (2021) dated as of May 1, 2021 (the “Prior Agreement”), which is amended and restated in its
entirety hereby;

 

WHEREAS, the Advisor and the Former Advisor entered
into that certain Assignment and Assumption Agreement dated as of the date hereof, pursuant to which, among other things, the Former Advisor
assigned its rights and obligations under the Prior Agreement to the Advisor and the Advisor assumed those rights and obligations (the
 “Assignment”);

 

WHEREAS, the Corporation, the Operating Partnership
and the Advisor desire to amend and restate the Prior Agreement in order to reflect the Assignment and certain other amendments;

 

WHEREAS, the Corporation and the Operating Partnership
desire to avail themselves of the experience, sources of information, advice, assistance and certain facilities of the Advisor and to
have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the
Board of Directors of the Corporation, all as provided herein;

 

WHEREAS, the Advisor is willing to undertake to
render such services, subject to the supervision of the Board of Directors, on the terms and conditions hereinafter set forth.

 

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 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. For purposes of this definition, “Asset” means
any asset that is related to or which represents a direct or indirect interest in Real Property, Mortgages or other Real Property-related
debt, whether owned directly, indirectly or through a Joint Venture or other co-ownership relationship.

 

    1

     

    

 

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, directly or indirectly,
in Mortgages or the origination or acquisition of other Real Property-related debt or other investments, related to or which represent
a direct or indirect interest in Real Property Mortgages or other Real Property-related debt whether owned directly, indirectly or through
a Joint Venture or other co-ownership relationship, 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. Ares Commercial Real Estate Management
LLC, a Delaware limited liability company, any successor advisor to the Corporation, the Operating Partnership or any person or entity
to which Ares Commercial Real Estate Management LLC or any successor advisor subcontracts substantially all of its functions. Notwithstanding
the forgoing, a Person hired or retained by Ares Commercial Real Estate Management 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 Ares Commercial Real Estate Management LLC with respect to the Corporation or the Operating Partnership as a whole shall not be deemed
to be an Advisor.

 

Advisory Fee. The fee payable to the Advisor
pursuant to Paragraph 9(a).

 

Affiliate or Affiliated. With respect to
any Person, (i) any Person directly or indirectly owning, controlling or holding, with the power to vote, ten percent (10%) or
more of the outstanding voting securities of such other Person; (ii) any Person ten percent (10%) or more of whose outstanding
voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person
directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any executive officer, director,
trustee or general partner of such other Person; and (v) any legal entity for which such Person acts as an executive officer, director,
trustee or general partner.

 

Annual Total Return Amount. The overall
investment return, expressed as a dollar amount per OP Unit, which shall be equal to the sum of (1) the Weighted-Average Distributions
per OP Unit over the applicable period, and (2) the Ending VPU, adjusted to remove the negative impact on the overall investment return
from the payment or obligation to pay, or distribute, as applicable, the Performance Component and Class-Specific Fees, less the Beginning
VPU.

 

    2

     

    

 

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.

 

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.

 

Beginning VPU. The VPU determined as of
the end of the most recent month prior to the commencement of the applicable 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.

 

Class-Specific Fees. Any Distribution Fee
expenses accrued or allocated directly or indirectly to a particular class of OP Units or Shares.

 

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.

 

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 principles, (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 incurred, assumed
or taken subject to by an acquirer. Without limiting the generality of the foregoing, in any transaction involving the acquisition of
any 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.

 

    3

     

    

 

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

 

Dealer Manager. Black Creek Capital Markets,
LLC or such other Person or entity selected by the Board of Directors to act as the dealer manager for the Offering. Black Creek Capital
Markets, LLC is a member of FINRA.

 

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.

 

Development Fee. The fee payable to the
Advisor pursuant to Paragraph 9(b).

 

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

 

Disposition. The term “Disposition”
shall include (i) a sale of any substantial portion of the Assets, whether effectuated either directly or indirectly through the sale
of any entity owning such Assets, including, without limitation, the Corporation or the Operating Partnership, (ii) any sale, merger or
other transaction resulting in a special distribution to our stockholders, including, without limitation, any 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.

 

Disposition Expenses. Any and all expenses
incurred by the Corporation, the Operating Partnership, the Advisor, or any of their Affiliates in connection with the disposition of
any Asset, whether or not finally sold, including, without limitation, legal fees and expenses, travel and communications expenses and
accounting fees and expenses.

 

Distribution Fee. The distribution fee
or any similar ongoing fee (as distinguished from upfront or one-time selling commissions and fees) payable to the Dealer Manager pursuant
to the then-current dealer manager agreement between the Corporation and the Dealer Manager.

 

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.

 

DST Properties. Real properties that meet
the following criteria: (i) tenancy-in-common or Delaware statutory trust beneficial interests in such properties have been sold by the
Corporation or any Affiliate to third party investors and (ii) such properties are being leased by the Corporation or any Affiliate from
the tenancy-in-common or Delaware statutory trust third party investors.

 

    4

     

    

 

DST Property Consideration. The consideration
received by the Corporation or any Affiliate for selling tenancy-in-common or Delaware statutory trust beneficial interests in DST Properties
to third party investors, net of DST Up Front Fees.

 

DST Up Front Fees. Up front fees and expense
reimbursements payable out of gross sale proceeds from the sale of tenancy-in-common or Delaware statutory trust beneficial interests
in DST Properties, including but not limited to sales commissions, dealer manager fees and non-accountable expense allowances.

 

Ending VPU. The VPU as of the end of the
last month in the applicable period.

 

Equity Shares. Transferable shares of beneficial
interest of the Corporation of any class or series, including common shares or preferred shares.

 

Excess Amount. Excess Amount shall have
the meaning set forth in Paragraph 12.

 

Fixed Component. The non-variable component
of the Advisory Fee as described in Paragraph 9.

 

FINRA. Financial Industry Regulatory Authority,
Inc.

 

Fund Interests. The total outstanding Shares
and outstanding OP Units that are held by parties other than the Corporation.

 

GAAP. Generally accepted accounting principles
as in effect in the United States of America from time to time.

 

Good Reason. With respect to the termination
of this Agreement, (i) any failure to obtain a satisfactory agreement from any successor to the Corporation and/or the Operating
Partnership to assume and agree to perform the Corporation’s and/or the Operating Partnership’s obligations under this Agreement;
or (ii) any uncured material breach of this Agreement of any nature whatsoever by the Corporation and/or the Operating Partnership
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. It is the intent that Gross Market Capitalization reflect the total gross value of all Assets which are the
subject of the Listing. In the event of a partial Listing, Gross Market Capitalization shall be calculated to reflect the applicable portion
of the Corporation’s total gross asset value associated with the Fund Interests that are a part of such Listing.

 

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 other 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.

 

    5

     

    

 

Gross Share Value. The product of
(i) Fund Interests and (ii) the Value Per Share.

 

Hurdle Amount. For the applicable period,
an amount equal to 5.0% of the Beginning VPU.

 

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.

 

Independent Valuation Advisor. A firm that
is (i) engaged to a substantial degree in the business of conducting valuations on commercial real estate properties, (ii) not affiliated
with the Advisor and (iii) engaged by the Corporation with the approval of the Board to appraise the Real Properties or other assets or
liabilities pursuant to the Valuation Procedures.

 

Joint Ventures. The joint venture, co-investment,
co-ownership or partnership arrangements (other than arrangements between the Corporation and the Operating Partnership) 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 or partial listing
of the Shares on a national securities exchange.

 

Loss Carryforward. An amount that equaled
zero as of July 1, 2017 and shall cumulatively increase by the absolute value of any negative Annual Total Return Amount and decrease
by any positive Annual Total Return Amount, provided that the Loss Carryforward shall at no time be less than zero. The effect of the
Loss Carryforward is that the recoupment of past Annual Total Return Amount losses will offset the positive Annual Total Return Amount
for purposes of the calculation of the Performance Component.

 

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, as may be amended from time to time.

 

    6

     

    

 

NAV. Net asset value, calculated pursuant
to the Valuation Procedures.

 

NAV Calculations. The calculations used
to determine the NAV of the Corporation, the Shares, the Operating Partnership and the OP Units, all as provided in the Valuation Procedures.

 

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’s limited partnership agreement among the Corporation as general partner, and the limited partners thereto.

 

OP Unit. Units of limited partnership interest
in the Operating Partnership, other than the Special OP Units.

 

Organization and Offering Expenses. Any
and all cumulative costs and expenses incurred by and to be paid from the assets of the Corporation, including amounts reimbursable to
the Advisor and its Affiliates pursuant to Paragraph 10(a)(i) hereof, in connection with the formation of the Corporation and the qualification
and registration of all of the Corporation’s Offerings, and the marketing and distribution of Shares, including, without limitation,
total underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys), 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.

 

Performance Component. The variable component
of the Advisory Fee as described in Paragraph 9.

 

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

 

Private Organization and Offering Expenses.
Any and all cumulative costs and expenses incurred by and to be paid from the assets of the Corporation or any of its subsidiaries, including
amounts reimbursable to the Advisor and its Affiliates pursuant and subject to Paragraph 10(a)(ii) hereof, in connection with the formation
of any subsidiaries of the Corporation and the qualification of any private offerings of securities conducted by the Corporation or any
of such subsidiaries and the subsequent marketing and distribution of such securities, including, without limitation, total underwriting
and brokerage discounts and commissions (including fees of the underwriters’ attorneys), expenses for printing and amending or supplementing
private placement memoranda, 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
qualification of the sale of the Securities under federal and state laws, including accountants’ and attorneys’ fees.

 

    7

     

    

 

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.

 

Property Accounting Fee. The fee payable
to the Advisor pursuant to Paragraph 9(c).

 

Property Accounting Services. Services
related to accounting for Real Property operations and considered “property accounting” in the real estate industry. Such
services generally include the maintenance of the Real Property’s books and records in accordance with GAAP and the Corporation’s
policies, procedures, and internal controls, in a timely manner, and the processing of Real Property-related cash receipts and disbursements.
Examples include, but are not limited to, lease administration, monthly tenant billing and collections, rental revenue accounting, accounting
for doubtful accounts, preparing rental expense recovery estimates and reconciliations, recording rental expenses, processing rental expense
invoices and tenant reimbursement payments, accounting and budgeting for capital improvement projects, preparing and reviewing operating
budgets, assisting in reporting and cash management for loan compliance purposes, and preparing account reconciliations and operating
reports. Property accounting services do not include corporate-level accounting services such as, for example, consolidation, accounting
and reporting analysis, and quality control reviews of accounting and reporting of third-party property accountants to ensure the accuracy,
timeliness, and consistency of property accounting results.

 

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.

 

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. DST Properties shall also be deemed Real Property for the purposes of this definition.

 

    8

     

    

 

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

 

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, 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.

 

Share Redemption Program. The Corporation’s
share redemption program, as amended from time to time.

 

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 designated as Special Partnership Units in the Operating Partnership Agreement.

 

Sponsor. Any Person which (i) is directly
or indirectly instrumental in organizing, wholly or in part, the Corporation, (ii) will control, manage or participate in the management
of the Corporation, and any Affiliate of any such Person, (iii) takes the initiative, directly or indirectly, in founding or organizing
the Corporation, either alone or in conjunction with one or more other Persons, (iv) receives a material participation in the Corporation
in connection with the founding or organizing of the business of the Corporation, in consideration of services or property, or both services
and property, (v) has a substantial number of relationships and contacts with the Corporation, (vi) possesses significant rights
to control Properties, (vii) receives fees for providing services to the Corporation which are paid on a basis that is not customary
in the industry, or (viii) provides goods or services to the Corporation on a basis which was not negotiated at arm’s-length
with the Corporation. “Sponsor” does not include any Person whose only relationship with the Corporation is that of an independent
property manager and whose only compensation is as such, or wholly independent third parties such as attorneys, accountants and underwriters
whose only compensation is for professional services.

 

Stockholders. The registered holders of
the Corporation’s Shares.

 

Termination Date. The date of termination
of this Agreement.

 

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 the Advisory Fee 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.

 

    9

     

    

 

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.

 

Unitholders. The holders of OP Units.

 

Valuation Procedures. The valuation procedures
adopted by the Board, as amended from time to time.

 

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.

 

VPU. Average value per OP Unit, which on
any given date shall be equal to (i) the Operating Partnership NAV on such date, divided by (ii) the aggregate number of OP Units of all
classes outstanding on such date.

 

Weighted-Average Distributions per OP Unit.
For a particular period of time, an amount equal to the ratio of (i) the aggregate distributions accrued in respect of all OP Units during
the applicable period, divided by (ii) the weighted-average number of OP Units of all classes outstanding during the applicable period,
calculated in accordance with GAAP applied on a consistent basis.

 

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.

 

    10

     

    

 

2. APPOINTMENT. The Corporation and the Operating
Partnership hereby appoint the Advisor to serve as their advisor on the terms and conditions set forth in this Agreement, and the Advisor
hereby accepts such appointment.

 

3. DUTIES OF THE ADVISOR. The Advisor undertakes
to use its reasonable efforts to present to the Corporation and the Operating Partnership potential investment opportunities and to provide
a continuing and suitable investment program consistent with the investment objectives and policies of the Corporation as determined and
adopted from time to time by the Board of Directors. The Advisor is registered as an investment adviser under the Advisers Act of 1940
(the “Advisers Act”) and undertakes to perform its duties consistent with applicable law. In performance of these undertakings,
subject to the supervision of the Board of Directors and consistent with the provisions of the Charter, the Bylaws and the Operating Partnership
Agreement, 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 of Shares
and any private placements of securities, including but not limited to OP Units, tenancy-in-common or Delaware statutory trust beneficial
interests in DST Properties, including, without limitation: (i) develop the product offering, including the determination of the
specific terms of the Securities to be offered, 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, private placement memoranda and other Offering,
private placement 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 or private placement; (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, an Offering or a private placement;

 

(c) implement and coordinate the processes with
respect to the NAV Calculations, and in connection therewith, obtain appraisals performed by an Independent Valuation Advisor concerning
the value of the Real Properties;

 

(d) supervise
one or more Independent Valuation Advisors and, if and when necessary, recommend to the Board its replacement;

 

    11

     

    

 

(e) 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 and OP Unitholders, including answering phone calls, preparing and sending written and electronic reports and other
communications; and (x) establish technology infrastructure to assist in providing Stockholder and OP Unitholder support and
service;

 

(f) 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;

 

(g) 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;

 

(h) subject to the provisions of Paragraphs 3(j),(q),(r),(s)
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;

 

    12

     

    

 

(i) upon request, provide the Board of Directors
with periodic reports regarding prospective investments;

 

(j) make investments in and Dispositions of Assets
within the discretionary limits and authority as granted by the Board;

 

(k) 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 the Corporation’s 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;

 

(l) 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;

 

(m) 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;

 

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

 

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

 

(p) 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;

 

(q) notify and obtain the prior approval of the
Board of Directors, any particular Directors specified by the Board or, if specified in a resolution or policy adopted by the Board, any
committee of the Board or the Advisor, for any investments in Real Properties;

 

(r) 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;

 

(s) 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;

 

    13

     

    

 

 

(t) oversee the development, construction and
improvement, including tenant improvements, of Real Properties (including DST Properties) by third parties on behalf of the Corporation;

 

(u) provide Property Accounting Services with
respect to each Real Property; and

 

(v) oversee and monitor third-party engineers,
facility managers and property managers with regard to the effective building operations and maintenance of our Real Properties (including
DST Properties).

 

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. Further, the Advisor or any Affiliate may provide internal legal services, either
directly to the Corporation or as oversight of the Corporation’s outside counsel, which internal legal services shall be deemed
separate and not included in the services set forth above.

 

4. AUTHORITY OF ADVISOR.

 

(a) Pursuant to the terms of this Agreement (including
the restrictions included in Paragraph 3, 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 take, or cause to be taken, any and all actions and to execute and deliver any and all agreements, certificates, assignments, instruments
or other documents and to do any and all things that, in the judgment of the Advisor, may be necessary or advisable in connection with
the Advisor’s duties described in Paragraph 3.

 

(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, if specified in
a resolution or policy adopted by the Board, any committee of the Board or the Advisor, 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.

 

     14

     

    

 

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 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.

 

     15

     

    

 

9. FEES.

 

(a)       Advisory
Fee. As compensation for asset management services rendered pursuant to Paragraph 3 hereof, the Corporation shall pay to the Advisor
the Fixed Component of the Advisory Fee as set forth in this Paragraph 9(a) and the Performance Component of the Advisory Fee described
in this Paragraph 9(a). Provided that this Agreement has not been terminated, the Performance Component shall be paid to the Advisor as
a performance participation interest with respect to the Special OP Units in the form of an allocation and distribution from the Operating
Partnership pursuant to the Operating Partnership Agreement. At the election of the Advisor, all or a portion of the Performance Component
shall be paid instead to the Advisor as a fee as set forth in this Paragraph 9(a). If the Advisor does not elect on or before the first
day of a calendar year to have all or a portion of the Performance Component paid as a fee in cash to the Advisor, then the Performance
Component shall be paid as a distribution on the performance participation interest to the Advisor, as the holder of the Special OP Units.

 

(i)       
The Corporation shall pay to the Advisor the Fixed Component of the Advisory Fee, in an amount equal to 1/12th of 1.25% of (a) the applicable
monthly NAV per Fund Interest times the weighted-average number of Fund Interests for such month and (b) the aggregate DST Property Consideration
for all DST Properties. In calculating the Fixed Component of the Advisory Fee, the Corporation uses its NAV before giving effect to monthly
accruals for the Fixed and Performance Components of the Advisory Fee, Distribution Fees payable to the Dealer Manager, or distributions
payable on the Corporation’s outstanding Shares or OP Units held by third parties. In connection with a Disposition, the Corporation
shall pay the Advisor the Fixed Component of the Advisory Fee in an amount equal to 1.0% of the (a) Gross Market Capitalization of the
Corporation upon the occurrence of a Listing or (b) Contract Sales Price upon the occurrence of any other Disposition.

 

(ii)       The
Advisor shall earn a Performance Component with respect to each calendar year (or partial calendar year) in which this Agreement is in
effect in an amount equal to:

 

(A)       the
lesser of (1) the amount equal to 12.5% of (a) the Annual Total Return Amount less (b) the Loss Carryforward, and (2) the amount equal
to (x) the Annual Total Return Amount, less (y) the Loss Carryforward, less (z) the Hurdle Amount;

 

multiplied by:

 

(B)       the
weighted-average number of OP Units outstanding during the applicable year, calculated in accordance with GAAP as applied on a consistent
basis;

 

(C)       provided,
that the Performance Component shall at no time be less than zero.

 

     16

     

    

 

Except as described in the definition of Loss
Carryforward in this Agreement, any amount by which the Annual Total Return Amount falls below the Hurdle Amount will not be carried forward
to subsequent periods. If the Performance Component is payable pursuant to this Paragraph 9(a)(ii), the Advisor shall be entitled to such
payment or distribution, as applicable, even in the event that the total percentage return to Unitholders over any longer or shorter period,
or the total percentage return to any particular Unitholder over the same, longer or shorter period, has been less than the Annual Total
Return Amount used to calculate the Hurdle Amount. The Advisor shall not be obligated to return any portion of any Advisory Fee paid based
on the Corporation’s or the Operating Partnership’s subsequent performance.

 

If the Performance Component is being calculated
with respect to a year in which the Corporation completes a Liquidity Event, for purposes of determining the Annual Total Return Amount,
the change in VPU shall be deemed to equal the difference between the Ending VPU as of the end of the prior calendar year and the value
per OP Unit determined in connection with such Liquidity Event. In connection with a Listing, for purposes of determining the Annual Total
Return Amount, the change in VPU shall be deemed to equal the difference between the Ending VPU as of the end of the prior calendar year
and an amount equal to the market value of the listed shares based upon the average closing price or, if the average closing price is
not available, the average of the bid and asked prices, for the 30-day period beginning 90 days after such Listing. Upon a Liquidity Event
other than a Listing, for purposes of determining the Annual Total Return Amount, the change in VPU shall be deemed to equal the difference
between the Ending VPU as of the end of the prior calendar year and an amount equal to the consideration per Fund Interest received by
holders of Fund Interests in connection with such Liquidity Event.

 

(iii)       The
Advisory Fee will accrue monthly. The Fixed Component is payable monthly in arrears; provided that, with respect to a Disposition, the
Fixed Component is payable upon the occurrence of a Listing or other Disposition, as described in Paragraph 9(a)(i) above. The Performance
Component with respect to any calendar year is payable after the completion of the NAV Calculations for December of such year. The Fixed
Component shall be payable for each month in which this Agreement is in effect, even if the Agreement is in effect for a partial month.
The Performance Component shall be payable for each calendar year in which this Agreement is in effect, even if the Agreement is in effect
for a partial calendar year. If the Advisory Fee is payable with respect to any partial calendar month or calendar year, then the Fixed
Component shall be prorated based on the number of days elapsed during any partial calendar month and the Performance Component shall
be calculated based on the annualized total return amount determined using the total return achieved for the period of such partial calendar
year. In the event this Agreement is terminated or its term expires without renewal, the partial period Fixed Component and Performance
Component of the Advisory Fee shall be calculated and due and payable upon the Termination Date. In such event, for purposes of determining
the Annual Total Return Amount, the change in VPU shall be determined based on a good faith estimate of what the NAV Calculations would
be as of the Termination Date; provided, that, if this Agreement is terminated with respect to a Liquidity Event, the Performance Component
will be due and payable in connection with such Liquidity Event and the Annual Total Return Amount shall be calculated as set forth in
Paragraph 9(a)(ii) above.

 

     17

     

    

 

(iv)       In
the event the Operating Partnership commences a liquidation of its Assets during any calendar year, the Advisor shall be paid the Advisory
Fee from the proceeds of the liquidation and the Performance Component shall be calculated at the end of the liquidation period prior
to the distribution of the liquidation proceeds to the Unitholders. The calculation of the Performance Component for any partial year
shall be calculated consistent with the applicable provisions of Paragraphs 9(a)(ii) and 9(a)(iii) above.

 

(v)       The
measurement of the change in VPU for the purpose of calculating the Annual Total Return Amount is subject to adjustment by the Board to
account for any dividend, split, recapitalization or any other similar change in the Operating Partnership’s capital structure or
any distributions that the Board deems to be a return of capital if such changes are not already reflected in the Operating Partnership’s
net assets.

 

(vi) Notwithstanding anything to the contrary
in this Paragraph 9(a), upon the triggering of a Pro-Rata Period as defined in the Share Redemption Program, payment or distribution of
the Performance Component shall be deferred until all share redemption requests under the Share Redemption Program are satisfied.

 

(b) Development Fee. The Advisor shall
receive a Development Fee (defined below) with respect to each Real Property for which the Advisor provides 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
or value add transactions), or both (any of the foregoing being “Development Real Properties”). 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 fee (the “Development 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 shall be compensated directly by the Corporation, and
the Advisor shall receive the Development Fee if it provides the Development Oversight Services. The total of all Development Fees and
Acquisition Expenses paid by the Corporation with respect to any Real Property shall not exceed 6% of the Contract Purchase Price or the
Total Project Cost (as applicable) of such Real Property unless Development Fees in excess of such amount are approved by a majority of
the Board of Directors, including a majority of the Independent Directors.

 

(c) Property Accounting Fee. Each Real
Property owned by the Company will receive Property Accounting Services from the Advisor. In exchange for the Property Accounting Services,
the Corporation shall pay the Advisor the difference between: (i) the property management fee charged with respect to each Real Property
(the “Property Management Fee”), which reflects the market rate for all Real Property management services, including Property
Accounting Services, based on rates charged for similar properties within the region or market in which the Real Property is located,
and (ii) the amount paid to third-party property management firms for property management services, which fee is based on an arms-length
negotiation with a third-party property management service provider (the difference between (i) and (ii), the “Property Accounting
Fee”). The tenant or tenants at each Real Property may reimburse the Corporation for all or a portion of the Property Management
Fee, including the Property Accounting Fee.

     18

     

    

 

(d)       Third-Party
Costs. The Advisor or its Affiliates may incur third-party costs in connection with the performance of applicable services pursuant
to this Agreement, which third-party costs shall be separately reimbursed pursuant to Paragraph 10 hereof.

 

(e)       Fees
for other Services. The Corporation may retain certain of the Advisor’s Affiliates from time to time, for services relating
to its investments or its operations, which may include property management services, leasing services, corporate services, statutory
services, transaction support services (including but not limited to coordinating with brokers, lawyers, accountants and other advisors,
assembling relevant information, conducting financial and market analyses, and coordinating closing procedures), construction and development
management, and loan management and servicing, and within one or more such categories, providing services in respect of asset and/or investment
administration, accounting, technology, tax preparation, finance (including but not limited to budget preparation and preparation and
maintenance of corporate models), treasury, operational coordination, risk management, insurance placement, human resources, legal and
compliance, valuation and reporting-related services, as well as services related to mortgage servicing, group purchasing, healthcare,
consulting/brokerage, capital markets/credit origination, property, title and/or other types of insurance, management consulting and other
similar operational matters. Any fees paid to the Advisor’s affiliates for any such services will not reduce the Advisory Fees.
Any such arrangements will be at market rates or reimbursement of costs.

 

(f)       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 comparable loans between unaffiliated
parties.

 

(g)       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.

 

(h)       Payment
in Shares or OP Units. The fees due under this Paragraph 9 shall be paid in cash; provided, however, that in lieu of cash, the Advisor
may elect to receive the payment of the fees due under this Paragraph 9 in any class of Shares or OP Units. Any such Shares or OP Units
shall be valued at the NAV per share applicable to such Shares or OP Units on the issue date. Such shares shall not be subject to any
early redemption deduction under the Corporation’s share redemption programs.

 

     19

     

    

 

(i) Equity Compensation. The Corporation
has adopted equity incentive plans, which are administered by the Board of Directors, including the Independent Directors, pursuant to
which the Corporation makes certain equity awards to the Independent Directors as well as to advisors, consultants, and employees of the
Advisor and its Affiliates. Awards are granted at the discretion of the Board of Directors.

 

10. EXPENSES.

 

(a) In addition to the compensation paid to the
Advisor pursuant to Paragraph 9 hereof and subject to the limitations set forth in this Paragraph 10 and in Paragraph 12 and contained
in the Charter, the Corporation or the Operating Partnership shall pay directly or reimburse the Advisor or its Affiliates for all of
the expenses paid or incurred by the Advisor or its Affiliates in connection with the services they provide to the Corporation and the
Operating Partnership pursuant to this Agreement, including, but not limited to:

 

(i) Organization and Offering Expenses paid or
incurred by the Advisor or any of its Affiliates; provided that after an Offering terminates, the Advisor shall reimburse the Corporation
to the extent the sum of the Organization and Offering Expenses and the Sales Commissions, Dealer Manager Fees and Distribution Fees with
respect to such Offering that are borne by the Corporation exceed 15.0% of the Gross Proceeds raised in the completed Offering; the Advisor
shall be responsible for the payment of all the Corporation's Organization and Offering Expenses in excess of the maximum amount permitted;

 

(ii) Private Organization and Offering Expenses
paid or incurred by the Advisor or any of its Affiliates, except to the extent the Advisor or its Affiliates have agreed to receive a
fee in lieu of reimbursement of such expenses therewith;

 

(iii) Acquisition Expenses paid or incurred by
the Advisor or any of its Affiliates; subject to Paragraph 10(d) below;

 

(iv) Disposition Expenses incurred in connection
with the disposition of Assets;

 

(v) 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;

 

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

 

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

 

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

 

(ix) expenses of managing and operating Assets
owned by the Corporation, whether payable to an Affiliate of the Corporation or a non-affiliated Person;

 

(x) all expenses in connection with payments
to the Directors and meetings of the Directors and Stockholders;

 

     20

     

    

 

(xi) expenses associated with a Listing, if applicable;

 

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

 

(xiii) expenses of organizing, revising, amending,
converting, modifying, or terminating the Corporation or the Charter;

 

(xiv) 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;

 

(xv) 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) costs incurred by the Advisor or its Affiliates in performing the services described
in Paragraph 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;

 

(xvi) 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;

 

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

 

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

 

(b) Expenses incurred by the Advisor or its Affiliates
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 fees and commissions due under this Agreement during each month, and shall deliver such statement to the Corporation
and the Operating Partnership within 45 days after the end of each month.

 

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.

 

     21

     

    

 

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.

 

     22

     

    

 

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 to and including the date that is 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. 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 . 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. For the avoidance of doubt, this Agreement may not be assigned (as such term
is defined in Section 205(a)(2) of the Advisers Act) or novated by the Advisor by operation of law or otherwise without consent as required
under the Advisers Act; provided, that the Advisor may assign, subcontract, delegate or otherwise transfer any of its rights and obligations
hereunder to any of its Affiliates.

     23

     

    

 

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: (i) subject to the limitations set forth in Paragraph 12 hereof
and in the Charter, all unpaid reimbursements of expenses, including without limitation, subject to the limitation described in Paragraph
10(a)(i) hereof, any Organization and Offering Expenses that have not been reimbursed to the Advisor as of the Termination Date; and (ii)
all earned but unpaid fees payable to the Advisor prior to termination of this Agreement.

 

(b) 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.

 

(c) 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 NASAA REIT Guidelines.

 

19. INDEMNIFICATION BY ADVISOR. The Advisor shall
indemnify and hold harmless the Corporation and the Operating Partnership from contract or other liability, claims, damages, taxes or
losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related
expenses are incurred by reason of the Advisor’s bad faith, fraud, willful misfeasance, gross misconduct, gross negligence or reckless
disregard of its duties, but the Advisor shall not be held responsible for any action of the Board of Directors in following or declining
to follow any advice or recommendation given by the Advisor.

 

     24

     

    

 

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:	 	
    Black Creek Industrial REIT IV Inc.

    518 17th Street

    17th Floor

    Denver, CO 80202

    

	 	 
	To the Operating

 Partnership:	 	
    BCI IV Operating Partnership LP

    518 17th Street

    17th Floor

    Denver, CO 80202

    

	 	 
	To the Advisor:	 	
    Ares Commercial Real Estate Management LLC

    2000 Avenue of the Stars, 12th Floor

    Los Angeles, CA 90067

    Attention: Naseem Sagati Aghili

    Email: nsagati@aresmgmt.com

    

 

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.

 

     25

     

    

 

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.

 

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 of the Corporation or the Operating Partnership 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.

 

[Signature page follows.]

 

     26

     

    

 

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

 

	 	
    BLACK CREEK INDUSTRIAL REIT IV INC.,

    a Maryland corporation

	 	 	 
	 	By:	
    /s/ Scott
    A. Seager

    

	 	Name:	Scott A. Seager
	 	Title:	Senior Vice President, Chief Financial Officer and Treasurer
	 	 
	 	
    BCI IV OPERATING PARTNERSHIP LP,

    a Delaware limited partnership

	 	 
	 	
    By:  Black Creek Industrial REIT IV Inc., 

    

    its Sole General Partner

    

	 	 	 
	 	By:	
    /s/ Scott
    A. Seager

    

	 	Name:	Scott A. Seager
	 	Title:	Senior Vice President, Chief Financial Officer and Treasurer
	 	 
	 	
    ARES COMMERCIAL REAL ESTATE MANAGEMENT LLC,

    a Delaware limited liability company

	 	 
	 	By:	
    /s/ Naseem
    Sagati Aghili

    

	 	Name:	Naseem Sagati Aghili
	 	Title:	General Counsel and Secretary

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}]]