Document:

EX-10.2

 Exhibit 10.2 

MANAGEMENT AGREEMENT 

THIS MANAGEMENT AGREEMENT (“Agreement”) is made and entered into as of the      day of
            , 201  , by and between LOGISTICS PROPERTY OPERATING PARTNERSHIP LP, a Delaware limited partnership (“Owner”), and DIVIDEND CAPITAL PROPERTY
MANAGEMENT LLC., a Colorado limited liability company (“Manager”). 
 WITNESSETH: 

WHEREAS, Owner intends to raise money from the sale of stock for, among other things, the acquisition or construction of income-producing
properties; and 
 WHEREAS, Owner intends to employ Manager to manage the properties to be acquired by the Owner; and 

WHEREAS, Owner and Manager are entering into this Agreement to establish the terms and conditions for such services. 

NOW, THEREFORE, in consideration of the mutual covenants herein, the parties agree as follows: 

ARTICLE I 
 DEFINITIONS

 Except as otherwise specified or as the context may otherwise require, the following terms have the respective meanings set forth
below for all purposes of this Agreement: 
 “Gross Revenues” means all amounts actually collected as rents or other
charges for the use and occupancy of Properties, but shall exclude interest and other investment income of Owner and proceeds received by Owner for a sale, exchange, condemnation, eminent domain taking, casualty or other disposition of assets of
Owner. 
 “Improvements” means all buildings, structures and equipment from time to time located on Properties and all
parking and common areas located on Properties. 
 “Lease” means, unless the context otherwise requires, any lease or
sublease made by Owner as landlord or by its predecessor. 
 “Management Fee” means the fee payable to Manager for its
services hereunder. 
 “Properties” means all tracts (including all buildings and other improvements and property of Owner
located thereon) as yet unspecified but to be acquired by Owner, specified in writing by Owner to be managed by Manager, and included in Schedule I hereto, containing income-producing improvements or on which Owner will construct income-producing
improvements. 

 ARTICLE II 

APPOINTMENT OF MANAGER; SERVICES TO BE PERFORMED 

2.1 Appointment of Manager. Owner hereby engages and retains Manager as its sole and exclusive agent and manager of the Properties, and
Manager hereby accepts such appointment on the terms and conditions hereinafter set forth, it being understood that this Agreement shall cause Manager to be, at law, Owner’s agent upon the terms contained herein. 

2.2 General Duties. Manager shall devote commercially reasonable efforts to performing its duties hereunder to manage, operate and
maintain the Properties in a diligent, careful and vigilant manner. The services of Manager are to be of scope and quality not less than and similar to those generally performed by professional property managers of other similar properties in the
area. Manager shall make available to Owner the full benefit of the judgment, experience and advice of the members of Manager’s organization and staff with respect to the policies to be pursued by Owner relating to the operation of the
Properties. 
 2.3 Specific Duties. Manager’s duties include the following: 

(a) Lease Obligations. Manager shall perform all duties of the landlord under all Leases insofar as such duties relate
to operation, maintenance, and day-to-day management. Manager shall also provide or cause to be provided, at Owner’s expense, all services normally provided to tenants of like premises, including where applicable and without limitation, gas,
electricity or other utilities required to be furnished to tenants under Leases, normal repairs and maintenance, and cleaning, and janitorial service. Manager shall arrange for and supervise the performance of all installations and improvements in
space leased to any tenant which are either expressly required under the terms of the Lease of such space or which are customarily provided to tenants. 

(b) Maintenance. Manager shall cause the Properties to be maintained in the same manner as similar properties in the
area. Manager’s duties and supervision in this respect shall include, without limitation, cleaning of the interior and the exterior of the Improvements and the public common areas on the Properties and the making and supervision of repair,
alterations, and decoration of the Improvements, subject to and in strict compliance with this Agreement and the Leases. Non-budgeted expenses for any individual item of work which are not reimbursed by a tenant shall not exceed the sum of $1,000
unless specifically authorized in advance by Owner, provided that emergency repairs which are immediately necessary for the preservation or safety of the Properties, or for the safety of occupant or other persons, or required to avoid the suspension
of any necessary service of the Properties may be made by Manager without prior approval of Owner if under the circumstances Owner cannot be conveniently notified before the required emergency repairs must be done. 

(c) Notice of Violations. Manager shall forward to Owner promptly upon receipt all notices of violation or other notices
from any governmental authority, and board of fire underwriters or any insurance company, and shall make such recommendations regarding compliance with such notice as shall be appropriate. 

  
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 (d) Personnel. In the event Owner notifies Manager of the necessity of
Manager employing additional personnel to manage the Properties, Manager shall cause to be hired personnel to maintain and operate the Properties. The persons so hired shall be the employees or independent contractors of Manager and not of Owner.
Manager shall be responsible for the preparation of and shall timely file all payroll tax reports and timely make payments of all withholding and other payroll taxes with respect to each employee. 

(e) Utilities and Supplies. Manager shall, on behalf of Owner, enter into or renew contracts for electricity, gas,
steam, landscaping, fuel, oil, maintenance and other services as are customarily furnished or rendered in connection with the operation of similar rental property in the area, or as it, in its reasonable judgment, shall deem prudent, provided that
Manager shall submit to Owner for its approval such contracts for items of expense which are not reimbursable by tenants. Unless Owner notifies Manager of its disapproval of any such contract within 10 days after receipt thereof, Owner shall be
deemed to have approved such contract. Manager shall also purchase all supplies which Manager shall deem necessary to maintain and operate the Properties, provided that no such purchase which is not in the ordinary course of business or which is of
a nature not reimbursed by tenants shall be made by Manager without the prior consent of Owner. 
 (f) Expenses.
Manager shall analyze all bills received for services, work and supplies in connection with the maintaining and operating the Properties, pay all such bills, and, if requested by Owner, pay, when due, utility and water charges, sewer rent and
assessments, and any other amount payable in respect to the Properties. All bills shall be paid by Manager within the time required to obtain discounts, if any. Owner may from time to time request that Manager forward certain bills to Owner promptly
after receipt, and Manager shall comply with any such request. It is understood that the payment of real property taxes and assessment and insurance premiums will be paid out of the Account (as hereinafter defined) by Manager at the direction of
Owner. All expenses shall be billed at net cost (i.e., less all rebates, commissions, discounts and allowances, however designed). 

(g) Monies Collected. Manager shall collect all rent and other monies from tenants and any sums otherwise due Owner with
respect to the Owner in the ordinary course of business. In collecting such monies, Manager shall inform tenants of the Owner that all remittances are to be in the form of a check, wire transfer or money order. Owner authorizes Manager to request,
demand, collect and receipt for all such rent and other monies and to institute legal proceedings in the name of Owner for the collection thereof and for the dispossession of any tenant in default under its Lease. Manager shall not, however,
compromise with any tenant or waive Owner’s rights under any Lease without Owner’s consent. 
 (h) Banking
Account. Manager shall establish and maintain a separate checking account (the “Account”). All monies deposited from time to time in the Account shall be deemed to be trust funds and shall be and remain the property of Owner and shall
be withdrawn and disbursed by Manager for the account of Owner only as expressly permitted by this Agreement for the purposes of performing the obligations of 

  
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Manager hereunder. No monies collected by Manager on Owner’s behalf shall be commingled with funds of Manager. The Account shall be maintained, and monies shall be deposited therein and
withdrawn therefrom, in accordance with the following: 
 (i) All sums received from rents and other income from the Owner
shall be promptly deposited by Manager in the Account. Manager shall have the right to designate two or more persons who shall be authorized to draw against the Account, but only for purposes authorized by this Agreement. 

(ii) All sums due to Manager hereunder, whether for compensation, reimbursement for expenditures, or otherwise, as herein
provided, shall be a charge against the operating revenues of the Properties and shall be paid and/or withdrawn by Manager from the Account prior to the making of any other disbursements therefrom. 

(iii) By the 20th day of each month, Manager shall forward to Owner net operating proceeds from the preceding month, retaining
at all times, however, a reserve of $5,000. 
 (i) Tenant Complaints. Manager shall maintain business-like relations
with the tenants of the Properties. 
 (j) Signs. Manager shall place and remove, or cause to be placed and removed,
such signs upon the Properties as Manager deems appropriate, subject, however, to the terms and conditions of the Leases and to any applicable ordinances and regulations. 

(k) Other Services. Manager shall recommend from time to time to Owner such procedures with respect to the Properties as
Manager may deem advisable for the most efficient and economic management services which normally are performed in connection with the operation of first-class office and commercial buildings, residential buildings or other buildings, as applicable,
and perform all services normally provided to similar premises, without additional charges to Owner. 
 2.4 Approval of Leases,
Contracts, Etc. Manager shall not approve the execution of or otherwise enter into or bind Owner with respect to Leases or any contract or agreement without the prior consent of Owner; provided that without such consent, except to the extent
required under Section 2.3(e), Manager may enter into any contracts or agreements (excluding Leases of space in the Properties) on behalf of Owner in the ordinary course of the management, operation and maintenance of the Properties for the
obtaining of utility, maintenance or other services to the Properties; and further provided that without such consent, Manager may enter into any contracts or agreements on behalf of Owner, in the case of casualty, breakdown in machinery or other
similar emergency, if in the opinion of Manager emergency action or immediate approval for the commencement of repairs is necessary to prevent additional damage or greater total expenditure or to protect the Properties from damage or prevent default
on the part of Owner under any of the Leases, in which event such action taken shall be taken concurrently with prompt notice to Owner. 

  
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 2.5 Accounting, Records and Reports. 

(a) Records. Manager shall maintain all office records and books of account and shall record therein, and keep copies
of, each invoice received from services, work and supplies ordered in connection with the maintenance and operation of the Properties. Such records shall be maintained on a double entry basis. Owner and persons designated by Owner shall at all
reasonable time have access to and the right to audit and make independent examinations of such records, books and accounts and all vouchers, files and all other material pertaining to the Owner and this Agreement, all of which Manager agrees to
keep safe, available and separate from any records not pertaining to Owner, at a place recommended by Manager and approved by Owner. 

(b) Monthly Reports. On or before the 15th day of each month following the month for which such report or statement is
prepared and during the term of this Agreement, Manager shall prepare and submit to Owner the following reports and statements: 

(i) Rental collection record in a form to be agreed upon by Manager and Owner; 

(ii) Monthly operating statement in a form to be agreed upon by Manager and Owner; 

(iii) Copy of cash disbursements ledger entries for such month; 

(iv) Copy of cash receipts ledger entries for such month; 

(v) The original copies of all contracts entered into by Manager on behalf of Owner during such month; and 

(vi) Copy of ledger entries for such month relating to security deposits maintained by Manager. 

(c) Budgets and Leasing Plans. Not later than 30 days before the anniversary of this Agreement and any extensions
thereof, Manager shall prepare and submit to Owner for its approval an operating budget and a marketing and leasing plan on the Properties for the calendar year immediately following such submission. The budget and leasing plan shall be in the form
of the budget and plan approved by Owner prior to the date thereof. As often as reasonably necessary during the period covered by any such budget, Manager may submit to Owner for its approval an updated budget or plan incorporating such changes as
shall be necessary to reflect cost over-runs and the like during such period. If Owner does not disapprove any such budget within 30 days after receipt thereof by Owner, such budget shall be deemed approved. If Owner shall disapprove any such budget
or plan, it shall so notify Manager within said 30-day period and explain the reasons therefor. 
 (d) Returns Required by
Law. Managers shall execute and file when due all forms, reports, and returns required by law relating to the employment of its personnel. 

  
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 (e) Notices. Promptly after receipt, Manager shall deliver to Owner all
notices, from any tenant, or any governmental authority, that are not of a routine nature. Manager shall also report expeditiously to Owner notice of any extensive damage to any part of the Properties. 

2.6 Delegation of Management Functions. 

Owner hereby agrees that Manager may engage a third party to perform the daily management functions with respect to each of the Properties.

 ARTICLE III 

EXPENSES 
 3.1
Owner’s Expenses. Except as otherwise specifically provided, all costs and expenses incurred hereunder by Manager shall be for the account of and on behalf of Owner. Such costs and expenses may include salaries and other employee-related
expenses, and all legal, travel and other out-of-pocket expenses which are directly related to the management of specific Properties. All costs and expenses for which Owner is responsible under this Agreement shall be paid by Manager out of the
Account. In the event said account does not contain sufficient funds to pay all said expenses, Owner shall fund all sums necessary to meet such additional costs and expenses. 

3.2 Manager’s Expenses. Managers shall, out of its own funds, pay all of its general overhead and administrative expenses. 

ARTICLE IV 

MANAGER’S COMPENSATION 

4.1 Management Fee. Commencing on the date hereof, Owner shall pay Manager, as compensation for its services hereunder an amount equal
to a market based percentage of the annual gross revenues of each of the Owner’s Properties managed by the Manager (“Management Fee”), as specified in Schedule I hereto. The actual percentage will be variable and is dependent upon
geographic location and product type (such as office, industrial, retail, multifamily and other property types). In addition, Owner may pay the Manager a separate fee for the one-time rent-up or lease-up of newly constructed properties, for leasing
vacant space in the Owner’s real properties and for renewing or extending current leases on the Owner’s real properties in an amount not to exceed the fee customarily charged in arm’s length transactions by others rendering similar
services in the same geographic area for similar properties, as determined by a survey of brokers and agents in such area (customarily equal to the first month’s rent). 

4.2 Audit Adjustment. If any audit of the records, books or accounts relating to the Properties discloses an underpayment of Management
Fees, Owner shall promptly pay to Manager the amount of such underpayment, and if such audit discloses an overpayment of management fees, the next payment due by Owner hereunder shall be reduced by the amount of such overpayment. If such audit
discloses an overpayment of Management Fees for any fiscal year, Manager shall bear the cost of such audit. 

  
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 ARTICLE V 

INSURANCE AND INDEMNIFICATION 

5.1 Insurance to be Carried. 

(a) The Properties shall be insured by Owner against such hazards as Owner shall deem appropriate. All liability policies shall
provide sufficient insurance satisfactory to both Owner and Manager and shall contain waivers of subrogation for the benefit of Manager. 

(b) Manager shall obtain and keep in full force and effect, in accordance with the laws of the state in which each Property is
located, employer’s liability insurance applicable to and covering all employees of Manager located in such state and all persons engaged in the performance of any work required hereunder, and Manager shall furnish Owner certificates of
insurers naming Owner as a co-insured and evidencing that such insurance is in effect. If any work under this Agreement is subcontracted as permitted herein, Manager shall include in each subcontract a provision that the subcontractor shall also
furnish Owner with such a certificate. 
 5.2 Cooperation with Insurers. Manager shall cooperate with and provide reasonable access
to the Owner to representatives of insurance companies and insurance brokers or agents with respect to insurance which is in effect or for which application has been made. Manager shall use commercially reasonable efforts to comply with all
requirements of insurers. 
 5.3 Accidents and Claims. Manager shall promptly investigate and shall report in detail to Owner all
accidents, claims for damage relating to the Properties, operation or maintenance of the Properties, and any damage or destruction to the Properties and the estimated costs of repair thereof, and shall prepare for approval by Owner all reports
required by an insurance company in connection with any such accident, claim, damage, or destruction. Such reports shall be given to Owner promptly and any report not so given within 10 days after the occurrence of any such accident, claim, damage
or destruction shall be noted in the monthly report delivered to Owner pursuant to section 2.5(b). Manager is authorized to settle any claim against an insurance company not exceeding $500 arising out of any policy and, in connection with such
claim, to execute proofs of loss and adjustments of loss and to collect and receipt for loss proceeds. If a claim against an insurance company exceeds $500, Manager shall take no action specified in the immediately preceding sentence with respect
thereto without the approval of Owner. 
 5.4 Indemnification. 

(a) The Owner shall not provide for indemnification of the Manager for any loss or liability suffered by the Manager, unless
all of the following conditions are met: 
 (i) The Manager has determined, in good faith, that the course of conduct which
caused the loss or liability was in the best interest of the Owner; 

  
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 (ii) The Manager was acting on behalf of or performing services for the Owner;

 (iii) Such liability or loss was not the result of negligence or misconduct by the Manager; and 

(iv) Such indemnification or agreement to hold harmless is recoverable only out of the Owner’s net assets and not from its
shareholders. 
 (b) The Owner agrees that it shall hold the Manager harmless for any loss or liability that results from the
Manager’s acts or omissions in connection with this Agreement; provided that the Owner shall not hold the Manager harmless for any loss or liability suffered by the Owner unless all of the conditions in clauses (i), (ii), (iii) and
(iv) of Section 5.4(a) are met. 
 (c) Notwithstanding the foregoing, the Manager shall not be indemnified by the
Owner for any losses, liabilities or expenses arising from or out of an alleged violation of federal or state securities laws by the Manager unless one or more of the following conditions are met: 

(i) There has been a successful adjudication on the merits of each count involving alleged securities law violations as to the
Manager; 
 (ii) Such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the
Manager; or 
 (iii) A court of competent jurisdiction approves a settlement of the claims against the Manager and finds that
indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the Securities and Exchange Commission and of the published position of any state
securities regulatory authority in which securities of the Owner were offered or sold as to indemnification for violation of securities laws. 

(d) The advancement of the Owner’s funds to the Manager for legal expenses and other costs incurred as a result of any
legal action for which indemnification is being sought is permissible only if all of the following conditions are satisfied: 

(i) The legal action relates to acts or omissions with respect to the performance of duties or services on behalf of the Owner;

 (ii) The legal action is initiated by a third party who is not a shareholder or the legal action is initiated by a
shareholder acting in his or her capacity as such and a court of competent jurisdiction specifically approves such advancement; and 

  
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 (iii) The Manager undertakes to repay the advanced funds to the Owner, together
with the applicable legal rate of interest thereon, in cases in which the Manager is found not to be entitled to indemnification. 

ARTICLE VI 
 TERM

 6.1 Term. This Agreement shall commence on the date first above written and shall continue until terminated in accordance with
the earliest to occur of the following: 
 (a) One year from the date of the commencement of the term hereof. However, this
Agreement will be automatically extended for an additional one year period at the end of each year unless Owner or Manager gives sixty (60) days written notice of its intention to terminate the Agreement; 

(b) Sixty (60) days after prior written notice of intention to terminate the Agreement given by Owner or Manager; 

(c) Upon any change in control of Manager, unless Owner consents to such change; or 

(d) Immediately upon the occurrence of any of the following: 

(i) A decree or order is rendered by a court having jurisdiction 

(1) adjudging Manager as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization,
readjustment, arrangement, composition or similar relief for Manager under the federal bankruptcy laws or any similar applicable law or practice, or 

(2) appointing a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of Manager or a substantial part of
the property of Manager, or for the winding up or liquidation of its affairs, or 
 (ii) Manager (A) institutes
proceedings to be adjudicated a voluntary bankrupt or an insolvent, (B) consents to the filing of a bankruptcy proceeding against it, (C) files a petition or answer or consent seeking reorganization, readjustment, arrangement, composition
or relief under any similar applicable law or practice, (D) consents to the filing of any such petition, or to the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency for it or for a substantial part of
its property, (E) makes an assignment for the benefit of creditors, (F) is unable to or admits in writing its inability to pay its debts generally as they become due unless such inability shall be the fault of Owner, or (G) takes
corporate or other action in furtherance of any of the aforesaid purposes. 
 Upon termination, the obligations of the parties hereto shall
cease, provided that Manager shall comply with the provisions hereof applicable in the event of termination and shall be 

  
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entitled to receive all compensation which may be due Manager hereunder up to the date of such termination, and provided, further, that if this Agreement terminates pursuant to clause
(d) above, Owner shall have other remedies as may be available at law or in equity. 
 6.2 Manager’s Obligations after
Termination. Upon the termination of this Agreement, Manager shall have the following duties: 
 (a) Manager shall
deliver to Owner, or its designee, all books and records with respect to the Properties and/or the Owner. 
 (b) Manager
shall transfer and assign to Owner, or its designee, all service contracts and personal property relating to or used in the operation and maintenance of the Properties, except personal property paid for and owned by Manager. Manager shall also, for
a period of sixty (60) days immediately following the date of such termination, make itself available to consult with and advise Owner, or its designee, regarding the operation and maintenance of the Properties. 

(c) Manager shall render to Owner an accounting of all funds of Owner in its possession and shall deliver to Owner a statement
of Management Fees claimed to be due Manager and shall cause funds of Owner held by Manager relating to the Properties to be paid to Owner or its designee. 

ARTICLE VII 

MISCELLANEOUS 
 7.1
Notices. All notices, approvals, consents and other communications hereunder shall be in writing, and, except when receipt is required to start the running of a period of time, shall be deemed given when delivered in person or on the fifth
day after its mailing by either party by registered or certified United States mail, postage prepaid and return receipt requested, to the other party, at the addresses set forth after their respective name below or at such different addresses as
either party shall have theretofore advised the other party in writing in accordance with this Section 7.1. 
  

			
	Owner:	  	Logistics Property Operating Partnership LP
		  	518 17th Street, 17th Floor
		  	Denver, Colorado 80202
		
	Manager:	  	Dividend Capital Property Management LLC
		  	518 17th Street
		  	Suite 1700
		  	Denver, Colorado 80202

 7.2 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the
State of Colorado. 
 7.3 Assignment. Manager may delegate partially or in full its duties and rights under this Agreement but only
with the prior written consent of Owner. Except as provided in the immediately preceding sentence, this Agreement shall be binding upon and shall inure to the benefit of the parties and their respective successors and assigns. 

  
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 7.4 No Waiver. The failure of Owner to seek redress for violation or to insist upon the
strict performance of any covenant or condition of this Agreement, shall not constitute a waiver thereof for the future. 
 7.5
Amendments. This Agreement may be amended only by an instrument in writing signed by the party against whom enforcement of the amendment is sought. 

7.6 Headings. The headings of the various subdivisions of this Agreement are for reference only and shall not define or limit any of
the terms or provisions hereof. 
 7.7 Counterparts. This Agreement may be executed in any number of counterparts, each of which
shall be deemed 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 parties reflected thereon as the signatories. 
 7.8 Entire Agreement. This Agreement
contains the entire understanding and all agreements between Owner and Manager respecting the management of the Properties. There are no representations, agreements, arrangements or understandings, oral or written, between Owner and Manager relating
to the management of the Properties that are not fully expressed herein. 
 7.9 Disputes. If there shall be a dispute between Owner
and Manager relating to this Agreement resulting in litigation, the prevailing party in such litigation shall be entitled to recover from the other party to such litigation such amount as the court shall fix as reasonable attorneys’ fees. 

7.10 Activities of Manager. The obligations of Manager pursuant to the terms and provisions of this Agreement shall not be construed to
preclude Manager from engaging in other activities or business ventures, whether or not such other activities or ventures are in competition with the Properties or the business of Owner. 

7.11 Independent Contractor. Manager and Owner shall not be construed as joint venturers or owners of each other pursuant to this
Agreement, and neither shall have the power to bind or obligate the other except as set forth herein. In all respects, the status of Manager to Owner under this Agreement is that of an independent contractor. 

[Signature page follows.] 

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

  

			
		  	LOGISTICS PROPERTY OPERATING PARTNERSHIP LP,
		  	a Delaware limited partnership
		
		  	By: Logistics Property Trust Inc.,
		  	its general partner
		
		  	By:                                     
                                         
                       
		  	Name:
		  	Title:
		
		  	DIVIDEND CAPITAL PROPERTY MANAGEMENT LLC
		
		  	By: Dividend Capital Management Group LLC,
		  	its sole member
		
		  	By:                                     
                                         
                       
		  	Name:
		  	Title:

 SCHEDULE I 
  

			
	 Property
	  	Management FeeEX-10.3

 Exhibit 10.3 

ADVISORY AGREEMENT 

among 
 LOGISTICS
PROPERTY TRUST INC., 
 LOGISTICS PROPERTY OPERATING PARTNERSHIP LP 

and 
 LOGISTICS PROPERTY
ADVISORS LLC 

 TABLE OF CONTENTS 

 

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

 THIS ADVISORY AGREEMENT, dated as of
                , 2015 is among Logistics Property Trust Inc., a Maryland corporation (the “Corporation”), Logistics Property Operating Partnership LP,
a Delaware limited partnership (the “Operating Partnership”), and Logistics Property Advisors LLC, a Delaware limited liability company. 

W I T N E S S E T H 

WHEREAS, the Corporation intends to qualify as a REIT (as defined below), and to invest its funds in investments permitted by the terms of
Sections 856 through 860 of the Code (as defined below); 
 WHEREAS, the Corporation is the general partner of the Operating Partnership and
intends to conduct its business and make investments in Assets primarily through the Operating Partnership; 
 WHEREAS, the Corporation and
the Operating Partnership desire to avail themselves of the experience, sources of information, advice, assistance and certain facilities of the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on
behalf of, and subject to the supervision of, the Board of Directors of the Corporation, all as provided herein; and 
 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 Advisory Agreement (the “Agreement”), the following terms have the definitions
hereinafter indicated: 
 Acquisition Expenses. Any and all expenses, exclusive of Acquisition Fees, incurred by the Corporation, the
Operating Partnership, the Advisor, or any of their Affiliates in connection with the selection, acquisition, development or origination of any Asset, whether or not acquired, including, without limitation, legal fees and expenses, travel and
communications expenses, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, title insurance, and the costs of performing due diligence. 

Acquisition Fees. Any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person to any other Person
(including any fees or commissions paid by or to any Affiliate of the Corporation, the Operating Partnership or the Advisor) in connection with (i) the acquisition, development or construction of a Property, (ii) the acquisition of
interests in a real estate related entity or (iii) making or investing in Mortgages or the origination or acquisition of other debt or other investments, including real estate commissions, selection fees, Development Fees, Construction Fees, if
any, nonrecurring management fees, loan fees, points or any other fees of a similar nature. Excluded shall be development fees and construction fees paid to any Person not affiliated with the Sponsor in connection with the actual development and
construction of a project. 
 Advisor. Logistics Property Advisors LLC, a Delaware limited liability company, any successor advisor
to the Corporation, the Operating Partnership or any person or entity to which 

  
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Logistics Property Advisors LLC or any successor advisor subcontracts substantially all of its functions. Notwithstanding the forgoing, a Person hired or retained by Logistics Property Advisors
LLC to perform property and securities management and related services for the Corporation or the Operating Partnership that is not hired or retained to perform substantially all of the functions of Logistics Property Advisors LLC with respect to
the Corporation or the Operating Partnership as a whole shall not be deemed to be an Advisor. 
 Affiliate or Affiliated. With
respect to any Person, (i) any Person directly or indirectly owning, controlling or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of such other Person; (ii) any Person ten percent
(10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common
control with such other Person; (iv) any executive officer, director, trustee or general partner of such other Person; and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. 

Asset. Any Property, Mortgage, other debt or other investment (other than investments in bank accounts, money market funds or other
current assets) owned by the Corporation, directly or indirectly through one or more of its Affiliates. 
 Asset Management Fee. A
fee paid to the Advisor as compensation for services rendered in connection with the management and Disposition of the Corporation’s Assets. 

Average Invested Assets. For a specified period, the average of the aggregate book value of the Assets invested, directly or
indirectly, in equity interests in and loans secured by or related to real estate (including, without limitation, equity interests in REITs, mortgage pools, commercial mortgage-backed securities, mezzanine loans and residential mortgage-backed
securities), before deducting depreciation, bad debts or other non-cash reserves, computed by taking the average of such values at the end of each month during such period. 

Board of Directors or Board. The persons holding such office, as of any particular time, under the Charter of the Corporation, whether
they be the Directors named therein or additional or successor Directors. 
 Bylaws. The bylaws of the Corporation, as the same are
in effect from time to time. 
 Cause. With respect to the termination of this Agreement, fraud, criminal conduct or willful
misconduct by the Advisor, or a material breach of this Agreement by the Advisor, which has not been cured within 30 days of such breach. 

Charter. The amended and restated articles of incorporation of the Corporation, as amended from time to time. 

Code. Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the
Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 

Construction Fees. The term “Construction Fees” shall have the meaning given such term in the Charter. 

  
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 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 assumed or taken subject to by an acquirer. Without limiting the generality of the foregoing, in any transaction involving the acquisition of the equity of the Corporation, the Operating Partnership or other
selling entity, the Contract Sales Price will be deemed to include (whether or not expressed in the net per share price), the value assigned by the applicable buyer to all assets (or the value of such assets implied by such buyer’s offer)
before subtracting liabilities to derive the net per share purchase price. 
 Corporation. Corporation shall have the meaning set
forth in the preamble of this Agreement. 
 Dealer Manager. Dividend Capital Securities LLC or such other Person or entity selected
by the Board of Directors to act as the dealer manager for the Offering. Dividend Capital Securities 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.

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

Disposition. The term “Disposition” shall include (i) a sale of one or more Assets, (ii) a sale of one or more
Assets effectuated either directly or indirectly through the sale of any entity owning such Assets, including, without limitation, the Corporation or the Operating Partnership, (iii) a sale, merger or other transaction in which the Stockholders
either receive, or have the option to receive, cash, securities redeemable for cash, and/or securities of a publicly traded company, or (iv) a Listing. 

Distribution Fee. The distribution fee payable to the Dealer Manager as additional compensation for serving as the dealer manager for
the Offering and reallowable to Soliciting Dealers with respect to Shares sold by them, as described in the Corporation’s Prospectus. 

Distributions. Any distributions of money or other property by the Corporation to owners of Shares, including distributions that may
constitute a return of capital for federal income tax purposes. 
 Equity Shares. Transferable shares of beneficial interest of the
Corporation of any class or series, including common shares or preferred shares. 

  
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 FINRA. Financial Industry Regulatory Authority, Inc. 

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

General Partner. General Partner shall have the meaning set forth in the recitals at the beginning of this Agreement. 

Good Reason. With respect to the termination of this Agreement, (i) any failure to obtain a satisfactory agreement from any
successor to the Corporation and/or the Operating Partnership to assume and agree to perform the Corporation’s and/or the Operating Partnership’s obligations under this Agreement; or (ii) any uncured material breach of this Agreement
of any nature whatsoever by the Corporation and/or the Operating Partnership that remains uncured for 30 days after written notice of such material breach has been provided to the Corporation and the Operating Partnership by the Advisor. 

Gross Market Capitalization. The sum of (i) the total outstanding principal balance of all indebtedness of the Corporation, the
Operating Partnership, and its subsidiaries, and (ii) the Gross Share Value. 
 Gross Proceeds. The aggregate purchase price of
all Shares sold for the account of the Corporation through all Offerings, without deduction for Sales Commissions, Dealer Manager Fees, Distribution Fees, volume discounts, any marketing support and due diligence expense reimbursement or
Organization and Offering Expenses. For the purpose of computing Gross Proceeds, the purchase price of any Share for which reduced Sales Commissions or Dealer Manager Fees are paid to the Dealer Manager or a Soliciting Dealer (where net proceeds to
the Corporation are not reduced) shall be deemed to be the full amount of the offering price per Share pursuant to the Prospectus for such Offering without reduction. 

Gross Share Value. The product of (i) the total number of shares of the Corporation outstanding plus all OP Units outstanding
that are held by parties other than the Corporation, and (ii) the Value Per Share. 
 Independent Director. Independent Director
shall have the meaning set forth in the Charter. 
 Independent Expert. A person or entity with no material current or prior business
or personal relationship with the Advisor or the Directors and who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Corporation. 

Joint Ventures. The joint venture, co-investment, co-ownership or partnership arrangements in which the Corporation or any of its
subsidiaries is a co-venturer, co-owner or general partner which are established to acquire or hold Assets. 
 Liquidity Event. The
term “Liquidity Event” shall include, but shall not be limited to, (i) a Listing, (ii) a sale, merger or other transaction in which the Stockholders either receive, or have the option to receive, cash, securities redeemable for
cash, and/or securities of a publicly traded company, and (iii) the sale of all or substantially all of the Corporation’s Assets where Stockholders either receive, or have the option to receive, cash or other consideration. 

Listing. The listing of the Shares on a national securities exchange. 

  
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 Mortgages. In connection with mortgage financing provided, invested in, participated in or
purchased by the Corporation, all of the notes, deeds of trust, security interests or other evidences of indebtedness or obligations, which are secured or collateralized by Real Property owned by the borrowers under such notes, deeds of trust,
security interests or other evidences of indebtedness or obligations. 
 NASAA REIT Guidelines. The Statement of Policy Regarding
Real Estate Investment Trusts as adopted by the members of the North American Securities Administrators Association, Inc. on May 7, 2007. 

Net Income. For any period, the Corporation’s total revenues applicable to such period, less the total expenses applicable to such
period other than additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Corporation’s Assets. 

Offering. The public offering of Shares pursuant to a Prospectus. 

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

Operating Partnership Agreement. The Operating Partnership Agreement between the Corporation and Logistics Property Advisors Group LLC.

 OP Unit. Units of limited partnership interest in the Operating Partnership. 

Organization and Offering Expenses. Any and all costs and expenses, other than Sales Commissions, Dealer Manager Fees, and Distribution
Fees, incurred in connection with the formation of the Corporation and the qualification and registration of all its Offerings, and the marketing and distribution of Shares, including, without limitation, total underwriting and brokerage discounts
and commissions (including fees of the underwriters’ attorneys) payable to the Dealer Manager and Soliciting Dealers, expenses for printing and amending registration statements or supplementing prospectuses, mailing and distributing costs,
salaries of employees while engaged in sales activity, telephone and other telecommunications costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings), charges of transfer agents,
registrars, trustees, escrow holders, depositories and experts and fees, expenses and taxes related to the filing, registration and qualification of the sale of the Shares under federal and state laws, including accountants’ and attorneys’
fees. The cumulative Organization and Offering Expense reimbursements paid by the Corporation in connection with all Offerings will not exceed 2.0% of Gross Proceeds from the sale of Shares of all Offerings. 

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

Property or Properties. All or a portion of the Real Property or Real Properties acquired by the Corporation, directly or indirectly
through joint venture or co-ownership arrangements or other partnership or investment entities. 
 Prospectus. Prospectus shall have
the meaning set forth in Section 2(10) of the Securities Act of 1933, as amended (the “Securities Act”), including a preliminary Prospectus, an offering 

  
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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. 

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

Sale or Sales. Any transaction or series of transactions whereby: (A) the Corporation or the Operating Partnership directly or
indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting of a building only, and
including any event with respect to any Property which gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the Corporation or the Operating Partnership directly or indirectly (except as described in other
subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Corporation or the Operating Partnership in any Joint Venture in which it is a co-venturer, member or
partner; (C) any Joint Venture in which the Corporation or the Operating Partnership is a co-venturer, member or partner directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or
relinquishes its ownership of any Property or portion thereof, including any event with respect to any Property which gives rise to insurance claims or condemnation awards; (D) the Corporation or the Operating Partnership directly or indirectly
(except as described in other subsections of this definition) sells, grants, conveys or relinquishes its interest in any Mortgage or portion thereof (including all payments thereunder or in satisfaction thereof other than regularly scheduled
interest payments) or amounts owed pursuant to such Mortgage, including any event with respect to any Mortgage which gives rise to a significant amount of insurance proceeds or similar awards; or (E) the Corporation or the Operating Partnership
directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any other Asset not previously described in this definition or any portion thereof, but
(ii) not including any transaction or series of transactions specified in clause (i) (A) through (E) above in which the proceeds of such transaction or series of transactions are reinvested by the Corporation in one or more
Assets within 180 days thereafter. 
 Sales Commission. A percentage of Gross Proceeds from the sale of primary Shares in the
Offering (not including Shares sold pursuant to the Corporation’s distribution reinvestment plan) payable to the Dealer Manager and reallowable to Soliciting Dealers with respect to Shares sold by them. 

Securities. The term “Securities” shall mean any of the following issued by the Corporation, as the text requires: Equity
Shares, any other stock, shares or other evidences of equity or 

  
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beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general
any instruments commonly known as “securities” or any certificates of interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or
acquire, any of the foregoing. 
 Shares. The shares of the common stock of the Corporation sold in the Offering. 

Soliciting Dealers. Broker-dealers who are members of FINRA, or that are exempt from broker-dealer registration, and who, in either
case, have executed selected dealer or other agreements with the Dealer Manager to sell Shares. 
 Special OP Units. The separate
series of limited partnership interests to be issued in accordance with Paragraph 9(c). 
 Sponsor. Any Person which (i) is
directly or indirectly instrumental in organizing, wholly or in part, the Corporation, (ii) will control, manage or participate in the management of the Corporation, and any Affiliate of any such Person, (iii) takes the initiative,
directly or indirectly, in founding or organizing the Corporation, either alone or in conjunction with one or more other Persons, (iv) receives a material participation in the Corporation in connection with the founding or organizing of the
business of the Corporation, in consideration of services or property, or both services and property, (v) has a substantial number of relationships and contacts with the Corporation, (vi) possesses significant rights to control Properties,
(vii) receives fees for providing services to the Corporation which are paid on a basis that is not customary in the industry, or (viii) provides goods or services to the Corporation on a basis which was not negotiated at arm’s-length
with the Corporation. “Sponsor” does not include any Person whose only relationship with the Corporation is that of an independent property manager and whose only compensation is as such, or wholly independent third parties such as
attorneys, accountants and underwriters whose only compensation is for professional services. 
 Stockholders. The registered holders
of the Corporation’s Shares. 
 Termination Date. The date of termination of this Agreement. 

Termination Event. The termination or nonrenewal of this Agreement (i) in connection with a merger, sale of Assets or transaction
involving the Corporation pursuant to which a majority of the Directors then in office are replaced or removed, (ii) by the Advisor for Good Reason or (iii) by the Corporation and the Operating Partnership other than for Cause. 

Total Operating Expenses. All costs and expenses paid or incurred by the Corporation, as determined under generally accepted accounting
principles, that are in any way related to the operation of the Corporation or to corporate business, including Asset Management Fees and other operating fees paid to the Advisor, but excluding (i) the expenses of raising capital such as
Organization and Offering Expenses, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees, (vi) Acquisition Fees and Acquisition
Expenses, (vii) real estate commissions on the Sale of Property, (viii) distributions made with respect to interests in the Operating Partnership, and (ix) other fees and expenses connected with the acquisition, Disposition,
management and ownership of real estate interests, mortgage loans or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of 

  
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property). Notwithstanding the definition set forth above, any expense of the Corporation which is not part of Total Operating Expenses under the NASAA REIT Guidelines shall not be treated as
part of Total Operating Expenses for purposes hereof. 
 Total Project Cost. With regard to any Real Property acquired prior to or
during the development, construction or improvement stages, all hard and soft costs and expenses paid or incurred by or on behalf of the Corporation that are in any way related to the development, construction, improvement or stabilization
(including tenant improvements) of such Real Property, including, but not limited to, any debt, whether borrowed or assumed, land and construction costs. 

Value Per Share. The term “Value Per Share” shall mean (i) in the event of a Listing pursuant to which incremental
equity capital is expected to be raised through the issuance of shares of the Corporation, the final price at which such shares are actually issued, or an estimate thereof reasonably determined by mutual agreement of the Corporation and the Advisor,
and (ii) in the event of a Listing pursuant to which no incremental equity capital is expected to be raised through the issuance of shares of the Corporation, the closing price at the end of the first day of trading of the Corporation’s
shares upon Listing, or an estimate thereof reasonably determined by mutual agreement of the Corporation and the Advisor. 
 2%/25%
Guidelines. For any year in which the Corporation qualifies as a REIT, the requirement pursuant to the NASAA REIT Guidelines that, in any 12 month period, Total Operating Expenses not exceed the greater of 2% of the Corporation’s Average
Invested Assets during such 12 month period or 25% of the Corporation’s Net Income over the same 12 month period. 
 2. APPOINTMENT.
The Corporation and the Operating Partnership hereby appoint the Advisor to serve as their advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 

3. DUTIES OF THE ADVISOR. The Advisor undertakes to use its reasonable efforts to present to the Corporation and the Operating Partnership
potential investment opportunities and to provide a continuing and suitable investment program consistent with the investment objectives and policies of the Corporation as determined and adopted from time to time by the Board of Directors. In
performance of this undertaking, subject to the supervision of the Board of Directors and consistent with the provisions of the Charter, the Bylaws and the Operating Partnership Agreement, and subject to the condition that any investment advisory
services provided with respect to securities shall be provided by a registered investment adviser, the Advisor shall, either directly or by engaging an Affiliated or non-Affiliated Person: 

(a) serve as the Corporation’s and the Operating Partnership’s investment and financial advisor and provide research and economic
and statistical data in connection with the Corporation’s assets and investment policies; 
 (b) manage and supervise the Offering
process, including, without limitation: (i) develop the product offering, including the determination of the specific terms of the Securities to be offered by the Corporation, prepare all offering and related documents, and obtain all required
regulatory approvals; (ii) along with the Dealer Manager, approve the participating broker dealers and negotiate the related selling agreements; (iii) coordinate the due 

  
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diligence process for participating broker dealers and their review of any Prospectus and other Offering and Corporation documents; (iv) assist in the preparation and approval of all
marketing materials contemplated to be used by the Dealer Manager or others in the Offering of the Corporation’s Securities; (v) along with the Dealer Manager, negotiate and coordinate with the transfer agent for the receipt, collection,
processing and acceptance of subscription agreements and other administrative support functions; and (vi) manage and supervise all other services related to the organization of the Corporation, the Operating Partnership or the Offering; 

(c) provide the daily management for the Corporation and the Operating Partnership and perform and supervise the various administrative
functions reasonably necessary for the management of the Corporation and the Operating Partnership, including, without limitation: (i) provide or arrange for administrative services and items, legal and other services, office space, office
furnishings, personnel and other items necessary and incidental to the Corporation’s business and operations; (ii) maintain accounting data and any other information requested concerning the activities of the Corporation and the Operating
Partnership as shall be required to prepare and to file all periodic financial reports with the Securities and Exchange Commission and any other regulatory agency, including annual financial statements; (iii) oversee tax and compliance services
and risk management services and coordinate with appropriate third parties, including independent accountants and other consultants, on related tax matters; (iv) manage and coordinate with the transfer agent the quarterly dividend process and
payments to Stockholders; (v) consult with and assist the Board of Directors in evaluating and obtaining adequate insurance coverage based upon risk management determinations; (vi) provide the Board of Directors with updates related to the
overall regulatory environment affecting the Corporation and the Operating Partnership, as well as managing compliance with such matters; (vii) consult with the Board of Directors with respect to the corporate governance structure and
appropriate policies and procedures related thereto; (viii) oversee all reporting, record keeping, internal controls and similar matters in a manner to allow the Corporation and the Operating Partnership to comply with applicable law, including
the Sarbanes-Oxley Act; (ix) manage communications with Stockholders, including answering phone calls, preparing and sending written and electronic reports and other communications; and (x) establish technology infrastructure to assist in
providing Stockholder support and service; 
 (d) investigate, select, and, on behalf of the Corporation and the Operating Partnership,
engage and conduct business with such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants, correspondents, lenders, technical advisors, attorneys,
brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, real estate management companies, real estate operating
companies, securities investment advisors, mortgagors, and any and all agents for any of the foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of
any of the foregoing services, including but not limited to entering into contracts in the name of the Corporation and the Operating Partnership with any of the foregoing; 

(e) consult with the officers and Board of Directors of the Corporation and assist the Board of Directors in the formulation and
implementation of the Corporation’s financial policies, and, as necessary, furnish the Board of Directors with advice and recommendations with respect to the making of investments consistent with the investment objectives and policies of the
Corporation and in connection with any borrowings proposed to be undertaken by the Corporation and/or the Operating Partnership; 

  
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 (f) subject to the provisions of Paragraphs 3(h) and 4 hereof, (i) locate, analyze and
select potential investments, (ii) structure and negotiate the terms and conditions of transactions pursuant to which investments will be made; (iii) make investments on behalf of the Corporation and the Operating Partnership in compliance
with the investment objectives and policies of the Corporation; (iv) oversee the due diligence process; (v) arrange for financing and refinancing and make other changes in the asset or capital structure of, and dispose of, reinvest the
proceeds from the sale of, or otherwise deal with, investments; and (vi) enter into leases and service contracts for Properties and, to the extent necessary, perform all other operational functions for the maintenance and administration of such
Properties; 
 (g) upon request, provide the Board of Directors with periodic reports regarding prospective investments; 

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

(i) negotiate on behalf of the Corporation and the Operating Partnership with banks or lenders for loans to be made to the Corporation and the
Operating Partnership, and negotiate on behalf of the Corporation and the Operating Partnership with investment banking firms and broker-dealers or negotiate private sales of Shares and Securities or obtain loans for the Corporation and the
Operating Partnership, but in no event in such a way so that the Advisor shall be acting as broker-dealer or underwriter; and provided, further, that any fees and costs payable to third parties incurred by the Advisor in connection with the
foregoing shall be the responsibility of the Corporation or the Operating Partnership; 
 (j) obtain reports (which may but are not required
to be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of investments or contemplated investments of the Corporation and/or the Operating Partnership in Assets; 

(k) from time to time, or at any time reasonably requested by the Board of Directors, make reports to the Board of Directors of its
performance of services to the Corporation and the Operating Partnership under this Agreement, including reports with respect to potential conflicts of interest involving the Advisor or any of its affiliates; 

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

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

(n) deliver to or maintain on behalf of the Corporation copies of all appraisals obtained in connection with the investments in Real
Properties and all valuations of other Assets as may be required to be obtained by the Board; 
 (o) notify and obtain the approval of the
Corporation’s investment committee for all non-affiliated transactions that have a Contract Purchase Price, Total Project Cost or Contract Sales Price of $30 million or less before such transactions are completed; 

  
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 (p) notify and obtain the approval of the Board for all proposed transactions that have a
Contract Purchase Price, Total Project Cost or Contract Sales Price of more than $30 million before such transactions are completed; 
 (q)
notify and obtain the approval of a majority of the Board of Directors (including a majority of the Independent Directors) for all affiliated transactions before such transactions are completed; and 

(r) effect any private placement of OP Units, tenancy-in-common, Delaware statutory trust, or other interests in Real Properties as may be
approved by the Board. 
 Notwithstanding the foregoing, the Advisor may delegate any or all of the foregoing duties to any Person so long
as the Advisor or any Affiliate remains responsible for the performance of the duties set forth in this Paragraph 3, subject to the prior consent of the Corporation if all or substantially all of such duties are delegated to a Person that is not an
Affiliate. 
 4. AUTHORITY OF ADVISOR. 

(a) Pursuant to the terms of this Agreement (including the restrictions included in 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 (1) locate, analyze and select investment opportunities,
(2) manage and supervise the offering process, (3) structure the terms and conditions of transactions pursuant to which investments will be made, acquired or disposed of for the Corporation and the Operating Partnership, (4) acquire
and dispose of investments in compliance with the investment objectives and policies of the Corporation, (5) arrange for financing or refinancing for Assets, (6) enter into leases and service contracts for Properties, (7) oversee
Affiliated and non-Affiliated property managers who perform services for the Corporation or the Operating Partnership, (8) oversee Affiliated and non-Affiliated Persons with whom the Advisor contracts to perform certain of the services required
to be performed under this Agreement, (9) manage communications with Stockholders, and (10) manage public reporting, internal controls, accounting and other record-keeping functions and general corporate services for the Corporation and
the Operating Partnership. 
 (b) Notwithstanding the foregoing, any investment in Real Properties, including any acquisition of Real
Property by the Corporation or the Operating Partnership (including any financing of such acquisition), will require the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may be.

 (c) In connection with a proposed transaction that requires the approval of the Independent Directors, the Advisor will deliver to the
Independent Directors all documents and other information required by them to properly evaluate the proposed transaction. 
 The prior
approval of a majority of the Board of Directors (including a majority of the Independent Directors) will be required for each transaction to which the Advisor or its Affiliates is a party. The Board of Directors may, at any time upon the giving of
written notice to the Advisor, modify or revoke the authority set forth in this Paragraph 4. If and to the extent the Board so modifies or revokes the authority contained herein, the Advisor shall henceforth submit to the Board for prior approval
such proposed transactions involving investments in Assets as thereafter require prior approval, provided however, that such modification or revocation shall be 

  
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effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Corporation prior to the date of receipt by the Advisor of such
notification. 
 5. BANK ACCOUNTS. The Advisor may establish and maintain one or more bank accounts in the name of the Corporation, the
Operating Partnership or the Operating Partnership’s subsidiaries and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Corporation, the Operating Partnership
or the Operating Partnership’s subsidiaries, under such terms and conditions as the Board of Directors may approve, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render
appropriate accountings of such collections and payments to the Board of Directors and to the auditors of the Corporation. 
 6. RECORDS;
ACCESS. The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for inspection by the Board of Directors and by counsel, auditors and authorized agents of the Corporation, at any time or from
time to time during normal business hours. The Advisor shall at all reasonable times have access to the books and records of the Corporation and the Operating Partnership. 

7. LIMITATIONS ON ACTIVITIES. Anything else in this Agreement to the contrary notwithstanding, the Advisor shall refrain from taking any
action which, in its sole judgment made in good faith, would (a) adversely affect the status of the Corporation as a REIT, (b) subject the Corporation to regulation under the Investment 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. 

  
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 9. FEES. 

(a) Acquisition Fees. The Advisor shall receive Acquisition Fees in connection with each Asset acquired on the Corporation’s
behalf. For investments in Real Property, the Acquisition Fee will vary depending on whether with respect to the Real Property acquired, the Advisor provides either Development Services (defined below) or Development Oversight Services (defined
below) either in connection with the acquisition of such Real Property (including, without limitation, forward commitment acquisitions), the stabilization of such Real Property (including, without limitation, development and value add transactions),
or both (any of the foregoing being “Development Real Properties). For each Real Property acquired, for which the Advisor does not provide either Development or Development Oversight Services either in connection with the acquisition of such
Real Property, the stabilization of such Real Property, or both (the “Non-Development Real Properties”), the Acquisition Fee is an amount equal to 2.0% of the Contract Purchase Price of the Non-Development Real Property (or the
Corporation’s proportional interest therein), including Real Property held in Joint Ventures or other entities that are co-owned. In connection with providing services related to the development, construction, improvement or stabilization,
including tenant improvements, of Development Real Properties (collectively, “Development Services”) or overseeing the provision of these services by third parties on behalf of the Corporation (“Development Oversight Services”),
the Acquisition Fee (the “Development Acquisition Fee”) will be an amount that will equal up to 4.0% of Total Project Cost of such Development Real Property (or the Corporation’s proportional interest therein with respect to Real
Property held in Joint Ventures or other entities that are co-owned). If the Advisor engages a third party to provide Development Services directly to the Corporation, the third party will be compensated directly by the Corporation, and the Advisor
will receive the Development Acquisition Fee if it provides the Development Oversight Services. With respect to Non-Development Real Properties, the Advisor is also entitled to receive Acquisition Fees of (i) 1.0% of the Corporation’s
proportionate share of the Contract Purchase Price of the Real Property owned by any real estate related entity in which the Corporation acquires a majority economic interest or that the Corporation consolidates for financial reporting purposes in
accordance with GAAP and (ii) 1.0% of the Contract Purchase Price in connection with the acquisition of an interest in any other real estate related entity. Additionally, in connection with the acquisition or origination of any Mortgage, any
other type of debt investment or other investment, the Advisor is entitled to receive an Acquisition Fee of 1.0% of the Contract Purchase Price and any third-party expenses related to such investment. Acquisition Fees associated with a given Asset
shall be calculated in the currency used to acquire such Asset and payable in U.S. dollars. Acquisition Fees shall be paid at or after the closing of an investment. The total of all Acquisition Fees and Acquisition Expenses payable with respect to
any Asset, including any Development Acquisition Fees, shall not exceed 6% of the Contract Purchase Price or the Total Project Cost (as applicable) of such Asset unless fees in excess of such amount are approved by a majority of the Board of
Directors, including a majority of the Independent Directors, not otherwise interested in the transaction after determining that the transaction is commercially competitive, fair and reasonable to the Corporation. 

(b) Asset Management Fee. The Advisor shall receive the Asset Management Fee as partial compensation for services rendered in
connection with the management and Disposition 

  
 13 

 
of the Corporation’s Assets. The Asset Management Fee shall be payable by the Corporation in cash or in Shares at the option of the Advisor, and may be deferred, in whole or in part, from
time to time, by the Advisor (without interest). The Asset Management Fee shall consist of (i) a monthly fee equal to one-twelfth of 0.80% of the aggregate cost (before non-cash reserves and depreciation) of each Real Property (or the
Corporation’s proportional interest therein with respect to Real Property held in Joint Ventures or real estate entities where the Corporation owns a majority economic interest or that the Corporation consolidates for financial reporting
purposes in accordance with GAAP); provided, that the Asset Management Fee with respect to each Real Property located outside of the United States that the Corporation owns, directly or indirectly, will equal a monthly fee of one-twelfth of 1.20% of
the aggregate cost (before non-cash reserves and depreciation) of each Real Property, (ii) a monthly fee equal to one-twelfth of 0.80% of the aggregate cost or investment with respect to an acquisition of an interest in any other real estate
related entity or an origination or acquisition of any Mortgage, any other type of debt investment or other investment, and (iii) in connection with a Disposition, a fee equal to (x) 2.5% of the Gross Market Capitalization of the
Corporation upon the occurrence of a Listing or (y) 2.5% of the Contract Sales Price upon the occurrence of any other Disposition. With the exception of any portion of the Asset Management Fee related to a Disposition, which shall be payable at
the time of such Disposition, the Asset Management Fee shall be payable on the 1st day of each month. 
 (c) Operating Partnership
Interests. The Sponsor has made a capital contribution of $1,000 to the Operating Partnership in exchange for OP Units constituting a separate series of limited partnership interests (the “Special OP Units”). Upon the earliest to occur
of the termination or nonrenewal of this Agreement for Cause, a Termination Event, or a Liquidity Event, all of the Special OP Units shall be redeemed by the Operating Partnership in accordance with the terms of the Operating Partnership Agreement.

 (d) Loans from Affiliates. The Advisor or any Affiliate thereof may not make any loan to the Corporation or the Operating
Partnership unless a majority of the Board of Directors (including a majority of the Independent Directors) approve the loan as being fair, competitive, and commercially reasonable and no less favorable to the Corporation or the Operating
Partnership than comparable loans between unaffiliated parties. 
 (e) Exclusion of Certain Transactions. In the event the
Corporation or the Operating Partnership shall propose to enter into any transaction with the Sponsor, the Advisor, a Director or any Affiliate thereof, then such transaction shall be approved by a majority of the Board of Directors (including a
majority of the Independent Directors) as fair and reasonable to the Corporation. 
 10. EXPENSES. 

(a) In addition to the compensation paid to the Advisor pursuant to Paragraph 9 hereof and subject to the limitations set forth in this
Paragraph 10 and in Paragraph 12, the Corporation or the Operating Partnership shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor in connection with the services it provides to the Corporation and the
Operating Partnership pursuant to this Agreement, including, but not limited to: 
 (i) Up to 2.0% of Gross Proceeds from all Offerings as
Organization and Offering Expense reimbursements. The Advisor will use all or a portion of this reimbursement to pay for the Corporation’s Organization and Offering Expenses, including certain
distribution-

  
 14 

 
related expenses of the Dealer Manager and Soliciting Dealers. The Advisor or an Affiliate of the Advisor will be responsible for the cumulative Organization and Offering Expenses of all
Offerings to the extent that such expenses exceed the amount remaining from the 2.0% Organization and Offering Expense reimbursements from all Offerings, without recourse against or reimbursement by the Corporation; 

(ii) Acquisition Expenses; 

(iii) the actual cost of goods and services used by the Corporation and obtained from Persons not affiliated with the Advisor, other than
Acquisition Expenses, including brokerage fees paid in connection with the purchase and sale of any securities; 
 (iv) interest and other
costs for borrowed money, including discounts, points and other similar fees; 
 (v) taxes and assessments on income of the Corporation or
Assets and any other taxes otherwise imposed on the Corporation; 
 (vi) costs associated with insurance required in connection with the
business of the Corporation or by the officers and Directors; 
 (vii) expenses of managing and operating Assets owned by the Corporation,
whether payable to an Affiliate of the Corporation or a non-affiliated Person; 
 (viii) all expenses in connection with payments to the
Directors and meetings of the Directors and Stockholders; 
 (ix) expenses associated with a Listing, if applicable; 

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

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

(xii) expenses of maintaining communications with Stockholders, including the cost of preparation, printing, and mailing annual reports and
other Stockholder reports, proxy statements and other reports required by governmental entities; 
 (xiii) administrative service expenses
(including related personnel costs) relating to, among other things, the services set forth in Paragraph 3(c) hereof; provided, however, that no reimbursement shall be made for costs of personnel to the extent that such personnel perform
services in transactions for which the Advisor receives a separate fee; 
 (xiv) audit, accounting and legal fees and other fees for
professional services relating to the operations of the Corporation and all such fees incurred at the request, or on behalf of, the Independent Directors or any committee of the Board of Directors; 

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

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

  
 15 

 (b) Expenses incurred by the Advisor on behalf of the Corporation and the Operating Partnership
and payable pursuant to this Paragraph 10 shall be reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Corporation and the Operating Partnership and the calculation of the Asset
Management Fee during each quarter, and shall deliver such statement to the Corporation and the Operating Partnership within 45 days after the end of each quarter. 

11. OTHER SERVICES. Should the Board of Directors request that the Advisor or any director, officer or employee thereof render services for
the Corporation and the Operating Partnership other than set forth in Paragraph 3, such services shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and the Independent Directors of the Corporation, subject
to the limitations contained in the Charter, and shall not be deemed to be services pursuant to the terms of this Agreement. 
 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. 

  
 16 

 The Advisor shall report to the Board the existence of any condition or circumstance, existing or
anticipated, of which it has knowledge, which creates or could create a conflict of interest between the Advisor’s obligations to the Corporation and its obligations to or its interest in any other partnership, corporation, limited liability
company, firm, individual, trust or association. The Advisor or its Affiliates shall promptly disclose to the Board knowledge of such condition or circumstance. If the Advisor, its members, managers, directors, employees or Affiliates thereof have
sponsored other investment programs with similar investment objectives which have investment funds available at the same time as the Corporation, it shall be the duty of the Independent Directors to ensure that the Advisor and its Affiliates follow
the method approved by the Independent Directors, by which investments are to be allocated to the competing investment entities and to use their reasonable efforts to ensure that such method is applied fairly to the Corporation. 

The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the
Corporation which is consistent with the investment policies and objectives of the Corporation, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular investment opportunity to the Corporation
even if the opportunity is of character which, if presented to the Corporation, could be taken by the Corporation. In the event an investment opportunity is located, the allocation procedure set forth under the caption “Conflicts of
Interest—Conflict Resolution Procedures” in any Prospectus (as such procedures may be amended from time to time by a majority of the Board, including the Independent Directors) shall govern the allocation of the opportunity among the
Corporation and Affiliates of the Advisor. 
 14. TERM; TERMINATION OF AGREEMENT. This Agreement shall continue in force for a period of one
year from the date hereof, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. It is the duty of the Independent Directors to evaluate the performance of the Advisor annually before renewing the
Agreement, and each such renewal shall be for a term of no more than one year. 
 15. TERMINATION BY THE PARTIES. This Agreement may be
terminated (i) immediately by the Corporation and/or the Operating Partnership for Cause (subject to any applicable cure period), (ii) upon 60 days written notice without Cause and without penalty by a majority of the Independent Directors
of the Corporation or by the Advisor, (iii) upon 60 days written notice with Good Reason by the Advisor or (iv) immediately by the Corporation and/or the Operating Partnership in connection with a merger, sale of Assets or transaction
involving the Corporation pursuant to which a majority of the Directors then in office are replaced or removed. 
 16. ASSIGNMENT TO AN
AFFILIATE. This Agreement may be assigned by the Advisor to an Affiliate or Affiliates with the approval of a majority of the Board of Directors (including a majority of the Independent Directors). The Advisor may assign any rights to receive fees
or other payments under this Agreement to any Person without obtaining the approval of the Board of Directors. This Agreement shall not be assigned by the Corporation or the Operating Partnership without the consent of the Advisor, except in the
case of an assignment by the 

  
 17 

 
Corporation or the Operating Partnership to a corporation, limited partnership or other organization which is a successor to all of the assets, rights and obligations of the Corporation or the
Operating Partnership, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Corporation and the Operating Partnership are bound by this Agreement. 

17. PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION. 

(a) After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled
to receive from the Corporation or the Operating Partnership within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this
Agreement. In addition, in accordance with the provisions of Paragraph 12, the Advisor shall be entitled to receive any Excess Amount (as defined in Paragraph 12) for which the Independent Directors determined (before or after the Termination Date)
that there was justification based on unusual and nonrecurring factors. 
 (b) The Advisor shall promptly upon termination: 

(i) pay over to the Corporation and the Operating Partnership all money collected and held for the account of the Corporation and the
Operating Partnership pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 

(ii) deliver to the Board of Directors a full accounting, including a statement showing all payments collected by it and a statement of all
money held by it, covering the period following the date of the last accounting furnished to the Board of Directors; 
 (iii) deliver to
the Board of Directors all Assets and documents of the Corporation and the Operating Partnership then in the custody of the Advisor; and 

(iv) cooperate with the Corporation and the Operating Partnership to provide an orderly management transition. 

18. INDEMNIFICATION BY THE CORPORATION AND THE OPERATING PARTNERSHIP. The Corporation and the Operating Partnership shall indemnify and hold
harmless the Advisor and its Affiliates, including their respective members, managers, officers, directors, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related
expenses, including reasonable attorneys’ fees, subject to any limitations imposed by the laws of the State of Maryland or the Charter. Notwithstanding the foregoing, the Corporation and the Operating Partnership may not indemnify or hold
harmless the Advisor, its Affiliates, or any of their respective members, managers, officers, directors, partners or employees in any manner that would be inconsistent with the provisions of Section II.G of the REIT Guidelines adopted by the North
American Securities Administrators Association. 
 19. INDEMNIFICATION BY ADVISOR. The Advisor shall indemnify and hold harmless the
Corporation and the Operating Partnership from contract or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related
expenses are incurred by reason of the Advisor’s 

  
 18 

 
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. 
 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:	  	 Logistics Property Trust Inc.
 518 17th Street
 17th Floor

Denver, CO 80202
	 	
				
		 	To the Operating Partnership:	  	 Logistics Property Operating Partnership LP

518 17th Street

17th Floor

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

Denver, CO 80202
	 	

 Any party may at any time give notice in writing to the other parties of a change in its address for the
purposes of this Paragraph 20. 
 21. THIRD PARTY BENEFICIARY. The terms and provisions of this Agreement are intended solely for the
benefit of each party hereto, their Affiliates and their respective successors and permitted assigns, and it is not the intention of the parties to confer third-party beneficiary rights upon any other Person. 

22. MODIFICATION. This Agreement shall not be changed, modified, terminated, or discharged, in whole or in part, except by an instrument in
writing signed by the parties hereto, or their respective successors or assignees. 
 23. SEVERABILITY. The provisions of this Agreement are
independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

24. CONSTRUCTION. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Colorado.

 25. ENTIRE AGREEMENT. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject
matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express 

  
 19 

 
or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade
inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing. 
 26.
INDULGENCES, NOT WAIVERS. Neither the failure nor any delay on the part of a party or any third party beneficiary to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or
partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any
occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 

27. GENDER. Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other
number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
 28. TITLES NOT TO AFFECT
INTERPRETATION. The titles of paragraphs and subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 

29. EXECUTION IN COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original
as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the
signatures of all of the parties reflected hereon as the signatories. 
 30. INITIAL INVESTMENT. The Advisor has made a capital contribution
of $200,000 to the Corporation in exchange for 20,000 Shares. The Advisor may not sell any of such Shares while the Advisor acts in such advisory capacity to the Corporation, provided, that such Shares may be transferred to Affiliates of the
Advisor. The restrictions included above shall not apply to any other Securities acquired by the Advisor or its Affiliates. The Advisor shall not vote any Shares it now owns, or hereafter acquires, in any vote for the election of Directors, the
removal of the Advisor, or any vote regarding the approval or termination of any contract with the Advisor or any of its Affiliates. 

[Signature page follows.] 

  
 20 

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

			
	LOGISTICS PROPERTY TRUST INC.
		
	By:	 	  

	Name:	 	Dwight L. Merriman III
	Title:	 	Chief Executive Officer
	
	LOGISTICS PROPERTY OPERATING PARTNERSHIP LP
	
	By: Logistics Property Trust Inc., its Sole General Partner
		
	By:	 	  

	Name:	 	Dwight L. Merriman III
	Title:	 	Chief Executive Officer
	
	LOGISTICS PROPERTY ADVISORS LLC
	
	By: Logistics Property Advisors Group LLC, its Sole Member
		
	By:	 	  

	Name:	 	Evan H. Zucker
	Title:	 	Manager

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