Document:

Exhibit

Exhibit 10.1

BEAZER HOMES USA, INC.
FISCAL YEAR 2016
EMPLOYEE PERFORMANCE SHARE
AWARD AGREEMENT 
THIS EMPLOYEE PERFORMANCE SHARE AWARD AGREEMENT (this “Agreement”) is made as of [______________], 2015 by and between Beazer Homes USA, Inc., a Delaware corporation (the “Company”), and [______________] (“Participant”).
WHEREAS, pursuant to the Company’s 2014 Long-Term Incentive Plan (the “Plan”), which was approved by the Company’s stockholders at the Annual Meeting held on February 6, 2014, the Compensation Committee (the “Committee”) of the Board of Directors of the Company has the authority to award Shares (as defined in the Plan) to employees and wishes to award to Participant certain Shares subject to the terms of the Plan and this Agreement.  
NOW, THEREFORE, the parties hereby agree to the terms and conditions set forth below.  
		
	1.
	AWARD OF PERFORMANCE SHARES

1.1 Award; Effective Date.  Effective as of [__________], 2015 (the “Performance Share Effective Date”), the Company grants to Participant [_______] Performance Shares (the “Target Award”), subject to the terms of the Plan and this Agreement (“Performance Shares”). 
1.2 Vesting-General Terms.  
1.2.1.  Subject to the provisions of Section 1.3, all or a portion of the Target Award shall vest on the date (the “Vesting Date”) that is the third anniversary of the Performance Share Effective Date, provided Participant has remained continuously employed with the Company and/or its affiliates from the Performance Share Effective Date until the Vesting Date.  
1.2.2.  The number of Performance Shares that will vest on the Vesting Date will equal the Target Award, multiplied by the Vesting Percentage (set forth in Attachment A hereto) and rounded up to the nearest whole Share.
1.2.3.  If the Vesting Percentage exceeds 100%, the Committee shall have the authority, in its sole discretion, in lieu of delivering Shares in excess of the Target Award, to make a cash payment (net of applicable tax withholdings) to Participant by the end of the fiscal quarter in which the Vesting Date occurs equal to the product of (x) the number of Performance Shares earned by application of the Vesting Percentage that exceeds the Target Award and (y) the average closing price per Share as reported by the New York Stock Exchange (or other authoritative sources as the Committee determines) based on the 20 trading days immediately preceding the Vesting Date.

1.3 Vesting-Disability, Death, Retirement.

1.3.1.  In the event Participant’s employment is terminated by the Company or any of its affiliates as a result of Participant’s Disability (as defined in the Plan), or Participant dies while an employee of the Company or any of its affiliates, in either case prior to the Vesting Date, then Performance Shares equal to the Target Award will vest on the date of Participant’s termination of employment.  
1.3.2.  In the event Participant’s employment with the Company or any of its affiliates is terminated by Participant’s Retirement (as defined in Section 4 hereof) prior to the Vesting Date, then the Performance Shares shall continue to be eligible to vest during the Performance Period pursuant to Sections 1.2 or 1.4.4, as applicable, but only as to Time-Weighted Portion (as defined in Section 4).
1.4 Change of Control. 
1.4.1.  Upon the occurrence of a Change in Control (as defined in the Plan) prior to the Vesting Date, the Committee shall have the authority to determine that the outstanding Performance Shares: (A) will be continued by the Company (if the Company is the surviving entity); or (B) will be assumed by the surviving entity or its parent or subsidiary; or (C) will be substituted for by the surviving entity or its parent or subsidiary with an equivalent award for the Performance Shares. Except as provided in Section 1.3.2, this Section shall only apply to Participants that have remained continuously employed with the Company and/or its affiliates from the Performance Share Effective Date until the date of such Change in Control.
1.4.2.  If (A), (B) or (C) above apply, the continued, assumed or substituted awards will provide (X) similar terms and conditions, including vesting and performance measures, and preserve the same benefits as the Performance Shares that are being continued or replaced, and (Y) that, in the event of Participant’s involuntary termination by the Company without Cause (as defined in the Plan) or termination by Participant for Good Reason (as defined in the Plan), in either case, prior to the Vesting Date, and on, or within the two-year period following, the date of the Change in Control, the Performance Shares (or substituted award) will vest at the Target Award level and become immediately nonforfeitable.  
1.4.3.  In the event that upon the occurrence of a Change in Control, the Committee determines that (A), (B) and (C) shall not apply, the Committee shall have the discretionary authority to determine the impact of the Change in Control on the Performance Shares as provided in Section 16 of the Plan.
1.4.4.  Upon the occurrence of a Change in Control prior to the Vesting Date but after the date Participant’s employment with the Company or any of its affiliates is terminated by reason of his Retirement, then the Time-Weighted Portion of the Performance Shares shall vest at 100% of the Target Award level on the date of the Change in Control.
		
	1.
	RESTRICTIONS AND RIGHTS 

2.1 Non Transferable.  Prior to vesting, the Performance Shares shall not be voluntarily or involuntarily sold, assigned, transferred, pledged, alienated, hypothecated or encumbered by Participant, other than by will or the laws of descent and distribution. 
2.2 Voting Rights.  Prior to vesting, Participant shall have voting rights on the Target Award amount of Shares.  

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2.3 Dividends.  For so long as the Company holds the Performance Shares on behalf of Participant, if the Company pays any cash dividends on its Shares, the Company will credit Participant an amount for each Share covered by the Target Award that is outstanding as of the record date for such dividend, the per Share amount of such cash dividends that Participant would have received had Participant owned the underlying Shares as of the record date of the cash dividend and such amounts shall be paid to Participant only to the extent the Performance Shares with respect to which such dividends were paid become vested.  In that case, the Company shall pay such amount to Participant, less any required withholding taxes, at the same time the Performance Shares to which such cash dividends relate become vested.  This additional payment right will be treated as a separate arrangement from the Performance Shares.
2.4 Forfeiture of Performance Shares.  Except as provided in Sections 1.3, 1.4.2 and 1.4.4, in the event Participant is terminated by the Company or any of its affiliates, whether with or without Cause, or Participant resigns from or otherwise terminates his employment with the Company or any of its affiliates prior to the Vesting Date, then the Performance Shares awarded to Participant shall be forfeited by Participant, and the Company shall have no further obligation to Participant with respect to such forfeited Performance Shares.  
		
	2.
	ADJUSTMENT OF SHARES

If there shall be any Adjustment of Shares as provided for in Section 4.3 of the Plan, then appropriate adjustments in the outstanding portion of the Performance Shares shall be made by the Committee, the manner of such adjustments being made as provided for under the Plan.  
		
	3.
	MISCELLANEOUS

4.1 Definitions.  For purposes of this Agreement, the following terms shall have the meanings set forth below: 
4.1.1.  “Performance Period” means the three-year period beginning on October 1, 2015 and ending on September 30, 2018.
4.1.2.  “Retirement” means a voluntary termination of employment by Participant at age 65 or older with at least five years of service with the Company and/or its affiliates.  
4.1.3.  “Time-Weighted Portion” means the amount determined by multiplying the actual number of Performance Shares by a fraction (not to exceed one), the numerator of which shall be equal to the number of whole months (counting each month as ending on the first day of the calendar month) elapsed from the Performance Share Effective Date until the date of Participant’s termination of employment with the Company or one of its affiliates by reason of his Retirement, and the denominator of which is 36).  
4.2 The Plan.  The award of Performance Shares provided for herein is made pursuant to the Plan and is subject to the terms and conditions of the Plan.  The terms of this Agreement shall be interpreted in accordance with the Plan and any capitalized term used in this Agreement but not defined herein shall have the meaning set forth in the Plan.  The Plan is available for inspection 

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during business hours at the principal offices of the Company (currently located at 1000 Abernathy Road, Suite 260, Atlanta, Georgia 30328), and a copy of the Plan may be obtained by Participant through a request in writing therefor directed to the Secretary of the Company.  To the extent the terms of this Agreement are inconsistent with the Plan, the terms of the Plan shall control.
4.3 No Right to Employment.  This Agreement shall not confer on Participant any right with respect to continuance of employment by the Company or any of its affiliates, nor will it interfere in any way with the right of the Company or any of its affiliates to terminate the employment of Participant at any time for any reason. 
4.4 Taxes.  Participant shall be responsible for satisfying any income and employment tax withholding obligations attributable to participation in the Plan, the vesting of the Performance Shares and any cash payment hereunder.  Participant may elect to satisfy his federal and state income and employment tax withholding obligations upon the vesting of Performance Shares, by (i) having the Company withhold a portion of the Shares otherwise to be delivered upon the vesting of Performance Shares having a Fair Market Value (as defined in the Plan) equal to the minimum amount of federal and state income and employment taxes required to be withheld, (ii) delivering to the Company Shares, other than the Shares issuable upon the vesting of Performance Shares, with a Fair Market Value equal to such taxes, (iii) delivering to the Company cash, check (bank check, certified check or personal check), money order or wire transfer equal to such taxes upon the vesting of Performance Shares, or (iv) any combination of Sections 4.4(i) through (iii).  Any election to have Shares withheld must be made on or before the date that the amount of tax to be withheld is determined.  Participant may not make a Section 83(b) election with respect to the Performance Shares awarded hereunder.
4.5 Recoupment of Incentive Compensation.  This grant of Performance Shares shall be subject to the terms of any policy of recoupment of compensation adopted by the Company as provided for in Section 15.3 of the Plan and Participant hereby agrees to the requirements of this Section 4.5.
4.6 Stock Certificates.  The Performance Shares awarded hereunder shall be held in a book entry account by the Company.  Appropriate adjustments shall be made by the Company to the Performance Shares awarded hereunder to reflect changes made by the Committee pursuant to those events described in Section 3 above.  Upon vesting of the Performance Shares awarded hereunder, the Shares shall continue to be held in a book entry account by the Company, unless Participant requests delivery of stock certificates representing such Shares, in which case a certificate or certificates representing such Shares shall be delivered to Participant, which certificate or certificates may contain such legends as the Company, in its sole discretion, deems necessary or advisable in connection with applicable securities laws or the laws of the State of Delaware.  Such certificates shall be delivered as soon as administratively practicable, but no later than 30 days after any such request.  
4.7 Waivers.  No waiver at any time of any term or provision of this Agreement shall be construed as a waiver of any other term or provision of this Agreement and a waiver at any time of any term or provision of this Agreement shall not be construed as a waiver at any subsequent time of the same term or provision. 

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4.8 Headings.  All headings set forth in this Agreement are intended for convenience only and shall not control or affect the meaning, construction or effect of this Agreement or of any of the provisions hereof.
4.9 Counterparts.  This Agreement may be executed via facsimile transmission signature and in counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.
4.10 Committee Determinations.  The Committee shall have the discretionary authority to interpret, construe and administer the terms of this Agreement in accordance with the Plan.
4.11 Law Governing Agreement.  This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.

IN WITNESS WHEREOF, the parties hereto have executed this EMPLOYEE PERFORMANCE SHARE AWARD AGREEMENT as of the date first written above.

BEAZER HOMES USA, INC.

By:  ________________________________________
Name:
Title:

PARTICIPANT

________________________________________
Name

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Attachment A
Fiscal Year 2016 Employee Performance Share Award Agreement

Performance Shares-General Terms
		
	•
	Three-year performance period beginning October 1, 2015 and ending on September 30, 2018.

		
	•
	Three Financial Metrics (defined terms follow):

		
	◦
	Cumulative Pre-Tax Income;

		
	◦
	Return on Assets (“ROA”) (improvement in the amount of Adjusted EBITDA as a percentage of  Total Assets); and

		
	◦
	Improvement in the ratio of Net Debt to Adjusted EBITDA.

		
	•
	Total Shareholder Return (“TSR”) Modifier:  After determination of shares earned based on performance on Financial Metrics, the result will be subject to increase or decrease by as much as 20% based on relative TSR performance against the S&P Homebuilders Select Industry Index.

		
	•
	Total Shares earned based on Financial Metrics cannot exceed 175% of Target Award, subject to adjustment by application of the TSR Modifier to a maximum 210% of Target Award.

Financial Metric Performance Levels 
	
							
	 
	 
	Performance Required for Achievement at:

	Pre-Tax Income
	 
	Threshold
	 
	Target
	 
	Superior

	3-Year CAGR (%)
	 
	33.3%
	 
	42.6%
	 
	51.4%

	Total Increase by Fiscal Year 2018 ($)
	 
	$120 million
	 
	$140 million
	 
	$160 million

	
							
	 
	 
	Performance Required for Achievement at:

	ROA
	 
	Threshold
	 
	Target
	 
	Superior

	Fiscal Year 2018 (%)
	 
	8.00%
	 
	9.00%
	 
	10.00%

	Improvement  (basis points)
	 
	209 bps
	 
	309 bps
	 
	409 bps

	
							
	 
	 
	Performance Required for Achievement at:

	Ratio of Net Debt/Adjusted EBITDA
	 
	Threshold
	 
	Target
	 
	Superior

	Fiscal Year 2018
	 
	7.00x
	 
	6.00x
	 
	5.00x

	Improvement by Fiscal Year 2018
	 
	(1.90)
	 
	(2.90)
	 
	(3.90)

Application of TSR Modifier:
	
		
	TSR Percentile Rank vs.
S&P Homebuilders Select Industry Index
	Adjustment to # of Performance Shares

	At or above 75th Percentile
	+20%

	70-74th Percentile
	+15%

	65-69th Percentile
	+10%

	60-64th Percentile
	+5%

	40-59th Percentile
	No adjustment

	35-39th Percentile
	-5%

	30-34th Percentile
	-10%

	25-29th Percentile
	-15%

	Below 25th Percentile
	-20%

A-1

Summary of Potential Awards under the 2016 Performance Shares
	
											
	 
	 
	Vesting Percentage
	 
	 

	Financial Performance Metrics
	 
	 Below Threshold
	 
	Threshold
	 
	Target
	 
	Superior
	 
	Actual Earned

	A.  Pre-Tax Income
	 
	0.0%
	 
	33.3%
	 
	66.7%
	 
	100.0%
	 
	A

	B.  ROA
	 
	0.0%
	 
	33.3%
	 
	66.7%
	 
	100.0%
	 
	B

	C.  Net Debt Reduction
	 
	0.0%
	 
	33.3%
	 
	66.7%
	 
	100.0%
	 
	C

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Earned % of Target
	 
	 
	 
	 
	 
	 
	 
	 
	 
	A + B + C

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Maximum  % of Target Award Earned (Financial Metrics)
	 
	 
	 
	175.0%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Relative TSR Modifier
	 
	 
	 
	80.0%
	 
	100.0%
	 
	120.0%
	 
	80% - 120%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Maximum Total % of Target Award Earned (Financial + Relative TSR)
	 
	 
	 
	210.0%

		
	•
	Example: achievement of a Threshold level of performance on each of the three Financial Metrics will result in 33.3% of the Target Award earned per metric or a total of 100% of the Target Award, subject to adjustment based on the TSR Modifier to calculate the Vesting Percentage.

		
	•
	Superior level performance on any one Financial Metric (100%) will earn at least a Target Award subject to the TSR Modifier to calculate the Vesting Percentage.

		
	•
	The maximum number of shares that can be earned based on the results of the three Financial Metrics will be 175% of the Target Award even if Superior performance is achieved on all three Financial Metrics (300% of Target Award).  In the event of Superior performance on all three Financial Metrics as well as on the TSR Modifier, the maximum Vesting Percentage will be 210% of the Target Award.

		
	•
	For performance between Threshold and Target or between Target and Superior, straight line interpolation between such levels will be applied. 

		
	•
	Beginning and ending date prices for purposes of the TSR Modifier will be based on average closing price for the prior 20 days on the New York Stock Exchange, as applicable.

Defined Terms Relating to 2016 Performance Shares

		
	•
	“Pre-Tax Income” is defined as the Company’s income from continuing operations for the applicable fiscal year, before taxes and excluding impairments and abandonments, bond losses and such other non-recurring items as the Committee may approve.  

		
	•
	“Adjusted EBIT” (earnings before interest, debt extinguishment charges and taxes) equals net income (loss) before: (a) previously capitalized interest amortized to home construction and land sales expenses, capitalized interest impaired and interest expense not qualified for capitalization; (b) debt extinguishment charges; and (c) income taxes.

		
	•
	“Adjusted EBITDA” (earnings before interest, taxes, depreciation, amortization, debt extinguishment charges and impairments) is calculated by adding non-cash charges, including depreciation, amortization, inventory impairment and abandonment charges, goodwill impairments and joint venture impairment charges for the period to Adjusted EBIT.   

		
	•
	“Total Assets” is defined as the Company’s total assets as shown on the consolidated balance sheet included in the Company’s Form 10-K for the applicable fiscal year.

		
	•
	“Net Debt” is defined as the Company’s total debt as shown on the consolidated balance sheet included in the Company’s Form 10-K for the applicable fiscal year less unrestricted cash.

		
	•
	“Vesting Percentage” shall mean the percentage of Target Award earned on the Financial Metrics and after adjustment by application of the TSR Modifier, subject to a maximum of 210% of Target Award.

A-2Exhibit
10.1

 

LOAN
EXTENSION, MODIFICATION AND REAFFIRMATION AGREEMENT

THIS LOAN EXTENSION,
MODIFICATION AND REAFFIRMATION AGREEMENT (this “Agreement”) is made and entered into as of January 28, 2016
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, which date was further extended (i) from October 28, 2015 until December 28, 2015 pursuant
to that certain Loan Extension, Modification and Reaffirmation Agreement, dated as of October 28, 2015, and (ii) from December
28, 2015 until January 28, 2016 pursuant to that certain Loan Extension, Modification and Reaffirmation Agreement dated as of December
2, 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 January 28, 2016 to February 29, 2016 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. As of the Amendment Effective Date (as defined in Section 5 below), 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 February 29, 2016; 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.”

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;

(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

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(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 LENDERS, THEIR RESPECTIVE AFFILIATES, AND EACH OF THE RESPECTIVE PARTNERS,

    3 

     

    

 

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 amendment
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.

    4 

     

    

 

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

9.      Bankruptcy
Covenants.

(a)      In the event
of the filing of any petition for bankruptcy relief filed by or against Borrower, any Guarantor or any other Loan Party, Loan Parties
consent to the entry of, and shall not otherwise oppose, an order granting Lender relief from the automatic stay of Section 362
of the Bankruptcy Code and shall not assert or request any other party to assert that the automatic stay provided by Section 362
of the Bankruptcy Code shall operate or be interpreted to stay, interdict, condition, reduce or inhibit the ability of Lender to
enforce any rights it has under the Loan Documents, or any other rights Lender has against any Loan Party or against any property
owned by any Loan Party or part of a Loan Party’s bankruptcy estate.

(b)      Loan Parties
shall not seek or request any other party to seek a supplemental stay or any other relief, whether injunctive or otherwise, pursuant
to Section 105 of the Bankruptcy Code or any other provision of the Bankruptcy Code, to stay, interdict, condition, reduce or inhibit
the ability of Lender to enforce any rights they have under the Loan Documents, or any other rights Lender has against any Loan
Party or any Collateral Property.

(c)      Loan Parties
further acknowledge and agree that Lender, as a material inducement to enter into this Agreement, has specifically bargained for
the concessions set forth in this Section 9 and that this Agreement may be deemed conclusive evidence as to such negotiated ongoing
intention of Loan Parties and that it is intending to remain the primary element in determining if cause exists for granting such
concessions.

(d)       For the avoidance
of doubt, references to Lender herein shall be deemed to include the Collateral Agent.

10.      Construction
of Agreement. Each party hereto acknowledges that such party has participated in the negotiation of this Agreement and no provision
of this Agreement shall be construed against or interpreted to the disadvantage of any party hereto by any court or other governmental
or judicial authority by reason of such party having or being deemed to have structured, dictated or drafted such provision. Borrower
and Guarantors acknowledge and agree that each has at all times had access to an attorney in the negotiation of the terms of and
in the preparation and execution of this Agreement and that Borrower and Guarantors have had the opportunity to review and analyze
this Agreement for a sufficient period of time prior to the execution and delivery thereof. Borrower and Guarantors further acknowledge
and agree that all of the terms of this Agreement were negotiated at arm’s-length, and that this Agreement was prepared and
executed without fraud, duress, undue influence or coercion of any kind exerted by any party upon the other, and that the execution
and delivery of this Agreement is the free and voluntary act of Borrower and Guarantors.

    5 

     

    

 

11.      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]

    6 

     

    

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

 

 

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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

 

 

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LENDERS:

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

By:  /s/ Evan R. Gartenlaub       

Name: Evan R. Gartenlaub

Title: General Counsel

 

 

 

 

 

 

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