Document:

EXHIBIT 10.1

PRIVATE PLACEMENT
AGREEMENT

This Private Placement Agreement
(this “Agreement”), is made and entered into as of June 8, 2017, by and among Plymouth Industrial REIT, Inc.,
a Maryland corporation (the “Company”), DOF IV REIT Holdings, LLC, a Delaware limited liability company (“DOF
Holdings”), and DOF IV Plymouth PM, LLC, a Delaware limited liability company (“DOF Plymouth” and,
together with DOF Holdings, the “Investors”).

RECITALS

WHEREAS, the Company and the
Investors are executing and delivering this Agreement in reliance upon the exemption from registration under the Securities Act
of 1933, as amended (the “Securities Act”), afforded by Section 4(2) of the Securities Act and Rule 506 of Regulation
D, as promulgated by the Securities and Exchange Commission (the “SEC”) under the Securities Act;

WHEREAS, in anticipation of
a potential initial listed public offering by the Company, the Company and Torchlight Investors, LLC (“Torchlight”),
an affiliate of the Investors, entered into that certain Letter Agreement, dated as of March 3, 2017 (the “Letter Agreement”),
pursuant to which Torchlight agreed: (i) on behalf of DOF Holdings, to exchange (the “Exchange”) the TL Participation
(as such term is defined in that certain TL Participation Agreement, dated as of October 17, 2016, by and among DOF Holdings, Plymouth
Industrial 20 LLC (“Plymouth 20”) and Plymouth Industrial 20 Financial LLC (“Plymouth Financial”))
for warrants to acquire 250,000 shares of the Company’s common stock (the “Warrants”) pursuant to the
terms of the Warrant Agreement described below and (ii) on behalf of DOF Plymouth, to agree to accept payment of $20,000,000 in
cash (the “Cash Payment”) and such number of shares of common stock of the Company as determined by dividing
$5,000,000 by the price at which the shares of common stock of the Company are being offered to the public pursuant to the Registration
Statement (the “Shares”) in full satisfaction of the Redemption Price (as defined in Limited Liability Company
Agreement of Plymouth Industrial 20 LLC, as amended in accordance with the terms hereof (the “LLC Agreement”));

WHEREAS, the Company has agreed
to enter into a stockholders agreement with the Investors and certain other persons (the “Stockholders Agreement”)
to provide the Investors with certain rights associated with the ownership of the Shares and the Warrants, including, without limitation,
the right to nominate one member to the Company’s board of directors for so long as the Investors hold a certain percentage
of the Company’s capital stock (the “Ownership Rights”); and

WHEREAS, in order to effect
the Exchange (including the issuance of the Warrants), the issuance of the Shares and the granting of the Ownership Rights, certain
affiliates of the Company and the Investors wish to enter into the Transaction Documents (as defined herein).

NOW, THEREFORE, in consideration
of the foregoing premises and the representations, warranties, covenants and agreements set forth herein, as well as other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and accepted, the Company and the Investors
agree as follows:

Section 1.     Transaction
Documents.  On or before May 12, 2017 (the “Execution Date”), the Investors shall and the Company shall
cause Plymouth 20 and Plymouth Financial to execute and deliver the following documents (collectively, the “Transaction
Documents”) to which they are a party; provided, however, that notwithstanding anything to the contrary contained in
this Agreement or in the Transaction Documents, the Transaction Documents shall not be effective, shall have no force or effect
and no party shall have any right or obligation pursuant to any Transaction Documents unless and until all of the Conditions Precedent
are satisfied in full:

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(a)       The
Exchange Agreement, by and among DOF Holdings, Plymouth 20, Plymouth Financial and the Company, substantially in the form attached
hereto as Exhibit A;

(b)       The
Warrant Agreement, by and between DOF Holdings and the Company, substantially in the form attached hereto as Exhibit B;

(c)       The
Amendment to Limited Liability Company Agreement, by and among Plymouth Financial, DOF Plymouth and the Independent Managers (as
defined therein), substantially in the form attached hereto as Exhibit C; and

(d)       The
Stockholders Agreement, by and among the Company, DOF Plymouth and DOF Holdings, substantially in the form attached hereto as Exhibit
D.

Section 2.     Conditions.
Each of the Transaction Documents shall become effective only upon satisfaction of each of the following conditions precedent (the
“Conditions Precedent”):

(a)       the
Company’s registration statement on Form S-11 (SEC File No. 333-196798) without material amendments after the date hereof
has been declared effective by the SEC (the “Registration Statement”);

(b)       the
underwriting agreement between the Company and the Underwriters (as defined in the Registration Statement in the form attached
hereto as Exhibit E) has become effective (the “Underwriting Agreement”);

(c)       Investors
shall have been paid the sum of $20,000,000 in cash;

(d)       The
execution and delivery by Plymouth 20 and Plymouth Financial, as applicable, of the following documents in connection with the
Mezzanine Loan Agreement, dated as of October 17, 2016, by and between DOF Holdings and Plymouth 20 (the “Mezzanine
Loan Agreement”) which reflect:

(1)       certain
amendments to that certain Pledge and Security Agreement dated as of October 17, 2016 and related documentation pursuant to which
Plymouth Financial pledged its 0.5% membership interest in Plymouth 20 to DOF Holdings, as mezzanine lender, as security for the
Obligations (as defined in the Mezzanine Loan Agreement) and the issuance of a new Certificate of Membership Interest to Plymouth
Financial (collectively, the “Amended Pledge Documentation”) to reflect the redemption by Plymouth 20 of the
99.5% membership interest in Plymouth 20 held by DOF Plymouth (the “Redemption”), which Amended Pledge Documentation
shall be substantially in the form attached hereto as Exhibit F, with such changes thereto requested by Lender (as defined
below) or reasonably requested by DOF Holdings; and

(2)       certain
modifications to the Mezzanine Loan Agreement, including, without limitation, Sections 1.1, 2.7, 3.1, 8.2 and 10.1 thereof to reflect
the terms of the Redemption, the Amended Pledge Documentation and the termination of the TL Participation Interest (as defined
in the Mezzanine Loan Agreement), which modifications shall be evidenced by that certain First Amendment to Loan Agreement attached
hereto as Exhibit G, with such changes thereto requested by Lender or reasonably requested by DOF Holdings (the “Mezzanine
Loan Agreement Amendment”).

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(e)       The
issuance of an updated UCCPlus Insurance Policy with “date down” endorsement for the Mezzanine Loan which reflects
the Amended Pledge Documentation.

(f)       The
written approval and consent of Lender (as defined in the Loan Agreement, dated as of October 17, 2016, by and among the Borrower
(as defined therein) and American General Life Insurance Company, American Home Assurance Company, National Union Fire Insurance
Company of Pittsburgh, PA., and The United States Life Insurance Company in the City of New York (the “Mortgage Loan Agreement”))
to the following:

(1)       the
Amendment to Limited Liability Company Agreement (and the entering into thereof) and the New Membership Certificate (and the issuance
thereof) shall not constitute a recourse event under Section 11.28.1 (xi) of the Mortgage Loan Agreement or an Event of Default
under Section 6.1 of the Mortgage Loan Agreement;

(2)       the
Amended Pledge Documentation and the Mezzanine Loan Agreement Amendment;

(3)       the
termination of the TL Participation Interest;

(4)       in
connection with the Redemption and the payment of the Redemption Price:

(A)       the
issuance of the Shares to Investors shall not be subject to any of the terms and conditions of the Intercreditor Agreement, dated
October 17, 2016, by and between Lender, as mortgage lender, and DOF Holdings, as mezzanine lender (the “Intercreditor
Agreement”), including, without limitation, any requirement thereunder that the issuance of the Shares satisfy the Converted
Mezzanine Indebtedness Conditions (as defined in the Intercreditor Agreement);

(B)       the
period of ownership of Shares by Investors shall at no time constitute an ML Affiliated Borrower Period (as defined in the Intercreditor
Agreement);

(C)       the
issuance and/or ownership of Shares by Investors shall not constitute a trigger of any obligation or requirement of DOF Holdings,
as mezzanine lender, under the Intercreditor Agreement, including Section 6(f)(ii) thereof, to convert the Loan (as defined in
the Mezzanine Loan Agreement) into preferred or other equity or collapse or otherwise extinguish the Loan; and

(D)       the
payment of the Redemption Price to Investors and such payment shall not constitute a breach of the Intercreditor Agreement, including,
without limitation, Section 10 thereof;

(5)       in
connection with the Exchange and the issuance of the Warrants:

(A)       the
issuance of the Warrants to DOF Holdings shall not constitute collateral securing the Loan and DOF Holdings shall not be subject
to any of the terms and conditions of the Intercreditor Agreement with respect to the Warrants (and any exercise thereof), including,
without limitation, any requirement thereunder that a conversion of the Warrants to common stock satisfy the Converted Mezzanine
Indebtedness Conditions (as defined in Intercreditor Agreement);

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(B)       the
period of ownership by DOF Holdings of the Warrants or any common stock of Plymouth REIT issued pursuant to an exercise of such
Warrants shall at no time constitute an ML Affiliated Borrower Period (as defined in the Intercreditor Agreement);

(C)       the
issuance to and/or exercise of the Warrants by DOF Holdings shall not constitute a trigger of any obligation or requirement of
DOF Holdings, as mezzanine lender, under the Intercreditor Agreement, including Section 6(f)(ii) thereof, to convert the Loan into
preferred or other equity, collapse or otherwise extinguish the Loan; and

(D)       the
issuance of the Warrants to DOF Holdings and such issuance (and/or exercise thereof) shall not constitute a breach of the Intercreditor
Agreement, including, without limitation, Section 10 thereof;

(6)       the
Redemption and the issuance of shares of Plymouth REIT in the Plymouth IPO and the subsequent trading of such shares shall constitute
Permitted Transfers satisfying all Transfer Conditions under Section 7.1(C) of the Mortgage Loan Agreement.

(g)       the
Warrant Certificate and the Instructions (as such terms are defined in Section 4 of this Agreement) shall have been
delivered to DOF Holdings and DOF Plymouth, respectively.

If all of the Conditions Precedent are not satisfied
in full on or before June 16, 2017, then the Transaction Documents shall be of no force or effect and each of the Transaction Documents
shall be void ab initio and no party shall have any rights or obligations pursuant to the Transaction Documents or the Letter
Agreement and all parties shall be restored to the status quo ante and all parties shall have all rights and obligations pursuant
to all existing agreements between Investors and the Company and their respective affiliates just as if this Agreement, the Letter
Agreement and the Transaction Documents had not been executed.

Section 3.     Redemption
Price. The Company hereby agrees to deliver to DOF Plymouth the Cash Payment by wire transfer to an account identified by DOF
Plymouth by notice to the Company (pursuant to the terms of Section 7(c) of this Agreement) no later than two (2) business
days following the execution of this Agreement and the Shares pursuant to the terms of this Agreement and DOF Plymouth agrees to
accept the Cash Payment and the Shares in full and complete satisfaction of the Redemption Price, and the Company and DOF Plymouth
hereby agree that effective as of such time as all Conditions Precedent are satisfied in full the Preferred Member’s entire
Membership Interest (as such terms are defined in the LLC Agreement) in Plymouth Industrial 20 LLC shall have been redeemed in
accordance with the terms of the LLC Agreement.

Section 4.     Issuance
of Shares/Warrants.  Immediately upon satisfaction of the Conditions Precedent, the Company shall deliver or cause to
be delivered to the Investors the following:

(a)       A
Warrant Certificate evidencing the Warrants in the name of DOF Holdings and

(b)       A
copy of the Company’s irrevocable instructions (the “Instructions”) to the Company’s transfer agent
(the “Transfer Agent”), instructing the Transfer Agent to establish and credit, effective as of the Closing
Date, a restricted book entry at the Transfer Agent evidencing the Shares in a segregated account established by the Transfer Agent
for the benefit of DOF Plymouth and registered in the name of DOF Plymouth.

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Section 5.     Representations
and Warranties of Investors.  Each of the Investors hereby individually and severally but not jointly represents and warrants
to the Company as follows:

(a)       Organization;
Authority. Such Investor is an entity duly organized, validly existing and in good standing under the laws of the State of
Delaware with the requisite power and authority to enter into the Transaction Documents to which it is a party and to consummate
the transactions described therein (collectively, the “Transactions”) and otherwise to carry out its obligations
hereunder and thereunder. The acquisition by such Investor of the Shares or the Warrants, as applicable, hereunder and the consummation
of the Transactions have been duly authorized by all necessary company action on the part of such Investor. This Agreement and
the Transaction Documents to which such Investor is a party have been duly executed and delivered by such Investor and, assuming
the accuracy of the Company’s representations in Section 6(b) of this Agreement, constitute the valid and binding
obligation of such Investor.

(b)       No
Public Sale or Distribution. Such Investor is acquiring the Shares or the Warrants, as applicable, for its own account and
not with a view toward, or for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered
under the Securities Act or under an exemption from such registration and in compliance with applicable federal and state securities
laws, and such Investor does not have a present arrangement to effect any distribution of the Shares or the Warrants, as applicable,
to or through any person or entity.

(c)       Investor
Status. Such Investor is an “accredited investor” as defined in Rule 501(a) under the Securities Act. Such Investor
is not a registered broker dealer registered under Section 15(a) of the Exchange Act, or a member of the Financial Industry Regulatory
Authority, Inc. (“FINRA”) or an entity engaged in the business of being a broker dealer. Such Investor is not
affiliated with any broker dealer registered under Section 15(a) of the Exchange Act, or a member of the FINRA or an entity engaged
in the business of being a broker dealer. Such Investor is a resident of the following jurisdiction: Delaware.

(d)       General
Solicitation. Such Investor is not acquiring the Shares or the Warrants, as applicable, as a result of any advertisement, article,
notice or other communication regarding the Shares or the Warrants, as applicable, published in any newspaper, magazine or similar
media, broadcast over television or radio, disseminated over the Internet or presented at any seminar or any other general solicitation
or general advertisement.

(e)       Experience
of Investor. Such Investor, either alone or together with its representatives, has such knowledge, sophistication and experience
in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Shares
or the Warrants, as applicable, and has so evaluated the merits and risks of such investment. Such Investor understands that it
must bear the economic risk of this investment in the Shares or the Warrants, as applicable, indefinitely, and is able to bear
such risk and is able to afford a complete loss of such investment.

(f)       Access
to Information. Such Investor acknowledges that it has been afforded: (i) the opportunity to ask such questions as it has deemed
necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the issuance of
the Shares or the Warrants, as applicable, and the merits and risks of investing in the Shares or the Warrants, as applicable,
(ii) access to information (other than material non-public information) about the Company and its financial condition, results
of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the
opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense
that is necessary to make an informed investment decision with respect to the investment.

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(g)       No
Governmental Review. Such Investor understands that no federal or state agency or any other government or governmental agency
has passed on or made any recommendation or endorsement of the Shares or the Warrants, as applicable, or the fairness or suitability
of the investment in the Shares or the Warrants, as applicable, nor have such authorities passed upon or endorsed the merits of
the issuance of the Shares or the Warrants, as applicable.

(h)       No
Conflicts. The execution, delivery and performance by such Investor of this Agreement and the consummation by such Investor
of the Transactions will not (i) result in a violation of the organizational documents of such Investor or (ii) conflict with,
or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others
any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which such Investor
is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state
securities laws) applicable to such Investor, except in the case of clauses (ii) and (iii) above, for such that would not adversely
affect the ability of such Investor to consummate the transactions contemplated hereby or perform its obligations hereunder.

(i)       Reliance
on Exemptions. Such Investor understands that the Shares or the Warrants, as applicable, are being issued to it in reliance
on specific exemptions from the registration requirements of federal and state securities laws and that the Company is relying
in part upon the truth and accuracy of, and such Investor's compliance with, the representations, warranties, agreements, acknowledgments
and understandings of such Investor set forth herein and in the other Transaction Documents in order to determine the availability
of such exemptions and the eligibility of such Investor to acquire the Shares or Warrants, as applicable.

(j)       Transfer
or Resale. Such Investor understands that the Shares or the Warrants, as applicable, have not been and are not being registered
under the Securities Act or any state securities law, and may not be offered for sale, sold, assigned or transferred unless done
so as permitted by the terms of the Stockholders Agreement or Warrant Agreement, as applicable.

Section 6.     Representations
and Warranties of the Company. The Company hereby represents and warrants to each of the Investors as follows:

(a)       Organization
and Qualification. The Company and each of Plymouth 20 and Plymouth Financial (each a “Subsidiary” and together
the “Subsidiaries”) is an entity duly organized and validly existing and is in good standing under the laws
of the jurisdiction of its organization, with the requisite legal authority to own and use its properties and assets and to carry
on its business as currently conducted. Neither the Company nor either Subsidiary is in violation of any of the provisions of its
organizational or charter documents. The Company and each Subsidiary is duly qualified to do business and is in good standing as
a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it
makes such qualification necessary.

(b)       Authorization;
Enforcement. The Company and each Subsidiary has the requisite corporate authority to enter into the Transaction Documents
to which it is a party and to consummate the Transactions and otherwise to carry out its obligations hereunder and thereunder.
The execution and delivery of each of the Transaction Documents to which the Company or either Subsidiary is a party and the consummation
by them of the Transactions, including, without limitation, the issuance of the Shares and the Warrants, have been duly authorized
by all necessary action on the part of the Company and the Subsidiaries and no further consent or action is required by the Company
or either Subsidiary. Each of the Transaction Documents to which the Company or either Subsidiary is a party has been (or upon
delivery will be) duly executed by the Company and each Subsidiary and is, or when delivered in accordance with the terms hereof,
will, assuming the accuracy of the Investors’ representations in Section 5(a) of this Agreement, constitute, the valid
and binding obligation of the Company and each Subsidiary, as applicable.

    6 

     

    

(c)       No
Conflicts; Consents. The execution, delivery and performance of the Transaction Documents to which the Company or either Subsidiary
is a party, and the consummation by the Company and each Subsidiary, as applicable, of the Transactions, do not, and will not,
(i) conflict with or violate any provision of the Company’s or either Subsidiary’s organizational or charter documents,
(ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under,
or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or
both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other
understanding to which the Company or either Subsidiary is a party or by which any property or asset of the Company or either Subsidiary
is bound, or affected, or (iii) result in a violation of any law, rule, regulation, order, judgment, injunction decree or other
restriction of any court or governmental authority to which the Company or either Subsidiary is subject, or by which any property
or asset of the Company or either Subsidiary is bound or affected. Neither the Company nor either Subsidiary is required to obtain
any consent, authorization or order of, or make any filing or registration with, any court, governmental agency or any regulatory
or self-regulatory agency or any other Person in order for it to execute, deliver or perform any of its obligations on the Closing
Date under or contemplated by the Transaction Documents, including, without limitation, the issuance of the Shares and the Warrants,
in each case in accordance with the terms hereof or thereof.

(d)       The
Shares. The Shares are duly authorized and, when issued in accordance with this Agreement, will be duly and validly issued,
fully paid and nonassessable, free and clear of all liens, except for customary and required restrictions on transfer under federal
and state securities laws and will not be subject to preemptive or similar rights of stockholders.

Section 7.     Miscellaneous.

(a)       Entire
Agreement. This Agreement, together with the Transaction Documents and the other written agreements currently in place between
the Company and the Investors and their respective affiliates, contains the entire agreement among the parties in respect of the
subject matter hereof.

(b)       Amendments
and Waiver. This Agreement may be amended, modified, superseded or canceled and the terms and conditions hereof may be waived
and consent to any departure by any Investor or the Company therefrom may be given, only by a written instrument signed by the
parties hereto or, in the case of a waiver, by the party waiving compliance, and then such waiver or consent shall be effective
only in the specific instance and for the specific purposes for which given. No delay on the part of any party in exercising any
right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any right, power or
privilege hereunder, nor any single or partial exercise of any right, power or privilege hereunder, preclude any other or further
exercise thereof or the exercise of any other right, power or privilege hereunder.

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(c)       Notices.
All notices, demands, requests, consents, approvals or other communications (any of the foregoing, a “Notice”)
required, permitted or desired to be given hereunder shall be in writing (i) sent by electronic mail, (ii) sent by registered or
certified mail, postage prepaid, return receipt requested, (iii) delivered by hand or (iv) delivered by reputable overnight courier
addressed to the party to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter
specify in accordance with the provisions of this Section 7(c). Any Notice shall be deemed to have been received: (A) if
sent by electronic mail, on the date of sending the electronic mail if sent during business hours on a Business Day (otherwise
on the next business day), provided that a copy of said Notice is also sent within one (1) business day by one of the methods provided
in (ii), (iii) or (iv) above, (B) if sent by registered or certified mail, on the date of delivery or the date of the first
attempted delivery, in either case on a Business Day (otherwise on the next Business Day), (C) if delivered by hand, on the date
of delivery if delivered during business hours on a Business Day (otherwise on the next Business Day) and (D) if sent by an overnight
commercial courier, on the next Business Day in each case addressed to the parties as follows:

 

	If to Investors:	
        DOF IV REIT Holdings, LLC/DOF IV Plymouth PM, LLC

        475 Fifth Avenue

        New York, New York 10017

        Attention:     Abbey Kosakowski and Gianluca Montalti

        E-mail:    akosakowski@torchlightinvestors.com

        gmontalti@torchlightinvestors.com

         

	With a copy to:	
        Weil, Gotshal & Manges LLP

        767 Fifth Avenue

        New York, New York 10153

        Attention:     Michael Bond

        E-mail:    michael.bond@weil.com

         

	
        If to the Company:

         
	
        Plymouth Industrial REIT, Inc.

        260 Franklin Street, 6th Floor

        Boston, Massachusetts 02110

        Attention: Jeffrey E. Witherell

        Email:   jeff.witherell@plymouthrei.com

         

	With a copy to:	
        Winston & Strawn LLP

        2501 N. Harwood Street, 17th Floor

        Dallas, Texas 75201

        Attention: Kenneth L. Betts

        Email:   kbetts@winston.com

         

Any party may change the address to which any
such Notice is to be delivered by furnishing ten (10) days’ written notice of such change to the other parties in accordance
with the provisions of this Section 7(c). Notices shall be deemed to have been given on the date set forth above, even
if there is an inability to actually deliver any Notice because of a changed address of which no Notice was given or there is a
rejection or refusal to accept any Notice offered for delivery. Notice for any party may be given by its respective counsel.

(d)       Counterparts.
This Agreement may be executed in counterparts and by facsimile or “pdf”, each of which shall be deemed an original
but all of which shall constitute one and the same instrument.

(e)       Headings.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning of terms
contained herein.

    8 

     

    

(f)       Severability.
If any term, provision, covenant or restriction of this Agreement, or any part thereof, is held by a court of competent jurisdiction
to be invalid, void, unenforceable or against public policy for any reason, the remainder of the terms, provisions, covenants and
restrictions of this Agreement shall remain in full force and effect and shall in no way be affected or impaired or invalidated.

(g)       Governing
Law; Terms. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. Each of
the parties hereto hereby submits itself, himself or herself for the sole purpose of this Agreement and any controversy arising
hereunder to the exclusive jurisdiction of the State and Federal Courts of the State of New York, and waive any objection (on the
grounds of lack of jurisdiction or forum non conveniens, or otherwise) to the exercise of such jurisdiction over it by such court.

(h)       WAIVER
OF JURY TRIAL. IN ANY ENFORCEMENT OF THIS AGREEMENT OR ANY MATTERS RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT, EACH OF
THE PARTIES HERETO WAIVES ANY RIGHT TO TRIAL BY JURY.

[REMAINDER OF
PAGE INTENTIONALLY LEFT BLANK]

    9 

     

    

IN WITNESS WHEREOF,
this Agreement is executed and delivered as of the day and year first above written.

PLYMOUTH INDUSTRIAL REIT, INC.,

a Maryland corporation

 

 

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

Name: Pendleton P. White, Jr.

Title: President

 

 

 

 

DOF IV REIT HOLDINGS, LLC,

a Delaware limited liability company

 

 

By: /s/ Sanford
Weintraub              

Name: Sanford
Weintraub

Title: Authorized Signatory

 

 

DOF IV PLYMOUTH PM, LLC,

a Delaware limited liability company

 

 

By: /s/ Sanford
Weintraub              

Name: Sanford
Weintraub

Title: Authorized Signatory

 

 

 

Signature PageEXHIBIT 10.2

 

STOCKHOLDERS
AGREEMENT

This STOCKHOLDERS AGREEMENT
is entered into as of June 8, 2017, by and among Plymouth Industrial REIT, Inc., a Maryland corporation (the “Company”),
and DOF IV REIT Holdings, LLC, a Delaware limited liability company, and DOF IV Plymouth PM, LLC, a Delaware limited liability
company (each, an “Investor,” and together, the “Investors”).

RECITALS

Concurrently with the execution
of this Agreement, DOF Plymouth and certain affiliates of the Company have entered that certain Private Placement Agreement (the
“Placement Agreement”), providing for, among other things, as a condition precedent to the effectiveness of
such Placement Agreement the issuance of $5,000,000 of shares (the “Initial Shares”) of the Company’s
common stock, par value $0.01 per share (the “Common Stock”), and in connection with the Placement Agreement,
the parties desire to provide the Investors with the right, among other rights, to designate the election of a member of the board
of directors of the Company (the “Board”) in accordance with the terms of this Agreement;

WHEREAS, concurrently with
the execution of this Agreement, DOF Holdings and the Company have entered into that certain Warrant Agreement, providing for the
issuance of Warrants to acquire up to 250,000 shares of Common Stock (the “Warrant Shares” and, together with
the Initial Shares, the “Shares”); and

WHEREAS, the Investors and
the Company desire to enter into this Agreement in order to generally set forth their respective rights and responsibilities, and
to establish various arrangements and restrictions with respect to, among other things, (a) actions that may or may not be
undertaken in respect of the Shares, (b) the governance of the Company, (c) certain registration rights with respect
to the Registrable Securities (as defined herein), (d) certain liquidity rights with respect to the Shares, and (e) other
related matters with respect to the Company.

NOW, THEREFORE, in consideration
of the premises set forth above and of the mutual representations, covenants, and obligations hereinafter set forth, and for other
good and valuable consideration, the receipt, sufficiency, and adequacy of which is hereby acknowledged, the parties hereto, intending
to be legally bound, hereby agree as follows:

ARTICLE
I

DEFINITIONS

Section
1.1     Certain Defined Terms.

As used herein, the following
terms shall have the following meanings:

“Affiliate”
means, with respect to any Person, any other Person that directly, or indirectly through one or more intermediaries, controls,
is controlled by, or is under common control with, such specified Person, including as to the Investors any investment entity managed
or advised by Torchlight Investors, LLC; provided, however, that in no event shall the Company, any of its Subsidiaries,
or any of the Company’s other controlled Affiliates be deemed to be Affiliates of the Investors for purposes of this Agreement.

    1 

     

    

“Agreement”
means this Stockholders Agreement, as it may be amended, restated, or otherwise modified from time to time, together with all exhibits,
schedules, and other attachments hereto.

“Beneficial Ownership”
means, with respect to any Security, the ownership of such Security by any “Beneficial Owner,” as such term is defined
in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that, in calculating the beneficial ownership of any particular “person”
(as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial
ownership of all Securities that such “person” has the right to acquire by conversion or exercise of other Securities,
whether such right is currently exercisable or is exercisable only after the passage of time. The terms “Beneficially
Own,” “Beneficially Owned” and “Beneficial Owner” shall have correlative meaning.

“Board”
means the board of directors of the Company.

“Business Day”
means any day that is not a Saturday, a Sunday, or any other day on which banks are required or authorized to be closed in the
City of New York, in the State of New York.

“Capital Stock”
means, with respect to any Person at any time, any and all shares, interests, participations, or other equivalents (however designated,
and whether voting or non-voting) of capital stock, partnership interests (whether general or limited), limited liability company
membership interests, or equivalent ownership interests in, or issued by, such Person, whether common, preferred or otherwise.

“Change of Control”
means (i) a sale of all or substantially all of the direct or indirect assets of the Company (including by way of any reorganization,
merger, consolidation, liquidation in a single transaction or a series of related transactions or other similar transaction), (ii) a
direct or indirect acquisition of Beneficial Ownership by a Person or “group” (within the meaning of Rules 13d-3
and 13d-5 under the Exchange Act) other than the Investors or their Affiliates, including by means of any transaction or series
of transactions (including any reorganization, merger, consolidation, joint venture, share transfer or other similar transaction)
pursuant to which the Person or “group” (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act) other
than the Investors or their Affiliates collectively own more than fifty percent (50%) of the Voting Securities of the Company
or the surviving entity, as the case may be, or (iii) the obtaining by any Person or “group” (within the meaning
of Rules 13d-3 and 13d-5 under the Exchange Act) of the power (whether or not exercised) to elect a majority of the members
of the Board (or similar governing body) of the Company.

“Closing”
has the meaning set forth in the Underwriting Agreement.

“Common Stock”
means the Common Stock of the Company, par value $0.01 per share.

“Company”
has the meaning set forth in the Recitals hereto.

    2 

     

    

“Company Right”
has the meaning set forth in Section 3.1(b).

“Contracting Party”
has the meaning set forth in Section 7.10.

“control”
(including the terms “controlled by” and “under common control with”), with respect to the
relationship between or among two (2) or more Persons, means the possession, directly or indirectly, of the power to direct,
or cause the direction of, the affairs or management of a Person, whether through the ownership of voting securities, as trustee
or executor, by contract, or by any other means.

“Controlling Person”
has the meaning set forth in Section 4.8(a).

“Convertible Securities”
means any evidence of indebtedness, shares of Capital Stock (other than Common Stock) or other Securities (including Options) that
are directly or indirectly convertible into, or otherwise exchangeable or exercisable for, shares of Common Stock.

“Damages”
has the meaning set forth in Section 4.8(a).

“Director”
means, with respect to any Person, any member of the board of directors of such Person (other than any advisory, honorary or other
non-voting member of such board).

“DTC”
means The Depository Trust Company.

“Effectiveness
Period” has the meaning set forth in Section 4.2(b).

“Election Notice”
has the meaning set forth in Section 2.1(a).

“Equity Issuance”
means any issuance, sale or placement of any Common Stock or other Capital Stock of the Company or any of its subsidiaries, and
any issuance, sale or placement of any other Securities of the Company or any of its subsidiaries that are convertible or exchangeable
into Common Stock or other Capital Stock of the Company or any of its subsidiaries; provided, however, that no Permitted
Issuance shall constitute or be deemed to constitute an “Equity Issuance” for purposes of this Agreement.

“Exchange”
means, initially, the New York Stock Exchange, Inc. and any successor thereto or, in the future, any other stock market on which
the Common Stock is listed.

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, together with all rules and regulations promulgated thereunder.

“FINRA”
means the Financial Industry Regulatory Authority, Inc.

“GAAP”
means United States generally accepted accounting principles in effect as of the date hereof.

“Governing Documents”
means the articles of restatement and bylaws of the Company.

“Holder”
means the Investors and any Permitted Transferee that becomes a Holder pursuant to Section 4.11.

    3 

     

    

“Indemnified Party”
has the meaning set forth in Section 4.8(c).

“Indemnifying Party”
has the meaning set forth in Section 4.8(c).

“Initial Shares”
has the meaning set forth in the Recitals hereto.

“Investor”
and “Investors” have the meaning set forth in the Recitals hereto.

“Investor Nominated
Director” has the meaning set forth in Section 2.1(a).

“Law”
means any statue, law, regulation, ordinance, rule, injunction, order, decree, directive, or any similar form of decision of, or
determination by, any governmental or self-regulatory authority.

“Mailing Date”
has the meaning set forth in Section 2.1(a).

“Non-Recourse Party”
has the meaning set forth in Section 7.10.

“Options”
means any options, warrants, or other rights to subscribe for, purchase, or otherwise acquire shares of Capital Stock of the Company
(or any successor thereto).

“Permitted Issuance”
means (a) any issuance of Capital Stock upon the exercise of Options outstanding and publicly disclosed as of the date of
this Agreement and in accordance with their terms as in effect on the date of this Agreement, (b) any issuance, sale or authorization
pursuant to the Company’s currently existing and publicly filed compensation arrangements for its directors, officers and
employees, (c) any issuance, sale or authorization pursuant to any future compensation arrangements for the Company’s
directors, officers and employees, that are approved by the Company’s compensation committee, (d) any issuance, sale
or placement of Capital Stock as consideration in any acquisition transaction the primary purpose of which is not to raise capital,
including any Change of Control, that has been approved by the Board, and (e) any issuance of Common Stock upon redemption of common
units in the Company’s operating partnership that are issued and outstanding or otherwise permitted to be issued pursuant
to clause (d) above pursuant to the terms of the Agreement of Limited Partnership of the operating partnership, provided that such
common units have been issued for fair value.

“Permitted Transferee”
has the meaning set forth in Section 4.11.

“Person”
means an individual, corporation, partnership, limited liability company, association, trust, or other entity or organization,
including any governmental authority.

“Piggyback Registration”
has the meaning set forth in Section 4.2(a).

“Pre-Emptive Shares”
means any shares of Common Stock issued or issuable to the Investors pursuant to Section 3.1.

    4 

     

    

“Pro Rata Portion”
means, with respect to the Investors and their Affiliates at a given time and with respect to a given Equity Issuance, a number
of shares of Common Stock, other Capital Stock or other Securities to be issued, sold or placed in the Equity Issuance equal to
the product of (a) the number of shares of Common Stock, other Capital Stock or other Securities proposed to be issued, sold
or placed in the Equity Issuance, multiplied by (b) a fraction, the numerator of which is the aggregate number of shares of
Common Stock Beneficially Owned by the Investor and its Affiliates immediately prior to the Equity Issuance, and the denominator
of which is the aggregate number of shares of outstanding Common Stock immediately prior to the Equity Issuance.

“Registrable Securities”
means the shares of Common Stock acquired by the Investors pursuant to the terms of this Agreement, including, without limitation,
Pre-Emptive Shares, or by the Investors or any of their Affiliates pursuant to the terms of the Warrant Agreement. As to any particular
Registrable Securities, such securities shall cease to be Registrable Securities when they (i) have been distributed to the public
pursuant to an offering registered under the Securities Act or sold to the public through a broker, dealer or market maker in compliance
with Rule 144 under the Securities Act (or any similar rule then in force), (ii) have been distributed to the direct or indirect
partners or members of any Investor (unless such Investor elects otherwise), (iii) have been effectively registered under a registration
statement including a registration statement on Form S-8 (or any successor form) or (iv) have been repurchased by the Company.
In addition, all Registrable Securities held by any Person shall cease to be Registrable Securities (provided that, for purposes
of this provision, all Investors and all Registrable Securities held by such Investors shall be treated as Registrable Securities
held by a single Person) when all such Registrable Securities become eligible to be sold to the public through a broker, dealer
or market maker pursuant to Rule 144 (or any similar provision then in force), other than Rule 144(b), during a single 90-day period.
For purposes of this Agreement, a Person shall be deemed to be a holder of Registrable Securities whenever such Person has the
right to acquire such Registrable Securities (upon conversion or exercise in connection with a Transfer of securities or otherwise,
but disregarding any restrictions or limitations upon the exercise of such right), regardless of whether such acquisition has actually
been effected; provided that this sentence shall not apply to shares of Common Stock issuable upon the exercise of unvested Options
originally issued to employees or former employees of the Company or its Subsidiaries.

“Registration Statement”
means any registration statement filed by the Company under the Securities Act that covers the resale of any of the Registrable
Securities, including a prospectus, amendments and supplements thereto, and all exhibits and material incorporated by reference
therein.

“Rule 144”
means Rule 144 promulgated under the Securities Act or any successor federal statute, rules, or regulations thereto, and in the
case of any referenced section of any such statute, rule, or regulation, any successor section thereto, collectively as from time
to time amended and in effect.

“SEC”
means the Securities and Exchange Commission.

“Securities”
or “Security” means Capital Stock, limited partnership interests, limited liability company interests, beneficial
interests, warrants, options, restricted stock units, notes, bonds, debentures, and other securities, equity interests, ownership
interests and similar obligations of every kind and nature of any Person.

    5 

     

    

“Securities Act”
means the Securities Act of 1933 or any successor federal statute, and the rules and regulations of the SEC thereunder, and in
the case of any referenced section of any such statute, rule or regulation, any successor section thereto, collectively and as
from time to time amended and in effect.

“Suspension Event”
has the meaning set forth in Section 4.6(a).

“Suspension Notice”
has the meaning set forth in Section 4.6(a).

“Transfer”
means to sell, assign, dispose of, mortgage, pledge, hypothecate, encumber or otherwise transfer, other than a sale effected on
the Exchange.

“Underwriters’
Maximum Number” means, for any Piggyback Registration, that number of Registrable Securities to which such registration
should, in the reasonable opinion of the managing underwriter(s) of such registration, in light of marketing factors, be limited.

“Underwriting Agreement”
has the meaning set forth in the Company’s registration statement in Form S-11 (SEC File No. 333-196798).

“Voting Securities”
means at any time shares of any class of Capital Stock or other Securities of the Company, including Convertible Securities that
may be converted into, exercised for, or otherwise exchanged for such shares of Capital Stock, that are then entitled to vote generally
in the election of Directors and not solely upon the occurrence and during the continuation of certain specified events until the
occurrence of such specified event.

“Warrant Agreement”
means that certain Warrant Agreement, dated as of the date hereof, by and between the Company and DOF IV REIT Holdings, LLC.

Section
1.2     Other Definitional Provisions. When used in this Agreement, the words “hereof,”
“herein,” and “hereunder,” and words of similar import shall refer to this Agreement as a whole and not
to any particular provision of this Agreement, and Article and Section references are to this Agreement unless otherwise specified.
The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. Whenever
the words “include,” “includes,” or “including” are used in this Agreement, they shall be deemed
to be followed by the words “without limitation.”

ARTICLE
II

GOVERNANCE

Section
2.1     The Investor’s Representation on the Board.

(a)       The
Company represents and warrants that prior to Closing the Board shall have no more than six (6) members. At any time on or after
the date of the Closing, the Investors shall have the option, in their sole discretion, to deliver to the Company a written notice
(the “Election Notice”) indicating their intent to nominate the Investor Nominated Director. Within five (5)
Business Days of the Company’s receipt of the Election Notice, the Board shall be reconstituted such that the number of members
constituting the Board shall be no more than seven (7), subject to increase or decrease by the Board from time-to-time, in

    6 

     

    

accordance with the Governing
Documents and this Agreement, the Company shall promptly cause one (1) person designated by the Investors in the Election
Notice to be appointed to the Board in the manner provided in the Governing Documents for filling vacancies on the Board. Following
the appointment of the Investor Nominated Director, subject to Section 2.1(f), for any meeting (or consent in lieu
of a meeting) of the Company’s stockholders for the election of members of the Board, (i) so long as the Investors,
together with their Affiliates, own of record as of the date of mailing of the Company’s definitive proxy statement in connection
with such meeting (the “Mailing Date”) Common Stock and Convertible Stock that together constitutes at least
two and five-tenths percent (2.5%) of the outstanding Common Stock, the Company shall include one (1) person designated
by the Investors as a member of the slate of Board nominees proposed by the Board for election by the Company’s stockholders
and, subject to the Board’s duties under Maryland law, shall recommend that the Company’s stockholders vote in favor
of the election of such nominee, (ii) the Company shall include no fewer than four (4) independent members (not counting the member
designated by Investors) in the slate of Board nominees proposed by the Board for election by the Company’s stockholders
and, subject to the Board’s duties under Maryland law, shall recommend that the Company’s stockholders vote in favor
of the election of all such nominees, and (iii) if the Investors, together with their Affiliates, own of record as of the
Mailing Date Common Stock and Convertible Stock that together constitutes less than two and five-tenths percent (2.5%) of
the outstanding Common Stock, the Company shall not be required to include a person designated by the Investors as a member of
the slate of Board nominees. The member of the Board nominated or elected pursuant to this Section 2.1(a) is referred
to herein as the “Investor Nominated Director.” The Board shall not withdraw any nomination or, subject to the
Board’s duties under Maryland law, recommendation required under this Section 2.1(a), unless the Investor delivers
to the Board a written request for such withdrawal or the Board determines reasonably and in good faith after consultation with
outside legal counsel that such Board nominee (i) is prohibited or disqualified from serving as a director of the Company
under any rule or regulation of the SEC, the Exchange or by applicable Law, (ii) has engaged in acts or omissions constituting
a breach of the Investor Nominated Director’s duty of loyalty to the Company and its stockholders, (iii) has engaged
in acts or omissions that involve intentional misconduct or an intentional violation of Law and that are felonies, violations of
Law involving moral turpitude or are materially adverse to the Company or (iv) has engaged in any transaction involving the
Company from which the Investor Nominated Director derived an improper personal benefit that was not disclosed to the Board prior
to the authorization of such transaction if such disclosure is required pursuant to the Governing Documents; provided, however,
that the Investors shall have the right to replace such Board nominee with a new Board nominee. Further, (i) for any meeting
(or consent in lieu of a meeting) of the Company’s stockholders for the election of members of the Board, the Board shall
not nominate, in the aggregate, a number of nominees greater than the seven (7) members of the Board, nor shall the Board resolve
or otherwise take action to increase the number of members constituting the Board to any number greater than seven (7) members,
except with the prior written consent of the Investors, (ii) the Company shall not resolve or otherwise take action to introduce
a staggered or classified Board without the prior written consent of the Investors, (iii) subject to the Board’s duties under
Maryland law, the Board shall not recommend the election of any other person to a position on the Board for which the Investor
Nominated Director has been nominated, and (iv) the Company shall use commercially reasonable efforts to cause the Investor
Nominated Director to be elected to the Board. If elected to the Board, the Investor Nominated Director will hold his or her office
as a member of the Board for such term as is provided in the Governing Documents, or until his or her death, resignation or removal
from the Board or until his or her successor has been duly elected and qualified in accordance with the provisions of this Agreement,
the Governing Documents, and applicable Law.

    7 

     

    

(b)       If
the Investors’, together with their Affiliates, record ownership of outstanding Common Stock falls below the percentage threshold
set forth in Section 2.1(a) above, the Investors shall promptly cause the Investor Nominated Director to resign from
the Board. In addition, the Investors may, at any time at Investors’ sole election, send written notice to the Company that
the Investors have elected to permanently relinquish the Investors’ right to nominate or appoint the Investor Nominated Director,
and in such event, the Investor Nominated Director shall be permitted to resign his or her position on the Board. Upon the occurrence
of either of the events described in the two preceding sentences, the Investors shall no longer be entitled to designate an Investor
Nominated Director (even if the Investors or their Affiliates shall subsequently acquire additional shares of Common Stock). In
addition, the Investors shall cause the Investor Nominated Director to resign from the Board and any committees on which the Investor
Nominated Director serves if the Investor Nominated Director, as determined reasonably by the Board acting in good faith after
consultation with outside legal counsel, (i) is prohibited or disqualified from serving as a director of the Company or a
member of any such committees under any rule or regulation of the SEC, the Exchange or by applicable Law, (ii) has engaged
in acts or omissions constituting a breach of the Investor Nominated Director’s duty of loyalty to the Company and its stockholders,
(iii) has engaged in acts or omissions that involve intentional misconduct or an intentional violation of Law and that are
felonies, violations of Law involving moral turpitude or are materially adverse to the Company or (iv) has engaged in any
transaction involving the Company from which the Investor Nominated Director derived an improper personal benefit that was not
disclosed to the Board prior to the authorization of such transaction if such disclosure is required pursuant to the Governing
Documents or applicable Law; provided, however, that, subject to the limitations set forth in Section 2.1(a),
the Investors shall have the right to replace such resigning Investor Nominated Director with a new Investor Nominated Director,
such newly-named Investor Nominated Director to be appointed promptly to the Board in place of the resigning Investor Nominated
Director in the manner set forth in the Governing Documents for filling vacancies on the Board. Further, upon the resignation of
the Investor Nominated Director, any rights granted to the Investor Nominated Director pursuant to Section 2.1(a) shall
terminate forthwith; provided, however, that the newly-named Investor Nominated Director selected by the Investor
to replace the resigning Investor Nominated Director shall be granted the rights set forth in Section 2.1. Nothing in this
Section 2.1(b) or elsewhere in this Agreement (except Section 2.1(d)) shall confer any third-party beneficiary
or other rights upon any person designated hereunder as an Investor Nominated Director, whether during or after such person’s
service on the Board.

(c)       For
so long as the Investors have the right to designate an Investor Nominated Director for nomination to the Board pursuant to Section 2.1(a)
above, the Board shall fill vacancies created by reason of death, removal or resignation of the Investor Nominated Director
promptly upon request by the Investors and only as directed by the Investors, subject to the terms and conditions set forth in
Section 2.1(a) above and Sections 2.1(e) below. So long as the Investors have named a replacement within thirty
(30) days following any death, removal or resignation of the Investor Nominated Director, and prior to any appointment of such
replacement in accordance with this Agreement, and subject to the Board’s duties under Maryland law, the Board agrees not
to authorize or take, and agrees to cause each committee not to authorize or take, any action that would otherwise require the
consent of the Investor Nominated Director until such time as such newly-named Investor Nominated Director has been so appointed
to the Board.

    8 

     

    

(d)       The
Investor Nominated Director that is elected to the Board shall be indemnified by the Company and its subsidiaries, if applicable,
in connection with his or her service as a member of the Board to the fullest extent permitted by Law and the Governing Documents
and will be exculpated from liability for damages to the fullest extent permitted by Law and the Governing Documents. Without limiting
the foregoing in this Section 2.1(d), the Investor Nominated Director who is elected to the Board shall be entitled
to receive from the Company and its subsidiaries, if applicable, the same insurance coverage and indemnification rights in connection
with his or her service as a member of the Board as is provided for each of the other members of the Board.

(e)       The
Investors shall only designate a person to be the Investor Nominated Director (i) who the Investors believe in good faith
has the requisite skill and experience to serve as a director of a publicly-traded company, (ii) who is not prohibited from
or disqualified from serving as a director of the Company pursuant to any rule or regulation of the SEC, the Exchange or applicable
Law, and (iii) with respect to which no event required to be disclosed pursuant to Item 401(f) of Regulation S-K of the
Exchange Act has occurred. Notwithstanding anything to the contrary in this Section 2.1, the parties hereto agree that
members of the Board shall retain the right to object to the nomination, election or appointment of the Investor Nominated Director
for service on the Board if the members of the Board reasonably determine in good faith, after consultation with outside legal
counsel, that the Investor Nominated Director fails to meet the criteria set forth above. In the event that the members of the
Board reasonably object to the nomination, election or appointment of the Investor Nominated Director to the Board pursuant to
the terms of this Section 2.1(e), the Board shall nominate or appoint, as applicable, another individual designated
by the Investor as the Investor Nominated Director nominated for election to the Board that meets the criteria set forth in this
Section 2.1(e) and Section 2.1(f) hereof.

(f)       Notwithstanding
anything to the contrary in this Section 2.1, nothing shall prevent the Board from acting in accordance with its respective
duties under Maryland law or applicable Law or Exchange requirements. The Board shall have no obligation to nominate, elect or
appoint the Investor Nominated Director if such nomination, election or appointment would violate applicable Law or Exchange requirements
or result in a breach by the Board of its duties to the Company and its stockholders; provided, however, that the
foregoing shall not affect the right of the Investor to designate an alternative individual as the Investor Nominated Director
nominated for election to the Board, subject to the other terms, conditions and provisions in this Article II.

(g)       The
Investor Nominated Director shall be entitled to compensation and the reimbursement of expenses in accordance with the Company’s
compensation of non-employee directors in effect from time to time in connection with his or her service on the Board. In addition,
all reasonable out-of-pocket expenses of the Investors or any of their employees or Affiliates in connection with assisting the
Company or evaluating actions by the Company shall be reimbursed by the Company.

    9 

     

    

ARTICLE
III

pre–emptive RIGHTS AND ADDITIONAL ISSUANCES

Section
3.1     Pre-Emptive Rights.

(a)       For
so long as the Investors, together with their Affiliates, own of record Common Stock and Convertible Stock that together constitutes
no less than two and five-tenths percent (2.5%) of the outstanding Common Stock, the Investors or one or more of their designated
Affiliates shall have the option and right (but not the obligation) to participate (or nominate any of their Affiliates to participate)
in any Equity Issuance by purchasing in the aggregate up to the Investors’ and their Affiliates’ Pro Rata Portion of
such Equity Issuance at the same price and the same terms and conditions as offered to other investors in the Equity Issuance.
The Company agrees to use its reasonable best efforts to take any and all action, or to cause such action to be taken, as is necessary
or appropriate to allow the Investors or their Affiliates, as applicable, to fully participate in any Equity Issuance in accordance
with the provisions of this Agreement.

(b)       In
the event the Company proposes to undertake an Equity Issuance, the Company shall promptly give the Investors prior written notice
of its intention, describing the type of equity interests, the price at which such securities are proposed to be issued (or, in
the case of an underwritten or privately placed offering in which the price is not known at the time the notice is given, the method
of determining the price and an estimate thereof), the timing of such proposed Equity Issuance and the general terms and conditions
upon which the Company proposes to effect the Equity Issuance. The Investors and their Affiliates shall have fifteen (15) Business
Days (or, if the Company expects that the proposed Equity Issuance will be effected in less than fifteen (15) Business Days,
such shorter period, that shall be as long as practicable, as may be required in order for the Investors and their Affiliates to
participate in such proposed Equity Issuance) from the date the Investors receive notice of the proposed Equity Issuance to elect
to purchase up to their Pro Rata Portion of such Equity Issuance for the consideration and upon the terms specified in the notice
provided by the Company pursuant to this Section 3.1(b) by giving written notice thereof to the Company and stating
therein the quantity of equity interests to be purchased. Any such notice shall be irrevocable; provided, however,
that if the Equity Issuance does not occur within thirty (30) Business Days following such notice or if the terms of the Equity
Issuance are materially modified, then the Investors and their Affiliates will be provided the opportunity to similarly participate
by the Company giving a new notice in accordance with this Section 3.1(b). Any purchase of Equity Interests by any Investor
and its Affiliates pursuant to this Section 3.1 shall occur contemporaneously with, and be subject to the same terms
and conditions as, the closing of the sale of the Equity Interests by the Company to the other parties.

(c)       In
the event that neither any Investor nor any of their Affiliates exercise the right forth in this Section 3.1 within
the applicable period as set forth above, the Company shall be permitted to sell the equity interests in respect of which such
pre-emptive rights were not exercised. In the event that the Company has not sold the equity interests within ninety (90) days
of its notice to Investor as contemplated by Section 3.1(b), for purposes of this Section 3.1 such proposed
Equity Offering shall be deemed to have been terminated, and the Company shall provide Investor with a new notice prior to undertaking
a subsequent Equity Issuance.

    10 

     

    

(d)       The
Company shall have the right, in its sole discretion, at all times prior to consummation of any proposed Equity Issuance giving
rise to the rights granted by this Section 3.1, to abandon, withdraw or otherwise terminate such proposed Equity Issuance,
without any liability to the Investors or their Affiliates.

Section
3.2     Issuance of Senior Stock. For so long as the Investors, together with their
Affiliates, own of record Common Stock and Convertible Stock that together constitutes no less than two and five-tenths percent
(2.5%) of the outstanding Company Stock, the Company shall not issue any Capital Stock that ranks senior to the Common Stock with
respect to voting rights, the payment of dividends or amounts due upon liquidation without the prior written consent of the Investors.

ARTICLE
IV

REGISTRATION RIGHTS

Section
4.1     Registration Statement.

(a)       Subject
to Section 4.6 and the other provisions of this Article IV, the Company shall use its reasonable best efforts to
file with the SEC a Registration Statement covering the registration of the resale at any time or from time to time of all remaining
Registrable Securities pursuant to Rule 415 under the Securities Act and or any similar rule that may be adopted by the SEC (the
“Required Registration”) within two (2) Business Days following the one-year anniversary of the Closing Date.
To the extent the staff of the SEC does not permit all of the Registrable Securities to be registered on a Registration Statement,
the Company shall file additional Registration Statement(s) successively trying to register on each such additional Registration
Statement the maximum number of remaining Registrable Securities until the earlier of (a) all of the Registrable Securities have
been registered with the SEC, or (b) the date on which all of the remaining Registrable Securities may be sold without restriction
or limitations pursuant to Rule 144 and without requirement to be in compliance with Rule 144(c)(1) (or any successor thereto).
The Registration Statement shall be on Form S-3, unless the Company is not then eligible to file a registration statement on Form
S-3 under the Securities Act, in which case (i) such registration statement shall be on Form S-11 or other appropriate form under
the Securities Act which the Company is then eligible to file and (ii) the Company shall undertake to register the Registrable
Securities on Form S-3 as soon as such form is available, provided that the Company shall maintain the effectiveness of the Registration
Statement then in effect until such time as a Registration Statement on Form S-3 covering the Registrable Securities has been declared
effective by the SEC.

(b)       The
Company agrees (subject to Section 4.6 hereof) to cause the Registration Statement to be declared effective by the SEC as
soon as practicable after the filing thereof. Subject to Section 4.6 hereof, the Company agrees to use commercially reasonable
efforts to keep the Registration Statement continuously effective (including the preparation and filing of any amendments and supplements
necessary for that purpose) under the Securities Act for a period that will terminate upon the earlier of (i) the date on which
all Registrable Securities covered by the Registration Statement have been sold and (ii) the date on which all of the Registrable
securities covered by the Registration Statement may be sold without restriction or limitation pursuant to Rule 144 and without
the requirement to be in compliance with Rule 144(c)(1) (or any successor thereto) under the Securities Act (the “Effectiveness
Period”).

    11 

     

    

Section
4.2     Piggyback Registration.

(a)       Subject
to Section 4.6 hereof, if, at any time while there still remain Registrable Securities, the Company is no longer eligible
to use or, notwithstanding its obligations under Section 4.1(a), otherwise the Registration Statement is not effective,
the Company proposes to file a new registration statement under the Securities Act with respect to an offering of Common Stock
for (i) the Company’s own account (other than a registration statement on Form S-4 or S-8 (or any substitute form that may
be adopted by the Commission) or with respect to a Company dividend reinvestment plan) or (ii) the account of any holder of Common
Stock (other than the Holders), then the Company shall give written notice of such proposed filing to the Holders as soon as reasonably
practicable (but in no event less than twenty (20) Business Days before the anticipated filing date of such new registration statement).
Upon a written request, given by Holders to the Company within ten (10) Business Days after delivery of any such notice by the
Company, to include Registrable Securities in such Registration and in all related registrations or qualifications under blue sky
laws or in compliance with other registration requirements and in any related underwriting (which request shall specify the number
of Registrable Securities proposed to be included in such new registration statement if such registration statement is not a “pay
as you go” Automatic Shelf Registration Statement), the Company shall, subject to Section 4.6 hereof, include all
such requested Registrable Securities in such new registration statement on the same terms and conditions as applicable to the
Company’s or such holder’s Common Stock (a “Piggyback Registration”). Notwithstanding the foregoing,
if at any time after giving written notice of such proposed filing and prior to the effective date of such new registration statement,
the Company or such holders shall determine for any reason not to proceed with the proposed filing of the new registration statement,
then the Company may, at its election, give written notice of such determination to the Holders and, thereupon, will be relieved
of its obligation to Register any Registrable Securities in connection with such new registration statement.

(b)       The
Holders of Registrable Securities shall be permitted to withdraw all or any part of their shares from any Piggyback Registration
at any time on or before the second (2nd) Business Day prior to the planned effective date of such Piggyback Registration,
except as otherwise provided in any written agreement with the Company’s underwriter(s), if any, establishing the terms and
conditions under which such Holders would be obligated to sell such securities in such Piggyback Registration.

(c)       If
a Piggyback Registration is an underwritten offering on behalf of the Company, and the managing underwriter(s) advise the Company
that in its or their reasonable opinion the number of securities proposed to be included in such registration exceeds the Underwriters’
Maximum Number, then the Company shall include in such registration (i) first, the number of securities proposed to be offered
by the Company, (ii) second, the number of securities requested to be included therein by all Holders who have requested registration
of Registrable Securities in accordance with Section 4.2(a), pro rata on the basis of the aggregate number of Registrable
Securities requested to be included by each such Holder and (iii) third, any other securities that have been requested to
be so included by any other person.

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(d)       If
a Piggyback Registration is an underwritten offering on behalf of a holder of Company securities other than Holders, and the managing
underwriter(s) advise the Company that in its or their reasonable opinion the number of securities proposed to be included in such
registration exceeds the Underwriters’ Maximum Number, then the Company shall include in such registration (i) first,
the number of securities requested to be included therein by the holder(s) originally requesting such registration, (ii) second,
the number of securities proposed to be offered by the Company, (iii) third, the number of securities requested to be included
therein by all Holders who have requested registration of Registrable Securities in accordance with Section 4.2(a),
pro rata on the basis of the aggregate number of Registrable Securities requested to be included by each such Holder and (iv) fourth,
any other securities that have been requested to be so included by any other person.

(e)       In
any Piggyback Registration that is an underwritten offering, the Company shall have the right to select the managing underwriter(s)
for such registration provided such managing underwriter(s) shall be acceptable to the Holders.

(f)       The
Company shall not grant to any Person the right to request the Company to register any shares of Company securities in a Piggyback
Registration unless such rights are consistent with the provisions of this Section 4.2.

(g)       If
the Company has previously filed a registration statement with respect to Registrable Securities pursuant to Section 4.2,
and if such previous registration has not been withdrawn or abandoned, the Company will not file or cause to be effected any other
registration of any of its Registrable Securities (except on Forms S 4 or S 8 or any similar or successor forms), whether on its
own behalf or at the request of any holder or holders of such securities, until a period of at least six (6) months has elapsed
from the effective date of such previous registration, unless the Holders otherwise agree in writing.

Section
4.3     Registration Expenses. In connection with registrations pursuant to Section 4.1
or Section 4.2 hereof, the Company shall pay all of the costs and expenses incurred in connection with the registrations
thereunder (the “Registration Expenses”), including (a) all registration and filing fees and expenses,
including, without limitation, those related to filings with the SEC, (b) all fees and expenses of compliance with state securities
or blue sky laws (including reasonable fees and disbursements of counsel in connection with blue sky qualifications of the Registrable
Securities), (c) all reasonable processing, duplicating and printing expenses, including expenses of printing prospectuses
reasonably requested by any Holder, (d) all of the Company’s internal expenses (including, without limitation, all salaries
and expenses of its officers and employees performing legal or accounting duties, the expense of any liability insurance and the
expense of any annual audit or quarterly review), (e) all fees and expenses incurred in connection with listing the Registrable
Securities for trading on a national securities exchange, (f) all fees and expenses in connection with the preparation of
the Registration Statement and related documents covering the Registrable Securities, (g) all fees and expenses, if any, incurred
with respect to any filing with FINRA, (h)  the cost of providing

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any CUSIP or other identification
numbers for the Registrable Securities, (i) all fees and expenses of any special experts retained by the Company in connection
with such registration, (j) any documented out-of-pocket expenses of the underwriter(s) incurred with the approval of the Company,
(k) all fees and expenses and disbursements of counsel for the Company and fees and expenses for independent certified public
accountants retained by the Company (including, without limitation, the expenses of any comfort letters or costs associated with
the delivery by independent certified public accountants of a comfort letter or comfort letters requested) (l)  all reasonable
fees and expenses of one (1) counsel for the Holders per registration and (m) the expense of any liability insurance. Other than
as provided in the foregoing sentence, the Company shall have no obligation to pay any out-of-pocket expenses of the Holders relating
to the registrations effected pursuant to this Agreement, including the fees and expenses of any counsel to the Holders. Each Holder
shall be responsible for the payment of any brokerage and sales commissions, underwriting discounts and commissions, additional
fees and disbursements of such Investor’s counsel, accountants and other advisors, and any transfer taxes relating to the
sale or disposition of the Registrable Securities by such Holder pursuant to this Agreement. The obligation of the Company to bear
the expenses described in this Section 4.3 shall apply irrespective of whether any sales of Registrable Securities
ultimately take place.

Section
4.4     Registration Procedures. In the case of each registration effected by the
Company pursuant to this Agreement, the Company shall keep each Holder advised in writing as to the initiation of each registration
and as to the completion thereof. In connection with any such registration:

(a)       The
Company will (i) promptly prepare and file with the SEC such amendments to each Registration Statement as may be necessary
to keep such Registration Statement effective for as long as such registration is required to remain effective pursuant to the
terms hereof, (ii) cause the prospectus to be supplemented by any required prospectus supplement, and, as so supplemented,
to be filed pursuant to Rule 424 under the Securities Act, (iii)  ensure that each Registration Statement (including
any amendments or supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein (in the case of
prospectuses, in the light of the circumstances in which they were made) not misleading and (iv) comply with the provisions of
the Securities Act applicable to it with respect to the disposition of all Registrable Securities covered by such Registration
Statement during the applicable period in accordance with the intended methods of disposition by the Holders set forth in such
Registration Statement or supplement to the prospectus. In the case of amendments and supplements to a Registration Statement which
are required to be filed pursuant to this Agreement (including pursuant to this Section 4.4(a)) by reason of the Company
filing a report on Form 10-Q, Form 10-K or Form 8-K or any analogous report under the Exchange Act, the Company shall have incorporated
such report by reference into such Registration Statement, if applicable, or shall file such amendments or supplements with the
SEC on the same day on which the Exchange Act report is filed which created the requirement for the Company to amend or supplement
such Registration Statement. By 9:30 a.m. New York City time on the date following the date any Registration statement or any post-effective
amendment has become effective, the Company shall file with the SEC in accordance with Rule 424 under the Securities Act the final
prospectus to be used in connection with sales pursuant to such Registration Statement.

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(b)       The
Company will, at least ten (10) Business Days prior to filing a Registration Statement or at least five (5) Business
Days prior to filing a prospectus or any amendment or supplement to such Registration Statement or prospectus, furnish to (i) each
Holder of Registrable Securities covered by such Registration Statement, (ii) Holders’ counsel and (iii) each underwriter
of the Registrable Securities covered by such Registration Statement, copies of such Registration Statement and each amendment
or supplement as proposed to be filed, together with any exhibits thereto, which documents will be subject to reasonable review
and comment by each of the foregoing Persons within five (5) Business days after delivery, and thereafter, furnish to such
Holders, Holders’ counsel and the underwriter(s), if any, such number of copies of such Registration Statement, each amendment
and supplement thereto (in each case including all exhibits thereto and documents incorporated by reference therein), the prospectus
included in such Registration Statement (including each preliminary prospectus) and such other documents or information as such
Holder, Holders’ counsel or the underwriter(s) may reasonably request in order to facilitate the disposition of the Registrable
Securities in accordance with the plan of distribution set forth in the prospectus included in the Registration Statement; provided,
however, that notwithstanding the foregoing, if the Company intends to file any prospectus, prospectus supplement or prospectus
sticker that does not make any material changes in the documents already filed, then Holders’ counsel will be afforded such
opportunity to review such documents prior to filing consistent with the time constraints involved in filing such document, but
in any event no less than one (1) Business Day.

(c)       The
Company will promptly notify each Holder of any stop order issued or threatened by the SEC and, if entered, use reasonable best
efforts to prevent the entry of such stop order or to remove it as soon as reasonably possible.

(d)       On
or prior to the date on which the Registration Statement is declared effective, the Company shall use reasonable best efforts to
register or qualify such Registrable Securities under any applicable securities or blue sky laws of such jurisdictions and do any
and all other lawful acts and things which may be reasonably necessary or advisable to enable the Holders to consummate the disposition
in such jurisdictions of such Registrable Securities, and use commercially reasonable efforts to keep each such registration or
qualification (or exemption therefrom) effective during the period which the Registration Statement is required to be kept effective;
provided that the Company will not be required to (i) qualify generally to do business in any jurisdiction where it
would not otherwise be required to qualify but for this paragraph (d), (ii) subject itself to taxation in any such jurisdiction
or (iii) consent to general service of process in any such jurisdiction.

(e)       The
Company will notify each Holder, Holders’ counsel and the underwriter(s) promptly in writing (provided that in no event shall
such notice contain any material, nonpublic information), (i) when a prospectus or any prospectus supplement or post-effective
amendment has been filed and, with respect to a Registration Statement or any post-effective amendment, when the same has become
effective, (ii) of any request by the SEC or any other federal or state governmental authority for amendments or supplements
to a Registration Statement or prospectus or for additional information to be included in any Registration Statement or prospectus
or otherwise, (iii) of the issuance by any state securities commission or other regulatory authority of any order suspending
the qualification or exemption from qualification of any of the Registrable Securities under state securities or blue sky laws
or the

    15 

     

    

initiation of any proceedings
for that purpose, and (iv) of the happening of any event that requires the making of any changes in a Registration Statement
or related prospectus or any document incorporated or deemed to be incorporated by reference therein so that they will not contain
any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the
statements in the Registration Statement and prospectus not misleading in light of the circumstances in which they were made; and,
as promptly as practicable thereafter, prepare and file with the SEC and furnish a supplement or amendment to such prospectus so
that, as thereafter deliverable to the purchasers of such Registrable Securities, such prospectus will not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading. Each Holder hereby agrees to keep any proper disclosures under subsection (iv) above
confidential until such time as a supplement or amendment is filed.

(f)       The
Company will furnish customary closing certificates and other deliverables to the underwriter(s) and the Holders and enter into
customary agreements satisfactory to the Company (including, if applicable, an underwriting agreement in customary form) and take
such other actions as are reasonably required in order to expedite or facilitate the disposition of the Registrable Securities.

(g)       The
Company will make available for inspection by any underwriter participating in any disposition pursuant to a Registration Statement,
and any attorney, accountant or other agent retained by any such seller or underwriter (in each case after reasonable prior notice
and at reasonable times during normal business hours and without unnecessary interruption of the Company’s business or operations),
all financial and other records, pertinent corporate documents and properties of the Company, and cause the Company’s officers,
directors, employees and independent accountants to supply all information reasonably requested by any such seller, underwriter,
attorney, accountant or agent in connection with the Registration Statement.

(h)       The
Company, during the period when the prospectus is required to be delivered under the Securities Act, promptly will file all documents
required to be filed with the SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act.

(i)       The
Company shall use reasonable best efforts to cause all Registrable Securities registered pursuant to the terms hereof to be listed
on the Exchange on which the Common Stock of the Company is then listed.

(j)       The
Company shall use commercially reasonable efforts to cooperate and assist in obtaining of all necessary approvals from FINRA, if
any.

(k)       The
Company shall provide a transfer agent and registrar for the Registrable Securities not later than the effective date of such Registration
Statement.

(l)       If
requested, the Company shall furnish to each Holder a copy of all documents filed with and all correspondence from or to the SEC
in connection with the offering of Registrable Securities.

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(m)       The
Company otherwise shall use its reasonable best efforts to comply with all applicable rules and regulations of the SEC.

(n)       The
Company shall furnish to any requesting underwriter in an underwritten offering, addressed to such underwriter, (i) an opinion
of the Company’s counsel, dated the date of closing of the sale of any Registrable Securities thereunder, as well as a consent
to be named in the Registration Statement or any prospectus thereto, and (ii) comfort letters and consent to be named in the
Registration Statement or any prospectus relating thereto signed by the Company’s independent public accountants who have
examined and reported on the Company’s financial statements included in the Registration Statement, in each case covering
substantially the same matters with respect to the Registration Statement (and the prospectus included therein) and (in the case
of the accountants’ comfort letters) with respect to events subsequent to the date of the financial statements, as are customarily
covered in opinions of issuer’s counsel and in accountants’ comfort letters delivered to the underwriters in underwritten
public offerings of securities, to the extent that the Company is required to deliver or cause the delivery of such opinion or
comfort letters to the underwriters in an underwritten offering.

(o)       The
Company shall make generally available to its security holders as soon as practical, but not later than ninety (90) days after
the close of the period covered thereby, an earnings statement (in form complying with, and in the manner provided by, the provisions
of Rule 158 under the Securities Act) covering a twelve-month period beginning not later than the first day of the Company’s
fiscal quarter next following the date any Registration Statement is declared effective.

(p)       Neither
the Company nor any subsidiary or affiliate thereof shall identify any Holder as an underwriter in any public disclosure or filing
with the SEC or any Exchange.

(q)       The
Company shall hold in confidence and not make any disclosure of information concerning a Holder provided to the Company unless
(i) disclosure of such information is reasonably determined by the Company to be necessary to comply with federal or state securities
laws, (ii) the disclosure of such information is reasonably determined by the Company to be necessary to avoid or correct a misstatement
or omission in any Registration Statement, (iii) the release of such information is ordered pursuant to a subpoena or other final,
non-appealable order from a court or governmental body of competent jurisdiction, or (iv) such information has been made generally
available to the public other than by disclosure in violation of this Agreement or any other agreement. The Company agrees that
it shall, upon learning that disclosure of such information concerning a Holder is sought in or by a court or governmental body
of competent jurisdiction or through other means, give prompt written notice to such Holder and allow such Holder, at the Holder’s
expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information.

For purposes of Section 4.4(a),
the period of distribution of Registrable Securities in a firm commitment underwritten public offering shall be deemed to extend
until each underwriter has completed the distribution of all securities purchased by it, and the period of distribution of Registrable
Securities in any other registration shall be deemed to extend until the termination of the Effectiveness Period.

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Section
4.5     Holders’ Obligations. The Company may require each Holder to promptly,
but in no event later than five (5) Business Days after a proper request, furnish in writing to the Company such information regarding
the distribution of the Registrable Securities as the Company may from time to time reasonably request and such other information
as may be legally required in connection with such registration, including all such information as may be requested by the SEC.
Each Holder agrees that, notwithstanding the provisions of Section 4.6 hereof, upon receipt of any notice from the Company
of the happening of any event of the kind described in Section 4.4(e) hereof, such Holder will forthwith discontinue
disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until such Holder’s
receipt of the copies of the supplemented or amended prospectus contemplated by Section 4.4(e) hereof, and, if so directed
by the Company, such Holder will deliver to the Company all copies, other than permanent file copies then in such Holder’s
possession and retained solely in accordance with record retention policies then-applicable to such Holder, of the most recent
prospectus covering such Registrable Securities at the time of receipt of such notice. In the event the Company shall give such
notice, the Company shall extend the period during which such Registration Statement shall be maintained effective by the number
of days during the period from and including the date of the giving of notice pursuant to Section 4.4(e) hereof to the date
when the Company shall make available to the Holders a prospectus supplemented or amended to conform with the requirements of Section
4.4(e) hereof. Notwithstanding anything to the contrary, the Company shall, to the extent that such action is not in violation
of Law, cause its transfer agent to deliver unlegended shares of Common Stock to a transferee of a Holder in accordance with the
terms of this Agreement in connection with any sale of Registrable Securities with respect to which a Holder has entered into a
contract for sale prior to the Holder’s receipt of a notice from the Company of the happening of any event of the kind described
in Section 4.4(e) and for which the Holder has not yet settled.

Section
4.6     Blackout Provisions.

(a)       The
Company shall have the right, but not the obligation, to postpone the filing of the Registration Statement or to suspend the use
of the Registration Statement following the effectiveness of the Registration Statement (and the filings with any international,
federal or state securities commissions), if a Suspension Event (as defined below) occurs. If the Company elects to suspend the
effectiveness and/or use of the Registration Statement following the occurrence of a Suspension Event, the Company, by written
notice, email transmission or such other means that the Company reasonably believes to be a reliable means of communication (a
“Suspension Notice”), shall notify the Holders that the effectiveness of the Registration Statement has been
suspended and shall direct the Holders to suspend sales of the Registrable Securities pursuant to the Registration Statement until
the Suspension Event has ended (provided that in no event shall such notice to any Holder contain any material, nonpublic information,
unless such Holder requested such information or has at such time an employee designated as a director on the Board). A “Suspension
Event” shall be deemed to have occurred if: (i) the Company is actively pursuing an underwritten primary offering of
equity securities; (ii) the Company in good faith determined that (A) the offer or sale of any Registrable Securities would materially
impede, delay or interfere with any proposed financing, offer or sale of securities, acquisition, corporate reorganization or other
significant transaction involving the Company; (B) after the advice of counsel, sale of Registrable Securities pursuant to the
Registration Statement would require disclosure of non-public material information not otherwise required to be

    18 

     

    

disclosed under applicable
law; and (C) (x) the Company has a bona fide business purposes for preserving the confidentiality of such transaction, (y) disclosure
would have a material adverse effect on the Company or the Company’s ability to consummate such transaction, or (z) disclosure
would render the Company unable to comply with SEC requirements, in each case under circumstances that would make it impractical
or inadvisable to cause the Registration Statement (or such filings) to become effective or to promptly amend or supplement the
Registration Statement on a post-effective basis, as applicable; or (iii) the Company shall have determined in good faith, after
the advice of counsel, that it is required by law, rule or regulation or that it is in the best interests of the Company to supplement
the Registration Statement or file a post-effective amendment to the Registration Statement in order to incorporate information
into the Registration Statement for the purpose of (1) including in the Registration Statement any prospectus required under Section
10(a)(3) of the Securities Act; (2) reflecting in the prospectus included in the Registration Statement any facts or events arising
after the effective date of the Registration Statement (or of the most-recent post-effective amendment) that, individually or in
the aggregate, represents a fundamental change in the information set forth therein; or (3) including in the prospectus included
in the Registration Statement any material information with respect to the plan of distribution not disclosed in the Registration
Statement or any material change to such information. Upon the occurrence of any Suspension Event, the Company shall use its commercially
reasonable efforts to cause the Registration Statement to become effective or to promptly amend or supplement the Registration
Statement or to take such action as is necessary to make resumed use of the Registration Statement compatible with the Company’s
best interests, as applicable, so as to permit the Holders to resume sales of the Registrable Securities as soon as practicable.
In no event shall the Company be permitted to suspend the use of a Registration Statement for more than thirty (30) consecutive
days or for more than ninety (90) days in any 12 month period and the first day of any such suspension must be at least five (5)
days after the last day of any prior suspension as a result of a refusal by the SEC to declare any post-effective amendment to
the Registration Statement effective after the Company has used all commercially reasonable efforts to cause such post-effective
amendment to be declared effective, in which case the Company shall terminate the suspension of the use of the Registration Statement
immediately following the effective date of the post-effective amendment.

(b)       If
and when the Company gives a Suspension Notice to the Holders to suspend sales of the Registrable Securities following a Suspension
Event, the Holders shall not effect any sales of the Registrable Securities pursuant to such Registration Statement (or such filings)
at any time after it has received a Suspension Notice from the Company and prior to receipt of an End of Suspension Notice (as
defined below). If so directed by the Company, each Holder will deliver to the Company (at the expense of the Company) all copies
other than permanent file copies then in such Holder’s possession of the prospectus covering the Registrable Securities (the
“Prospectus”) at the time of receipt of the Suspension Notice. The Holders may recommence effecting sales of
the Registrable Securities pursuant to the Registration Statement (or such filings) upon the delivery by the Company of notice
that the Suspension Event or its potential effects are no longer continuing (an “End of Suspension Notice”),
which End of Suspension Notice shall be given by the Company to the Holders in the same manner as the Suspension Notice promptly
following the conclusion of any Suspension Event and its effect. Notwithstanding anything to the contrary, the Company shall, to
the extent that such action is not in violation of Law, cause its transfer agent to deliver unlegended shares of Common Stock to
a transferee of a Holder in accordance with the terms of this Agreement in connection with any sale of Registrable Securities with
respect to which a Holder has entered into a contract for sale prior to the Holder’s receipt of a Suspension Notice from
the Company and for which the Holder has not yet settled.

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(c)       If
all reports required to be filed by the Company pursuant to the Exchange Act have not been filed by the required date taking into
account any permissible extension, upon written notice thereof by the Company to the Holders, the rights of the Holders to offer,
sell or distribute any Registrable Securities pursuant to any Registration Statement or to require the Company to take action with
respect to the registration or sale of any Registrable Securities pursuant to any Registration Statement shall be suspended until
the date on which the Company has filed such reports, and the Company shall notify the Holders in writing as promptly as practicable
when such suspension is no longer required.

(d)       If
the Company shall take any action pursuant to clause (ii) of Section 4.6(a) with respect to any participating
Holder in a period during which the Company shall be required to cause a Registration Statement to remain effective under the Securities
Act and the prospectus to remain current, such period shall be extended for such Person by one (1) day beyond the end of such
period for each day that, pursuant to Section 4.6(a), the Company shall require such Person to refrain from disposing
of Registrable Securities owned by such Person.

Section
4.7     Exchange Act Reports. The Company will use its reasonable best efforts to
timely file with the SEC such information as the SEC may require under Section 13(a) or Section 15(d) of the Exchange
Act, and the Company shall use its reasonable best efforts to take all action as may be required as a condition to the availability
of Rule 144 or Rule 144A under the Securities Act with respect to its Common Stock. The Company shall furnish to any holder of
Registrable Securities forthwith upon request such reports and documents as a holder may reasonably request in availing itself
of any rule or regulation of the SEC allowing a holder to sell any such Registrable Securities without registration to the extent
that such reports or documents are not publicly available on the SEC’s Electronic Data Gathering, Analysis and Retrieval
system or any successor system thereto. Certificates evidencing Registrable Securities shall not contain any legend at such time
as a Holder has provided reasonable evidence to the Company (including any customary broker’s or selling stockholder’s
letters but expressly excluding an opinion of counsel other than with respect to clauses (d) or (e) below), that (a) there
has been a sale of such Registrable Securities pursuant to an effective registration statement, (b) there has been a sale
of such Registrable Securities pursuant to Rule 144 (assuming the transferor is not an affiliate of the Company), (c) such
Registrable Securities are then eligible for sale under Rule 144(b)(i), (d) in connection with a sale, assignment or other
transfer (other than under Rule 144), upon request of the Company, such Holder provides the Company with an opinion of counsel
to such Holder, in a reasonably acceptable form, to the effect that such sale, assignment or transfer of the Registrable Securities
may be made without registration under the applicable requirements of the Securities Act or (e) such legend is not required
under applicable requirements of the Securities Act (including controlling judicial interpretations and pronouncements issued by
the SEC). Following such time as restrictive legends are not required to be placed on certificates representing Registrable Securities
pursuant to the preceding sentence, the Company will, no later than three (3) Business Days following the delivery by a Holder
to the Company or the Company’s transfer agent of a certificate representing Registrable Securities containing a restrictive
legend and the foregoing evidence (and opinion if applicable), deliver or cause to be delivered to such Holder a certificate representing
such Registrable Securities that is free from all restrictive and other legends or credit the balance account of such Holder’s
or such Holder’s nominee with DTC (if DTC is then offered by the Company and its transfer agent) with a number of shares
of Common Stock equal to the number of shares of Common Stock represented by the certificate so delivered by such Holder.

    20 

     

    

Section
4.8     Indemnification.

(a)       Indemnification
by the Company. The Company agrees, notwithstanding the termination of this Agreement, to indemnify and hold harmless, to the
fullest extent permitted by law, each Holder and each of its managers, members, managing members, general and limited partners,
officers, directors, employees and agents, and each Person, if any, who controls such Holder within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act, together with the managers, members, managing members, general and
limited partners, officers, directors, employees and agents of such controlling Person (each, a “Controlling Person”),
from and against any and all losses, claims, damages, judgments, fines, penalties, charges, settlement amounts (only if the Company
consented in writing to the settlement, which consent shall not be unreasonably withheld or delayed), liabilities, reasonable attorneys’
fees, costs and expenses of investigating and defending any such claim (collectively, “Damages”) and any action
in respect thereof to which such Holder, its managers, members, managing members, general and limited partners, officers, directors,
employees and agents, and any such Controlling Persons may become subject to under the Securities Act or otherwise, but only insofar
as such Damages (or proceedings in respect thereof) arise out of, or are based upon, any untrue statement or alleged untrue statement
of a material fact contained in any Registration Statement or prospectus of the Company (or any amendment or supplement thereto)
or any preliminary prospectus of the Company, or arise out of, or are based upon, any omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the
same are based upon information furnished in writing to the Company by such Holder or any of its managers, members, managing members,
general partners, officers, directors, employees, agents and Controlling Persons expressly for use therein, and, consistent with
and subject to the foregoing, shall reimburse such Holder, its managers, members, managing members, general and limited partners,
officers, directors, employees and agents, and each such Controlling Person for any legal and other expenses reasonably incurred
by such Holder, its managers, members, managing members, general and limited partners, officers, directors, employees and agents,
or any such Controlling Person in investigating or defending or preparing to defend against any such Damages or proceedings. In
addition to the indemnity contained herein, the Company will reimburse each Holder for its reasonable out-of-pocket legal and other
expenses (including the reasonable out-of-pocket cost of any investigation, preparation and travel in connection therewith) as
incurred in connection therewith, as promptly as practicable after such expenses are incurred and invoiced.

(b)       Indemnification
by the Holder. The Holders agree, severally and not jointly, to indemnify and hold harmless the Company, its officers, directors,
employees and agents and each Person, if any, who controls the Company within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act, together with the managers, members, managing members, general and limited partners,
officers, directors, employees and agents of such controlling Person, to the same extent as the foregoing indemnity from the Company
to the Holders, to the extent, but only to the extent, that such Damages arise out of or are based on information related to the
Holders, or their plan of distribution, furnished in writing by the Holders or any of their managers, members, managing members,
general partners, officers, directors, employees, agents and Controlling Persons to the Company expressly for use in any Registration
Statement or prospectus, or any amendment or supplement thereto, or any preliminary prospectus. No Holder shall be required to
indemnify any Person pursuant to this Section 4.8(b) for any amount in excess of the net proceeds received by such
Holder from the sale of the Registrable Securities sold for the account of such Holder.

    21 

     

    

(c)       Conduct
of Indemnification Proceedings. Promptly after receipt by any Person (an “Indemnified Party”) of notice
of any claim or the commencement of any action in respect of which indemnity may be sought pursuant to Section 4.8(a)
or Section 4.8(b), the Indemnified Party shall, if a claim in respect thereof is to be made against the Person against
whom such indemnity may be sought (an “Indemnifying Party”), notify the Indemnifying Party in writing of the
claim or the commencement of such action; provided, that the failure to notify the Indemnifying Party shall not relieve
it from any liability that it may have to an Indemnified Party except to the extent of any actual prejudice resulting therefrom.
If any such claim or action shall be brought against an Indemnified Party, and it shall notify the Indemnifying Party thereof,
the Indemnifying Party shall be entitled to participate therein, and, to the extent that it wishes, jointly with any other similarly
notified Indemnifying Party, to assume the defense thereof with counsel reasonably satisfactory to the Indemnified Party. After
notice from the Indemnifying Party to the Indemnified Party of its election to assume the defense of such claim or action, the
Indemnifying Party shall not be liable to the Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified
Party in connection with the defense thereof, provided, that the Indemnified Party shall have the right to employ separate
counsel to represent the Indemnified Party and its Controlling Persons who may be subject to liability arising out of any claim
in respect of which indemnity may be sought by the Indemnified Party against the Indemnifying Party, but the fees and expenses
of such counsel shall be for the account of such Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party
shall have mutually agreed to the retention of, and reimbursement of fees for, such counsel or (ii) in the reasonable opinion
of counsel to such Indemnified Party representation of both parties by the same counsel would be inappropriate due to actual or
potential conflicts of interest between them, it being understood, however, that the Indemnifying Party shall not, in connection
with any one such claim or action or separate but substantially similar or related claims or actions in the same jurisdiction arising
out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate firm of attorneys
(together with appropriate local counsel) at any time for all Indemnified Parties. No Indemnifying Party shall, without the prior
written consent of the Indemnified Party, effect any settlement of any claim or pending or threatened proceeding in respect of
which the Indemnified Party is or would reasonably have been a party and indemnity would reasonably have been sought hereunder
by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability
arising out of such claim or proceeding. Whether or not the defense of any claim or action is assumed by the Indemnifying Party,
such Indemnifying Party will not be subject to any liability for any settlement made without its written consent, such consent
not to be unreasonably withheld, conditioned or delayed.

(d)       Contribution.
To the extent any indemnification by an Indemnifying Party is prohibited or limited by law, the Indemnifying Party agrees to make
the maximum contribution with respect to any amounts for which it would otherwise be liable under this Section 4.8 to the
fullest extent permitted by law; provided, however, that: (i) no Person involved in the sale of Registrable Securities
which Person is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) in connection
with such sale shall be entitled to contribution from any Person involved in such sale of Registrable Securities who was not guilty
of fraudulent misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited in amount to the
amount of net proceeds received by such seller from the sale of such Registrable Securities pursuant to such Registration Statement.

    22 

     

    

Section
4.9     No Inconsistent Agreements. The Company shall not hereafter enter into any
agreement with respect to any of its securities (including any registration or similar agreement) which is inconsistent with or
violates the material rights granted to the Holders in this Agreement.

Section
4.10     Lock-Up Agreements. Each of the Holders and the Company agrees that, in
connection with an underwritten offering in respect of which Registrable Securities are being sold, or in connection with any other
public offering of Common Stock by the Company, if requested by the underwriter(s), it will enter into customary “lock-up”
agreements pursuant to which it will agree not to, directly or indirectly, sell, offer to sell, grant any option for the sale of,
or otherwise dispose of, any Common Stock or any securities convertible or exchangeable into Common Stock (subject to customary
exceptions), for a period not to exceed one hundred eighty (180) days from the effective date of the Registration Statement
pertaining to such Registrable Securities or from such other date as may be requested by the underwriter(s). The Company further
agrees that, in connection with an underwritten offering in respect of which Registrable Securities are being sold, if requested
by the managing underwriter(s), it will exercise its best efforts to obtain agreements (in the underwriters’ customary form)
from its directors and executive officers not to, directly or indirectly, sell, offer to sell, grant any option for the sale of,
or otherwise dispose of, any Common Stock or any securities convertible or exchangeable into Common Stock (subject to customary
exceptions), for a period not to exceed one hundred eighty (180) days from the effective date of the Registration Statement
pertaining to such Registrable Securities or from such other date as may be requested by the underwriter(s).
Notwithstanding anything to the contrary set forth herein, the restrictions set forth in this Section 4.10 shall not be
effective unless such restrictions are equally applicable to all of the Holders, unless a Holder agrees otherwise.

Section
4.11     Restrictions on Transfer. Except as permitted pursuant to this Section 4.11,
prior to the date that is six months after the date the Investors may not Transfer their shares of Common Stock without the prior
written consent of the Company, which consent may be withheld in its sole and absolute discretion. Notwithstanding the foregoing,
the restriction on Transfer shall not apply to the following Persons (each, a “Permitted Transferee”) (a) in
the case of an Investor that is an entity, a Transfer (whether by dividend, distribution or otherwise) by such holder to its stockholders,
members, partners or other equity holders or to any of its Affiliates (as such term is defined under the Exchange Act) or (b) in
the case of an Investor that is a natural person, upon a Transfer by such holder made for bona fide estate planning purposes, either
during his or her lifetime or on death by will or intestacy to his or her spouse, child (natural or adopted) or any other direct
lineal descendant of such holder (or his or her spouse), provided that such shares of Common Stock subject to a Transfer permitted
pursuant to this Section 4.11 shall at all times remain subject to the terms and restrictions set forth in this Agreement.
After the date that in six months after the date of this Agreement, Investors may freely Transfer their Common Stock subject to
compliance with applicable securities laws.

    23 

     

    

ARTICLE
V

COVENANTS

Section
5.1     No Conflicting Agreements. For so long as this Agreement remains in effect,
neither the Company nor the Investors shall enter into any stockholder agreement or arrangement of any kind with any Person with
respect to any shares of Common Stock or Capital Stock or other Securities, or otherwise act or agree to act in concert with any
Person with respect to any shares of Common Stock or Capital Stock or other Securities, to the extent such agreement, arrangement,
or concerted act would controvert, or otherwise be inconsistent in any material respect with, the provisions of this Agreement.

Section
5.2     Further Assurances. Each of the Investors and the Company agrees to execute
and deliver all such further documents and do all acts and things that from time to time may reasonably be required to effectively
carry out or better evidence or perfect the full intent and meaning of this Article V.

ARTICLE
VI 

OWNERSHIP LIMIT WAIVER

Section
6.1     Grant of Waiver. The Company hereby grants an  exemption from the Stock Ownership Limit (as defined in
the Governing Documents), to  Investors and their Affiliates and establishes a Stock Ownership Limit (an “Exempted
Holder Limit” as defined in the Governing Documents) for Investors and their Affiliates equal to (but not less than the
Stock Ownership Limit set forth in the Governing Documents) a percentage that would allow Investors and their Affiliates to own
(and continue to own) the Initial Shares, the Warrants and the Warrant Shares, together with any Capital Stock of the Company issued
or issuable hereunder or pursuant to any provisions of this Agreement or the Warrants to Investors or their Affiliates or under
any instrument issued hereunder.

Section
6.2     Continuation of Waiver. The initial and continuing effectiveness of the forgoing exemption is expressly conditioned
on the following representations by Investors being true in all material respects. Investors hereby represent that to their knowledge
(A) assuming  Investors and their Affiliates would beneficially or constructively own the maximum amount of shares of Common
Stock (such Common Stock, the “Torchlight Common Stock”) described in this Agreement (including, without limitation,
upon full  exercise of the Warrant) no person that is treated as an “individual” for purposes of Section 542(a)(2)
(determined taking into account Section 856(h)(3)(A)) of the Internal Revenue Code of 1986, as amended (the “Code”)
would Beneficially Own or Constructively Own (as such terms are defined in the Governing Documents) shares of Capital Stock in
excess of the Stock Ownership Limit solely as a result of the ownership of the Torchlight Common Stock by Investors and their Affiliates
and (B) Investors and their Affiliates do not own an interest in a tenant of the Company (or a tenant of any entity owned
or controlled by the Company), other than indirectly through their interest in the Company (e.g., a subsidiary of the Company),
that would cause the Company to own, actually or constructively, more than a 9.9% interest in such tenant.

    24 

     

    

Section
6.3     Application of Charter. Investors and their Affiliates acknowledge that, notwithstanding the exemption from
the Stock Ownership Limit, Investors and their Affiliates shall be subject to all other terms, conditions and restrictions on ownership
of shares of Company securities set forth in Article VII of the Company’s Second Articles of Amendment and Restatement, as
hereafter amended.

Section
6.4     Approval of Waiver. The Company represents and warrants to Investors that the provisions of this Article
VI have been approved and adopted by all requisite action of the Board of Directors of the Company pursuant to the resolution
duly adopted and attached hereto as Exhibit A.

ARTICLE
VII

MISCELLANEOUS

Section
7.1     Amendment and Waiver. This Agreement may not be amended, except by an agreement
in writing, executed by each of the Investors and the Company, and compliance with any term of this Agreement may not be waived,
except by an agreement in writing executed on behalf of the party against whom the waiver is intended to be effective. The failure
of any party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of any such provision
and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with
its terms.

Section
7.2     Severability. If any provision of this Agreement shall be declared by any
court of competent jurisdiction to be illegal, void, or otherwise unenforceable, all other provisions of this Agreement, to the
extent permitted by Law, shall not be affected and shall remain in full force and effect. Upon any such determination, the parties
shall negotiate in good faith in an effort to agree upon a suitable and equitable substitute provision to effect the original intent
of the parties.

Section
7.3     Entire Agreement. Except as otherwise expressly set forth herein, this Agreement,
together with the agreements and other documents and instruments referred to herein, embody the complete agreement and understanding
among the parties hereto with respect to the subject matter hereof, and supersede and preempt any prior understandings, agreements,
or representations by or among the parties, written or oral, that may have related to the subject matter hereof in any way.

Section
7.4     Successors and Assigns. Except as expressly set forth herein, neither this
Agreement nor any of the rights or obligations of any party under this Agreement (including any rights under Article II
and Article III hereof) may be assigned, in whole or in part (except by operation of Law), by either party without the prior
written consent of the other party, and any such transfer or attempted transfer without such consent shall be null and void; provided,
however, that the Investors shall be permitted to make any such assignment to any of their Affiliates. This Agreement shall
be binding upon and shall inure to the benefit of, and be enforceable by, the parties hereto and their respective successors and
permitted assigns.

    25 

     

    

Section
7.5     Counterparts. This Agreement may be executed in separate counterparts, each
of which shall be an original and all of which, when taken together, shall constitute one and the same agreement.

Section
7.6     Remedies.

(a)       Each
party hereto acknowledges that monetary damages would not be an adequate remedy in the event that each and every one of the covenants
or agreements in this Agreement are not performed in accordance with their terms, and it is therefore agreed that in addition to,
and without limiting any other remedy or right it may have, the non-breaching party will have the right to an injunction, temporary
restraining order, or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically
each and every one of the terms and provisions hereof. Each party hereto agrees not to oppose the granting of such relief in the
event a court determines that such a breach has occurred, and to waive any requirement for the securing or posting of any bond
in connection with such remedy.

(b)       All
rights, powers, and remedies provided under this Agreement or otherwise available in respect hereof at Law or in equity shall be
cumulative and not alternative, and the exercise or beginning of the exercise of any thereof by any party shall not preclude the
simultaneous or later exercise of any other such right, power, or remedy by such party.

Section
7.7     Notices. All notices and other communications hereunder shall be in writing
and shall be deemed given if delivered personally, telecopied (upon telephonic confirmation of receipt), on the first (1st)
Business Day following the date of dispatch if delivered by a recognized next day courier service, or on the third (3rd) Business
Day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All
notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing
by the party to receive such notice.

	If to the Company:	
        Plymouth Industrial REIT, Inc.

        260 Franklin Street, 6th Floor

        Boston, Massachusetts 02110

        Attention: Jeffrey E. Witherell     

        Email: jeff.witherell@plymouthrei.com

         

	With a copy to:	
        Winston & Strawn LLP

        2501 N. Harwood Street, 17th Floor

        Dallas, Texas 75201

        Attention: Kenneth L. Betts

        Email: kbetts@winston.com

         

 

    26 

     

    

 

	If to Investors:	
        DOF IV REIT Holdings, LLC/DOF IV Plymouth PM, LLC

        475 Fifth Avenue

        New York, New York 10017

        Attention: Abbey Kosakowski and Gianluca Montalti

        E-mail: akosakowski@torchlightinvestors.com

        gmontalti@torchlightinvestors.com

         

	With a copy to:	
        Weil, Gotshal & Manges LLP

        767 Fifth Avenue

        New York, New York 10153

        Attention: Michael Bond

        E-mail: michael.bond@weil.com

         

 

Section
7.8     Governing Law; Venue and Jurisdiction; Waiver of Jury Trial.

(a)       This
Agreement shall be governed by and construed in accordance with the Laws of the State of New York, without regard to, or otherwise
giving effect to, anybody of Law or other rule that would cause or otherwise require the application of the Laws of any other jurisdiction.

(b)       Any
action or proceeding against either the Company or Investor relating in any way to this Agreement shall be brought exclusively
in the United States District Court for the Southern District of New York (and the appellate courts thereto), and each of the Company
and Investor irrevocably submits to the jurisdiction of both such courts in respect of any such action or proceeding. Any actions
or proceedings to enforce a judgment issued by one of the foregoing courts may be enforced in any jurisdiction.

(c)       TO
THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, EACH OF THE COMPANY AND THE INVESTORS HEREBY WAIVE AND COVENANT
THAT THEY WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT, OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF
ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION, OR SUIT (WHETHER IN CONTRACT, TORT, OR OTHERWISE), INQUIRY, PROCEEDING, OR INVESTIGATION
ARISING OUT OF, OR BASED UPON, THIS AGREEMENT OR THE SUBJECT MATTER HEREOF, OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL
TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH OF THE COMPANY AND THE INVESTORS
ACKNOWLEDGE THAT IT HAS BEEN INFORMED BY THE OTHER PARTY THAT THIS SECTION 7.8(C) CONSTITUTES A MATERIAL INDUCEMENT
UPON WHICH IT IS RELYING, AND WILL RELY IN ENTERING INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY. THE COMPANY OR
THE INVESTORS MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 7.8(C) WITH ANY COURT AS WRITTEN EVIDENCE OF THE
CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

    27 

     

    

Section
7.9     Third Party Benefits. Except pursuant to the provisions in Section 2.1(e)
and Section 7.10 or expressly provided in this Agreement, none of the provisions of this Agreement are for the benefit
of, or shall be enforceable by, any third-party beneficiary.

Section
7.10     No Recourse Against Others. All claims, causes of action (whether in contract
or in tort, in law or in equity, or granted by statute), obligations, or liabilities that may be based upon, be in respect of,
arise under, out of or by reason of, be connected with, or relate in any manner to this Agreement, or the negotiation, execution,
performance or breach of this Agreement (including any representation or warranty made in, in connection with, or as an inducement
to, this Agreement), may be made only against (and are those solely of) the entities that are expressly identified as parties in
the preamble to this Agreement (the “Contracting Parties”). No Person who is not a Contracting Party, including
any and all former, current or future directors, officers, employees, incorporators, members, general or limited partners, controlling
persons, managers, management companies, equity holders, affiliates, agents, attorneys, or representatives of, and any and all
former, current or future financial advisors or lenders to, any Contracting Party, and any and all former, current or future directors,
officers, employees, incorporators, members, general or limited partners, controlling persons, managers, management companies,
equity holders, affiliates, agents, attorneys, or representatives of, and any and all former, current or future financial advisors
or lenders to, any of the foregoing, and any and all former, current or future heirs, executors, administrators, trustees, successors
or assigns of any of the foregoing (the “Non-Recourse Parties”), shall have any liability (whether in contract
or in tort, in law or in equity, or granted by statute) for any claims, causes of action, obligations or liabilities arising under,
out of, in connection with, or related in any manner to this Agreement, or the negotiation, execution, performance, or breach of
this Agreement; and, to the maximum extent permitted by Law, each Contracting Party hereby waives and releases all such claims
and causes of action against any such Non-Recourse Parties. Without limiting the foregoing, to the maximum extent permitted by
Law, (a) each Contracting Party hereby waives and releases any and all rights, claims, demands, or causes of action that may
otherwise be available at law or in equity, or granted by statute, to avoid or disregard the entity form of a Contracting Party
or otherwise impose liability of a Contracting Party on any Non-Recourse Party, whether granted by statute or based on theories
of equity, agency, control, instrumentality, alter ego, domination, sham, single business enterprise, piercing the corporate, limited
liability company or limited partnership veil, unfairness, undercapitalization, or otherwise, in each case in connection with,
or related in any manner to this Agreement, or the negotiation, execution, performance, or breach of this Agreement; and (b) each
Contracting Party disclaims any reliance upon any Non-Recourse Parties with respect to the performance of this Agreement or any
representation or warranty made in, in connection with, or as an inducement to this Agreement.

Section
7.11     Interpretation. The table of contents and headings contained in this Agreement
are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

Section
7.12     Termination. Except to the extent otherwise expressly provided herein,
this Agreement, and all of the rights and obligations set forth herein, shall terminate and be of no further force or effect in
the event that the Investors and their Affiliates cease to own any shares of Common Stock or Convertible Securities.

    28 

     

    

Section
7.13     Notices and Consents. Any notice required to be delivered pursuant to this
Agreement to any Investor may be delivered to the Adviser on behalf of such Investor and any consent or approval by any Investor
pursuant to this Agreement may be delivered by the Adviser.

Section
7.14     Costs. Contemporaneously with execution of this Agreement, the Company will reimburse
Investors for all costs and expenses (including without limitation, legal fees and expenses) incurred by Investors in connection
with the negotiation and execution of the transactions contemplated by the Company’s S-11, this Agreement, the Warrant Agreement
and all related matters. 

[The remainder of this page has been intentionally left
blank.]

 

 

    29 

     

    

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

 

	 	
        PLYMOUTH INDUSTRIAL REIT, INC.,

        a Maryland corporation

	 	 	 
	 	By:	/s/ Pendleton P. White, Jr.
	 	 	 
	 	Name:	Pendleton P. White, Jr.
	 	 	 
	 	Title:	President
	 	 	 
	 	
        DOF IV REIT Holdings, LLC,

        a Delaware limited liability company

	 	 	 
	 	By:	/s/ Sanford Weintraub
	 	 	 
	 	Name:	Sanford Weintraub
	 	 	 
	 	Title:	Authorized Signatory
	 	 	 
	 	
        DOF IV PLYMOUTH
        PM, LLC,

        a Delaware limited liability company

	 	 	 
	 	By:	/s/ Sanford Weintraub
	 	 	 
	 	Name:	Sanford Weintraub
	 	 	 
	 	Title:	Authorized Signatory

 

 

 

 

 

 

 

 

 

(Signature Page to Stockholders Agreement)

 

     

     

    

THE UNDERSIGNED HEREBY EXECUTE THIS AGREEMENT FOR THE
SOLE PURPOSE OF ACKNOWLEDGING AND CONSENTING TO THE TERMS OF SECTION 2.1 OF THIS AGREEMENT AND AGREEING TO VOTE ANY SHARES
OF COMMON STOCK BENEFICIARY OWNED BY THE UNDERSIGNED IN FAVOR OF THE INVESTOR DIRECTOR NOMINEE, AND FOR THE AVOIDANCE OF DOUBT,
NONE OF THE UNDERSIGNED SHALL HAVE ANY LIABILITY HEREUNDER.

 

 

	 	 
	 	 	 
	 	 	/s/ Jeffrey Witherell
	 	 	 JEFFREY WITHERELL, an individual
	 	 	 
	 	 	 
	 	 	 
	 	 	/s/ Pendleton White
	 	 	 PENDLETON WHITE, an individual
	 	 	 
	 	 	 
	 	 	 
	 	 	/s/ Daniel Wright
	 	 	 DANIEL WRIGHT, an individual

     

     

    

EXHIBIT A

 

 

RESOLVED, in accordance with Section
7.2.7 of the Company’s Second Articles of Amendment and Restatement (as amended, the “Charter”) and having
determined that the Board has satisfied all conditions precedent forth in such Section 7.2.7, the Directors hereby ratify and approve
Article VII of that certain Stockholders Agreement (the “Stockholders Agreement”) by and between the Company
and DOF IV REIT Holdings, LLC, a Delaware limited liability company, and DOF IV Plymouth PM, LLC, a Delaware limited liability
company (together, the “Excepted Holders”) (capitalized terms used but not defined herein shall have the meanings
ascribed to them in the Excepted Holder Agreement); and

 

FURTHER RESOLVED, that the Excepted
Holder Limit for the Excepted Holders as set forth in the Stockholders Agreement is hereby ratified and approved; and

 

FURTHER RESOLVED, that if the Company,
as specified in the Excepted Holder Agreement, redeems, repurchases, or cancels shares of Capital Stock, the effect of which would
be to cause the Excepted Holders to exceed the Excepted Holders’ Excepted Holder Limit, then the Excepted Holders’
Excepted Holder Limit will be increased so that the Excepted Holders’ then Beneficial Ownership and Constructive Ownership
are not in excess of the new limit; provided, however, that if such increase would cause the Company to Constructively Own )as
defined in the Charter) more than a 9.9% interest (within the meaning of Section 856(d)(2)(B) of the Code) in a tenant or would
cause any Person to Beneficially Own (as defined in the Charter) or Constructively Own more than 9.8% (in value or in number of
shares, whichever is more restrictive) of the shares of Capital Stock, then such Excepted Holder Limit shall be increased only
to the extent it would not cause the Company to have such an ownership interest in a tenant and would not cause any Person to Beneficially
Own or Constructively Own more than 9.8% of the shares of Capital Stock, as applicable; and

 

FURTHER RESOLVED, that notwithstanding
any provisions of the Charter to the contrary, the Directors of the Company agree that the Excepted Holder Limit granted to the
Excepted Holders by the Stockholders Agreement shall not be revoked unless the Directors determine that such revocation is required
for the preservation of the Company’s qualification as a REIT.

 

 

 

 

 

 

Exhibit A-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}]]