Document:

Exhibit

Exhibit 10.2

SEPARATION AGREEMENT AND GENERAL RELEASE
This Separation Agreement and General Release (“Agreement”) is being entered into by Retail Properties of America, Inc. (“Employer” or “Company”) and Niall J. Byrne (“Employee”) (together, the “Parties”).  
		
	1.
	SEPARATION DATE

1.1    Employee and Employer are parties to a Retention Agreement, dated effective as of February 19, 2013 (the “Retention Agreement”).  Employee’s last day of employment with Employer is October 7, 2015 (“Separation Date”).  
		
	2.
	VALUABLE CONSIDERATION

2.1    Severance Package.  Employer agrees to provide Employee with the following payments and benefits (“Severance Package”).  Employee acknowledges and agrees that the Severance Package constitutes adequate legal consideration for the promises and representations made by him in the Agreement.  Receipt of the Severance Package is contingent upon the following conditions: (i) Employee must continue to abide by the covenants regarding confidentiality, non-solicitation and non-disparagement described in Section 11 of the Retention Agreement, and (ii) application of the Recoupment Policy described in Section 6 of the Retention Agreement, the Golden Parachute Payments provision described in Section 7 of the Retention Agreement, and the provisions regarding compliance with Section 409A of the Internal Revenue Code described in Section 13 of the Retention Agreement.  Subject to the foregoing, Employer will pay the Severance Payment on the sixtieth (60th) day after the Separation Date.  
2.1.1    Severance Payment.  Employer agrees to pay Employee a total of $677,083, less all appropriate federal and state income and employment taxes (“Severance Payment”), consisting of (i) twelve (12) months of Employee’s base salary; (ii) Employee’s Target Bonus, as defined in the Retention Agreement; and (iii) one month of base salary in lieu of notice.  
2.1.2    Acceleration of Vesting.  The vesting of all unvested equity awards granted to Employee that are listed on Exhibit A hereto shall accelerate in full in accordance with Section 3(c) of the Retention Agreement.  All other equity awards (or portions thereof) made to the Employee by the Employer that were unvested immediately prior to the Separation Date will be forfeited as of the Separation Date, except to the extent otherwise specifically provided in such awards.  
2.1.3    Continued Healthcare.  Provided Employee and Employee’s dependents then participating in the Employer’s group health insurance plan are eligible and timely elect coverage under the Consolidated Omnibus Reconciliation Act of 1985 (“COBRA”), Employer will (i) pay the COBRA premiums for Employee and Employee’s dependents for group health insurance through the earlier of (A) April 30, 2017 or (B) the first date on which Employee and Employee’s covered dependents become eligible for health insurance coverage under another employer’s plans or (ii) otherwise provide for the cost 

of continued health care insurance in accordance with Section 3(d)(ii) of the Retention Agreement.  
2.2    Employee acknowledges that the benefits described above are over and above anything owed to him by law, contract or under the policies of Employer, and that they are being provided to him expressly in exchange for his entering into this Agreement.  
		
	3.
	GENERAL RELEASE AND WAIVER

3.1    In consideration of Employer’s promises made within this Agreement, Employee unconditionally, irrevocably and absolutely waives, releases and discharges Employer, and any parent and subsidiary corporations, divisions and affiliated corporations, partnerships or other affiliated entities of Employer, past and present, as well as the past and present employees, officers, directors, agents, successors and assigns of Employer (collectively, “Released Parties”), from all claims related in any way to the transactions or occurrences between them to date, to the fullest extent permitted by law, including, but not limited to, Employee’s employment with Employer, the termination of Employee’s employment with Employer, and all other losses, liabilities, claims, charges, demands and causes of action, known or unknown, suspected or unsuspected, arising directly or indirectly out of or in any way connected with Employee’s employment with Employer.  This release is intended to have the broadest possible application and includes, but is not limited to, any tort, contract, common law, constitutional or other statutory claims, including, but not limited to claims involving intellectual property or innovations that Employee may have worked on or come up with during the period in which he was being compensated by any of the Released Parties, alleged violations of the Illinois Human Rights Act, the Illinois Minimum Wage Law, the Illinois Wage Payment and Collection Act, the Illinois One Day Rest in Seven Act, the Illinois Victims’ Economic Security and Safety Act, the Illinois Personnel Record Review Act, the Illinois Worker Adjustment and Retraining Notification Act, the Illinois Right to Privacy in the Workplace Act, the Illinois Workers’ Compensation Act and any other statute set forth in Chapter 820 or any other chapter of the Illinois Compiled Statutes that pertains or relates to, or otherwise touches upon, the employment relationship between Employer and Employee, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Age Discrimination in Employment Act, and all claims for attorneys’ fees, costs and expenses.  Employee expressly waives Employee’s right to recovery of any type, including damages, in any administrative or court action, whether state or federal, and whether brought by Employee or on Employee’s behalf, related in any way to the matters released herein.  However, this general release is not intended to bar any claims that, by statute, may not be waived, such as claims for any challenge to the validity of Employee’s release of claims under the Age Discrimination in Employment Act, as set forth in this Agreement.  Further, nothing in this Section 3.1 shall release any of the Released Parties’ obligations, covenants, and agreements under this Agreement or Employee’s rights under applicable law, the Company’s Bylaws, any Company officer indemnity agreement to which Employee is a party or the Company’s director and officer liability policy to seek indemnity for acts committed, or omissions, within the course and scope of Employee’s employment duties.  

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3.2    Employee acknowledges that Employee may discover facts or law different from, or in addition to, the facts or law that Employee knows or believes to be true with respect to the claims released in this Agreement and agrees, nonetheless, that this Agreement and the release contained in it shall be and remain effective in all respects notwithstanding such different or additional facts or the discovery of them.  
3.3    Employee declares and represents that Employee intends this Agreement to be complete and not subject to any claim of mistake, and that the release herein expresses a full and complete release and Employee intends the release herein to be final and complete.  
3.4    Employee represents that, as of the date of this Agreement, he has not filed any lawsuits, charges, complaints, petitions, claims or other accusatory pleadings against Employer or any of the other Released Parties in any court.  
3.5    Employee acknowledges and agrees that the general release and waiver clause in this Agreement is an essential and material term of the Agreement, and that without such clause, no agreement would have been reached by the Parties.
		
	4.
	ACKNOWLEDGEMENTS BY EMPLOYEE

4.1    Employee acknowledges that he is subject to, and will continue to abide by, all surviving provisions of the Retention Agreement, including, without limitation, the covenants regarding confidentiality, non-solicitation and non-disparagement set forth in Section 11 of the Retention Agreement (the “Covenants”), all of which are incorporated herein by reference as if set forth herein in their entirety.  Nothing in this Agreement is intended to modify, supersede or replace any provision, right or obligation of Employee under the Covenants.  
4.2    Employee acknowledges that he has been paid all wages, commissions, incentive payments, and bonuses owed to him by Employer, to date.  
		
	5.
	NON-DISPARAGEMENT

5.1    Employee confirms and agrees that he will not make any oral or written statements to any third party about any of the Released Parties that are intended or reasonably likely either to disparage any of the Released Parties.  Employee acknowledges and agrees that the non-disparagement clause in this Agreement is an essential and material term of the Agreement, and that without such clause, no agreement would have been reached by the Parties.  Additionally, if Employee is compelled by the legal process to provide statements, information, or testimony regarding his employment with any of the Released Parties, he will do so in a truthful manner, and doing so is not a breach of the terms of this Agreement.
5.2    The Company shall direct the four current members of its Executive Management not to make any statements that disparage Employee.  If any of such individuals is compelled by the legal process to provide statements, information or testimony regarding Employee’s employment with any of the Released Parties, he or she will do so in a truthful manner, and doing so is not a breach of the terms of this Agreement.  

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6.    OLDER WORKERS’ BENEFIT PROTECTION ACT.  This Agreement is intended to satisfy the requirements of the Older Workers’ Benefit Protection Act, 29 U.S.C. sec. 626(f).  Employee is advised to consult with an attorney before executing this Agreement.  
6.1    Acknowledgements/Time to Consider.  Employee acknowledges and agrees that (a) Employee has read and understands the terms of this Agreement; (b) Employee has been advised in writing to consult with an attorney before executing this Agreement; (c) Employee has obtained and considered such legal counsel as Employee deems necessary; (d) Employee has been given twenty-one (21) days to consider whether or not to enter into this Agreement (although Employee may elect not to use the full 21-day period at Employee’s option); and (e) by signing this Agreement, Employee acknowledges that Employee does so freely, knowingly, and voluntarily.  
6.2    Revocation/Effective Date.  This Agreement shall not become effective or enforceable until the eighth day after Employee signs this Agreement.  In other words, Employee may revoke Employee’s acceptance of this Agreement within seven (7) days after the date Employee signs it.  Employee’s revocation must be in writing and received by Dennis Holland, the Company’s Executive Vice President, General Counsel and Secretary, 2021 Spring Road, Suite 200, Oak Brook, IL 60523 by 5:00 p.m. Central Time on the seventh day in order to be effective.  If Employee does not revoke acceptance within the seven (7) day period, Employee’s acceptance of this Agreement shall become binding and enforceable on the eighth day (“Effective Date”).  The Severance Package shall become due and payable in accordance with Section 2 above after the Effective Date.  
6.3    Preserved Rights of Employee.  This Agreement does not waive or release any rights or claims that Employee may have under the Age Discrimination in Employment Act that arise after the execution of this Agreement.  In addition, this Agreement does not prohibit Employee from challenging the validity of this Agreement’s waiver and release of claims under the Age Discrimination in Employment Act.  
		
	7.
	CONFIDENTIALITY/RETURN OF COMPANY PROPERTY

7.1    Employee represents and warrants that as of the Separation Date, he will have returned all property belonging to Employer.  Such property includes, but is not limited to, keys, passwords, access cards, credit or phone cards, any computer hardware or software, any products relating to Employer or its competition, any design work, product engineering, test results, customer information, pricing and cost information, financial data or information, any vendor samples or information, management materials, including all correspondence, manuals, letters, notes, notebooks, data report programs, plan proposals, and other confidential, proprietary and/or trade secret information, regardless of whether the information is in written, printed, electronic, or other form and regardless of whether it was written or compiled by Employee or other persons, as well as any and all other property that comprises property owned by Employer.  Employee agrees that he will not retain any originals or copies of any Employer property, whether prepared or created by Employee or otherwise coming into Employee’s possession or control in the course of his employment with Employer.  Employee agrees to keep the terms of the Agreement confidential between him and Employer, except that he may tell his immediate 

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family and attorney or accountant, if any, as needed, but in no event should he discuss the Agreement or its terms with any current or prospective employee of Employer.  
		
	8.
	MISCELLANEOUS

8.1    Nothing in this Agreement shall be interpreted or applied to prohibit Employee from making any good faith report to any governmental agency or other governmental entity concerning any acts or omissions that Employee may believe to constitute a possible violation of federal or state law or making other disclosures that are protected under the whistleblower provisions of applicable federal or state law or regulation.  
8.2    The Parties agree that this Agreement, including the surviving provisions of the Retention Agreement expressly incorporated herein by reference, set forth the entire agreement between them and supersedes all other written or oral understandings or contracts.  This Agreement may not be modified or amended except by a written instrument executed by both of the Parties.
8.3    The Parties agree to do all things necessary and to execute all further documents necessary and appropriate to carry out and effectuate the terms and purposes of this Agreement.
8.4    Each of the Parties to this Agreement represents and warrants that: (a) no other person or entity has or has had any interest in the claims released under this Agreement and (b) he or it has not assigned, transferred, conveyed, subjected to a security interest, or otherwise encumbered or impaired in any way any of the claims released under this Agreement.
8.5    In the event any provision of this Agreement is adjudicated to be unenforceable in whole or in part, the Parties intend for such provision to be modified to the extent necessary to render it enforceable, or alternatively, excised from the Agreement without effecting the validity of the remaining provisions of the Agreement.
8.6    By entering into this Agreement, the Released Parties make no admission that they have engaged, or are now engaging, in any unlawful conduct.  This Agreement is not an admission of wrongdoing or liability by either Employer or Employee and shall not be used or construed as such in any legal or administrative proceeding.
8.7    This Agreement may be pled as a full and complete defense to, and may be used as a basis for an injunction against, any action, suit or other proceeding that may be prosecuted, instituted or attempted by Employee in breach hereof.
8.8    This Agreement shall be subject to and construed in accordance with the laws of the State of Illinois.  Venue shall be in DuPage County for any disputes arising out of the interpretation or enforcement of this Agreement.
8.9    This Agreement is binding on and inures to the benefit of Employer, its successors and assigns, and is binding on and inures to the benefit of Employee, his heirs and assigns.

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8.10    This Agreement may be executed in counterparts.  Signatures transmitted electronically are as effective as original signatures.
8.11    Each person signing this Agreement hereby expressly represents and warrants that he is expressly authorized in law and in fact to do so individually and/or on behalf of any entity listed herein as a signatory of this Agreement.
HAVING READ AND UNDERSTOOD THIS AGREEMENT, CONSULTED COUNSEL OR VOLUNTARILY ELECTED NOT TO CONSULT COUNSEL, AND HAVING HAD SUFFICIENT TIME TO CONSIDER WHETHER TO ENTER INTO THIS AGREEMENT, THE UNDERSIGNED HEREBY EXECUTE THIS AGREEMENT ON THE DATES SET FORTH BELOW.

	
					
	EMPLOYEE
	 
	RETAIL PROPERTIES OF
AMERICA, INC.

	/s/ Niall J. Byrne
	 
	By:
	/s/ Steven P. Grimes

	Niall J. Byrne
	 
	 
	 

	 
	 
	 
	 
	 

	Date:
	October 2, 2015
	 
	Date:
	10/2/15

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EXHIBIT A
Unvested Equity Awards

	
				
	Award Date
	Shares Awarded
	Vesting Date
	Shares Unvested

	 
	 
	 
	 

	4/12/2011
	730
	4/12/2016
	365

	 
	(1,825 pre-split)
	 
	 

	 
	 
	 
	 

	3/13/2012
	3,954
	3/13/2017
	1,977

	 
	(9,892 pre-split)
	 
	 

	 
	 
	 
	 

	2/21/2013
	5,380
	2/21/2016
	2,690

	 
	 
	2/21/2018
	2,690

	 
	 
	 
	 

	2/21/2014
	14,224
	2/21/2016
	4,741

	 
	 
	2/21/2017
	4,742

	 
	 
	 
	 

	2/20/2015
	24,345
	2/20/2016
	8,115

	 
	 
	2/20/2017
	8,115

	 
	 
	2/20/2018
	8,115

	 
	 
	 
	 

	2/20/2015
	16,230
	2/20/2016
	16,230

	 
	 
	 
	 

	5/29/2015
	2,500
	1/4/2016
	833

	 
	 
	1/4/2017
	833

	 
	 
	1/4/2018
	834

	Total
	 
	 
	60,280

7Exhibit
10.1

 

LOAN
EXTENSION, MODIFICATION AND REAFFIRMATION AGREEMENT

THIS LOAN EXTENSION,
MODIFICATION AND REAFFIRMATION AGREEMENT (this “Agreement”) is made and entered into as of October 28,
2015 by (i) PLYMOUTH INDUSTRIAL OP, LP, a Delaware limited partnership (“Borrower”); (ii) PLYMOUTH
INDUSTRIAL REIT, INC., a Maryland corporation (“Plymouth REIT”); (iii) Plymouth
8288 Green Meadows LLC, a Delaware limited liability company; Plymouth 8273 Green
Meadows LLC, a Delaware limited liability company; Plymouth 7001Americana
LLC, a Delaware limited liability company; Plymouth 3100 Creekside LLC, a Delaware
limited liability company; Plymouth Shelby LLC, a Delaware limited liability company;
Plymouth 3940 Stern LLC, a Delaware limited liability company; Plymouth
1875 Holmes LLC, a Delaware limited liability company; Plymouth 1355 Holmes
LLC, a Delaware limited liability company; Plymouth 189 Seegers LLC, a Delaware
limited liability company; Plymouth 11351 West 183rd LLC, a Delaware limited liability
company; Plymouth 2401 Commerce LLC, a Delaware limited liability company; Plymouth
210 American LLC, a Delaware limited liability company; Plymouth 3500 Southwest
LLC, a Delaware limited liability company; PLYMOUTH 32 DART LLC, a Delaware limited liability company; PLYMOUTH 56 MILLIKEN LLC,
a Delaware limited liability company; PLYMOUTH 1755 ENTERPRISE LLC, a Delaware limited liability company; PLYMOUTH 7585 EMPIRE
LLC, a Delaware limited liability company; PLYMOUTH 4115 THUNDERBIRD LLC, a Delaware limited liability company; PLYMOUTH MOSTELLER
LLC, a Delaware limited liability company; and PLYMOUTH 4 EAST STOW LLC, a Delaware limited liability company (collectively, “Property
Guarantors”); and (iv) Senator Global Opportunity Master Fund L.P., a Cayman Islands limited partnership, on behalf
of the Lenders.

W
I T N E S S E T H

WHEREAS, Borrower,
Plymouth REIT, the Property Guarantors and SENATOR GLOBAL OPPORTUNITY MASTER FUND L.P., a Cayman Islands limited partnership, as
the initial Lender entered into that certain Loan Agreement, dated as of October 28, 2014 (as amended, restated, replaced, supplemented
or otherwise modified from time to time, the “Loan Agreement”; all capitalized words used, but not otherwise defined
herein shall have the meanings ascribed thereto in the Loan Agreement) pursuant to which the Lenders agreed to make certain
loans to Borrower for the purposes set forth therein; and

WHEREAS, to secure
the payment and performance of Borrower’s obligations, indebtedness and liabilities under the Loan Agreement, Plymouth REIT
executed and delivered the Guaranty, and Guarantor and each Property Guarantor executed and delivered certain other Loan Documents,
including, without limitation, the Collateral Documents;

WHEREAS, the initial
Stated Maturity Date of the Loans was April 28, 2015, and pursuant to Section 2.09 of the Loan Agreement, Lenders extended the
maturity of the Loans to October 28, 2015;

      

     

    

 

WHEREAS, in order
to provide Plymouth REIT additional time to refinance the Loans, Borrower has requested Lenders extend the maturity of the Loans;
and

WHEREAS, Lender
has agreed to extend the maturity of the Loans from October 28, 2015 to December 28, 2015 on the terms and conditions set
forth herein.

NOW, THEREFORE, in consideration of the
foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto, intending to be legally bound, hereby covenant and agree as follows:

1.      Incorporation
of Recitals; Definitions. The above recitals are true and correct and are incorporated herein by reference. Unless otherwise
defined in this Agreement, capitalized terms have the meanings given to such terms in the Loan Agreement.

2.      Extension
of Stated Maturity Date and Loan Modifications. As of the Amendment Effective Date (as defined in Section 5 below), the Loan
Agreement is hereby amended as follows:

(a)      The definition
of “Stated Maturity Date” set forth in Section 1.01 of the Loan Agreement is restated in its entirety to read as follows:

““Stated Maturity Date”
means December 28, 2015; provided that, for the avoidance of doubt, Stated Maturity Date shall continue to mean April 28, 2015
solely for the purposes of the definition of “Make-Whole Premium.”

(b)      Article VII
of the Loan Agreement is amended by inserting the following new Section 7.24 immediately following Section 7.23:

“Section 7.24. Payment of
Extension Fee. On or before October 30, 2015, and as consideration for the Lenders agreement to extend the Stated Maturity
Date to December 28, 2015, Borrower shall pay to the Lenders an extension fee in an amount equal to $200,000.”

(c)      Section 10.01(h)
of the Loan Agreement is amended by inserting the words “or Section 7.24” immediately after the words “Section
7.23” on the third line thereof.

3.      Payment
of Interest. Cash interest on the outstanding principal of the Loans will continue to be due and payable in accordance with
the terms of the Loan Agreement until the earlier of the date the Loans are repaid in full or the extended Stated Maturity Date,
on which date all outstanding principal and interest accrued thereon shall be due and payable.

4.      Representations
and Warranties. Borrower, Plymouth REIT and each Property Guarantor hereby represents and warrants to Lender as follows:

(a)      The obligations
contained in this Agreement and the Loan Documents have been duly authorized by all necessary action and constitute the legal,
valid and binding obligations of Borrower, Plymouth REIT and each Property Guarantor, enforceable against each such Person in accordance
with their terms, without any rights of set-off, counterclaims or defenses of any kind;

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(b)      All of the
representations and warranties made by Borrower, Plymouth REIT and each Property Guarantor in the Loan Documents or in any materials
delivered by or on behalf of such Person to Lender on or before the date hereof are true, correct and complete in all material
respects as of the date made; and

(c)      To the knowledge
of Borrower, Plymouth REIT and each Property Guarantor, there does not exist any event of default or any other event or condition
that, with notice from Lenders or the passage of time, if not cured or corrected, would constitute an Event of Default under the
Loan Documents.

5.      Conditions
to Effectiveness. Section 2 of this Agreement shall become effective only upon the satisfaction of the following conditions
precedent (the date of satisfaction of such conditions being referred to herein as the “Amendment Effective Date”):

(a)      The Borrower,
Plymouth REIT, the Property Guarantors and the Lenders shall have indicated their consent hereto by their execution and delivery
of the signature pages hereof.

(b)      The Lenders
shall have received a secretary’s certificate from each of Plymouth REIT and the Borrower (i) either confirming that there
have been no changes to its organizational documents since October 28, 2014, or if there have been changes to Plymouth REIT’s
or the Borrower’s organizational documents since such date, certifying as to such changes, and (ii) certifying as to resolutions
and incumbency of officers with respect to this Agreement and the transactions contemplated hereby.

(c)      The Lenders
shall have received all reasonable out-of-pocket costs and expenses for which invoices have been presented (including the reasonable
fees and expenses of legal counsel for which the Borrower agrees it is responsible pursuant to Section 12.04 of the Loan Agreement),
incurred in connection with the Loan Agreement and this Agreement.

6.      RELEASE.
EACH OF BORROWER, PLYMOUTH REIT AND PROPERTY GUARANTORS, HEREBY REPRESENTS, WARRANTS AND AGREES THAT: (I) SUCH PERSON HAS NO CLAIM
OR CAUSE OF ACTION AGAINST LENDERS RELATING TO THE LOAN DOCUMENTS OR THE LOANS; (II) SUCH PERSON HAS NO OFFSET RIGHT, COUNTERCLAIM
OR DEFENSE OF ANY KIND AGAINST ANY OF ITS RESPECTIVE OBLIGATIONS, INDEBTEDNESS OR LIABILITIES TO LENDERS RELATING TO THE LOAN DOCUMENTS
OR THE LOANS; AND (III) LENDERS HAVE HERETOFORE PROPERLY PERFORMED AND SATISFIED IN A TIMELY MANNER ALL OF THEIR RESPECTIVE OBLIGATIONS
TO SUCH PERSON RELATING TO THE LOAN AGREEMENTS AND THE LOANS. IN CONSIDERATION FOR THE EXTENSION OF THE STATED MATURITY DATE, EACH
OF BORROWER, PLYMOUTH REIT AND EACH PROPERTY GUARANTOR HAS AGREED TO ELIMINATE ANY POSSIBILITY THAT ANY PAST CONDITIONS, ACTS,
OMISSIONS, EVENTS, CIRCUMSTANCES OR MATTERS MAY GIVE RISE TO THE IMPOSITION OF ANY CLAIMS OR OTHER LIABILITIES UPON OR AGAINST
LENDERS. THEREFORE, EACH OF BORROWER, PLYMOUTH REIT AND PROPERTY GUARANTORS UNCONDITIONALLY AND IRREVOCABLY RELEASES, REMISES,
WAIVES AND FOREVER DISCHARGES

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LENDERS, THEIR RESPECTIVE
AFFILIATES, AND EACH OF THE RESPECTIVE PARTNERS, DIRECTORS, OFFICERS, EMPLOYEES, SHAREHOLDERS, ATTORNEYS AND AGENTS OF EACH LENDER
AND SUCH LENDER’S RESPECTIVE AFFILIATES, AND THE RESPECTIVE HEIRS, ADMINISTRATORS, EXECUTORS, SUCCESSORS AND ASSIGNS OF EACH
OF THE FOREGOING (COLLECTIVELY THE “RELEASEES”) OF AND FROM ANY AND ALL MANNER OF ACTION AND ACTIONS, CAUSE AND CAUSES
OF ACTIONS, SUITS, DEBTS, DUES, SUMS OF MONEY, ACCOUNTS, RECKONING, BONDS, BILLS, SPECIALTIES, COVENANTS, CONTRACTS, CONTROVERSIES,
AGREEMENTS, PROMISES, VARIANCES, TRESPASSES, DAMAGES, JUDGMENTS, EXTENTS, EXECUTIONS, CLAIMS AND DEMANDS WHATSOEVER (COLLECTIVELY,
THE “CLAIMS”), IN LAW OR IN EQUITY, INCLUDING, BUT NOT LIMITED TO, ANY AND ALL CLAIMS WHICH ARE PRESENTLY UNKNOWN,
UNSUSPECTED, UNANTICIPATED OR UNDISCLOSED, WHICH CLAIMS AGAINST EACH RELEASEE EACH SUCH PERSON EVER HAD, NOW HAS OR HEREAFTER CAN,
SHALL OR MAY HAVE FOR, UPON OR BY REASON OF ANY MATTER, CAUSE OR THING WHATSOEVER FROM THE BEGINNING OF THE WORLD TO THE DATE HEREOF
UNDER, IN CONNECTION WITH OR RELATING TO THE LOANS OR THE LOAN DOCUMENTS.

7.      References
to Loan Documents. All references in any of the Loan Documents to each of the Loan Documents shall be deemed to refer to such
documents as each of them has been amended by or pursuant to this Agreement.

8.      Ratification
and Reaffirmation. During the extended term of the Loans, all terms and conditions of the Loan Documents (other than the amendments
set forth in Section 2 above) shall continue to apply. Accordingly, the Loan Documents and the respective obligations, covenants,
agreements, representations, warranties, indebtedness and liabilities of Borrower, Plymouth REIT and each Property Guarantor thereunder
are hereby ratified, reaffirmed and confirmed. Without limiting the generality of the forgoing, Plymouth REIT and each Guarantor
has read this Agreement and consents to the terms hereof and further hereby confirms and agrees that, notwithstanding the effectiveness
of this Agreement, the obligations of such Guarantor under each of the Loan Documents to which such Guarantor is a party shall
not be impaired and each of the Loan Documents to which such Guarantor is a party is, and shall continue to be, in full force and
effect and is hereby confirmed and ratified in all respects.

On and after the effective
date of this Agreement, each reference in the Loan Agreement to “this Agreement”, “hereunder”, “hereof”,
“herein” or words of like import referring to the Loan Agreement and each reference in the other Loan Documents to
the “Loan Agreement”, “thereunder”, “thereof” or words of like import referring to the Loan
Agreement shall mean and be a reference to the Loan Agreement as amended hereby.

The execution, delivery
and performance of this Agreement shall not, except as expressly provided herein, constitute a waiver of any provision of, or operate
as a waiver of any right, power or remedy of the Collateral Agent or any Lender under the Loan Agreement or any of the other Loan
Documents.

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This Agreement shall
constitute a “Loan Document” under the Loan Agreement.

9.      Miscellaneous.
If any term or provision of this Agreement is to any extent held invalid or unenforceable, the remaining terms of this Agreement
will not be affected thereby, but each term and provision of this Agreement will be valid and enforceable to the fullest extent
permitted by law. This Agreement shall be governed by the laws of the State of New York and shall be binding upon the successors
and assigns of Borrower, Plymouth REIT and each Property Guarantor and shall inure to the benefit of Lenders and their respective
successors and assigns. This Agreement may be executed in one or more counterparts each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument.

[Remainder of Page
Intentionally Left Blank; Signature Pages Follow]

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IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be executed on the date first above written.

BORROWER:

PLYMOUTH INDUSTRIAL OP, LP, a Delaware limited partnership

By:      Plymouth
Industrial REIT, Inc., a Maryland corporation, its sole general partner

By: /s/ Pendleton P. White, Jr.

Name: Pendleton P. White, Jr.

Title: President

PLYMOUTH REIT:

PLYMOUTH INDUSTRIAL REIT, INC., a Maryland corporation

By: /s/ Pendleton P. White, Jr.

Name: Pendleton P. White, Jr.

Title: President

PROPERTY GUARANTORS:

Plymouth 8288
Green Meadows LLC, a Delaware limited liability company

By: /s/ Pendleton P. White, Jr.

Name: Pendleton P. White, Jr.

Title: President

Plymouth 8273
Green Meadows LLC, a Delaware limited liability company

By: /s/ Pendleton P. White, Jr.

Name: Pendleton P. White, Jr.

Title: President

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Plymouth 7001Americana
LLC, a Delaware limited liability company

By: /s/ Pendleton P. White, Jr.

Name: Pendleton P. White, Jr.

Title: President

Plymouth 3100
Creekside LLC, a Delaware limited liability company

By: /s/ Pendleton P. White, Jr.

Name: Pendleton P. White, Jr.

Title: President

Plymouth Shelby
LLC, a Delaware limited liability company

By: /s/ Pendleton P. White, Jr.

Name: Pendleton P. White, Jr.

Title: President

Plymouth 3940
Stern LLC, a Delaware limited liability company

By: /s/ Pendleton P. White, Jr.

Name: Pendleton P. White, Jr.

Title: President

Plymouth 1875
Holmes LLC, a Delaware limited liability company

By: /s/ Pendleton P. White, Jr.

Name: Pendleton P. White, Jr.

Title: President

Plymouth 1355
Holmes LLC, a Delaware limited liability company

By: /s/ Pendleton P. White, Jr.

Name: Pendleton P. White, Jr.

Title: President

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Plymouth 189
Seegers LLC, a Delaware limited liability company

By: /s/ Pendleton P. White, Jr.

Name: Pendleton P. White, Jr.

Title: President

Plymouth 11351
West 183rd LLC, a Delaware limited liability company

By: /s/ Pendleton P. White, Jr.

Name: Pendleton P. White, Jr.

Title: President

Plymouth 2401
Commerce LLC, a Delaware limited liability company

By: /s/ Pendleton P. White, Jr.

Name: Pendleton P. White, Jr.

Title: President

Plymouth 210
American LLC, a Delaware limited liability company

By: /s/ Pendleton P. White, Jr.

Name: Pendleton P. White, Jr.

Title: President

Plymouth 3500
Southwest LLC, a Delaware limited liability

By: /s/ Pendleton P. White, Jr.

Name: Pendleton P. White, Jr.

Title: President

PLYMOUTH 32 DART
LLC, a Delaware limited liability company

By: /s/ Pendleton P. White, Jr.

Name: Pendleton P. White, Jr.

Title: President

    8 

     

    

 

PLYMOUTH 56 MILLIKEN
LLC, a Delaware limited liability company

By: /s/ Pendleton P. White, Jr.

Name: Pendleton P. White, Jr.

Title: President

PLYMOUTH 1755
ENTERPRISE LLC, a Delaware limited liability company

By: /s/ Pendleton P. White, Jr.

Name: Pendleton P. White, Jr.

Title: President

PLYMOUTH 7585
EMPIRE LLC, a Delaware limited liability company

By: /s/ Pendleton P. White, Jr.

Name: Pendleton P. White, Jr.

Title: President

PLYMOUTH 4115
THUNDERBIRD LLC, a Delaware limited liability company

By: /s/ Pendleton P. White, Jr.

Name: Pendleton P. White, Jr.

Title: President

PLYMOUTH MOSTELLER
LLC, a Delaware limited liability company

By: /s/ Pendleton P. White, Jr.

Name: Pendleton P. White, Jr.

Title: President

PLYMOUTH 4 EAST
STOW LLC, a Delaware limited liability company

By: /s/ Pendleton P. White, Jr.

Name: Pendleton P. White, Jr.

Title: President

    9 

     

    

 

LENDERS:

SENATOR GLOBAL OPPORTUNITY MASTER FUND, L.P., a Cayman
Islands limited partnership

By:/s/ Evan Gartenlaub               

Name: Evan Gartenlaub

Title: ____________________________

 

    10

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