Document:

Form of Phantom Share Award Agreement

 Exhibit 10.11 
 DCT INDUSTRIAL TRUST INC. 
 2006 LONG-TERM INCENTIVE PLAN 
 FORM OF PHANTOM SHARE AWARD AGREEMENT 
 AGREEMENT by and between DCT Industrial Trust Inc. (f/k/a Dividend Capital Trust Inc.), a Maryland corporation (the “Company”) and              (the
“Grantee”), dated as of the      day of             , 200    . 
 WHEREAS, the Company maintains the DCT Industrial Trust Inc. 2006 Long-Term Incentive Plan (the “Plan”) (capitalized terms used but not defined
herein shall have the respective meanings ascribed thereto by the Plan); 
 WHEREAS, the Grantee is [an officer of] [a director of] [an
employee of] [a consultant of] [a person expected to provide significant services (of a type expressly approved by the Committee as covered services for these purposes) to] the Company or its Subsidiaries; and 
 WHEREAS, the Committee has determined that it is in the best interests of the Company and its stockholders to grant Phantom Shares to the Grantee subject
to the terms and conditions set forth below. 
 [if Award is for a member of the Compensation Committee, references to the “Committee” making and
administering the Award may need to be changed to the “Board”] 
 NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS: 
  

	 	1.	Grant of Phantom Shares. 

 The Company hereby grants
the Grantee              Phantom Shares. The Phantom Shares are subject to the terms and conditions of this Agreement, and are also subject to the provisions of the Plan. The Plan is
hereby incorporated herein by reference as though set forth herein in its entirety. 
  

	 	2.	Vesting. 

  

	 	(a)	The Phantom Shares shall vest, except as provided herein, if and as [employment][service] continues, pursuant to the following schedule: 

  

			
	 Vesting Date
	  	 Number of Phantom
 Shares

	 [            ]
	  	[            ]
	 [            ]
	  	[            ]
	 [            ]
	  	[            ]

  

	 	(b)	Subject to paragraph 2(c) below, upon a Termination of Service, all Phantom Shares which have not vested prior to or concurrently with such Termination of Service shall thereupon,
and with no further action, be forfeited by the Grantee. 

	 	(c)	The Phantom Shares shall fully vest upon (i) the Grantee’s death or Disability [while employed][during the period of service] or (ii) the occurrence of a Change in
Control [while the Grantee is employed][during the period of service]. 

  

	 	[(d)]	[for employees:][Notwithstanding any other provision hereof [(other than paragraph 2(e) below)], if the Grantee is party to an effective employment agreement with the Company from
time to time, then the Vesting Period shall also end if and as may be otherwise required by such employment agreement; and nothing herein shall limit any rights the Grantee may otherwise have under such employment agreement.]

  

	 	[(e)]	[for certain 409A transition elections][Notwithstanding the foregoing, to the extent the rights under the foregoing sentences, if effective during the one-year period to follow the
Grantee’s deferral election, would result in a failure to satisfy the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, then, to such extent, the rights under the foregoing sentences shall not be applicable
during such period.] 

  

	 	3.	Distributions 

 Other than in accordance with an
election permitted by the Committee, distributions to the Grantee attributable to the Grantee’s receipt of Phantom Shares hereunder will be distributed, as soon as practicable after the first day of the month following the date on which the
Phantom Shares vest. Other than in accordance with an election permitted by the Committee, distributions made to the Grantee will be made as a single delivery of Common Stock. 
  

	 	4.	Dividend Equivalent Rights. 

 A Dividend Equivalent
Right is hereby granted to the Grantee, consisting of the right to receive, with respect to each Phantom Share, cash in an amount equal to the cash dividend distributions paid in the ordinary course on a Share to the Company’s common
stockholders (each, a “Dividend Payment”), as set forth below. For each Phantom Share then outstanding, whether or not then vested, if a cash dividend is payable in the ordinary course on a Share, the Company shall make a cash payment to
the Grantee in an amount equal to the applicable Dividend Payment, on or about the date of the Dividend Payment. 
  

	 	5.	Miscellaneous. 

  

	 	(a)	The value of a Phantom Share may decrease depending upon the performance of a Share from time to time. Neither the Company nor the Committee, nor any other party associated with the
Plan, shall be held liable for any decrease in the value of my Phantom Shares. If the value of my Phantom Shares decreases, there will be a decrease in the value of what is distributed to the Grantee under the Plan and this Agreement.

  

	 	(b)	With respect to this Agreement, (i) the Phantom Shares are mere bookkeeping entries, (ii) the obligations of the Company under the Plan are unsecured and constitute a mere
promise by the Company to make benefit payments in the future, (iii) to the extent that any person acquires a right to receive payments from the Company under the Plan, such right shall be no greater than the right of any general unsecured
creditor of the Company, (iv) all payments under the Plan (including distributions of Shares) shall be paid from the general funds of the Company and (v) no special or separate fund shall be established or other segregation of assets made
to assure such payments (except that the Company may in its discretion establish a mere bookkeeping reserve to meet its obligations under the Plan). The Plan is intended to be an arrangement that is unfunded for tax purposes and for purposes of
Title I of the Employee Retirement Income Security Act of 1974, as amended. 

  

	 	(c)	The Grantee shall take whatever additional actions and execute whatever additional documents the Company may in its reasonable judgment deem necessary or advisable in

  

 2 

 order to carry out or effect one or more of the obligations or restrictions imposed on the Grantee
pursuant to the express provisions of the Plan. The issuance of shares of Common Stock, if applicable, and delivery of the certificate or certificates therefor, shall be subject to any delay necessary to complete (i) the listing of such Shares
on any stock exchange upon which shares of the same class are then listed, (ii) such registration or other qualification of such Phantom Shares under any state or federal law, rule, or regulation as the Company may determine to be necessary or
advisable, and (iii) the making of provision for the payment or withholding of any taxes required to be withheld pursuant to any applicable law, in respect of the receipt of such Common Stock. 
  

	 	(d)	THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MARYLAND WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW WHICH COULD CAUSE THE
APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF MARYLAND. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified except by a
written agreement executed by the parties hereto or their respective successors and legal representatives. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision
of this Agreement. 

  

	 	(e)	The Committee may make such rules and regulations and establish such procedures for the administration of this Agreement as it deems appropriate. Without limiting the generality of
the foregoing, the Committee may interpret the Plan and this Agreement, with such interpretations to be conclusive and binding on all persons and otherwise accorded the maximum deference permitted by law, provided that the Committee’s
interpretation shall not be entitled to deference on and after a Change in Control except to the extent that such interpretations are made exclusively by members of the Committee who are individuals who served as Committee members before the Change
in Control and take any other actions and make any other determinations or decisions that it deems necessary or appropriate in connection with the Plan, this Agreement or the administration or interpretation thereof. In the event of any dispute or
disagreement as to the interpretation of the Plan or this Agreement or of any rule, regulation or procedure, or as to any question, right or obligation arising from or related to the Plan or this Agreement, the decision of the Committee, except as
provided above, shall be final and binding upon all persons. 

  

	 	(f)	All notices hereunder shall be in writing, and if to the Company or the Committee, shall be delivered to the Board or mailed to its principal office, addressed to the attention of
the Board; and if to the Grantee, shall be delivered personally, sent by facsimile transmission or mailed to the Grantee at the address appearing in the records of the Company. Such addresses may be changed at any time by written notice to the other
party given in accordance with this paragraph 6(f). 

  

	 	(g)	The failure of the Grantee or the Company to insist upon strict compliance with any provision of this Agreement or the Plan, or to assert any right the Grantee or the Company,
respectively, may have under this Agreement or the Plan, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement or the Plan. 

  

	 	(h)	Nothing in this Agreement shall confer on the Grantee any right to continue in the [employ or other] service of the Company or its Subsidiaries or interfere in any way with the
right of the Company or its Subsidiaries and its stockholders to terminate the Grantee’s [employment or other] service at any time. 

  

 3 

	 	(i)	This Agreement contains the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with respect
thereto. 

  

 4 

 IN WITNESS WHEREOF, the Company and the Grantee have executed this Agreement as of the day and year first
above written. 
  

			
	DCT INDUSTRIAL TRUST INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	  

	[Grantee’s Name]

  

 5PROMISSORY NOTE

$25,000.00                                                    September 29, 2006

            FOR VALUE RECEIVED, the undersigned, Magna-Lab Inc., a New York
corporation ("Borrower"), HEREBY PROMISES TO PAY to the order of Magna
Acquisition LLC or its registered assigns ( "Lender"), in lawful money of the
United States of America, in the manner and at the times provided hereinafter,
the principal sum of Twenty Five Thousand Dollars (US$25,000), together with
Interest (as hereinafter defined) and Default Interest (as hereinafter defined)
and all other amounts due and payable pursuant to and in accordance with terms
of this Note.

      Interest shall accrue on the unpaid principal amount of this Note from the
date hereof until such principal amount is paid in full. "Interest" shall mean
twelve percent (12%) per annum. Interest shall be computed on the actual number
of days elapsed, predicated on a year consisting of three hundred and sixty
(360) days.

      Default Interest, if any, shall be payable on demand. "Default Interest"
shall mean interest computed at fifteen percent (15%) per annum, on (i) the
entire principal balance of this Note from time to time unpaid from and after
such amounts becomes due and payable (whether upon maturity, by acceleration or
otherwise), and (ii) any and all other unpaid amounts due pursuant to the terms
and provisions of this Note (including, but not limited to, accrued and unpaid
Interest) from and after the respective date(s) on which those amounts become
due and payable, whether upon maturity, by acceleration or otherwise; in each
case from and after the expiration of any applicable grace period. Default
Interest shall be computed on the actual number of days elapsed, predicated on a
year consisting of three hundred and sixty (360) days. Notwithstanding anything
to the contrary contained herein, for any period in which Default Interest is
accruing on the entire unpaid principal balance hereunder, Interest shall not
accrue. Default Interest shall compound on an annual basis.

      Unless otherwise accelerated pursuant to the terms hereof, this Note shall
mature and all outstanding and unpaid principal and Interest shall be due and
payable on the date that is 120 days from and after the date hereof.

      This Note may be prepaid, in whole or in part, at any time by Borrower
without premium or penalty. Any prepayment of this Note shall be accompanied by
payment of any Interest accrued and unpaid through the date of such prepayment,
and all Default Interest, if any, accrued and unpaid through the date of such
prepayment.

      Notwithstanding anything to the contrary contained herein, upon the
occurrence of any one or more of: (i) a default in the payment of any amounts
due hereunder and a failure to cure such default within five (5) business days,
or (ii) a default hereunder, and the expiration of any grace period applicable
to any default as set forth herein, then at the sole option and discretion of
Lender, and without further demand or notice of any kind, the following shall
become immediately due and payable:

1.    the aggregate principal amount of this Note outstanding and remaining
      unpaid hereunder;

2.    unpaid Interest;

3.    Default Interest; and

4.    all other indebtedness evidence by this Note.

<PAGE>

The following shall constitute events of default hereunder: (i) the assignment
for the benefit of creditors by Borrower; (ii) the application for the
appointment of a receiver for Borrower or for the property of Borrower; (iii)
the filing of a petition in bankruptcy by or against Borrower; (iv) the issuance
of an attachment or the entry of a judgment against Borrower; (v) a default by
Borrower with respect to any other indebtedness due to Lender; (vi) the making
or sending of a notice of an intended bulk sale by Borrower; (vii) the merger,
consolidation, termination of existence, dissolution or insolvency of Borrower;
(viii) the good faith determination by Lender that it deems itself insecure or
that a material adverse change in the financial condition of Borrower has
occurred since the date hereof and that Lender's prospect of payment hereunder
has been impaired; or (ix) any breach or default under any indebtedness of
Borrower to any banking or financial institution, and the expiration of any
grace period applicable to such breach or default.

      If Borrower fails to pay any amounts when due hereunder, whether at
maturity, by acceleration or otherwise, or if there occurs any event which
entitles Lender to accelerate the indebtedness due under this Note and any grace
period applicable to any such failure to pay or event as set forth herein
expires, then Lender shall have all of the rights and remedies provided to it
hereunder, and at law or in equity. The remedies of Lender, as provided herein,
shall be cumulative and concurrent, and may be pursued singularly, successively,
or otherwise, at the sole discretion of Lender, and may be exercised as often as
occasion therefor shall arise. Lender may resort for payment hereunder to any of
security for, or any guaranty of, this Note whether or not Lender shall have
resorted for payment hereunder to any other security for or guaranty of this
Note. No act or omission of Lender, including specifically any failure to
exercise any right, remedy or recourse, shall be deemed to be a waiver or
release of the same, such waiver or release to be effected only through a
written document executed by Lender and then only to the extent specifically
recited therein. A waiver or release with reference to any one event shall not
be construed as continuing, as a bar to, or as a waiver or release of, any
subsequent right, remedy, or recourse as to a subsequent event. If this Note is
placed in the hands of an attorney for collection or is collected on advice of
counsel or through any legal proceeding, Borrower promises to pay, to the extent
permitted by law, court costs and reasonable attorneys' fees incurred by Lender.
Borrower hereby waives presentment, demand, notice of dishonor or nonpayment,
protest and notice of protest in connection therewith.

      If any provision of this Note is unenforceable, invalid or contrary to
law, or its inclusion herein would affect the validity, legality or enforcement
of this Note, such provision shall be limited to the extent necessary to render
the same valid or shall be excised from this Note, as the circumstances require,
and this Note shall be construed as if said provision had been incorporated
herein as so limited or as if said provision had not been included herein, as
the case may be.

      Time is of the essence of this Note.

      Upon maturity or following the occurrence of any event which entitles
Lender to accelerate the indebtedness evidenced hereby, all payments received on
account of the indebtedness evidenced hereby shall be applied, in whatever
order, combination and amounts as Lender, in its sole and absolute discretion,
decides, to all costs, expenses and other indebtedness, if any, owing to Lender
by reason of this Note; Default Interest, Interest; and principal.

      This Note, and the terms and provisions hereof, shall be binding upon
Borrower and its successors, administrators, and assigns, and shall inure to the
benefit of any holder hereof.

      All amounts due hereunder shall be paid without deduction, set-off or
counterclaim, Borrower expressly waiving any such rights to deduction, set-off
or counterclaim.

                                       2
<PAGE>

      Notwithstanding any provisions to the contrary contained in this Note or
in any of the other documents or instruments referred to in this Note, if at any
time or times the interest and any sums considered for such purposes to be
interest, payable under or by reason of this Note or any such other documents or
instruments, should exceed the maximum which, by the laws of the State having
jurisdiction, may be charged with respect to the loan evidenced hereby, given
the nature and all of the pertinent circumstances of such loan, than all such
sums in excess of such maximum shall be deemed not to be interest, but rather to
be payments on account of principal, and without further agreement of the
parties shall be so applied without regard to any other provision of this Note,
provided that Lender may elect instead that no sums shall be payable in excess
of such maximum, whereupon this Note, and such other documents and instruments
hall be deemed amended accordingly without further action by any party.

      This Note shall inure to the benefit of Lender and its successors and
assigns and shall be governed by, and construed in accordance with, the laws of
the State of Delaware.

                                          MAGNA-LAB INC., a New York corporation

                                          By /s/Lawrence A Minkoff
                                             -----------------------------------
                                             Name:
                                             Title: Chairman and President

                                       3

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