Document:

Prepared by R.R. Donnelley Financial -- EX-10.33

 Exhibit 10.33 

ZOSANO PHARMA CORPORATION 

2014 EQUITY AND INCENTIVE PLAN 

Section 1.    Purposes of the Plan  

The purposes of this 2014 Equity and Incentive Plan (the “Plan”) are to (i) provide long-term
incentives and rewards to those employees, officers, directors and other key persons (including consultants) of Zosano Pharma Corporation (the “Company”) and its Subsidiaries (as defined below) who are in a position to
contribute to the long-term success and growth of the Company and its Subsidiaries, (ii) to assist the Company and its Subsidiaries in attracting and retaining persons with the requisite experience and ability, and (iii) to more closely
align the interests of such employees, officers, directors and other key persons with the interests of the Company’s stockholders. 

Section 2.    Definitions 

The following terms shall be defined as set forth below: 

“Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder. 

“Administrator” is defined in Section 3(a). 

“Award” or “Awards,” except where referring to a particular category of grant under the Plan,
shall include Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock Units, Restricted Stock Awards, Unrestricted Stock Awards, Performance Share Awards, Dividend Equivalent Rights and Cash Awards. 

“Award Agreement” shall mean the agreement, whether in written or electronic form, specifying the terms and conditions
of an Award granted under the Plan. 
 “Board” means the Board of Directors of the Company. 

“Cash Awards” means Awards granted pursuant to Section 12. 

“Change in Control” is defined in Section 20. 

“Code” means the Internal Revenue Code of 1986, as amended, and any successor Code, and related rules, regulations and
interpretations. 
 “Committee” means the Committee of the Board referred to in Section 3. 

“Covered Employee” means an employee who is a “Covered Employee” within the meaning of Section 162(m)
of the Code. 

  
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 “Disability” means a total and permanent disability as provided in the
long-term disability plan or policy maintained, or most recently maintained, by the Company or a Subsidiary, as applicable, for the holder of the Award, whether or not such individual actually receives disability benefits under such plan or policy.
If no long-term disability plan or policy was ever maintained on behalf of the holder of the Award, or if the determination of disability relates to an Incentive Stock Option and the continued qualification of the Option is dependent upon such
determination, Disability means permanent and total disability as defined in Section 22(e)(3) of the Code. In the event of a dispute, the determination whether an individual is disabled will be made by the Administrator and may be supported by
the advice of a physician competent in the area to which such disability relates. 
 “Dividend Equivalent Right”
means Awards granted pursuant to Section 14. 
 “Effective Date” means the date on which the Plan is approved
by stockholders as set forth in Section 22. 
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended, and the rules and regulations thereunder. 
 “Fair Market Value” means the closing price for the Stock on
any given date during regular trading, or as reported on the principal exchange on which the Stock is then traded, or if not trading on that date, such price on the last preceding date on which the Stock was traded, unless determined otherwise by
the Administrator using such methods or procedures as it may establish. 
 “Grant Date” means the first date on
which all necessary corporate action has been taken to approve the grant of the Award as provided in the Plan, or such later date as is determined and specified as part of that authorization process. Notice of the grant shall be provided to the
recipient within a reasonable time after the grant. 
 “Incentive Stock Option” means any Stock Option designated
and qualified as an “incentive stock option” as defined in Section 422 of the Code. 
 “Independent
Director” means a member of the Board who is not also an employee of the Company or any Subsidiary. 
 “Nonstatutory
Stock Option” means any Stock Option that is not an Incentive Stock Option. 
 “Option” or
“Stock Option” means any option to purchase shares of Stock granted pursuant to Section 6. 

“Outside Director” means a current member of the Board who is: (i) not a current employee of the Company;
(ii) not a former employee of the Company who receives compensation from the Company for prior services (other than benefits under a qualified retirement plan) during the taxable year; (iii) has not been an officer of the Company; and
(iv) does not receive remuneration from the Company, either directly or indirectly in exchange for goods or services, in any capacity other than as a director, all as set out in detail in Treasury Regulation 1.162-27(e)(3). 

  
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 “Performance Criteria” means the criteria that the Administrator selects
for purposes of establishing the Performance Goal or Performance Goals for an individual for a Performance Period. The Performance Criteria (which shall be applicable to the organizational level specified by the Administrator, including, but not
limited to, the Company as a whole, or a unit, division, department, group, line of business, or other business unit, whether or not legally constituted, in which the individual works) that will be used to establish Performance Goals are limited to
the following: (i) stock price; (ii) market share; (iii) sales; (iv) revenue; (v) return on equity, assets or capital; (vi) economic profit (economic value added); (vii) total shareholder return; (viii) costs;
(ix) expenses; (x) margins; (xi) earnings (including EBITDA) or earnings per share; (xii) cash flow (including adjusted operating cash flow); (xiii) operating profit; (xiv) net income; (xv) achievement of specified
research and development, publication, clinical and/or regulatory milestones; (xvi) scientific or research and development achievements; (xvii) product releases; (xviii) manufacturing achievements; or (xix) any combination of the
foregoing, any of which under the preceding clauses (i) through (xix) may be measured either in absolute terms or as compared to any incremental increase or as compared to results of a peer group or market index. 

“Performance Goals” means, for a Performance Period, the specific goals established in writing by the Administrator
for a Performance Period based upon the Performance Criteria. 
 “Performance Period” means one or more periods of
time, which may be of varying and overlapping durations, as the Administrator may select, over which the attainment of one or more Performance Criteria will be measured for the purpose of determining a grantee’s right to and the payment of a
Restricted Stock Award, Restricted Stock Units, Performance Share Award or Cash Award. Each such period shall not be less than twelve (12) months. 

“Performance Share Award” means Awards granted pursuant to Section 11. 

“Reporting Persons” means a person subject to Section 16 of the Exchange Act. 

“Restricted Stock Award” means Awards granted pursuant to Section 8. 

“Restricted Stock Units” means Awards granted pursuant to Section 9. 

“Section 409A” means Section 409A of the Code and the regulations and other guidance promulgated thereunder. 

“Stock” means the common stock, par value $0.0001 per share, of the Company, subject to adjustments pursuant to
Section 4. 
 “Stock Appreciation Right” means an Award granted pursuant to Section 7. 

“Subsidiary” means any corporation or other entity (other than the Company) in which the Company owns at least a 50%
interest or controls, either directly or indirectly. 

  
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 “Termination Date” means the date, as determined by the Administrator,
that an individual’s employment or service relationship, as applicable, with the Company or a Subsidiary terminates for any reason. 

“Unrestricted Stock Award” means any Award granted pursuant to Section 10. 

Section 3.    Administration of Plan 

(a)    Administrator. The Plan shall be administered by the Compensation Committee of the Board (the
“Administrator”), it being contemplated that such Committee shall consist of not less than two (2) persons, each of whom qualifies as an Outside Director and an Independent Director; provided, that the authority
and validity of any act taken or not taken by the Administrator shall not be affected if any person administering the Plan is not an Outside Director or an Independent Director. Except as specifically reserved to the Board under the terms of the
Plan, and subject to any limitations set forth in the charter of the Compensation Committee, the Administrator shall have full and final authority to operate, manage and administer the Plan on behalf of the Company. 

(b)    Powers of Administrator. The Administrator shall have the power and authority to grant Awards consistent
with the terms of the Plan, including the power and authority: 
  

	 	(i)	to select the individuals to whom Awards may from time to time be granted; 

  

	 	(ii)	to determine the time or times of grant, and the extent, if any, of Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock Awards, Restricted Stock Units, Unrestricted Stock
Awards, Performance Share Awards, Dividend Equivalent Rights and Cash Awards, or any combination of the foregoing, granted to any one or more grantees; 

  

	 	(iii)	to determine the number of shares of Stock to be covered by any Award; 

  

	 	(iv)	to determine and modify from time to time the terms and conditions, including restrictions, not inconsistent with the terms of the Plan, of any Award, which terms and conditions may differ among individual Awards and
grantees, and to approve the form of written instruments evidencing the Awards; except that repricing of Stock Options and Stock Appreciation Rights shall not be permitted without shareholder approval and further provided that, other than by
reason of, or in connection with, death, Disability, retirement, involuntary termination of employment by the Company (without cause), or Change in Control, the Administrator shall not accelerate or waive any restriction period applicable to any
outstanding Restricted Stock Award or any Restricted Stock Unit beyond the minimum restriction periods set forth in Section 8 and Section 9, respectively, nor shall the Administrator accelerate or amend the aggregate period over which any
Performance Share Award is measured such that it is less than one (1) year; 

  
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	 	(v)	to accelerate at any time the exercisability or vesting of all or any portion of any Award consistent with
 Section 3(b)(iv); 

 

	 	(vi)	subject to the provisions of Section 6(a)(ii), to extend at any time the period in which Stock Options may be exercised; 

  

	 	(vii)	to determine at any time whether, to what extent, and under what circumstances distribution or the receipt of Stock and other amounts payable with respect to an Award shall be deferred either automatically or at the
election of the grantee and whether and to what extent the Company shall pay or credit amounts constituting interest (at rates determined by the Administrator) or dividends or deemed dividends on such deferrals; 

 

	 	(viii)	at any time to adopt, alter and repeal such rules, guidelines and practices for administration and operation of the Plan and for its own acts and proceedings as it shall deem advisable; to interpret the terms and
provisions of the Plan and any Award (including related written instruments); to make all determinations it deems advisable for the administration and operation of the Plan; to decide all disputes arising in connection with the Plan; and to
otherwise supervise the administration of the Plan; and 

  

	 	(ix)	to make any adjustments or modifications to Awards granted to participants who are working outside the United States and adopt any sub-plans as may be deemed necessary or advisable for participation of such
participants, to fulfill the purposes of the Plan and/or to comply with applicable laws. 

 All decisions and interpretations
of the Administrator shall be binding on all persons, including the Company and Plan grantees. 
 (c)    Delegation
of Authority to Grant Awards. The Administrator, in its discretion, may delegate to the Chief Executive Officer of the Company, provided that he or she is a member of the Board, or to one or more other members of the Board, all or part of
the Administrator’s authority and duties with respect to the granting of Awards at Fair Market Value, to individuals who are not Reporting Persons or Covered Employees. Any such delegation by the Administrator shall include a limitation as to
the amount or value of Awards that may be granted during the period of the delegation and shall contain guidelines as to the determination of the exercise price of any Stock Option, the conversion ratio or price of other Awards and the vesting
criteria. The Administrator may revoke or amend the terms of a delegation at any time but such action shall not invalidate any prior actions of the Administrator’s delegate or delegates that were consistent with the terms of the Plan. 

  
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 (d)    Indemnification. Neither the Board nor the Administrator, nor
any member of either or any delegate thereof, shall be liable for any act, omission, interpretation, construction or determination made in good faith in connection with the Plan, and the members of the Board and the Administrator (and any delegate
thereof) shall be entitled in all cases to indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense (including, without limitation, reasonable attorneys’ fees) arising or resulting therefrom to the
fullest extent permitted by law and/or under any directors’ and officers’ liability insurance coverage which may be in effect from time to time. 

Section 4.    Stock Issuable Under the Plan; Mergers; Substitution  

(a)    Stock Issuable. The maximum number of shares of Stock reserved and available for issuance under the Plan
shall initially be 5,600,000 shares (the “Initial Limit”), provided that on January 1, 2015 the number of shares of Stock reserved and available for issuance under the Plan shall be adjusted, as necessary, to equal ten
percent (10%) of the number of shares of Stock issued and outstanding immediately following the initial closing of Company’s initial public offering and, if applicable, the closing of any exercise of the overallotment option granted to the
underwriters in the Company’s initial public offering, and on each January 1 thereafter, the number of shares of Stock reserved and available for issuance under the Plan shall be cumulatively increased by three percent (3%) of the
number of shares of Stock issued and outstanding on the immediately preceding January 1 or such lesser number of shares of Stock as determined by the Administrator (the “Annual Increase”). Subject to such overall
limitation, the maximum aggregate number of shares of Stock that may be issued in the form of Incentive Stock Options shall not exceed the Initial Limit cumulatively increased on January 1, 2015, and on each January 1 thereafter by the
lesser of the Annual Increase for such year or 2,800,000, subject in all cases to adjustment as provided in Section 4(b) (the “Authorized Pool”). For purposes of this limitation, in respect of any shares of Stock under
any Award which shares are forfeited, canceled, satisfied without the issuance of Stock, otherwise terminated, or, for shares of Stock issued pursuant to any unvested full value Award, reacquired by the Company at not more than the grantee’s
purchase price (other than by exercise) (“Unissued Shares”), the number of shares of Stock that were removed from the Authorized Pool for such Unissued Shares shall be added back to the Authorized Pool. Notwithstanding the
foregoing, upon the exercise of any Award to the extent that the Award is exercised through tendering (or attesting to) previously owned shares or through withholding shares that would otherwise be awarded and to the extent shares are withheld for
tax withholding purposes, the Authorized Pool shall be reduced by the gross number of shares of Stock being exercised without giving effect to the number of shares tendered or withheld. Subject to such overall limitation, shares of Stock may be
issued up to such maximum number pursuant to any type or types of Award, including Incentive Stock Options, but except for Unrestricted Stock Awards (for which the maximum number of shares issuable subject to such Awards is limited to ten percent
(10%) of such maximum number); provided however that the maximum number of shares of Stock subject to all Awards that may be granted under this Plan to any individual in the aggregate in any fiscal year of the Company shall not exceed
the Initial Limit, subject to adjustment under Section 4(b) below. The shares available for issuance from the Authorized Pool may be authorized but unissued shares of Stock or shares of Stock reacquired by the Company and held in its treasury,
or shares purchased on the open market. 

  
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 (b)    Changes in Stock. Subject to Section 20 hereof, if, as a
result of any reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar change in the Company’s capital stock, the outstanding shares of Stock are increased or decreased or are
exchanged for a different number or kind of shares or other securities of the Company, or additional shares or new or different shares or other securities of the Company or other non-cash assets are distributed with respect to such shares of Stock
or other securities, or, if, as a result of any merger or consolidation, sale of all or substantially all of the assets of the Company, the outstanding shares of Stock are converted into or exchanged for a different number or kind of securities of
the Company or any successor entity (or a parent or subsidiary thereof), the Administrator shall make an appropriate or proportionate adjustment in: (i) the maximum number of shares reserved for issuance under the Plan; (ii) the number of
shares of Stock that can be granted to any one individual grantee; (iii) the maximum number of shares that may be granted under a Performance-Based Award (as defined in Section 13); (iv) the number and kind of shares or other
securities subject to any then outstanding Awards under the Plan; (v) the repurchase price per share subject to each outstanding Restricted Stock Award; and (vi) the price for each share subject to any then outstanding Stock Options and
Stock Appreciation Rights under the Plan, without changing the aggregate exercise price (i.e., the exercise price multiplied by the number of Stock Options or Stock Appreciation Rights) as to which such Stock Options and Stock Appreciation Rights
remain exercisable. The adjustment by the Administrator shall be final, binding and conclusive. No fractional shares of Stock shall be issued under the Plan resulting from any such adjustment, but the Administrator in its discretion may make a cash
payment in lieu of fractional shares. 
 The Administrator may also adjust the number of shares subject to outstanding Awards and the
exercise price and the terms of outstanding Awards to take into consideration material changes in accounting practices or principles, extraordinary dividends, acquisitions or dispositions of stock or property or any other event if it is determined
by the Administrator that such adjustment is appropriate to avoid distortion in the operation of the Plan, provided that no such adjustment shall be made in the case of an Incentive Stock Option, without the consent of the grantee, if it
would constitute a modification, extension or renewal of the Option within the meaning of Section 424(h) of the Code. 

(c)    Substitute Awards. The Administrator may grant Awards under the Plan in substitution for stock and
stock-based awards held by employees, directors or other key persons of another corporation in connection with the merger or consolidation of the employing corporation with the Company or a Subsidiary or the acquisition by the Company or a
Subsidiary of property or stock of the employing corporation. The Administrator may direct that the substitute awards be granted on such terms and conditions as the Administrator considers appropriate in the circumstances. Any substitute Awards
granted under the Plan shall not count against the share limitation applicable to individuals set forth in the penultimate sentence of Section 4(a). 

Section 5.    Eligibility  

Incentive Stock Options may only be granted to employees (including officers and directors who are also employees) of the Company or a
Subsidiary. All other Awards may be granted to employees, officers, directors and key persons (including consultants and prospective employees) of the Company and its Subsidiaries. 

  
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 Section 6.    Stock Options  

Any Stock Option granted under the Plan shall be in such form as the Administrator may from time to time approve. 

Stock Options granted under the Plan may be either Incentive Stock Options or Nonstatutory Stock Options. Incentive Stock Options may be
granted only to employees of the Company or any Subsidiary that is a “subsidiary corporation” within the meaning of Section 424(f) of the Code. To the extent that any Option does not qualify as an Incentive Stock Option, it shall be
deemed a Nonstatutory Stock Option. 
 (a)    Stock Options. Stock Options granted pursuant to this Section 6
shall be subject to the terms and conditions set forth herein and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable. If the Administrator so determines, Stock
Options may be granted in lieu of cash compensation at the option holder’s election, subject to such terms and conditions as the Administrator may establish. 
  

	 	(i)	Exercise Price. The exercise price per share for the Stock covered by a Stock Option granted pursuant to this Section 6 shall be determined by the Administrator at the time of grant but shall not be less
than one hundred percent (100%) of the Fair Market Value on the Grant Date. If an employee owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than ten percent (10%) of the
combined voting power of all classes of stock of the Company or any parent or subsidiary corporation and an Incentive Stock Option is granted to such employee, the option price of such Incentive Stock Option shall be not less than one hundred
ten percent (110%) of the Fair Market Value on the Grant Date. 

  

	 	(ii)	Option Term. The term of each Stock Option shall be fixed by the Administrator, but no Stock Option shall be exercisable more than ten (10) years after the date the Stock Option is granted. If an employee
owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than ten percent (10%) of the combined voting power of all classes of stock of the Company or any parent or subsidiary corporation and an
Incentive Stock Option is granted to such employee, the term of such Stock Option shall be no more than five (5) years from the date of grant. 

  

	 	(iii)	Exercisability; Rights of a Stockholder. Stock Options shall become exercisable at such time or times, whether or not in installments, as shall be determined by the Administrator at or after the Grant Date. The
Administrator may at any time accelerate the exercisability of all or any portion of any Stock Option. An option holder shall have the rights of a stockholder only as to shares acquired upon the exercise of a Stock Option and not as to unexercised
Stock Options. 

  
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	 	(iv)	Method of Exercise. Stock Options may be exercised in whole or in part, by giving written notice of exercise to the Company, specifying the number of shares to be purchased. Payment of the purchase price may be
made by one or more of the following methods to the extent provided in the Option Award Agreement: 

  

	 	(A)	In cash, or by certified or bank check or other instrument acceptable to the Administrator; 

  

	 	(B)	Through the delivery (or attestation to the ownership) of shares of Stock that are not then subject to restrictions under any Company plan. Such surrendered shares shall be valued at Fair Market Value on the exercise
date; 

  

	 	(C)	By a “cashless exercise” arrangement pursuant to which the option holder delivers to the Company a properly executed exercise notice together with irrevocable instructions to a broker to promptly deliver to
the Company cash or a check payable and acceptable to the Company for the purchase price; provided that in the event the option holder chooses to pay the purchase price as so provided, the option holder and the broker shall comply with such
procedures and enter into such agreements of indemnity and other agreements as the Administrator shall prescribe as a condition of such payment procedure; 

  

	 	(D)	By a “net exercise” arrangement pursuant to which the Company will reduce the number of shares of Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not
exceed the aggregate exercise price; or 

  

	 	(E)	Any other method permitted by the Administrator. 

 Payment instruments will be received subject
to collection. The delivery of certificates representing the shares of Stock to be purchased pursuant to the exercise of a Stock Option will be contingent upon receipt from the option holder (or a purchaser acting in his stead in accordance with the
provisions of the Stock Option) by the Company of the full purchase price for such shares and the fulfillment of any other requirements contained in the Option Award Agreement or applicable provisions of laws. In the event an option holder chooses
to pay the purchase price by previously-owned shares of Stock through the attestation method, the number of shares of Stock transferred to the option holder upon the exercise of the Stock Option shall be net of the number of shares attested to. 

  
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	 	(v)	Annual Limit on Incentive Stock Options. To the extent required for “incentive stock option” treatment under Section 422 of the Code, the aggregate Fair Market Value (determined as of the time
of grant) of the shares of Stock with respect to which Incentive Stock Options granted under this Plan and any other plan of the Company or its parent and subsidiary corporations become exercisable for the first time by an option holder during any
calendar year shall not exceed $100,000. To the extent that any Stock Option exceeds this limit, it shall constitute a Nonstatutory Stock Option. 

  

	 	(vi)	Exercise Period following Termination. When an option holder’s employment (or other service relationship) with the Company and its Subsidiaries terminates, the option holder’s Stock Options may be
exercised within the period of time specified in the Award Agreement evidencing the Stock Option, to the extent that the Stock Option is vested on the option holder’s Termination Date. In the absence of a specific period of time set forth in
the Award Agreement a Stock Option shall remain exercisable (to the extent vested on the option holder’s Termination Date): (i) for three (3) months following the Termination Date upon any termination other than for Disability or
death; or (ii) for twelve (12) months following the Termination Date upon termination for Disability or death, or if an option holder dies within three (3) months after his Termination Date; provided however that in no event
shall any Option be exercisable after the expiration of the term of such Option. 

(b)    Non-transferability of Options. No Stock Option shall be transferable by the option holder otherwise than by
will or by the laws of descent and distribution and all Stock Options shall be exercisable, during the option holder’s lifetime, only by the option holder, or by the option holder’s legal representative or guardian in the event of the
option holder’s incapacity. Notwithstanding the foregoing, the Administrator, in its sole discretion, may provide in the Award Agreement regarding a given Option, or may agree in writing with respect to an outstanding Option, that the option
holder may transfer his Nonstatutory Stock Options to members of his immediate family, to trusts for the benefit of such family members, or to partnerships in which such family members are the only partners, provided that the transferee
agrees in writing with the Company to be bound by all of the terms and conditions of this Plan and the applicable Option. 

(c)    Form of Settlement. Shares of Stock issued upon exercise of a Stock Option shall be free of all restrictions
under the Plan, except as otherwise provided in the Plan. 
 Section 7.    Stock Appreciation Rights  

(a)    Nature of Stock Appreciation Rights. A Stock Appreciation Right is an Award entitling the recipient to
receive cash or shares of Stock, as determined by the Administrator, having a value on the date of exercise calculated as follows: (i) the Grant Date exercise price of a share of Stock is (ii) subtracted from the Fair Market Value of the
Stock on the date of exercise; and (iii) the difference is multiplied by the number of shares of Stock with respect to which the Stock Appreciation Right shall have been exercised. 

  
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 (b)    Exercise Price of Stock Appreciation Rights. The exercise
price of a Stock Appreciation Right shall not be less than one hundred percent (100%) of the Fair Market Value of the Stock on the Grant Date. 

(c)    Grant and Exercise of Stock Appreciation Rights. Stock Appreciation Rights may be granted by the
Administrator independently of any Stock Option granted pursuant to Section 6 of the Plan. 
 (d)    Terms and
Conditions of Stock Appreciation Rights. Stock Appreciation Rights shall be subject to such terms and conditions as shall be determined from time to time by the Administrator. The term of a Stock Appreciation Right may not exceed ten
(10) years. 
 (e)    Exercise Period following Termination. When a recipient’s employment (or other
service relationship) with the Company and its Subsidiaries terminates, the recipient’s Stock Appreciation Rights may be exercised within the period of time specified in the Award Agreement evidencing the Stock Appreciation Right, to the extent
that the Stock Appreciation Right is exercisable on the recipient’s Termination Date. In the absence of a specific period of time set forth in the Award Agreement a Stock Appreciation Right shall remain exercisable (to the extent exercisable on
the recipient’s Termination Date): (i) for three (3) months following the Termination Date upon any termination other than for Disability or death; or (ii) for twelve (12) months following the Termination Date upon
termination for Disability or death, or if a recipient dies within three (3) months after his Termination Date; provided however that in no event shall any Stock Appreciation Right be exercisable after the expiration of the term of such
Stock Appreciation Right. 
 Section 8.    Restricted Stock Awards  

(a)    Nature of Restricted Stock Awards. A Restricted Stock Award is an Award entitling the recipient to acquire,
at such purchase price (if any) as determined by the Administrator, shares of Stock subject to such restrictions and conditions as the Administrator may determine at the time of grant (“Restricted Stock”). Conditions may be
based on continuing employment (or other service relationship) and/or achievement of pre-established performance goals and objectives. The grant of a Restricted Stock Award is contingent on the grantee executing the Restricted Stock Award Agreement.
The terms and conditions of each such agreement shall be determined by the Administrator, and such terms and conditions may differ among individual Awards and grantees. 

(b)    Rights as a Stockholder. Upon execution of a written instrument setting forth the Restricted Stock Award and
payment of any applicable purchase price, a grantee shall have the rights of a stockholder with respect to the voting of the Restricted Stock, subject to any exceptions or conditions contained in the written instrument evidencing the Restricted
Stock Award. Unless the Administrator shall otherwise determine, certificates evidencing the Restricted Stock shall remain in the possession of the Company until such Restricted Stock is vested as provided in Section 8(d) below, and the grantee
shall be required, as a condition of the grant, to deliver to the Company a stock power endorsed in blank. 

  
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 (c)    Restrictions. Restricted Stock may not be sold, assigned,
transferred, pledged or otherwise encumbered or disposed of except as specifically provided herein or in the Restricted Stock Award agreement. If a grantee’s employment (or other service relationship) with the Company and its Subsidiaries
terminates for any reason, the Company shall have the right to repurchase Restricted Stock that has not vested at the time of termination at its original purchase price, if any, from the grantee or the grantee’s legal representative. Unless
otherwise stated in the written instrument evidencing the Restricted Stock Award, any Restricted Stock for which the grantee did not pay any purchase price and which is not vested at the time of the grantee’s termination of employment (or other
service relationship) shall automatically be forfeited immediately following such termination. 
 (d)    Vesting of
Restricted Stock. The Administrator at the time of grant shall specify the date or dates and/or the attainment of pre-established performance goals, objectives and other conditions on which the non-transferability of the Restricted Stock and the
Company’s right of repurchase or forfeiture shall lapse. Subsequent to such date or dates and/or the attainment of such pre-established performance goals, objectives and other conditions, the shares on which all restrictions have lapsed shall
no longer be Restricted Stock and shall be deemed “vested.” Except as may otherwise be provided by the Administrator either in the Award Agreement or, subject to Section 18 below, in writing after the Award Agreement is issued, a
grantee’s rights in any shares of Restricted Stock that have not vested shall automatically terminate upon the grantee’s termination of employment (or other service relationship) with the Company and its Subsidiaries and such shares shall
be subject to forfeiture or the Company’s right of repurchase as provided in Section 8(c) above. 

(e)    Waiver, Deferral and Reinvestment of Dividends. The Restricted Stock Award Agreement may require or permit
the immediate payment, waiver, deferral or investment of dividends paid on the Restricted Stock. 

Section 9.    Restricted Stock Units 

(a)    Nature of Restricted Stock Units. A Restricted Stock Unit is a contract right representing the right to
receive, upon its vesting, one (1) share of Stock (or a percentage or multiple of one (1) share of Stock if so specified in the Award Agreement evidencing the Restricted Stock Unit Award) for each Restricted Stock Unit awarded to a grantee
and represents an unfunded and unsecured obligation of the Company. The Administrator shall determine the restrictions and conditions applicable to each Restricted Stock Unit at the time of grant. Conditions may be based on continuing employment (or
other service relationship) and/or achievement of pre-established performance goals and objectives. The terms and conditions of each such Award Agreement shall be determined by the Administrator, and such terms and conditions may differ among
individual Awards and grantees. At the end of the vesting period, the Restricted Stock Units, to the extent vested, shall be settled in the form of shares of Stock. Notwithstanding the foregoing, the Administrator, in its discretion, may determine
either at the time of grant or at the time of settlement, that a Restricted Stock Unit shall be settled in cash. To the extent that an award of Restricted Stock Units is subject to Section 409A, it may contain such additional terms and
conditions as the Administrator shall determine in its sole discretion in order for such Award to comply with the requirements of Section 409A. 

  
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 (b)    Rights as a Stockholder. A grantee shall have the rights as a
stockholder only as to shares of Stock acquired by the grantee upon settlement of Restricted Stock Units; provided, however, that the grantee may be credited with Dividend Equivalent Rights with respect to the unissued shares of Stock
underlying his Restricted Stock Units, subject to such terms and conditions as the Administrator may determine. 

(c)    Termination. Except as may otherwise be provided by the Administrator either in the Award Agreement or,
subject to Section 18 below, in writing after the Award is issued, a grantee’s right in all Restricted Stock Units that have not vested shall automatically terminate immediately following the grantee’s termination of employment (or
cessation of service relationship) with the Company and its Subsidiaries for any reason. 
 Section 10.    Unrestricted
Stock Awards  
 (a)    Grant or Sale of Unrestricted Stock. The Administrator may, in its sole
discretion, grant (or sell at a purchase price determined by the Administrator) an Unrestricted Stock Award to any grantee, pursuant to which such grantee may receive shares of Stock free of any restrictions (“Unrestricted
Stock”) under the Plan. Unrestricted Stock Awards may be granted or sold as described in the preceding sentence in respect of past services or other valid consideration, or in lieu of any cash compensation due to such participant. 

(b)    Restrictions on Transfers. The right to receive shares of Unrestricted Stock on a deferred basis may
not be sold, assigned, transferred, pledged or otherwise encumbered, other than by will or the laws of descent and distribution. 

Section 11.    Performance Share Awards  

(a)    Nature of Performance Share Awards. A Performance Share Award is an Award entitling the recipient to
acquire shares of Stock upon the attainment of specified performance goals; provided however that the Administrator, in its discretion, may provide either at the time of grant or at the time of settlement that a Performance Share Award will
be settled in cash. The Administrator may make Performance Share Awards independent of or in connection with the granting of any other Award under the Plan. The Administrator in its sole discretion shall determine whether and to whom Performance
Share Awards shall be made, the performance goals, the periods during which performance is to be measured (which in the aggregate shall not be less than one (1) year), and all other limitations and conditions. 

(b)    Restrictions of Transfer. Performance Share Awards, and all rights with respect to such Awards, may not be
sold, assigned, transferred, pledged or otherwise encumbered. 

  
 13 

 (c)    Rights as a Stockholder. A grantee receiving a Performance
Share Award shall have the rights of a stockholder only as to shares actually received by the grantee under the Plan and not with respect to shares subject to the Award but not actually received by the grantee. A grantee shall be entitled to receive
a stock certificate or book entry evidencing the acquisition of shares of Stock (unless the Administrator has provided for cash settlement) only upon satisfaction of all conditions specified in the Performance Share Award Agreement (or in a
performance plan adopted by the Administrator). 
 (d)    Termination. Except as may otherwise be provided by the
Administrator either in the Award Agreement or, subject to Section 18 below, in writing after the Award Agreement is issued, a grantee’s rights in all Performance Share Awards shall automatically terminate immediately following the
grantee’s termination of employment (or cessation of service relationship) with the Company and its Subsidiaries for any reason. 

Section 12.    Cash Awards 

The Administrator, in its discretion, may provide for cash payments to be made under the Plan as a form of Award, and may provide for Cash
Awards to be made to Covered Employees pursuant to Section 13 below. Such Cash Awards may be made subject to such terms, conditions and restrictions as the Administrator considers necessary or advisable. 

Section 13.    Performance-Based Awards to Covered Employees 

(a)    Performance-Based Awards. A Performance-Based Award means any Restricted Stock Award, Restricted Stock Unit,
Performance Share Award or Cash Award granted to a Covered Employee that is intended to qualify as “performance-based compensation” under Section 162(m) of the Code and any regulations appurtenant thereto. Any employee or other key
person providing services to the Company and who is selected by the Administrator may be granted one or more Performance-Based Awards in the form of a Restricted Stock Award, Restricted Stock Units, Performance Share Award or Cash Award payable upon
the attainment of Performance Goals that are established by the Administrator and related to one or more of the Performance Criteria, in each case on a specified date or dates or over any period or periods determined by the Administrator. The
Administrator shall define in an objective fashion the manner of calculating the Performance Criteria it selects to use for any Performance Period. Depending on the Performance Criteria used to establish such Performance Goals, the Performance Goals
may be expressed in terms of overall company performance or the performance of a division, business unit, or an individual. The Administrator, in its discretion, may adjust or modify the calculation of Performance Goals for such Performance Period
in order to prevent the dilution or enlargement of the rights of an individual: (i) in the event of, or in anticipation of, any unusual or extraordinary corporate item, transaction, event or development; (ii) in recognition of, or in
anticipation of, any other unusual or nonrecurring events affecting the Company, or the financial statements of the Company; or (iii) in response to, or in anticipation of, changes in applicable laws, regulations, accounting principles, or
business conditions provided however, that the Administrator may not exercise such discretion in a manner that would increase the Performance-Based Award granted to a Covered Employee. Each Performance-Based Award shall comply with the
provisions set forth below. 

  
 14 

 (b)    Grant of Performance-Based Awards. With respect to each
Performance-Based Award granted to a Covered Employee, the Administrator shall select, within the first ninety (90) days of a Performance Period (or, if shorter, within the maximum period allowed under Section 162(m) of the Code) the
Performance Criteria for such grant, and the Performance Goals with respect to each Performance Criterion (including a threshold level of performance below which no amount will become payable with respect to such Award). Each Performance-Based Award
will specify the amount payable, or the formula for determining the amount payable, upon achievement of the various applicable performance targets. The Performance Criteria established by the Administrator may be (but need not be) different for each
Performance Period and different Performance Goals may be applicable to Performance-Based Awards to different Covered Employees. 

(c)    Payment of Performance-Based Awards. Following the completion of a Performance Period, the Administrator
shall review and certify in writing whether, and to what extent, the Performance Goals for the Performance Period have been achieved and, if so, shall calculate and certify in writing the amount of the Performance-Based Awards earned for the
Performance Period. The Administrator shall then determine the actual size of each Covered Employee’s Performance-Based Award, and, in doing so, may reduce (but not increase) or eliminate the amount of the Performance-Based Award for a Covered
Employee if, in its sole judgment, such reduction or elimination is appropriate. 
 (d)    Maximum Award Payable.
The maximum Performance-Based Award payable to any one Covered Employee under the Plan for any twelve (12)-month period that is included in a Performance Period is a number of shares of Stock equal to the Initial Limit, (subject to adjustment as
provided in Section 4(b) hereof) or two million dollars ($2,000,000) in the case of a Performance-Based Award that is a Cash Award.

Section 14.    Dividend Equivalent Rights  

(a)    Dividend Equivalent Rights. A Dividend Equivalent Right is an Award entitling the recipient to receive
credits based on cash dividends that would be paid on the shares of Stock specified in the Dividend Equivalent Right (or other award to which it relates) if such shares were held by the recipient. A Dividend Equivalent Right may be granted hereunder
to any participant, as a component of another Award or as a freestanding award. The terms and conditions of Dividend Equivalent Rights shall be specified in the Award grant. Dividend equivalents credited to the holder of a Dividend Equivalent Right
may be paid currently or may be deemed to be reinvested in additional shares of Stock, which may thereafter accrue additional equivalents. Any such reinvestment shall be at Fair Market Value on the date of reinvestment or such other price as may
then apply under a dividend reinvestment plan sponsored by the Company, if any. Dividend Equivalent Rights may be settled in cash or shares of Stock or a combination thereof, in a single installment or installments. A Dividend Equivalent Right
granted as a component of another Award may provide that such Dividend Equivalent Right shall be settled upon exercise, settlement, or payment of, or lapse of restrictions on, such other award, and that such Dividend Equivalent Right shall expire or
be forfeited or annulled under the same conditions as such other award. A Dividend Equivalent Right granted as a component of another Award may also contain terms and conditions different from such other Award. 

  
 15 

 (b)    Interest Equivalents. Any Award under this Plan that is settled
in whole or in part in cash on a deferred basis may, but need not, provide in the grant for interest equivalents to be credited with respect to such cash payment. Interest equivalents may be compounded and shall be paid upon such terms and
conditions as may be specified by the grant. 
 Section 15.    Tax Withholding 

(a)    Payment by Grantee. Each grantee shall, no later than the date as of which the value of an Award or of any
Stock or other amounts received thereunder first becomes taxable, pay to the Company, or make arrangements satisfactory to the Administrator regarding payment of, any Federal, state, local or foreign taxes of any kind required by law to be withheld
with respect to such income. The Company and its Subsidiaries shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the grantee. The Company’s obligation to deliver stock
certificates to any grantee is subject to and is conditioned on tax obligations being satisfied by the grantee. 

(b)    Payment in Stock. If provided in the instrument evidencing an Award, either the grantee or the Company may
elect to have the statutory minimum required tax withholding obligation satisfied, in whole or in part, by: (i) withholding from shares of Stock to be issued pursuant to any Award a number of shares with an aggregate Fair Market Value (as of
the date the withholding is effected) that would satisfy such withholding amount due; or (ii) allowing a grantee to transfer to the Company shares of Stock owned by the grantee with an aggregate Fair Market Value (as of the date the withholding
is effected) that would satisfy such withholding amount due. 
 Section 16.    Section 409A Awards 

To the extent that any Award is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A
(a “409A Award”), the Award shall be subject to such additional rules and requirements as specified by the Administrator from time to time in order to comply with Section 409A. In this regard, if any amount under a 409A
Award is payable upon a “separation from service” (within the meaning of Section 409A) to a grantee who is then considered a “specified employee” (within the meaning of Section 409A), then no such payment shall be made
prior to the date that is the earlier of: (i) six (6) months and one (1) day after the grantee’s separation from service; or (ii) the grantee’s death, but only to the extent such delay is necessary to prevent such
payment from being subject to interest, penalties and/or additional tax imposed pursuant to Section 409A. Further, the settlement of any 409A Award may not be accelerated or postponed except to the extent permitted by Section 409A. 

Section 17.    Transfer, Leave Of Absence, Etc. 

For purposes of the Plan, the following events shall not be deemed a termination of employment: 

(a)    a transfer to the employment of the Company from a Subsidiary or from the Company to a Subsidiary, or from one
Subsidiary to another; or 

  
 16 

 (b)    an approved leave of absence for military service or sickness, or for
any other purpose approved by the Company, if the employee’s right to re-employment is guaranteed either by a statute or by contract or under the policy pursuant to which the leave of absence was granted or if the Administrator otherwise so
provides in writing. 
 Section 18.    Amendments and Termination 

Subject to requirements of law or any stock exchange or similar rules which would require a vote of the Company’s shareholders, the Board
may, at any time, amend or discontinue the Plan and the Administrator may, at any time, amend or cancel any outstanding Award for the purpose of satisfying changes in law or for any other lawful purpose, but no such action shall adversely affect
rights under any outstanding Award without the holder’s consent. If and to the extent determined by the Administrator to be required by the Code to ensure that Incentive Stock Options granted under the Plan are qualified under Section 422
of the Code or to ensure that compensation earned under Awards qualifies as performance-based compensation under Section 162(m) of the Code, if and to the extent intended to so qualify, Plan amendments shall be subject to approval by the
Company stockholders entitled to vote at a meeting of stockholders. Nothing in this Section 18 shall limit the Administrator’s authority to take any action permitted pursuant to
 Section 4(c). 

Section 19.    Status of Plan 

With respect to the portion of any Award that has not been exercised and any payments in cash, Stock or other consideration not received by a
grantee, a grantee shall have no rights greater than those of a general creditor of the Company unless the Administrator shall otherwise expressly determine in connection with any Award or Awards. In its sole discretion, the Administrator may
authorize the creation of trusts or other arrangements to meet the Company’s obligations to deliver Stock or make payments with respect to Awards hereunder, provided that the existence of such trusts or other arrangements is consistent
with the foregoing sentence. 
 Section 20.    Change in Control Provisions 

(a)    Upon the occurrence of a Change in Control as defined in this Section 20, the Administrator in its discretion
may, at the time an Award is made or at any time thereafter, take one or more of the following actions: (i) provide for the acceleration of any time period relating to the exercise or payment of the Award; (ii) provide for termination of
any Awards not exercised prior to the occurrence of a Change in Control; provided that the holder of any such Award is given written notice of such prospective action by the Administrator at least ten (10) calendar days prior to the
effective date of the Change in Control; (iii) provide for payment to the holder of the Award of cash or other property with a Fair Market Value equal to the amount that would have been received upon the exercise or payment of the Award had the
Award been exercised or paid upon the Change in Control in exchange for cancellation of the Award; (iv) adjust the terms of the Award in a manner determined by the Administrator to reflect the Change in Control; (v) cause the Award to be
assumed, or new rights substituted therefor, by another entity; or (vi) make such other provision as the Administrator may consider equitable to the holders of Awards and in the best interests of the Company. 

  
 17 

 (b)    “Change in Control” or “Change in
Control of the Company” shall mean the occurrence of any one of the following: 
  

	 	(i)	Any “Person”, as such term is used in Sections 13(d) and 14(d) of the Act, other than the Company or a Subsidiary, becomes a beneficial owner (within the meaning of Rule 13d-3, as amended, as promulgated
under the Exchange Act), directly or indirectly, in one or a series of transactions, of securities representing more than 50% of the combined voting power of the Company’s then outstanding securities; 

 

	 	(ii)	The consummation of a merger or consolidation of the Company with any other Person, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity), more than 50% of the combined voting power of the voting securities of the Company or such surviving entity outstanding
immediately after such merger or consolidation; 

  

	 	(iii)	The closing of a sale or other disposition by the Company of all or substantially all of the assets of the Company; 

  

	 	(iv)	Individuals who constitute the Board on the date hereof (“Incumbent Directors”) cease for any reason to constitute at least a majority of the Board; provided, that any individual who
becomes a member of the Board subsequent to the date hereof, whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors shall be treated as an Incumbent Director unless he or she assumed office
as a result of an actual or threatened election contest with respect to the election or removal of directors; or 

  

	 	(v)	A complete liquidation or dissolution of the Company; 

 provided, in each case, that such event also
constitutes a “change in control event” within the meaning of the Treasury Regulation Section 1.409A-3(i)(5) if necessary to avoid the imposition of additional taxes under Section 409A. 

Section 21.    General Provisions 

(a)    No Distribution; Compliance with Legal Requirements. The Administrator may require each person acquiring
Stock pursuant to an Award to represent to and agree with the Company in writing that such person is acquiring the shares without a view to distribution thereof. 

  
 18 

 No shares of Stock shall be issued pursuant to an Award until all applicable securities law and
other legal and stock exchange or similar requirements, whether located in the United States or a foreign jurisdiction, have been satisfied. The Administrator may require the placing of such stop-orders and restrictive legends on certificates for
Stock and Awards as it deems appropriate. 
 No Award under the Plan shall be a nonqualified deferred compensation plan, as defined in Code
Section 409A, unless such Award meets in form and in operation the requirements of Code Section 409A(a)(2),(3), and (4). 

Notwithstanding anything to the contrary contained in this Plan, Awards may be made to an individual who is a foreign national or employed or
performing services outside of the United States on such terms and conditions different from those specified in the Plan as the Administrator considers necessary or advisable to achieve the purposes of the Plan or to comply with applicable laws 

(b)    Delivery of Stock Certificates. Stock certificates to grantees under this Plan shall be deemed delivered
for all purposes when the Company or a stock transfer agent of the Company shall have mailed such certificates in the United States mail, addressed to the grantee, at the grantee’s last known address on file with the Company. In lieu of
delivery of stock certificates, the Company may, to the extent permitted by law and the Certificate of Incorporation and bylaws of the Company, issue shares of Stock hereunder in book entry form. 

(c)    Other Compensation Arrangements; No Employment Rights. Nothing contained in this Plan shall prevent the
Board from adopting other or additional compensation arrangements, including trusts, and such arrangements may be either generally applicable or applicable only in specific cases. The adoption of this Plan and the grant of Awards do not confer upon
any employee any right to continued employment with the Company or any Subsidiary. 
 (d)    Trading Policy
Restrictions. Option exercises and other Awards under the Plan shall be subject to such company’s insider trading policy, as in effect from time to time. 

(e)    Forfeiture of Awards under Sarbanes-Oxley Act. If the Company is required to prepare an accounting
restatement due to the material noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under the securities laws, then, to the extent required by law, any grantee who is one of the individuals subject to
automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002 shall reimburse the Company for the amount of any Award received by such individual under the Plan during the twelve (12)-month period following the first public issuance
or filing with the United States Securities and Exchange Commission, as the case may be, of the financial document embodying such financial reporting requirement. 

  
 19 

 (f)    Delivery and Execution of Electronic Documents. To the extent
permitted by applicable law, the Company may: (i) deliver by email or other electronic means (including posting on a web site maintained by the Company or by a third party under contract with the Company) all documents relating to the Plan and
any Award thereunder (including without limitation, prospectuses required by the SEC) and all other documents that the Company is required to deliver to its security holders (including without limitation, annual reports and proxy statements); and
(ii) permit participants in the Plan to electronically execute applicable Plan documents (including but not limited to, Award Agreements) in a manner prescribed by the Administrator. 

Section 22.    Effective Date of Plan 

This Plan shall become effective upon approval by the holders of a majority of the shares of Stock of the Company present or represented and
entitled to vote at a meeting of stockholders at which a quorum is present or by written consent of the stockholders. Subject to such approval by the stockholders, Stock Options and other Awards may be granted hereunder on and after adoption of this
Plan by the Board. 
 Section 23.    Governing Law 

This Plan and all Awards and actions taken thereunder shall be governed by, and construed in accordance with, the laws of The State of
Delaware, applied without regard to conflict of law principles. 

  
 20EX-10.1

 Exhibit 10.1 

AMENDED AND RESTATED 

ADVISORY AGREEMENT 

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

and 
 INDUSTRIAL
PROPERTY ADVISORS LLC 
  
  
  

 
 1 

  

 TABLE OF CONTENTS 

 

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

  
 2 

 THIS AMENDED AND RESTATED ADVISORY AGREEMENT, dated as of July 16, 2014 is among Industrial
Property Trust Inc., a Maryland corporation (the “Corporation”), Industrial Property Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”), and Industrial Property Advisors LLC, a Delaware limited
liability company. 
 W I T N E S S E T H 

WHEREAS, the Corporation intends to qualify as a REIT (as defined below), and to invest its funds in investments permitted by the terms of
Sections 856 through 860 of the Code (as defined below); 
 WHEREAS, the Corporation is the general partner of the Operating Partnership and
intends to conduct its business and make investments in Assets primarily through the Operating Partnership; 
 WHEREAS, the Corporation and
the Operating Partnership desire to avail themselves of the experience, sources of information, advice, assistance and certain facilities of the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on
behalf of, and subject to the supervision of, the Board of Directors of the Corporation, all as provided herein; 
 WHEREAS, the
Corporation, the Operating Partnership and the Advisor are parties to that certain Advisory Agreement dated July 16, 2013, as amended by the First Amendment to the Advisory Agreement dated October 10, 2013, which is amended and restated in
its entirety hereby; 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 Amended and Restated
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. Industrial Property Advisors LLC, a Delaware
limited liability company, any successor advisor to the Corporation, the Operating Partnership or any person or entity to which Industrial Property Advisors LLC or any successor advisor subcontracts substantially all of its functions.
Notwithstanding the forgoing, a Person hired or retained by Industrial Property Advisors LLC to perform property and securities management and related services for the Corporation or the Operating Partnership that is not hired or retained to perform
substantially all of the functions of Industrial Property Advisors LLC with respect to the Corporation or the Operating Partnership as a whole shall not be deemed to be an Advisor. 

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

 Asset. Any Property, Mortgage, other debt or other investment (other than investments in
bank accounts, money market funds or other current assets) owned by the Corporation, directly or indirectly through one or more of its Affiliates. 

Asset Management Fee. A fee paid to the Advisor as compensation for services rendered in connection with the management and Disposition
of the Corporation’s Assets. 
 Average Invested Assets. For a specified period, the average of the aggregate book value of the
Assets invested, directly or indirectly, in equity interests in and loans secured by or related to real estate (including, without limitation, equity interests in REITs, mortgage pools, commercial mortgage-backed securities, mezzanine loans and
residential mortgage-backed securities), before deducting depreciation, bad debts or other non-cash reserves, computed by taking the average of such values at the end of each month during such period. 

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

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

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

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

Contract Purchase Price. The term “Contract Purchase Price” shall mean (i) the amount actually paid or allocated in
respect of the acquisition of a Property, (ii) the Corporation’s proportionate share of the amount actually paid or allocated in respect of the Real Property owned by any real estate related entity in which the Corporation acquires a
majority economic interest or which the Corporation consolidates for financial reporting purposes in accordance with generally accepted accounting principals, (iii) the amount actually paid or allocated in respect of an investment in any other
real estate related entity or (iv) the amount actually paid or allocated in respect of the origination or acquisition of Mortgages, other debt investments or other investments; in each case including any third party expenses, debt, whether
borrowed or assumed, and exclusive of Acquisition Fees and Acquisition Expenses. 
 Contract Sales Price. The total consideration
paid in connection with a Disposition, other than a Listing. 
 Corporation. Corporation shall have the meaning set forth in the
preamble of this Agreement. 
 Dealer Manager. Dividend Capital Securities LLC, an Affiliate of the Advisor, or such other Person or
entity selected by the Board of Directors to act as the dealer manager for the Offering. Dividend Capital Securities LLC is a member of the Financial Industry Regulatory Authority, Inc. (“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. 

  
 4 

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

Distributions. Any distributions of money or other property by the Corporation to owners of Shares, including distributions that may
constitute a return of capital for federal income tax purposes. 
 Equity Shares. Transferable shares of beneficial interest of the
Corporation of any class or series, including common shares or preferred shares. 
 FINRA. Financial Industry Regulatory Authority,
Inc. 
 GAAP. Generally accepted accounting principles as in effect in the United States of America from time to time. 

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

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

Gross 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. 
 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 or the receipt by the Corporation’s
stockholders of securities that are listed on a national securities exchange in exchange for the Corporation’s common stock. Upon such Listing, the Shares shall be deemed Listed. 

Mortgages. In connection with mortgage financing provided, invested in, participated in or purchased by the Corporation, all of the
notes, deeds of trust, security interests or other evidences of indebtedness or obligations, which are secured or collateralized by Real Property owned by the borrowers under such notes, deeds of trust, security interests or other evidences of
indebtedness or obligations. 

  
 5 

 NASAA REIT Guidelines. The Statement of Policy Regarding Real Estate Investment Trusts as
adopted by the members of the North American Securities Administrators Association, Inc. on May 7, 2007. 
 Net Income. For any
period, the Corporation’s total revenues applicable to such period, less the total expenses applicable to such period other than additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from
the sale of the Corporation’s Assets. 
 Offering. The public offering of Shares pursuant to a Prospectus. 

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

Operating Partnership Agreement. The Operating Partnership Agreement between the Corporation and Industrial Property Advisors Group
LLC. 
 OP Unit. Units of limited partnership interest in the Operating Partnership. 

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

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

Property or Properties. All or a portion of the Real Property or Real Properties acquired by the Corporation, directly or indirectly
through joint venture or co-ownership arrangements or other partnership or investment entities. 
 Prospectus. Prospectus shall have
the meaning set forth in Section 2(10) of the Securities Act of 1933, as amended (the “Securities Act”), including a preliminary Prospectus, an offering circular as described in Rule 256 of the General Rules and Regulations under the
Securities Act or, in the case of an intrastate offering, any document by whatever name known, utilized for the purpose of offering and selling securities to the public. 

Real Estate Asset Value. The amount actually paid or allocated to the purchase, development, construction or improvement of a Real
Property, exclusive of Acquisition Fees and Acquisition Expenses. 
 Real Property. Land, rights in land (including leasehold
interests), and any buildings, structures, improvements, furnishings, fixtures and equipment located on or used in connection with land and rights or interests in land. Properties sold by the Corporation or any Affiliate to investors in
tenancy-in-common interests (or pursuant to a Delaware statutory trust), beneficial interests in Delaware statutory trusts, and or similar interests shall be deemed Real Property for the purposes of this definition so long as (i) such
properties are being leased by the Corporation or any Affiliate from the tenancy-in-common (or Delaware statutory trust) investors, and (ii) such properties are reflected as Assets of the Corporation in accordance with GAAP. 

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

Sale or Sales. Any transaction or series of transactions whereby: (i)(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

  
 6 

 
Venture in which it is a co-venturer or partner; (C) any Joint Venture directly or indirectly (except as described in other subsections of this definition) in which the Corporation or the
Operating Partnership as a co-venturer or partner sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including any event with respect to any Property which gives rise to insurance claims or
condemnation awards; (D) the Corporation or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, conveys or relinquishes its interest in any Mortgage or portion thereof
(including with respect to any Mortgage, all payments thereunder or in satisfaction thereof other than regularly scheduled interest payments) of amounts owed pursuant to such Mortgage and any event which gives rise to a significant amount of
insurance proceeds or similar awards; or (E) the Corporation or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of
any other Asset not previously described in this definition or any portion thereof, but (ii) not including any transaction or series of transactions specified in clause (i) (A) through (E) above in which the proceeds of such
transaction or series of transactions are reinvested by the Corporation in one or more Assets within 180 days thereafter. 
 Sales
Commission. A percentage of Gross Proceeds from the sale of primary Shares in the Offering (not including Shares sold pursuant to the Corporation’s distribution reinvestment plan) payable to the Dealer Manager and reallowable to Soliciting
Dealers with respect to Shares sold by them. 
 Securities. The term “Securities” shall mean any of the following issued by
the Corporation, as the text requires: Equity Shares, any other stock, shares or other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or
unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees
of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing. 
 Shares. The shares of the common
stock of the Corporation sold in the Offering. 
 Soliciting Dealers. Broker-dealers who are members of FINRA, or that are exempt
from broker-dealer registration, and who, in either case, have executed selected dealer or other agreements with the Dealer Manager to sell Shares. 

Special OP Units. The separate series of limited partnership interests to be issued in accordance with Paragraph 9(c). 

Sponsor. Any Person which (i) is directly or indirectly instrumental in organizing, wholly or in part, the Corporation,
(ii) will control, manage or participate in the management of the Corporation, and any Affiliate of any 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 

  
 7 

 
corporate business, including Asset Management Fees and other operating fees paid to the Advisor, but excluding (i) the expenses of raising capital such as Organization and Offering
Expenses, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees, (vi) Acquisition Fees and Acquisition Expenses, (vii) real estate
commissions on the Sale of Property, (viii) distributions made with respect to interests in the Operating Partnership, and (ix) other fees and expenses connected with the acquisition, Disposition, management and ownership of real estate
interests, mortgage loans or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property). Notwithstanding the definition set forth above, any expense of the Corporation
which is not part of Total Operating Expenses under the NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof. 

Total Project Cost. With regard to any Real Property acquired prior to or during the development, construction or improvement stages,
all hard and soft costs and expenses paid or incurred by or on behalf of the Corporation that are in any way related to the development, construction, improvement or stabilization (including tenant improvements) of such Real Property, including, but
not limited to, any debt, whether borrowed or assumed, land and construction costs. 
 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 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 

  
 8 

 
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;

 (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; 

  
 9 

 (l) provide the Corporation and the Operating Partnership with all necessary cash management
services; 
 (m) do all things necessary to assure its ability to render the services described in this Agreement; 

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

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

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

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

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

  
 10 

 
require prior approval, provided however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the
Advisor has committed the Corporation prior to the date of receipt by the Advisor of such notification. 
 5. BANK ACCOUNTS. The Advisor may
establish and maintain one or more bank accounts in the name of the Corporation, the Operating Partnership or the Operating Partnership’s subsidiaries and may collect and deposit into any such account or accounts, and disburse from any such
account or accounts, any money on behalf of the Corporation, the Operating Partnership or the Operating Partnership’s subsidiaries, under such terms and conditions as the Board of Directors may approve, provided that no funds shall be
commingled with the funds of the Advisor; and the Advisor shall from time to time render appropriate accountings of such collections and payments to the Board of Directors and to the auditors of the Corporation. 

6. RECORDS; ACCESS. The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for
inspection by the Board of Directors and by counsel, auditors and authorized agents of the Corporation, at any time or from time to time during normal business hours. The Advisor shall at all reasonable times have access to the books and records of
the Corporation and the Operating Partnership. 
 7. LIMITATIONS ON ACTIVITIES. Anything else in this Agreement to the contrary
notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment made in good faith, would (a) adversely affect the status of the Corporation as a REIT, (b) subject the Corporation to regulation under the
Investment Corporation Act of 1940, as amended, or (c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Corporation, its Shares or its Securities, or otherwise not be
permitted by the Charter or Bylaws of the Corporation, except if such action shall be ordered by the Board of Directors, in which case the Advisor shall notify promptly the Board of Directors of the Advisor’s judgment of the potential impact of
such action and shall refrain from taking such action until it receives further clarification or instructions from the Board of Directors. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of
the Board of Directors so given. Notwithstanding the foregoing, the Advisor, its members, managers, directors, officers, employees and stockholders, and members, managers, stockholders, directors and officers of the Advisor’s Affiliates, shall
not be liable to the Corporation or to the Board of Directors or stockholders for any act or omission by the Advisor, its members, managers, directors, officers or employees, or stockholders, members, managers, directors or officers of the
Advisor’s Affiliates taken or omitted to be taken in the performance of their duties under this Agreement except as provided in Paragraph 19 of this Agreement. 

8. RELATIONSHIP WITH DIRECTORS. Subject to Paragraph 7 of this Agreement and to restrictions advisable with respect to the qualification of
the Corporation as a REIT, members, managers, directors, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parents of an Affiliate, may serve as a Director and as officers of the Corporation, except that no
member, manager, director, officer or employee of the Advisor or its Affiliates who also is a Director or officer of the Corporation shall receive any compensation from the Corporation for serving as a Director or officer of the Corporation other
than reasonable reimbursement for travel and related expenses incurred in attending meetings of the Board of Directors and no such Director shall be deemed an Independent Director for purposes of satisfying the Director independence requirement set
forth in the Charter. 
 9. FEES. 

(a) Acquisition Fees. The Advisor shall receive Acquisition Fees in connection with each Asset acquired on the Corporation’s
behalf. For investments in Real Property, the Acquisition Fee will vary depending on whether with respect to the Real Property acquired, the Advisor provides either Development Services (defined below) or Development Oversight Services (defined
below) either in connection with the acquisition of such Real Property (including, without limitation, forward commitment acquisitions), the stabilization of such Real Property (including, without limitation, development and value add transactions),
or both (any of the foregoing being “Development Real Properties). For each Real Property acquired, for which the Advisor does not provide either Development or Development Oversight Services either in connection with the acquisition of such
Real Property, the stabilization of such Real Property, or both (the “Non-Development Real Properties”), the Acquisition Fee is an amount equal to 2.0% of the Contract Purchase Price of the Non-Development Real Property (or the
Corporation’s proportional 

  
 11 

 
interest therein), including Real Property held in Joint Ventures or other entities that are co-owned, for the first $500,000,000 of Real Property, and thereafter, 1.0% 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. 
 (b) Asset
Management Fee. The Advisor shall receive the Asset Management Fee as partial compensation for services rendered in connection with the management and Disposition of the Corporation’s Assets. The Asset Management Fee shall be payable by the
Corporation in cash or in Shares at the option of the Advisor, and may be deferred, in whole or in part, from time to time, by the Advisor (without interest). The Asset Management Fee shall consist of (i) a monthly fee equal to one-twelfth of
0.80% of the aggregate cost (before non-cash reserves and depreciation) of each Real Property (or the Corporation’s proportional interest therein with respect to Real Property held in Joint Ventures or real estate entities where the Corporation
owns a majority economic interest or that the Corporation consolidates for financial reporting purposes in accordance with GAAP); provided, that the Asset Management Fee with respect to each Real Property located outside of the United States that
the Corporation owns, directly or indirectly, will equal a monthly fee of one-twelfth of 1.20% of the aggregate cost (before non-cash reserves and depreciation) of each Real Property, (ii) a monthly fee equal to one-twelfth of 0.80% of the
aggregate cost or investment with respect to an acquisition of an interest in any other real estate related entity or an origination or acquisition of any Mortgage, any other type of debt investment or other investment, and (iii) in connection
with a Disposition, a fee equal to (x) 2.0% of the gross market capitalization of the Corporation upon the occurrence of a Listing or (y) 2.0% of the Contract Sales Price upon the occurrence of any other Disposition. With the exception of
any portion of the Asset Management Fee related to a Disposition, which shall be payable at the time of such Disposition, the Asset Management Fee shall be payable on the 1st day of each month. 

(c) Operating Partnership Interests. The Sponsor has made a capital contribution of $1,000 to the Operating Partnership in exchange for
OP Units constituting a separate series of limited partnership interests (the “Special OP Units”). Upon the earliest to occur of the termination or nonrenewal of this Agreement for Cause, a Termination Event, or a Liquidity Event, all of
the Special OP Units shall be redeemed by the Operating Partnership in accordance with the terms of the Operating Partnership Agreement. 

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

  
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 10. EXPENSES. 

(a) In addition to the compensation paid to the Advisor pursuant to Paragraph 9 hereof and subject to the limitations below, the Corporation
or the Operating Partnership shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor in connection with the services it provides to the Corporation and the Operating Partnership pursuant to this Agreement,
including, but not limited to: 
 (i) Up to 2.0% of Gross Proceeds from all Offerings as Organization and Offering Expense reimbursements.
The Advisor will use all or a portion of this reimbursement to pay for the Corporation’s Organization and Offering Expenses, including certain distribution-related expenses of the Dealer Manager and Soliciting Dealers. The Advisor or an
Affiliate of the Advisor will be responsible for the cumulative Organization and Offering Expenses of all Offerings to the extent that such expenses exceed the amount remaining from the 2.0% Organization and Offering Expense reimbursements from all
Offerings, without recourse against or reimbursement by the Corporation; 
 (ii) Acquisition Expenses; 

(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; 

  
 13 

 (xv) out-of-pocket costs for the Corporation to comply with all applicable laws, regulations and
ordinances; and 
 (xvi) all other costs incurred by the Advisor in performing its duties hereunder. 

(b) Expenses incurred by the Advisor on behalf of the Corporation and the Operating Partnership and payable pursuant to this Paragraph 10
shall be reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Corporation and the Operating Partnership and the calculation of the Asset Management Fee during each quarter, and shall
deliver such statement to the Corporation and the Operating Partnership within 45 days after the end of each quarter. 
 11. OTHER SERVICES.
Should the Board of Directors request that the Advisor or any director, officer or employee thereof render services for the Corporation and the Operating Partnership other than set forth in Paragraph 3, such services shall be separately compensated
at such rates and in such amounts as are agreed by the Advisor and the Independent Directors of the Corporation, subject to the limitations contained in the Charter, and shall not be deemed to be services pursuant to the terms of this Agreement.

 12. REIMBURSEMENT TO THE ADVISOR. For any year in which the Corporation qualifies as a REIT, the Corporation shall not reimburse the
Advisor at the end of any fiscal quarter Total Operating Expenses that, in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets or 25% of
Net Income (the “2%/25% Guidelines”) for such year. Any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Corporation or, at the option of the Corporation, subtracted from the Total Operating Expenses
reimbursed during the subsequent fiscal quarter unless a majority of the Independent Directors determine that such excess was justified based on unusual and nonrecurring factors which they deem sufficient, then the Excess Amount may be paid and
within 60 days after the end of such Expense Year there shall be sent to the stockholders a written disclosure of such fact, together with an explanation of the factors the Independent Directors considered in determining that such excess expenses
were justified. Such determination shall be reflected in the minutes of the meetings of the Board of Directors. The Corporation will not reimburse the Advisor or its Affiliates for services for which the Advisor or its Affiliates are entitled to
compensation in the form of a separate fee. All figures used in the foregoing computation shall be determined in accordance with generally accepted accounting principles applied on a consistent basis. 

13. OTHER ACTIVITIES OF THE ADVISOR. Nothing herein contained shall prevent the Advisor or any of its Affiliates from engaging in or earning
fees from other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this
Agreement limit or restrict the right of any member, manager, director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in or earn fees from any other business or to render services of any kind to any other partnership,
corporation, firm, individual, trust or association and earn fees for rendering such services. The Advisor may, with respect to any investment in which the Corporation is a participant, also render advice and service to each and every other
participant therein, and earn fees for rendering such advice and service. It is contemplated that the Corporation may enter into joint ventures or other similar co-investment arrangements with certain Persons, and pursuant to the agreements
governing such joint ventures or arrangements, the Advisor may be engaged (directly or indirectly) to provide advice and service to such Persons, in which case the Advisor will earn fees for rendering such advice and service. The parties to this
Agreement hereby acknowledge that the Advisor may provide advice and render services to Persons that will compete with the Corporation for investments. 

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

  
 14 

 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 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; 

  
 15 

 (iii) deliver to the Board of Directors all Assets and documents of the Corporation and the
Operating Partnership then in the custody of the Advisor; and 
 (iv) cooperate with the Corporation and the Operating Partnership to
provide an orderly management transition. 
 18. INDEMNIFICATION BY THE CORPORATION AND THE OPERATING PARTNERSHIP. The Corporation and the
Operating Partnership shall indemnify and hold harmless the Advisor and its Affiliates, including their respective members, managers, officers, directors, partners and employees, from all liability, claims, damages or losses arising in the
performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, subject to any limitations imposed by the laws of the State of Maryland or the Charter. Notwithstanding the foregoing, the Corporation and the
Operating Partnership may not indemnify or hold harmless the Advisor, its Affiliates, or any of their respective members, managers, officers, directors, partners or employees in any manner that would be inconsistent with the provisions of Section
II.G of the REIT Guidelines adopted by the North American Securities Administrators Association. 
 19. INDEMNIFICATION BY ADVISOR. The
Advisor shall indemnify and hold harmless the Corporation and the Operating Partnership from contract or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that such liability,
claims, damages, taxes or losses and related expenses are incurred by reason of the Advisor’s bad faith, fraud, willful misfeasance, gross misconduct, gross negligence or reckless disregard of its duties, but the Advisor shall not be held
responsible for any action of the Board of Directors in following or declining to follow any advice or recommendation given by the Advisor. 

20. NOTICES. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other
method of giving such notice, report or other communication is required by the Charter, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery service
to the addresses set forth herein: 
  

			
	 To the Directors and to the

Corporation:
	  	 Industrial Property Trust Inc.

518 17th Street

17th Floor

Denver, CO 80202

		
	To the Operating Partnership:	  	 Industrial Property Operating Partnership LP

518 17th Street

17th Floor

Denver, CO 80202

		
	To the Advisor:	  	 Industrial Property Advisors LLC
 518 17th Street
 17th Floor

Denver, CO 80202

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

  
 16 

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

  
 17 

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

			
	INDUSTRIAL PROPERTY TRUST INC.
		
	By:	 	 /s/ Dwight L. Merriman III

	Name:	 	Dwight L. Merriman III
	Title:	 	Chief Executive Officer
	
	 INDUSTRIAL PROPERTY OPERATING

PARTNERSHIP LP

	
	By: Industrial Property Trust Inc., its Sole General Partner
		
	By:	 	 /s/ Dwight L. Merriman III

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

Member

		
	By:	 	 /s/ Evan H. Zucker

	Name:	 	Evan H. Zucker
	Title:	 	Manager

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