Document:

tess_EX10_2

		
			Exhibit 10.2
		

		
			 
		

		
			REAFFIRMATION AGREEMENT
		

		
			This REAFFIRMATION AGREEMENT, dated as of October 19, 2017 (as amended or otherwise modified from time to time, this “Agreement”), by and among TESSCO TECHNOLOGIES INCORPORATED, a Delaware corporation (the “Parent”), each Subsidiary of Parent party hereto (Parent and each such Subsidiary, collectively the “Reaffirming Parties” and each, a “Reaffirming Party”), in favor of SUNTRUST BANK, as administrative agent (in such capacity, together with its successors and assigns in such capacity, the “Administrative Agent”), for the benefit of Secured Parties.  All capitalized terms used in this Agreement and not otherwise defined herein will have the respective meanings set forth in the Credit Agreement (as hereinafter defined).
		

		
			RECITALS:
		

		
			WHEREAS, Parent is party to that certain Credit Agreement dated as of June 24, 2016, among Parent, the Subsidiaries of Parent party thereto as “Borrowers,” the Lenders from time to time parties thereto, the Issuing Bank, and the Administrative Agent, as amended by that certain First Amendment to Credit Agreement dated as of July 17, 2017 (as the same may have been further amended, restated, supplemented, or otherwise modified from time to time before the date hereof, the “Original Credit Agreement”); 
		

		
			WHEREAS, Borrowers have requested an amendment and restatement of the Original Credit Agreement to, among other things, (a) provide for an Aggregate Revolving Commitment Amount of $75,000,000 and (b) include Eligible Inventory in the Borrowing Base;
		

		
			WHEREAS, concurrently herewith, the Original Credit Agreement is being amended and restated in its entirety by that certain Amended and Restated Credit Agreement dated as of the date hereof (as the same may be amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”), among the Borrowers, the Administrative Agent, and the Lenders party thereto;
		

		
			WHEREAS, pursuant to the terms and conditions of the Original Credit Agreement, the Reaffirming Parties previously (a) entered into that certain Guaranty and Security Agreement dated as of June 24, 2016 (as the same may have been amended, restated, supplemented, or otherwise modified from time to time before the date hereof, the “Original Guaranty and Security Agreement”) and (b) delivered certain other Loan Documents to the Administrative Agent for the benefit of the Secured Parties (the Original Guaranty and Security Agreement, together with such other Loan Documents, collectively, the “Existing Loan Documents”);
		

		
			WHEREAS, each Reaffirming Party expects to realize, or has realized, substantial direct and/or indirect benefits as a result of the Credit Agreement’s becoming effective and the consummation of the transactions contemplated thereby; and
		

		
			WHEREAS, it is a condition precedent to effectiveness of the Credit Agreement and the continued making of the financial accommodations of the Administrative Agent and Lenders under the Credit Agreement that each Reaffirming Party enter into this Agreement to acknowledge and agree that the Existing Loan Documents (as amended by the Credit Agreement) and the liens and security interests granted and issued thereunder continue to secure and guarantee the Obligations under the Credit Agreement.
		

		
			NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
		

			
	
			
				 1.
			RULES OF INTERPRETATION.  The rules of interpretation contained in the Credit Agreement shall apply to this Agreement.

		
			 
		

		
			

		 

 

		

			
	
			
				 2.
			REAFFIRMATION.

		
			 
		

			
	
			
				 2.1
			Reaffirmation of Collateral Documents.  Each Reaffirming Party hereby (to the extent such Reaffirming Party is a party to any Collateral Document (including, without limitation, the Original Guaranty and Security Agreement) (a) acknowledges and agrees the Liens granted to the Administrative Agent for the benefit of the Secured Parties under the Collateral Documents are in full force and effect, constitute valid and perfected Liens on the Collateral having priority over all other Liens on the Collateral (except Permitted Liens) and are enforceable in accordance with the terms of the applicable Collateral Documents, and will continue to secure the Obligations, including the Obligations pursuant to the Credit Agreement, (b) reaffirms all of its obligations owing to the Administrative Agent and the Lenders under the Collateral Documents, and (c) acknowledges and agrees that the Collateral Documents shall continue to constitute a legal, valid and binding obligation of such Reaffirming Party, enforceable in accordance with their terms.

		
			 
		

			
	
			
				 2.1
			Reaffirmation of Guaranty.  Each Reaffirming Party (other than the Borrowers) hereby confirms and ratifies that all of its obligations as a Guarantor shall continue in full force and effect for the benefit of the Administrative Agent and the Secured Parties with respect to the Obligations under the Loan Documents (as amended by the Credit Agreement). 

		
			 
		

			
	
			
				 2.2
			Amendment.  On and after the date on which the Credit Agreement becomes effective in accordance with the terms thereof:

		
			 
		

			
	
			
				 (a)
			Each reference, whether direct or indirect, in the Original Guaranty and Security Agreement to the “Credit Agreement” shall mean and be a reference to the Credit Agreement (as may be further amended, amended and restated, modified or supplemented and in effect from time to time).

			
	
			
				 (b)
			The definition of any term defined in the Original Guaranty and Security Agreement by reference to the terms defined in the Original Credit Agreement shall be amended to be defined by reference to the defined term in the Credit Agreement (as may be further amended, amended and restated, modified or supplemented and in effect from time to time).

			
	
			
				 3.
			Representations and Warranties.  In consideration of the execution and delivery of this Agreement, each Reaffirming Party hereby represents and warrants as follows:

		
			 
		

			
	
			
				 3.1
			The execution, delivery and performance by each Reaffirming Party of this Agreement (a) are all within such Reaffirming Party’s organizational powers, (b) have been duly authorized, (c) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect or will be obtained or made in connection with the Credit Agreement, (d) will not violate any Requirement of Law applicable to any Reaffirming Party or any of its Subsidiaries, (e) will not violate or result in a default under any material indenture or other material agreement or instrument binding upon any Reaffirming Party or any of the Subsidiaries or its assets, or give rise to a right under any such material indenture, agreement, or instrument (other than a Loan Document) to require any payment to be made by any Reaffirming Party or any of the Subsidiaries, and (f) will not result in the creation or imposition of any Lien on any asset of any Reaffirming Party or any of the Subsidiaries, except Liens created or permitted pursuant to the Loan Documents.

			
	
			
				 3.2
			Each Reaffirming Party will receive direct and indirect benefits as a result of the Credit Agreement becoming effective and the consummation of the transactions contemplated thereby.

			
	
			
				 3.3
			 Each Reaffirming Party represents and warrants that all the representations and warranties made by such Reaffirming Party in each of the Existing Loan Documents are true and correct in all material respects on and as of the date hereof, except that such representations and warranties (a) that relate solely to an earlier date shall be true and correct in all material 

		 

		

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	respects as of such earlier date and (b) shall be true and correct in all respects to the extent they are qualified by a materiality standard.

			
	
			
				 4.
			 MISCELLANEOUS.

			
	
			
				 4.1
			Collateral Document.  This Agreement is a Collateral Document executed pursuant to the Credit Agreement.

		
			 
		

			
	
			
				 4.2
			Effectiveness.  This Agreement shall become effective on the date first set forth above.

		
			 
		

			
	
			
				 4.3
			No Novation.  This Agreement shall not extinguish the obligations for the payment of any amounts due under the Original Credit Agreement or discharge or release the performance of any party or the priority of any security under the Original Guaranty and Security Agreement.  Nothing herein contained or in the Credit Agreement shall be construed as a substitution, novation, release or discharge of (a) any of the Obligations outstanding under the Credit Agreement or (b) any of the obligations outstanding under the Original Guaranty and Security Agreement or instruments regarding the same, each of which shall remain in full force and effect, except to any extent modified hereby or by Credit Agreement.  All such security interests and Liens granted under the Original Credit Agreement and the Original Guaranty and Security Agreement shall continue in full force and effect as amended, supplemented or otherwise modified herein or in the Credit Agreement.

		
			 
		

			
	
			
				 4.4
			Amendments and Waivers.  No amendment, modification, termination, or waiver of any provision of this Agreement will be effective without the written concurrence of each Reaffirming Party and the Administrative Agent.

		
			 
		

			
	
			
				 4.5
			Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

		
			 
		

			
	
			
				 4.6
			Applicable Law.  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

		
			 
		

			
	
			
				 4.7
			Counterparts; Facsimile Signature.  This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute one and the same instrument.  In the event that any signature is delivered by fax or other electronic transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf the signature is executed) the same with the same force and effect as if such signature page were an original thereof

		
			 
		

		
			[Continued on following page.]
		

		
			
		

		
			 
		

		
			

		 

		

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			IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						PARENT:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						TESSCO TECHNOLOGIES INCORPORATED, 

					
						a Delaware corporation

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Aric M. Spitulnik

				
	
					
						 

					
					
						Name:  Aric M. Spitulnik

				
	
					
						 

					
					
						Title:  Senior Vice President

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BORROWERS:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						TESSCO INCORPORATED, 

					
						a Delaware corporation

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Aric M. Spitulnik

				
	
					
						 

					
					
						Name:  Aric M. Spitulnik

				
	
					
						 

					
					
						Title:  Vice President

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						GW SERVICE SOLUTIONS, INC., 

					
						a Delaware corporation

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Aric M. Spitulnik

				
	
					
						 

					
					
						Name:  Aric M. Spitulnik

				
	
					
						 

					
					
						Title:  Vice President

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						TESSCO SERVICE SOLUTIONS, INC., 

					
						a Delaware corporation

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Aric M. Spitulnik

				
	
					
						 

					
					
						Name:  Aric M. Spitulnik

				
	
					
						 

					
					
						Title:  Vice President

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						TCPM, INC., 

					
						a Delaware corporation

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Aric M. Spitulnik

				
	
					
						 

					
					
						Name:  Aric M. Spitulnik

				
	
					
						 

					
					
						Title:  Vice President

				

		
			 
		

		

		 

		

			 

		

 

	
					
						

					
					
						 

					
					
						 

				
	
					
						 

					
					
						WIRELESS SOLUTIONS INCORPORATED,
a Maryland corporation

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Aric M. Spitulnik

				
	
					
						 

					
					
						Name:  Aric M. Spitulnik

				
	
					
						 

					
					
						Title:  Vice President

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						TESSCO FINANCIAL CORPORATION,
a Delaware corporation

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Aric M. Spitulnik

				
	
					
						 

					
					
						Name:  Aric M. Spitulnik

				
	
					
						 

					
					
						Title:  Vice President

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						TESSCO COMMUNICATIONS INCORPORATED,
a Delaware corporation

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Aric M. Spitulnik

				
	
					
						 

					
					
						Name:  Aric M. Spitulnik

				
	
					
						 

					
					
						Title:  Vice President

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						TESSCO BUSINESS SERVICES, LLC,
a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Aric M. Spitulnik

				
	
					
						 

					
					
						Name:  Aric M. Spitulnik

				
	
					
						 

					
					
						Title:  Vice President

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						TESSCO INTEGRATED SOLUTIONS, LLC,
a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Aric M. Spitulnik

				
	
					
						 

					
					
						Name:  Aric M. Spitulnik

				
	
					
						 

					
					
						Title:  Vice President

				
	
					
						 

					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						SUNTRUST BANK 

				
	
					
						 

					
					
						as the Administrative Agent, as the Issuing Bank, as

				
	
					
						 

					
					
						the Swingline Lender and as the Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Christopher M Waterstreet

				
	
					
						 

					
					
						Name:

					
					
						Christopher M Waterstreet

				
	
					
						 

					
					
						Title:

					
					
						DirectorEXHIBIT 10.1

 

FIRST AMENDMENT TO THE

AMENDED AND RESTATED

AGREEMENT OF LIMITED PARTNERSHIP OF

PLYMOUTH INDUSTRIAL OP, LP

 

DESIGNATION OF 7.50% SERIES A

CUMULATIVE REDEEMABLE PREFERRED UNITS

 

October 23, 2017

 

Pursuant to Sections 4.02 and
11.01 of the Amended and Restated Agreement of Limited Partnership of Plymouth Industrial OP, LP, dated as of July 1, 2014 (the
“Partnership Agreement”), the General Partner hereby amends the Partnership Agreement as follows in connection with
the issuance of up to 2,070,000 shares of 7.50% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share (the
“Series A Preferred Stock”) of Plymouth Industrial REIT, Inc. and the issuance to the General Partner of Series A Preferred
Units (as defined below) in exchange for the contribution by the General Partner of the net proceeds from the issuance and sale
of the Series A Preferred Stock:

1.       Designation
and Number. A series of Preferred Units (as defined below), designated the “7.50% Series A Cumulative Redeemable Preferred
Units” (the “Series A Preferred Units”), is hereby established. The number of authorized Series A Preferred Units
shall be 2,070,000 (the “Initial Units”). To the extent the General Partner “reopens” the Series A Preferred
Stock by issuing additional shares of Series A Preferred Stock, the General Partner shall authorize an equal number of additional
Series A Preferred Units, which additional Series A Preferred Units will, together with the Initial Units, constitute a single
series of Preferred Units.

2.       Defined
Terms. Capitalized terms used herein and not otherwise defined shall have the meanings given to such terms in the Partnership
Agreement. The following defined terms used in this First Amendment to the Partnership Agreement shall have the meanings specified
below:

“Articles Supplementary”
means the Articles Supplementary of the General Partner filed with the State Department of Assessments and Taxation of the State
of Maryland on October 20, 2017, designating the terms, rights and preferences of the Series A Preferred Stock.

“Base Liquidation Preference”
shall have the meaning provided in Section 6.

“Business Day” shall
have the meaning provided in Section 5(a).

“Common Units” means
all Partnership Units which are designated as common units of the Partnership.

“Common Stock” means
shares of the General Partner’s common stock, par value $0.01 per share.

“Default Period”
shall have the meaning provided in Section 5(e).

“Default Rate” shall
have the meaning provided in Section 5(e).

“Distribution Period”
hall have the meaning provided in Section 5(a).

“Distribution Record Date”
shall have the meaning provided in Section 5(a).

“Junior Units” shall
have the meaning provided in Section 4.

“Parity Preferred Units”
shall have the meaning provided in Section 4.

“Partnership Agreement”
shall have the meaning provided in the recital above.

“Preferred Units”
means all Partnership Units which are designated as preferred units of the Partnership.

“Series A Preferred Return”
shall have the meaning provided in Section 5(a).

“Series A Preferred Distribution
Payment Date” shall have the meaning provided in Section 5(a).

      

     

    

 

“Series A Preferred Stock”
shall have the meaning provided in the recital above.

“Series A Preferred Units”
shall have the meaning provided in Section 1.

3.        Maturity.
The Series A Preferred Units have no stated maturity and will not be subject to any sinking fund or mandatory redemption.

4.       Rank.
The Series A Preferred Units will, with respect to priority of payment of distributions and rights upon voluntary or involuntary
liquidation, dissolution or winding up of the Partnership, rank (a) senior to all classes or series of Common Units of the Partnership
and any class or series of Preferred Units issued by the Partnership expressly designated as ranking junior to the Series A Preferred
Units as to distributions and rights upon voluntary or involuntary liquidation, dissolution or winding up of the Partnership (together
with the Common Units, the “Junior Units”); (b) on a parity with any class or series of Preferred Units issued by the
Partnership expressly designated as ranking on a parity with the Series A Preferred Units as to distribution rights and rights
upon voluntary or involuntary liquidation, dissolution or winding up of the Partnership (the “Parity Preferred Units”);
and (c) junior to any class or series of Preferred Units issued by the Partnership expressly designated as ranking senior to the
Series A Preferred Units with respect to priority of payment of distributions and rights upon voluntary or involuntary liquidation,
dissolution or winding up of the Partnership. The term “Preferred Units” does not include convertible or exchangeable
debt securities of the Partnership, which will rank senior to the Series A Preferred Units prior or subsequent to conversion or
exchange, which debt securities will rank senior to the Series A Preferred Units. The Series A Preferred Units will also rank junior
in right or payment to the Partnership’s existing and future indebtedness.

5.       Distributions.

(a)       Subject
to the preferential rights of holders of any class or series of Preferred Units of the Partnership expressly designated as ranking
senior to the Series A Preferred Units as to distributions, the holders of Series A Preferred Units shall be entitled to receive,
when, as and if authorized and declared by the board of directors of the General Partner, out of funds of the Partnership legally
available for payment of distributions, cumulative cash distributions at the rate of 7.50% per annum of the Base Liquidation Preference
(as defined below) per unit (equivalent to a fixed annual amount of $25.00 per Series A Preferred Unit) from and including the
date of original issue of the Series A Preferred Units (or the date of issue of any Series A Preferred Units issued after October
25, 2017) to, but excluding December 31, 2024. Commencing December 31, 2024, if any Series A Preferred Units remain outstanding,
the Partnership shall pay cumulative cash distributions on each then-outstanding Series A Preferred Unit at an annual rate equal
to the Initial Series A Preferred Return increased by one and one-half percent (1.5%) of the Base Liquidation Preference per Series
A Preferred Unit, which shall increase by an additional one and one-half percent (1.5%) of the Base Liquidation Preference per
Series A Preferred Unit on each subsequent anniversary thereafter, subject to a maximum annual distribution rate of 11.5% while
the Series A Preferred Units remain outstanding (at any time the then-current annual rate, the “Series A Preferred Return”).
Distributions on the Series A Preferred Units shall accrue and be cumulative from (and including) the date of original issue of
any Series A Preferred Units or the end of the most recent Distribution Period (as defined below) for which distributions have
been paid, and shall be payable quarterly, in equal amounts, in arrears, on March 31, June 30, September 30 and December 31 of
each year (or, if not a Business Day, the next succeeding Business Day) (each a “Series A Preferred Distribution Payment
Date”) for the period ending on such Series A Preferred Distribution Payment Date, commencing on December 31, 2017. A “Distribution
Period” is the respective period commencing on and including January 1, April 1, July 1 and October 1 of each year and ending
on and including the day preceding the first day of the next succeeding Distribution Period (other than the initial Distribution
Period and the Distribution Period during which any Series A Preferred Units shall be redeemed or otherwise acquired by the Partnership).
The term “Business Day” shall mean each day, other than a Saturday or Sunday, which is not a day on which banks in
the State of New York are required to close. The amount of any distribution payable on the Series A Preferred Units for any Distribution
Period will be computed on the basis of twelve 30-day months and a 360-day year. Distributions will be payable to holders of record
of the Series A Preferred Units as they appear on the records of the Partnership at the close of business on the 15th day of the
month preceding the applicable Series A Preferred Distribution Payment Date, i.e., March 15, June 15, September 15 and December
15 (or, if not a Business Day, the immediately preceding business day) (each, a “Distribution Record Date”).

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(b)       No
distributions on the Series A Preferred Units shall be authorized and declared by the board of directors of the General Partner
or declared, paid or set apart for payment by the Partnership at such time as the terms and provisions of any agreement of the
General Partner or the Partnership, including any agreement relating to the indebtedness of either of them, prohibits such authorization,
declaration, payment or setting apart for payment or provides that such declaration, payment or setting apart for payment would
constitute a breach thereof or a default thereunder, or if such declaration or payment shall be restricted or prohibited by law.

(c)       Notwithstanding
anything to the contrary contained herein, distributions on the Series A Preferred Units will accrue whether or not the restrictions
referred to in Section 5(b) exist, whether or not the Partnership has earnings, whether or not there are funds legally available
for the payment of such distributions and whether or not such distributions are authorized or declared by the General Partner.
No interest, or sum of money in lieu of interest, will be payable in respect of any distribution on the Series A Preferred Units
which may be in arrears. When distributions are not paid in full upon the Series A Preferred Units and any Parity Preferred Units
(or a sum sufficient for such full payment is not so set apart), all distributions declared upon the Series A Preferred Units and
any Parity Preferred Units shall be declared pro rata so that the amount of distributions declared per Series A Preferred Unit
and such Parity Preferred Units shall in all cases bear to each other the same ratio that accumulated distributions per Series
A Preferred Unit and such Parity Preferred Units (which shall not include any accrual in respect of unpaid distributions for prior
distributions periods if such Parity Preferred Units do not have a cumulative distribution) bear to each other.

(d)       xcept
as provided in the immediately preceding paragraph, unless full cumulative distributions on the Series A Preferred Units have been
or contemporaneously are declared and paid in cash or declared and a sum sufficient for the payment thereof is set apart for payment
for all past Distribution Periods that have ended, no distributions (other than a distribution in Junior Units or in options, warrants
or rights to subscribe for or purchase any such Junior Units) shall be declared and paid or declared and set apart for payment
nor shall any other distribution be declared and made upon the Junior Units or the Parity Preferred Units, nor shall any Junior
Units or Parity Preferred Units be redeemed, purchased or otherwise acquired for any consideration (or any monies be paid to or
made available for a sinking fund for the redemption of any such Units) by the Partnership (except (i) by conversion into or exchange
for Junior Units, (ii) the purchase of Series A Preferred Units, Junior Units or Parity Preferred Units in connection with a redemption
of capital stock of the General Partner pursuant to the Charter to the extent necessary to preserve the General Partner’s
qualification as a REIT or (iii) the purchase of Parity Preferred Units pursuant to a purchase or exchange offer made on the same
terms to holders of all outstanding Series A Preferred Units). Holders of the Series A Preferred Units shall not be entitled to
any distribution, whether payable in cash, property or units, in excess of full cumulative distributions on the Series A Preferred
Units as provided above. Any distribution made on the Series A Preferred Units shall first be credited against the earliest accrued
but unpaid distribution due with respect to such units which remains payable. Accrued but unpaid distributions on the Series A
Preferred Units will accrue as of the Series A Preferred Distribution Payment Date on which they first become payable.

(e)       Notwithstanding
anything to the contrary set forth above, the applicable distribution rate for each day during a Default Period (as defined below)
shall be equal to the then-current Series A Preferred Return plus two percent (2.0%) of the Base Liquidation Preference, or $0.50
per annum (the “Default Rate”) (prorated for the number of days in such Default Period computed on the basis of a 360-day
year consisting of twelve 30-day months). Subject to the cure provision set forth in the next sentence, a “Default Period”
with respect to the Series A Preferred Units shall commence on a date the Partnership fails to make payment of distributions as
required in connection with a Series A Preferred Distribution Payment Date or date of redemption and shall end on the Business
Day on which, by 12:00 noon, New York City time, an amount equal to all accrued and unpaid distributions and any unpaid redemption
price has been paid. No Default Period shall be deemed to commence if the amount of any distribution or any redemption price due
(if such default is not solely due to the Partnership’s willful failure) is paid not later than three Business Days after
the applicable Series A Preferred Distribution Payment Date or redemption date.

(f)       For
the avoidance of doubt, in determining whether a distribution (other than upon voluntary or involuntary liquidation) by distribution,
redemption or other acquisition of the Partnership Units is permitted under Delaware law, no effect shall be given to the amounts
that would be needed, if the Partnership were to be dissolved at the time of the distribution, to satisfy the preferential rights
upon distribution of holders of Partnership Units whose preferential rights are superior to those receiving the distribution.

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6.        Liquidation
Preference. Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Partnership, the
holders of Series A Preferred Units are entitled to be paid out of the assets of the Partnership legally available for distribution
to its partners, after payment of or provision for the Partnership’s debts and other liabilities, a liquidation preference
of $25.00 per Series A Preferred Unit (the “Base Liquidation Preference”), plus an amount equal to any accrued and
unpaid distributions (whether or not authorized or declared by the General Partner) thereon to and including the date of payment,
but without interest, before any distribution of assets is made to holders of Junior Units. If the assets of the Partnership legally
available for distribution to partners are insufficient to pay in full the liquidation preference on the Series A Preferred Units
and the liquidation preference on any Parity Preferred Units, all assets distributed to the holders of the Series A Preferred Units
and any Parity Preferred Units shall be distributed pro rata so that the amount of assets distributed per Series A Preferred Units
and such Parity Preferred Units shall in all cases bear to each other the same ratio that the liquidation preference per Series
A Preferred Unit and such Parity Preferred Units bear to each other. Written notice of any distribution in connection with any
such liquidation, dissolution or winding up of the affairs of the Partnership, stating the payment date or dates when, and the
place or places where, the amounts distributable in such circumstances shall be payable, shall be given by first class mail, postage
pre-paid, not less than 30 nor more than 60 days prior to the payment date stated therein, to each record holder of the Series
A Preferred Units at the respective addresses of such holders as the same shall appear on the records of the Partnership. After
payment of the full amount of the liquidating distributions to which they are entitled, the holders of Series A Preferred Units
will have no right or claim to any of the remaining assets of the Partnership. The consolidation or merger of the Partnership with
or into another entity, a merger of another entity with or into the Partnership, a statutory exchange by the Partnership or a sale,
lease, transfer or conveyance of all or substantially all of the Partnership’s property or business shall not be deemed to
constitute a liquidation, dissolution or winding up of the affairs of the Partnership..

Redemption. In connection with any redemption
by the General Partner of any shares of Series A Preferred Stock pursuant to Sections 5, 6 or 7 of the Articles Supplementary,
the Partnership shall redeem, on the date of such redemption, an equal number of Series A Preferred Units held by the General Partner.
As consideration for the redemption of such Series A Preferred Units, the Partnership shall deliver to the General Partner an amount
of cash equal to the amount of cash, if any, paid

8.       Voting
Rights. Holders of the Series A Preferred Units will not have any voting rights.

9.       Conversion.
The Series A Preferred Units are not convertible or exchangeable for any other property or securities.

10.       Allocation
of Profit and Loss.

Article V, Section 5.01 of the Partnership Agreement
is hereby deleted in its entirety and the following new Section 5.01 is inserted in its place:

(a)       After
giving effect to the special allocations set forth in Sections 5.01(b), (c) and (d), and subject to Section 5.01(e), Profit
for each fiscal year of the Partnership shall be allocated as follows: (i) first to the Partners, pro rata, in accordance
with and in proportion to their respective Partnership Interests, in amounts equal to the amount of cash distributed to the Partners
pursuant to Section 5.02(a) hereof with respect to such fiscal year; (ii) second, to the extent the amount of Profit
for such fiscal year exceeds the amount of cash distributed to the Partners pursuant to Section 5.02(a) hereof, such
excess shall be allocated to the General Partner and the Limited Partners in amounts and in proportion to the cumulative Loss allocated
to the General Partner pursuant to clauses (y) and (z) of this Section 5.01(a) and the cumulative Loss allocated
to the Limited Partners pursuant to clause (x) of this Section 5.01(a), respectively; and (iii) finally, the balance,
if any, of Profit shall be allocated to the Partners in accordance with and in proportion to their respective Percentage Interests.
Notwithstanding the foregoing, however, it is the intent of the Partners that allocations of Profit to the Limited Partners be
such that the amount of Profit allocated to each Limited Partner be equal to the amount of income that would have been allocated
to such Limited Partner with respect to the applicable fiscal period if such Limited Partner had owned REIT Shares equal in number
to the number of Partnership Units owned by such Limited Partner during such fiscal period, and if, for any reason, the foregoing
allocations of Profit result in any material variation from this concept, Profit shall be allocated to each

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Limited Partner in an amount equal to the aggregate amount
of income that would have been allocated to such Limited Partner with respect to the applicable fiscal period if such Limited Partner
had owned REIT Shares equal in number to the number of Partnership Units owned by such Limited Partner during such fiscal period.
After giving effect to the special allocations set forth in Sections 5.01(b), (c) and (d), Loss for a fiscal year of the Partnership
shall be allocated as follows:  (w) first, to the Partners, pro rata, in accordance with and in proportion to their respective
Partnership Interests, until the cumulative Loss allocated to each Partner under this clause (w) equals the cumulative Profit
allocated to each Partner under clause (iii) of this Section 5.01(a); (x) second, to the Limited Partners in an
amount equal to each such Limited Partner’s Capital Account balance prior to the allocation made under this clause (x); (y) third,
to the General Partner in an amount equal to the General Partner’s Capital Account balance prior to the allocation made under
this clause (y); and (z) fourth, to the General Partner to the extent that any further allocation of Loss to Limited Partners
would result in any such Limited Partners having a deficit balance in their Capital Accounts.

(b)        Notwithstanding
any provision to the contrary herein, (i) any expense of the Partnership that is a “nonrecourse deduction” within
the meaning of Regulations Section 1.704-2(b)(1) shall be allocated in accordance with the Partners’ respective
Percentage Interests, (ii) any expense of the Partnership that is a “partner nonrecourse deduction” within the
meaning of Regulations Section 1.704-2(i)(2) shall be allocated to the Partner that bears the “economic risk of
loss” of such deduction in accordance with Regulations Section 1.704- 2(i)(1), (iii) if there is a net decrease
in Partnership Minimum Gain within the meaning of Regulations Section 1.704-2(f)(1) for any Partnership taxable year,
then, subject to the exceptions set forth in Regulations Section 1.704-2(f)(2), (3), (4) and (5), items of gain and income
shall be allocated among the Partners in accordance with Regulations Section 1.704-2(f) and the ordering rules contained
in Regulations Section 1.704-2(j), and (iv) if there is a net decrease in Partner nonrecourse debt minimum gain within
the meaning of Regulations Section 1.704-2(i)(4) for any Partnership taxable year, then, subject to the exceptions set
forth in Regulations Section 1.704-2(g), items of gain and income shall be allocated among the Partners, in accordance with Regulations
Section 1.704-2(i)(4) and the ordering rules contained in Regulations Section 1.704-2(j). A Partner’s
“interest in partnership profits” for purposes of determining its share of the nonrecourse liabilities of the Partnership
within the meaning of Regulations Section 1.752- 3(a)(3) shall be such Partner’s Percentage Interest.

(c)        If
a Partner receives in any taxable year an adjustment, allocation, or distribution described in subparagraphs (4), (5), or (6) of
Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital Account
that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner nonrecourse debt minimum gain, as determined
in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable
year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit
Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence
of an allocation of income or gain to a Partner in accordance with this Section 5.01(c), to the extent permitted by Regulations
Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income
or gain previously allocated to such Partner under this Section 5.01(c).

(d)       Loss
shall not be allocated to a Limited Partner to the extent that such allocation would cause a deficit in such Partner’s Capital
Account (after reduction to reflect the items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6))
to exceed the sum of such Partner’s shares of Partnership Minimum Gain and Partner nonrecourse debt minimum gain. Any Loss
in excess of that limitation shall be allocated to the General Partner. After the occurrence of an allocation of Loss to the General
Partner in accordance with this Section 5.01(d), to the extent permitted by Regulations Section 1.704-1(b), Profit shall
be allocated to the General Partner in an amount necessary to offset the Loss previously allocated to the General Partner under
this Section 5.01(d).

(e)       After
giving effect to the allocations set forth in Sections 5.01(b), (c), and (d) hereof, but before giving effect to the allocations
set forth in Section 5.01(a), Net Operating Income shall be allocated to the General Partner until the aggregate amount of Net
Operating Income allocated to the General Partner under this Section 5.01(e) for the current and all prior years equals the aggregate
amount of the Series A Preferred Return paid to the General Partner for the current and all prior years; provided, however,
that the General Partner may, in its discretion, allocate Net Operating Income based on accrued Series A Preferred Return with
respect to the January Series A Preferred Distribution Payment Date if the General Partner sets the Distribution Record Date for
such Series A Preferred Distribution Payment Date on or prior to December 31 of the previous year. For purposes of this Section
5.01(e), “Net Operating Income” means the excess, if any, of the Partnership’s gross income over its expenses
(but not taking into account depreciation, amortization, or any other noncash expenses of the Partnership), calculated in accordance
with the principles of Section 5.01(g) hereof.

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(f)       If
a Partner transfers any part or all of its Partnership Interest, the distributive shares of the various items of Profit and Loss
allocable among the Partners during such fiscal year of the Partnership shall be allocated between the transferor and the transferee
Partner either (i) as if the Partnership’s fiscal year had ended on the date of the transfer, or (ii) based on
the number of days of such fiscal year that each was a Partner without regard to the results of Partnership activities in the respective
portions of such fiscal year in which the transferor and the transferee were Partners. The General Partner, in its sole and absolute
discretion, shall determine which method shall be used to allocate the distributive shares of the various items of Profit and Loss
between the transferor and the transferee Partner.

(g)        “Profit”
and “Loss” and any items of income, gain, expense, or loss referred to in this Agreement shall be determined in accordance
with federal income tax accounting principles, as modified by Regulations Section 1.704-(b)(2)(iv), except that Profit and
Loss shall not include items of income, gain and expense that are specially allocated pursuant to Section 5.01(b), 5.01(c), 5.01(d)
or 5.01(e). All allocations of income, Profit, gain, Loss, and expense (and all items contained therein) for federal income tax
purposes shall be identical to all allocations of such items set forth in this Section 5.01, except as otherwise required
by Section 704(c) of the Code and Regulations Section 1.704-1(b)(4). Any deductions, income, gain or loss (“Tax
Items”) with respect to Partnership property that is contributed to the Partnership by a Partner shall be shared among the
Partners for income tax purposes pursuant to Regulations promulgated under Section 704(c) of the Code, so as to take
into account the variation, if any, between the basis of the property to the Partnership and its initial Agreed Value. With respect
to any property that is contributed to the Partnership by a Partner, the Partnership shall account for such variation under any
method approved under Section 704(c) of the Code and the applicable regulations as chosen by the General Partner. In
the event Agreed Value of any Partnership asset is adjusted, subsequent allocations of Tax Items with respect to such asset shall
take account of the variation, if any, between the adjusted basis of such asset and its Agreed Value in the same manner as under
Section 704(c) of the Code and the applicable regulations consistent with the requirements of Regulations Section 1.704-1(b)(2)(iv)(g) using
any method approved under 704(c) of the Code and the applicable regulations as chosen by the General Partner.

(h)       If the
General Partner determines that is advantageous to the business of the Partnership to amend the allocation provisions of this Agreement
so as to permit the Partnership to avoid the characterization of Partnership income allocable to various qualified plans, IRAs
and other entities which are exempt from federal income taxation (“Tax Exempt Partners”) as constituting Unrelated
Business Taxable Income (“UBTI”) within the meaning of the Code, specifically including, but not limited to, amendments
to satisfy the so-called “fractions rule” contained in Code Section 514(c)(9), the General Partner is authorized,
in its discretion, to amend this Agreement so as to allocate income, gain, loss, deduction or credit (or items thereof) arising
in any year differently than as provided for in this Section if, and to the extent, that such amendments will achieve such
result or otherwise permit the avoidance of characterization of Partnership income as UBTI to Tax Exempt Partners. Any allocation
made pursuant to this Section 5.01(h) shall be deemed to be a complete substitute for any allocation otherwise provided
for in this Agreement, and no further amendment of this Agreement or approval by any Limited Partner shall be required to effectuate
such allocation. In making any such allocations under this Section 5.01(h) (“New Allocations”), the General
Partner is authorized to act in reliance upon advice of counsel to the Partnership or the Partnership’s regular certified
public accountants that, in their opinion, after examining the relevant provisions of the Code and any current or future proposed
or final Treasury Regulations thereunder, the New Allocation will achieve the intended result of this Section 5.01(h).

New Allocations made by the General
Partner in reliance upon the advice of counsel or accountants as described above shall be deemed to be made in the best interests
of the Partnership and all of the Partners, and any such New Allocations shall not give rise to any claim or cause of action by
any Partner against the Partnership or any General Partner. Nothing herein shall require or obligate the General Partner, by implication
or otherwise, to make any such amendments or undertake any such action.

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11.       Percentage
Interest.

The definition of “Percentage Interest”
in the Partnership Agreement is hereby deleted in its entirety and the following new definition of “Percentage Interest”
is inserted in its place.

“Percentage Interest” means the percentage
ownership interest in the Partnership of each Partner, as determined by dividing the number of Partnership Units (other than the
Series A Preferred Units) owned by a Partner by the aggregate number of Partnership Units (other than the Series A Preferred Units)
owned by all Partners.

12.       Except
as modified herein, all terms and conditions of the Partnership Agreement shall remain in full force and effect, which terms and
conditions the General Partner herby ratifies and confirms.

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IN WITNESS WHEREOF, the undersigned
has executed this Amendment as of the date first set forth above.

 

	 	GENERAL PARTNER:
	 	 
	 	PLYMOUTH INDUSTRIAL REIT, INC.
	 	a Maryland corporation
	 	 
	 	By: 	/S/ Jeffrey E. Witherell
	 	Name:	Jeffrey E. Witherell
	 	Title:	Chief Executive Officer 

 

[Signature page for Amendment re: Series A Preferred
Units - October 2017]

 

 

 

 

    8

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