Document:

Exhibit 10.1

 

CONFIDENTIAL PORTIONS OF THIS SEPARATION AGREEMENT HAVE BEEN OMITTED
PURSUANT TO RULE 601(b)(10) OF REGULATION S-K. CERTAIN CONFIDENTIAL INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT (i) IS
NOT MATERIAL AND (ii) IS THE TYPE THAT THE COMPANY TREATS AS PRIVATE OR CONFIDENTIAL. THE REDACTED TERMS HAVE BEEN MARKED IN THIS EXHIBIT
AT THE APPROPRIATE PLACES AS INDICATED WITH [***].

 

SEPARATION AGREEMENT

 

This Separation Agreement (this “Separation
Agreement”) between PureCycle Technologies, Inc. (the “Company”) and Michael E. Dee (“you”
and similar words) sets forth certain terms of your separation from the Company, in order for you to receive certain separation payments
and benefits, as set forth in detail below.

 

By signing this Separation Agreement, you and
the Company agree as follows:

 

1.             Status of Employment

 

You agree that you will no longer serve
as Chief Financial Officer of the Company effective upon the effective time of the appointment by the Company of a new Chief Financial
Officer (the effective date of such appointment, the “Transition Date”), but you will remain an employee of
the Company until the date that is 60 calendar days after the Transition Date (or such later date as may be mutually agreed to by you
and the Company) (the “Separation Date”). You further agree that your termination of employment on the Separation
Date shall be treated as set forth in Paragraph 3 of this Separation Agreement. You also agree that, as of the Separation Date,
you will terminate from all other positions you hold (if any) as an officer, employee or director of the Company and the Company’s
subsidiaries and affiliates, and that you will promptly execute any documents and take any actions as may be necessary or reasonably requested
by the Company to effectuate or memorialize your termination from all positions with the Company and its subsidiaries and affiliates.

 

2.             Service During Transition Period

 

During the period commencing on the date
hereof and ending on the Separation Date, the Company will continue to pay you a base salary at an annual rate of $450,000 in periodic
installments in accordance with the Company’s customary payroll practices and applicable wage payment laws. You agree that, (1)
during the period commencing on the date hereof and ending on the Transition Date (the “Transition Period”),
you will provide the services set forth on Exhibit A attached hereto, and (2) during the period commencing on the Transition Date
and ending on the Separation Date, you will provide such services as may be reasonably determined by the Chief Executive Officer of the
Company.

 

3.             Severance Benefits

 

In consideration for you (a) signing this
Separation Agreement, and (b) signing, no earlier than the Separation Date and no later than 60 days following the Separation Date, a
general waiver and release of claims, substantially in the form attached hereto as Exhibit B (the “Release”),
and letting the Release become effective as set forth in the Release, you will receive the payments and benefits as specified on Exhibit C
attached hereto, all subject to applicable tax withholding (the “Severance Benefits”). The Severance Benefits
will be in full satisfaction of any amounts due under the Executive Employment Agreement, dated as of November 15, 2020, between the Company
and you (the “Employment Agreement”), the PureCycle Technologies, Inc. Executive Severance Plan (the “Severance
Plan”), the PureCycle Technologies, Inc. 2021 Equity and Incentive Compensation Plan (the “Equity Plan”),
and other compensation arrangements of the Company. You acknowledge and agree that neither your cessation of service as Chief Financial
Officer on the Transition Date nor your termination of employment on the Separation Date shall constitute “Good Reason” or
a termination of employment by the Company without “Cause” for purposes of the Employment Agreement or the Severance Plan.
The Company agrees your termination of employment on the Separation Date does not constitute termination for “Cause” or by
you without “Good Reason” for purposes of the Employment Agreement or the Severance Plan. You further acknowledge and agree
that certain portions of the Severance Benefits do not constitute benefits to which you would otherwise be entitled as a result of your
termination of employment with the Company, that such portions of the Severance Benefits would not be due unless you sign the Release,
and that such portions of the Severance Benefits constitute fair and adequate consideration for your promises and covenants set forth
in this Separation Agreement and the Release.

 

    

     

    

 

4.             Restrictive Covenants

 

By signing this Separation Agreement,
you reaffirm that you will continue to abide by the covenants set forth in the Restrictive Covenants Agreement, dated as of November 14,
2020, between the Company and you (the “Restrictive Covenants Agreement”), which expressly survive the termination
of your employment; provided, however, that notwithstanding anything in this Separation Agreement or the Restrictive Covenants
Agreement to the contrary, you shall be permitted to continue performing services in connection with your role as Chairman of the Board
of Veladyne Lidar, Inc. or such other position as agreed to by the Company in its discretion.

 

Notwithstanding anything in this Separation
Agreement to the contrary, nothing in this Separation Agreement prevents you from providing, without prior notice to the Company, information
to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding
by any governmental authorities regarding possible legal violations, and for purpose of clarity you are not prohibited from providing
information voluntarily to the Securities and Exchange Commission pursuant to Section 21F of the Securities Exchange Act of 1934, as amended.

 

No Company policy or individual agreement
between the Company and you shall prevent you from providing information to government authorities regarding possible legal violations,
participating in investigations, testifying in proceedings regarding the Company’s past or future conduct, engaging in any future
activities protected under the whistleblower statutes administered by any government agency (e.g., EEOC, NLRB, SEC, etc.) or receiving
a monetary award from a government-administered whistleblower award program for providing information directly to a government agency.
The Company nonetheless asserts and does not waive its attorney-client privilege over any information appropriately protected by privilege.
By executing this Separation Agreement you represent that, as of the date you sign this Separation Agreement, no claims, lawsuits, or
charges have been filed by you or on your behalf against the Company or any of its legal predecessors, successors, assigns, fiduciaries,
parents, subsidiaries, divisions or other affiliates, or any of the foregoing’s respective past, present or future principals, partners,
shareholders, directors, officers, employees, agents, consultants, attorneys, trustees, administrators, executors or representatives.
You acknowledge and agree that you have in a timely manner received or waived all applicable notices (if any) required under the Employment
Agreement or the Severance Plan in connection with the termination of your employment with the Company. The Company agrees that this Separation
Agreement does not extend to, release or modify any rights to indemnification or advancement of expenses to which you are entitled from
the Company or its insurers under the Company’s certificate of incorporation, by-laws, or other corporate governing law or instruments
or your indemnification agreement with the Company.

 

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5.             Limitations

 

Nothing in this Separation Agreement shall
be binding upon the parties to the extent it is void or unenforceable for any reason, including, without limitation, as a result of any
law regulating competition or proscribing unlawful business practices; provided, however, that to the extent that any provision
in this Separation Agreement could be modified to render it enforceable under applicable law, it shall be deemed so modified and enforced
to the fullest extent allowed by law.

 

6.             No Re-Employment

 

You understand that your employment with
the Company terminates on the Separation Date. You agree that you will not seek or accept employment with the Company, including assignment
to or on behalf of the Company as an independent contractor or through any third party, and the Company has no obligation to consider
you for any future employment or assignment.

 

7.             Review of Separation Agreement

 

This Separation Agreement is important.
You are advised to review it carefully and consult an attorney before signing it, as well as any other professional whose advice you value,
such as an accountant or financial advisor. If you agree to the terms of this Separation Agreement, sign in the space below where your
agreement is indicated. The payments and benefits specified in this Separation Agreement are contingent on your (a) signing this Separation
Agreement and (b) signing the Release no earlier than the Separation Date and no later than 60 calendar days following the Separation
Date, and not revoking the Release.

 

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8.             Return of Property

 

You affirm that you will have returned
within a reasonable time after the Separation Date, to the Company in reasonable working order all Company Property, as described more
fully below. “Company Property” includes company-owned or leased motor vehicles, equipment, computers, supplies and documents.
Such documents may include but are not limited to customer lists, financial statements, business plans, cost data, price lists, invoices,
forms, passwords, electronic files and media, mailing lists, contracts, reports, manuals, personnel files, correspondence, business cards,
drawings, employee lists or directories, lists of vendors, photographs, maps, surveys, and the like, including copies, notes or compilations
made there from, whether such documents are embodied on “hard copies” or contained on computer disk or any other medium. You
further agree that you will not retain any copies or duplicates of any such Company Property other than copies that are part of electronic
backups that cannot be readily deleted, provided that, for the avoidance of doubt, any such electronic backups shall be subject to the
confidentiality provisions of the Restrictive Covenants Agreement. Additionally, you agree, prior to your Separation Date, to permit the
Company, through Dechert, LLP, to image and retain one copy of your personal electronic devices used for Company business including, but
not limited to your laptop and other mobile devices. Such device images shall be maintained by Dechert LLP, and shall be accessed and/or
searched only as necessary to address current or future litigation or regulatory proceedings. The Company acknowledges that the documents
are being provided based solely on the understanding that the Company will maintain as confidential and will take reasonable steps to
prevent the dissemination of any images that are inadvertently collected that do not relate to Company business. To the extent that documents
that do not relate to Company business are inadvertently disclosed in a pending or future litigation or regulatory proceeding, the Company
agrees to use its reasonable best efforts to clawback any such inadvertently produced materials.

 

9.             Future Cooperation

 

You agree that you shall, without any
additional compensation, respond to reasonable requests for information from the Company regarding matters that may arise in the Company’s
business. You further agree to fully and completely cooperate with the Company, its advisors and its legal counsel with respect to any
litigation that is pending against the Company and any claim or action that may be filed against the Company in the future. Such cooperation
shall include making yourself available at reasonable times and places for interviews, reviewing documents, testifying in a deposition
or a legal or administrative proceeding, and providing advice to the Company in preparing defenses to any pending or potential future
claims against the Company. The Company agrees to (or to cause one of its affiliates to) pay/reimburse you for any approved travel expenses
reasonably incurred as a result of your cooperation with the Company, with any such payments/reimbursements to be made in accordance with
the Company's expense reimbursement policy as in effect from time to time. If you are required to provide more than an aggregate of 100
hours of your time pursuant to this Section 9, the Company will compensate any additional time at the rate of $500.00 per hour; provided
that any time spent by you that primarily relates to your personal defense shall not count toward such 100 hour threshold or be compensable
by the Company, and that you shall provide the Company an estimate of the hours required for any such task beyond the 100 hours.

 

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10.           Mutual Non-Disparagement

 

You agree that you will not make or issue,
or procure any person, firm, or entity to make or issue, any statement in any form, including written, oral and electronic communications
of any kind, which conveys negative or adverse information concerning the Company, its affiliates, or any and all past, present, or future
related persons or entities, including but not limited to the Company’s and its affiliates’ directors, managers, employees,
shareholders, agents, attorneys, successors and assigns.

 

The Company shall reasonably direct the
officers and directors of the Company not to make or issue, or procure any person, firm, or entity to make or issue, any statement in
any form, including written, oral and electronic communications of any kind, which conveys negative or adverse information about you.

 

This Paragraph does not apply to truthful
testimony or disclosure compelled or required by applicable law or legal process.

 

11.           Tax Matters

 

By signing this Separation Agreement,
you acknowledge that you will be solely responsible for any taxes which may be imposed on you as a result of the Severance Benefits, all
amounts payable to you under this Separation Agreement will be subject to applicable tax withholding by the Company, and the Company has
not made any representations or guarantees regarding the tax result for you with respect to any income recognized by you in connection
with this Separation Agreement or the Severance Benefits.

 

12.          Other Acknowledgements

 

Failure by either party to enforce any
term or condition of this Separation Agreement at any time shall not preclude that party from enforcing that provision, or any other provision,
at a later time.

 

13.          Nature of Agreement

 

By signing this Separation Agreement,
you acknowledge that you are doing so freely, knowingly and voluntarily. You acknowledge that in signing this Separation Agreement you
have relied only on the promises written in this Separation Agreement and not on any other promise made by the Company or its affiliates.
This Separation Agreement is not, and will not be considered, an admission of liability or of a violation of any applicable contract,
law, rule, regulation, or order of any kind. This Separation Agreement and the Release contain the entire agreement between the Company,
its affiliates and you regarding your departure from the Company, except that all post-employment covenants contained in the Restrictive
Covenants Agreement, as modified herein, remain in full force and effect. The Severance Benefits are in full satisfaction of any benefits
under the Employment Agreement, the Severance Plan, the Equity Plan, and any other compensation arrangements between you and the Company
or its affiliates. This Separation Agreement may not be altered, modified, waived or amended except by a written document signed by a
duly authorized representative of the Company and you. Except as otherwise explicitly provided, this Separation Agreement will be interpreted
and enforced in accordance with the laws of the state of Florida, and the parties hereto, including their successors and assigns, consent
to the jurisdiction of the state and federal courts of Florida. The headings in this document are for reference only, and shall not in
any way affect the meaning or interpretation of this Separation Agreement.

 

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, you and the Company have executed
this Separation Agreement as of the dates set forth below.

 

 

 

	 	MICHAEL DEE
	 	 	 	 
	 	/s/ Michael Dee
	 	 	 	 
	 	 	 	 
	 	Date: 	12/07/2021
	 	 	 	 
	 	 	 	 
	 	PURECYCLE TECHNOLOGIES, INC.
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Michael Otworth
	 	 	Name: 	Michael Otworth
	 	 	Title: 	Chairman and Chief Executive Officer
	 	 	 	 
	 	 	 	 
	 	Date: 	12/11/2021

 

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Exhibit A

 

Transition Period Services

 

You agree that, during the
Transition Period, you will provide the following services on terms and conditions reasonably determined by the Company:

 

		·	Actively lead the Company’s investor relations efforts and support the Company’s Chief Executive
Officer (the “CEO”) and management team with all investor focused efforts until the CEO assigns another person
to such duties;

 

		·	Invite a list of Company personnel (as determined by the CEO) as optional attendees to investor calls
to support knowledge transfer and ongoing content alignment;

 

		·	Complete and maintain an FAQ for use with analysts, investors and current shareholders to be completed
and shared with the CEO for comment no later than two weeks after the date hereof;

 

		·	Assist with the consummation [***];

 

		·	Support debt funding initiative being led by the Ad-Hoc Finance Committee of the Company’s Board
of Directors (the “Ad-Hoc Committee”);

 

		·	Serve, along with consultants retained by the Company to assist the Ad-Hoc Committee, or such other individuals
or entities as identified by the CEO or the Ad-Hoc Committee, as advisor to the Ad-Hoc Committee, and work to support the Company’s
debt effort consistent with the brief presented by such consultants and approved by the Board of Directors of the Company; and

 

		·	At the direction of the CEO, provide on-boarding support to the Company’s new Chief Financial Officer.

 

    

     

    

 

Exhibit B

 

Release

 

This Release is between PureCycle
Technologies, Inc. (the “Company”) and Michael Dee (“you” and similar words), in consideration
of the benefits provided to you and to be received by you from the Company as described in the Separation Agreement between the Company
and you dated as of the applicable date referenced therein (the “Separation Agreement”). Capitalized terms used
herein without definition have the meanings ascribed to such terms in the Separation Agreement.

 

By signing this Release, you and the Company hereby
agree as follows:

 

1.             Waiver and Release

 

You, on behalf of yourself and anyone
claiming through you, including each and all of your legal representatives, administrators, executors, heirs, successors and assigns (collectively,
the “Releasors”), hereby fully, finally and forever release, absolve and discharge the Company and each and
all of its legal predecessors, successors, assigns, fiduciaries, parents, subsidiaries, divisions and other affiliates, and each of the
foregoing’s respective past, present and future principals, partners, shareholders, directors, officers, employees, agents, consultants,
attorneys, trustees, administrators, executors and representatives (collectively, the “Company Released Parties”),
of, from and for any and all claims, causes of action, lawsuits, controversies, liabilities, losses, damages, costs, expenses and demands
of any nature whatsoever, at law or in equity, whether known or unknown, asserted or unasserted, foreseen or unforeseen, whether brought
individually, as a member or representative of a class, or derivatively on behalf of the Company or shareholders of the Company, that
the Releasors (or any of them) now have, have ever had, or may have against the Company Released Parties (or any of them) based upon,
arising out of, concerning, relating to or resulting from any act, omission, matter, fact, occurrence, transaction, claim, contention,
statement or event occurring or existing at any time in the past up to and including the date on which you sign this Release, including,
without limitation: (a) all claims arising out of or in any way relating to your employment with or separation of employment from the
Company or its affiliates; (b) all claims for compensation or benefits, including salary, commissions, bonuses, vacation pay, expense
reimbursements, severance pay, fringe benefits, stock options, restricted stock units or any other ownership interests in the Company
Released Parties; (c) all claims for breach of contract, wrongful termination and breach of the implied covenant of good faith and fair
dealing; (d) all tort claims, including claims for fraud, defamation, invasion of privacy and emotional distress; (e) all other common
law claims; and (f) all claims (including claims for discrimination, harassment, retaliation, attorneys’ fees, expenses or otherwise)
that were or could have been asserted by you or on your behalf in any federal, state, or local court, commission, or agency, or under
any federal, state, local, employment, services or other law, regulation, ordinance, constitutional provision, executive order or other
source of law, including without limitation under any of the following laws, as amended from time to time: the Age Discrimination in Employment
Act (the “ADEA”), as amended by the Older Workers’ Benefit Protection Act of 1990 (the “OWBPA”);
Title VII of the Civil Rights Act of 1964; 42 U.S.C. §§ 1981 & 1981a; the Americans with Disabilities Act; the Equal Pay
Act; the Employee Retirement Income Security Act; the Lilly Ledbetter Fair Pay Act of 2009; the Family and Medical Leave Act; Sarbanes-Oxley
Act of 2002; the National Labor Relations Act; the Rehabilitation Act of 1973; the Worker Adjustment Retraining and Notification Act;
the Uniformed Services Employment and Reemployment Rights Act; Federal Executive Order 11246; the Genetic Information Nondiscrimination
Act; Florida Civil Human Rights Act, Fla. Stat. Ann. §§ 760.01 et seq.; The Florida AIDS Act, Fla. Stat. Ann. §§ 760.50
et seq.; Florida Wage Discrimination Law, Fla. Stat. Ann. § 725.07; Florida Equal Pay Law, Fla. Stat. Ann. § 448.07; Florida
Whistleblower Protection Law, Fla. Stat. Ann. § 448.102; Florida Wage Payment Laws, Fla. Stat. Ann. §§ 222.15, 532.01 et
seq.; Military Leave Non-Discrimination Law, Fla. Stat. Ann. §§ 250.482, 250.82; Florida Minimum Wage Law, Fla. Stat. Ann. §§
448.109 to 448.110; Florida Right to Work Law, Fla. Stat. Ann. §§ 447.01 et seq.; Florida Wage Payment Law, Fla. Stat. Ann.
 §§ 532.01 et seq.; Florida Workers Compensation retaliation provision, Fla. Stat. Ann. § 440.205; Florida Domestic Violence
Leave law Fla. Stat. Ann. § 741.313; and Florida Law on Wages/Hours/Payroll, Fla. Stat. Ann. §§ 443.071, 443.171, F.A.C.
 § 60BB-2.032.

 

    

     

    

 

2.             Scope of Release

 

Nothing in this Release (a) shall release
the Company from any of its obligations set forth in the Separation Agreement or any claim that by law is non-waivable, (b) shall release
the Company from any obligation to defend and/or indemnify you against any third party claims arising out of any action or inaction by
you during the time of your employment and within the scope of your duties with the Company to the extent you have any such defense or
indemnification right, and to the extent permitted by applicable law and to the extent the claims are covered by the Company’s director
 & officer liability insurance, (c) shall release your right to any benefits to which you are entitled under any retirement plan of
the Company that is intended to be qualified under Section 401(a) of the Code, or (d) shall affect your right to file a claim for workers’
compensation or unemployment insurance benefits.

 

Nothing in this Release (or any other
agreement incorporated by reference herein) shall be construed to prevent you from providing truthful testimony under oath in a judicial
or administrative proceeding or to prohibit or interfere with your right to participate as a complainant or witness in any federal, state
or local governmental agency investigation (including but not limited to any activities protected under the whistleblower provisions of
any applicable laws or regulations), during which communications can be made without authorization by or notification to the Company.
However, you are waiving and releasing, to the fullest extent legally permissible, all entitlement to any form of monetary recovery or
relief (including but not limited to any costs, expenses, attorneys’ fees, or reinstatement of your employment) should any agency
or commission pursue any claims on behalf of you or others. You understand that this waiver and release of monetary relief would not affect
an enforcement agency’s ability to investigate a charge or to pursue relief on behalf of others. Notwithstanding the foregoing,
you will not give up your right to any monetary recovery under the Dodd-Frank Wall Street Reform and Consumer Protection Act and The Sarbanes-Oxley
Act of 2002, or any monetary award offered by the Securities and Exchange Commission pursuant to Section 21F of the Securities Exchange
Act of 1934.

 

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By executing this Release you represent
that, as of the date you sign this Release, no claims, lawsuits, grievances, or charges have been filed by you or on your behalf against
the Company Released Parties. You further represent that, as of the date of execution of this Release, you have no knowledge of any actions
or inactions by the Company or any of the Company Released Parties, or by you with respect to your employment or relationship with the
Company or any of the Company Released Parties, that you believe could possibly constitute a basis for a claimed violation of any federal,
state, or local law, any common law, or any rule or regulation promulgated by an administrative body.

 

 3.             Age Discrimination in Employment Act & Older Workers Benefit Protection Act Disclosures

 

In compliance with the requirements of
the OWBPA, you acknowledge by your signature below that, with respect to the rights and claims under the ADEA that are waived and released
by this Release, including claims relating to employment discrimination based upon age, your waiver of such rights and claims is knowing
and voluntary. Further, you specifically acknowledge and agree as follows: (a) you have read and understand the terms of this Release;
(b) you have been advised and hereby are advised, and have had the opportunity, to consult with an attorney before signing this Release
(and that you are responsible for any costs or fees resulting from an attorney’s review of this Release); (c) the Release is written
in a manner understood by you; (d) you are releasing the Company and the other Company Released Parties from, among other things, any
claims that you may have against them pursuant to the ADEA; (e) the Release does not cover rights or claims that may arise after you sign
this Release; (f) you will receive valuable consideration in exchange for the Release other than amounts you would otherwise be entitled
to receive; (g) you have been given a period of at least 21 days in which to consider and execute this Release (although you may elect
not to use the full consideration period at your option); (h) you may revoke the Release during the seven-day period following the date
on which you sign this Release, and the Release will not become effective and enforceable until the seven-day revocation period has expired;
and (i) any such revocation must be submitted in writing to the Company c/o Brad Kalter, General Counsel and Corporate Secretary, PureCycle
Technologies, Inc., 5950 Hazeltine National Drive, Suite 650, Orlando, Florida 32822 prior to the expiration of such seven-day revocation
period. If you revoke the Release within such seven-day revocation period, it shall be null and void. If you do not revoke this Release
prior to the eighth (8) day after your signing, this Agreement shall become enforceable on the eighth (8) day after your signing.

 

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4.             Adequate Consideration and Other Benefits

 

You understand and agree that payment
of certain of the benefits described in the Separation Agreement are not required by law and are not required by the Company’s policies
and procedures absent execution of this Release. You further understand and agree that the benefits described in the Separation Agreement
provide good and sufficient consideration for every promise, duty, release, obligation, agreement and right contained in this Release.
You further understand and agree that a portion of the consideration for this Release is your ongoing compliance with the terms of this
Release and the confidentiality, non-disparagement, non-competition, and non-solicitation provisions in the Restrictive Covenants Agreement
and the Separation Agreement, over time.

 

All other benefits of your employment
with the Company not described in the Separation Agreement ceased as of the Separation Date. You acknowledge and agree that, other than:
(i) the payments and benefits expressly set forth in the Separation Agreement; and (ii) any benefits to which you are entitled under any
retirement plan of the Company that is intended to be qualified under Section 401(a) of the Code, or other deferred compensation plans,
you have received all compensation to which you are entitled from the Company, and you are not entitled to any other payments or benefits
from the Company, including but not limited to, any and all rights that you may have arising out of any other Company plan, agreement,
offer letter, or contract of any type, or any other expectation of remuneration or benefit on your part, including but not limited to
any payments for wages or vacation.

 

5.             Entire Agreement

 

This Release, the Separation Agreement,
and the documents referenced therein contain the entire agreement between you and the Company, and take priority over any other written
or oral understanding or agreement that may have existed in the past. You acknowledge that no other promises or agreements have been offered
for this Release (other than those described above) and that no other promises or agreements will be binding unless they are in writing
and signed by you and the Company. Should any provision of this Release be declared by a court of competent jurisdiction to be illegal,
void, or unenforceable, the remaining provisions shall remain in full force and effect; provided, however, that upon a finding
that the Release, in whole or part, is illegal, void, or unenforceable, you shall be required, at the option of the Company, either to
return the severance benefits described in the Separation Agreement or to execute a release that is legal and enforceable.

 

6.             Compliance with Post-Employment Obligations

 

You agree and acknowledge that the confidentiality,
non-disparagement, non-competition, and non-solicitation provisions in the Restrictive Covenants Agreement and the Separation Agreement
contain obligations that survive your separation from the Company, and you hereby reaffirm that you will continue to abide by those provisions.

 

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7.             Headings

 

The headings contained in this Release
are for reference only and shall not in any way affect its meaning or interpretation.

 

8.             No Waiver

 

A waiver by the Company of any breach
of this Release shall not operate or be understood to be a waiver of any other provision or a waiver of any subsequent breach of this
Release.

 

9.             Assignment

 

Except as set forth herein, no rights
of any kind under this Release shall, without the prior written consent of the Company, be transferable to or assignable by you or any
other person, or, except as provided by applicable law, be subject to alienation, encumbrance, garnishment, attachment, execution or levy
of any kind, voluntary or involuntary. This Release shall be binding upon and shall inure to the benefit of the Company and its successors
and assigns. The Company may assign its rights and obligations under this Agreement at any time to any successor, subsidiary or assign.

 

10.           Choice of Law

 

This Release shall be governed by, and
construed in accordance with, the internal, substantive laws of the state of Florida. You agree that the state and federal courts located
in the state of Florida shall have jurisdiction in any action, suit or proceeding based on or arising out of this Release and you hereby:
(a) submit to the personal jurisdiction of such courts; (b) consent to service of process in connection with any action, suit or proceeding;
and (c) waive any other requirement (whether imposed by statute, rule of court or otherwise) with respect to personal jurisdiction, venue
or service of process.

 

[SIGNATURE PAGE FOLLOWS]

 

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I agree to the terms and conditions set forth in this Release.

 

MICHAEL DEE

 

 

	/s/ Michael Dee	 
	 	 
	Date:  12/07/2021	 

 

    -6-

     

    

 

 

Exhibit C

 

Severance Benefits[*]

 

		1.	Severance benefits consisting of the following:

 

		·	On December 31, 2021, the Company will pay you a lump sum cash amount equal to $1,000,000 in full satisfaction
of its obligations under Section 4.3 of the Employment Agreement;

 

		·	The Company will pay you an aggregate payment of $225,000.00 in twelve (12) equal installment payments
payable in accordance with the Company's normal payroll practices, which shall begin within 30 days following the date of the Executive's
Separation Date;

 

		·	The Company will pay you a lump sum cash amount equal to your Annual Bonus (as defined in the Employment
Agreement) that would have been earned for the 2021 calendar year calculated on the basis of actual performance of the applicable performance
objectives for the entire performance period. The Company will pay this amount to you on the same date that the Annual Bonus for such
year would have been paid if your employment had not been terminated, but in any event not later than March 15, 2022; and

 

		·	Within 60 days of the Separation Date, the Company shall reimburse for your attorneys’ fees associated
with the negotiation of this Separation Agreement up to a maximum amount of $20,000.00.

 

		·	If you timely and properly elect health continuation coverage under the Consolidated Omnibus Budget Reconciliation
Act of 1985 (“COBRA”), the Company shall reimburse you for the difference between the monthly COBRA premium
paid by you for yourself and your dependents and the monthly premium amount paid by you for such coverage immediately prior to the Separation
Date. Such reimbursement shall be paid to you on the first of the month immediately following the month in which you timely remit the
premium payment. You shall be eligible to receive such reimbursement until the earliest of: (i) the 12-month anniversary of the date of
the Separation Date; (ii) the date you are no longer eligible to receive COBRA continuation coverage; and (iii) the date on which you
become eligible to receive substantially similar coverage from another employer or other source; provided, that you shall promptly
notify the Company of any such circumstances. For the avoidance of doubt, nothing in the Separation Agreement or this Exhibit C
shall prohibit the Company from amending or terminating any group health plan. Notwithstanding anything in the Separation Agreement or
this Exhibit C to the contrary, in the event that the payment of amounts payable under this paragraph shall result in adverse tax
consequences under Chapter 100 of the Code, Code Section 4980D or otherwise to the Company, the parties shall undertake commercially reasonable
efforts to restructure such benefit in an economically equivalent manner to avoid the imposition of such taxes on the Company; provided,
however, that should the Company’s auditors determine in good faith that no such alternative arrangement is achievable, you
shall not be entitled to your rights to payment under this paragraph. Further, neither the Company nor any of its employees, directors,
managers, board members, affiliates, parents, stakeholders, equity holders, agents, successors, predecessors or related parties guarantees
the tax treatment of any benefit under this paragraph and no such party shall have liability to you or your beneficiaries with respect
to the taxation of such benefits or amounts payable in respect thereof.

 

 

[*]
Except as otherwise expressly provided, all benefits are to be paid or provided in the manner and at the time specified in the applicable
plan or agreement, or as required under applicable law.

 

    

     

    

 

		2.	In lieu of the treatment described in the Equity Plan and the applicable award agreements governing your
outstanding equity awards, treatment of outstanding equity awards as follows, notwithstanding your termination of employment on the Separation
Date, but subject in all cases to the terms and provisions of the Equity Plan and the other terms of the applicable award agreements:

 

		·	613,497 stock options that were granted by the Company to you on March 17, 2021 (as adjusted) and are
outstanding under the Equity Plan (a) shall vest in full on the Separation Date and (b) shall remain exercisable until, and shall terminate
on, the date that is five years after the Separation Date. You will be permitted to use “net exercise” with respect to both
the exercise price and any withholding obligations.

 

		·	666,667 unvested service-based shares of restricted stock (“Restricted Shares”)
that were granted by the Company to you on July 8, 2021 and are outstanding under the Equity Plan shall vest as follows: (A) 333,334 Restricted
Shares will become nonforfeitable on the Separation Date, but will remain subject to the applicable restrictions on transfer set forth
in the applicable award agreement until March 15, 2022 (except that the Company will withhold as of the Separation Date a portion of such
Restricted Shares having a value equal to the amount of taxes required to be withheld by the Company with respect to such Restricted Shares,
with the value per Restricted Share for such purpose deemed equal to the closing price of a share of the Company’s common stock
as reported for the Separation Date on the Nasdaq Stock Market); and (B) 333,333 Restricted Shares will vest on the date on which the
Company’s Ironton, Ohio plant becomes operational, as certified by Leidos in accordance with the Limited Offering Memorandum, dated
September 23, 2020 (in connection with the bond offering by Southern Ohio Port Authority to PureCycle: Ohio LLC); provided if such Restricted
Shares do not vest by 11:59pm December 31, 2024, those 333,333 Restricted Shares shall not vest and that portion of the award shall expire.

 

		·	200,000 unearned and unvested performance-based restricted stock units (“PRSUs”)
subject to a stock price-based vesting condition that were granted by the Company to you on July 8, 2021 and are outstanding under the
Equity Plan shall vest in full (if at all) on the first date that the Market Value per Share (as defined in the Equity Plan) is greater
than $18.00 for any period of 20 trading days out of any 30 consecutive trading days within the performance period that commenced on September
17, 2021 and ends on March 17, 2024. Payment with respect to such PRSUs (if they become vested) shall be made to you as soon as administratively
practicable following (but no later than 30 days following) the date such PRSUs become vested.

 

    -2-

     

    

 

		·	18,107 service-based restricted stock units (“RSUs”) that were granted by the
Company to you on July 8, 2021 and are outstanding under the Equity Plan shall vest pro-rata basis on the Separation Date based on the
number of days during the vesting period that you have been employed by the Company from the date of grant through the Separation Date.
Payment with respect to such RSUs will be made to you as soon as practicable (but no later than 30 days) after the Separation Date.

 

		·	18,107 unearned and unvested PRSUs subject to a manufacturing output-based vesting condition that were
granted by the Company to you on July 8, 2021 and are outstanding under the Equity Plan shall become earned and vested (if at all) to
the extent the applicable performance goal is achieved in accordance with the Statement of Performance Goals related to the applicable
award agreement, pro-rated based on the number of days during the applicable performance period that you have been employed by the Company
from the beginning of the performance period through the Separation Date. Payment with respect to such PRSUs (to the extent that they
become vested) shall be made to you between January 1 and March 15 of 2024, subject to earlier payment to the extent provided under Section
6(c) of the applicable award agreement.

 

		·	Notwithstanding the foregoing, if, prior to the vesting (or, if earlier, expiration) of the awards described
above, you die or become Disabled (as defined in the applicable award agreement) or a Change in Control (as defined in the Equity Plan)
occurs, you will be eligible to vest in such awards (or have the restrictions lapse with respect to such awards) to the same extent as
you would have if you had remained in continuous employment with the Company through the date of such death, Disability or Change in Control;
provided, that notwithstanding anything in the applicable award agreements to the contrary, any applicable pro-ration calculation shall
be made on the basis of your service through the Separation Date (as described above, to the extent applicable).

 

		3.	Accrued vested benefits under any other benefit plans, programs or arrangements of the Company (including
any vested benefits under the Company’s qualified and nonqualified retirement plans), subject to the terms of such plans, programs
or arrangements.

 

    -3-Exhibit 10.1

BLACK CREEK INDUSTRIAL REIT IV INC.
Amended and Restated 
DEALER MANAGER AGREEMENT 
​
This Amended and Restated Dealer Manager Agreement (the “Agreement”), dated December 14, 2021 and effective as of January 1, 2022, is entered into by and between Black Creek Industrial REIT IV Inc., a Maryland corporation (the “Company”), and Ares Wealth Management Solutions, LLC (f/k/a/ Black Creek Capital Markets, LLC), a Colorado limited liability company (the “Dealer Manager”).
Whereas, the Company has filed a registration statement with the U.S. Securities and Exchange Commission (the “SEC”) that is listed on Schedule 1 to this Agreement (each, a “Registration Statement”), which Schedule 1 may be amended from time to time with the written consent of the Company and the Dealer Manager. In this Agreement, unless explicitly stated otherwise, “the Registration Statement” means, at any given time, each of the registration statement(s) listed on Schedule 1, as such Schedule 1 may be amended from time to time, as each such registration statement is finally amended and revised at the effective date of the registration statement (including at the effective date of any post-effective amendment thereto).
Whereas, each Registration Statement shall register an ongoing offering (each, an “Offering”) of shares of the Company’s common stock, $0.01 par value per share (“Common Stock”), which may consist of Class T shares (“Class T shares”), Class W shares (“Class W shares”), Class I shares (“Class I Shares”) or such other classes of shares that may be registered from time to time on a Registration Statement. In this Agreement, unless explicitly stated otherwise, “the Offering” means each Offering covered by a Registration Statement and “Shares” means the Shares being offered in the Offering.
Whereas, the Offering is and shall be comprised of a maximum amount of Shares set forth in the Prospectus (as defined in Section 1.a. below) that will be issued and sold to the public at the public offering prices per Share set forth in the Prospectus pursuant to a primary offering (the “Primary Offering”) and the Company's distribution reinvestment plan. In connection with the Offering, the minimum purchase by any one person shall be as set forth in the Prospectus (except as otherwise indicated in any letter or memorandum from the Company to the Dealer Manager).
Whereas, in this Agreement, unless explicitly stated otherwise, any references to the Registration Statement, the Offering, the Shares or the Prospectus with respect to each other shall mean only those that are all related to the same Registration Statement.
Whereas, the differences between the classes of Shares being offered by the Company and the eligibility requirements for each class are described in detail in the Prospectus. The Shares are to be offered and sold to the public as described under the caption “Plan of Distribution” in the Prospectus. Shares sold through the Dealer Manager are to be sold through the Dealer Manager, as the dealer manager, and the broker-dealers (the “Dealers”) with whom the Dealer Manager has entered into or will enter into a Selected Dealer Agreement. 

​

Whereas, in connection with the Offering, the minimum initial purchase requirement for any one person shall be $2,000 for Class T Shares and Class W Shares or $1,000,000 for Class I Shares (unless waived by the Company and except as otherwise indicated in the Prospectus). 
Whereas, the parties entered into that certain Dealer Manager Agreement dated as of July 30, 2021 (the “Dealer Manager Agreement”).
Whereas, the parties desire to amend the Dealer Manager Agreement by executing this Agreement.
Now, therefore, in consideration of the terms and conditions hereinafter set forth and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed between the Company and the Dealer Manager that the Dealer Manager Agreement shall be and hereby is amended and restated in its entirety as follows:
1.Representations and Warranties of the Company:
The Company represents and warrants to the Dealer Manager that:
a.Registration Statement and Prospectus.  The Company has filed the Registration Statement with the SEC in accordance with applicable requirements of the Securities Act and the applicable rules and regulations (the “Rules and Regulations”) of the SEC promulgated thereunder, covering the Shares.   Copies of such Registration Statement and each amendment thereto have been or will be delivered to the Dealer Manager.  The prospectus contained therein, as it may be amended or supplemented from time to time, is hereinafter referred to as the “Prospectus”. Every contract or document required by the Securities Act or Rules and Regulations to be filed as an exhibit to the Registration Statement has been and will be so filed with the SEC.
b.The Company.  The Company is and will be at all times during the Offering duly and validly organized and formed as a corporation under the laws of the state of Maryland, with the power and authority to conduct its business as described in the Prospectus.
c.Compliance with the Securities Act.  At the time the Registration Statement becomes effective and at the time that any post-effective amendment thereto becomes effective, the Registration Statement and Prospectus will comply with the Securities Act and the Rules and Regulations and at the time the Registration Statement becomes effective and at the time that any post-effective amendment thereto becomes effective and during the Offering the Registration Statement and Prospectus will not contain any untrue statements of material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading; provided, however, that the foregoing provisions of this Section 1(c) will not apply to statements contained in or omitted from the Registration Statement or Prospectus that are made in reliance upon and in conformity with information furnished to the Company in writing by the Dealer Manager or any of the Dealers specifically for inclusion in the Registration Statement or Prospectus.
d.Use of Proceeds.  The Company intends to use the funds received from the sale of the Shares as set forth in the Prospectus.

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e.Absence of Further Consents and Approvals.  No consent, approval, authorization or other order of any governmental authority is required in connection with the execution or delivery by the Company of this Agreement or the issuance and sale by the Company of the Shares, except such as may be required under the Securities Act or applicable state securities laws.
f.No Order of Suspension.  No order preventing or suspending the use of a Prospectus has been issued and no proceedings for that purpose are pending, threatened or, to the knowledge of the Company, contemplated by the SEC; and to the knowledge of the Company, no order suspending the offering of the Shares in any jurisdiction has been issued and no proceedings for that purpose have been instituted or threatened or are contemplated.
g.No Pending Actions.  There are no actions, suits or proceedings pending or to the knowledge of the Company, threatened against the Company at law or in equity or before or by any federal or state commission, regulatory body or administrative agency or other governmental body, domestic or foreign, which will have a material adverse effect on the business or property of the Company.
h.Absence of Conflict or Default.  The execution and delivery of this Agreement, the consummation of the transactions herein contemplated and compliance with the terms of this Agreement by the Company will not conflict with or constitute a default under (i) any of its organizational documents, (ii) any, indenture, mortgage, deed of trust, or lease to which the Company is a party or by which it may be bound, or to which any of the property or assets of the Company is subject, or (iii) any rule, regulation, writ, injunction or decree of any government, governmental instrumentality or court, domestic or foreign, having jurisdiction over the Company or any of its assets, properties or operations, except in the case of clause (ii) and (iii) for such conflicts or defaults that would not individually or in the aggregate have a material adverse effect on the condition (financial or otherwise), business, properties or results of operations of the Partnership.
i.Requisite Authority.  The Company has all necessary power and authority to enter into this Agreement and to perform the transactions contemplated hereby, except to the extent that the enforceability of the indemnity and/or contribution provisions contained in Section 6 of this Agreement may be limited under applicable securities laws and to the extent that the enforceability of this Agreement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws that affect creditors’ rights generally or by equitable principles relating to the availability of remedies.
j.Authorization of Agreement.  This Agreement has been duly authorized, executed and delivered by the Company, and assuming due authorization, execution and delivery of this Agreement by the Dealer Manager, will constitute a valid and legally binding agreement of the Company enforceable against the Company in accordance with its terms, except to the extent that the enforceability of the indemnity and/or contribution provisions contained in Section 6 of this Agreement may be limited under applicable securities laws and to the extent that the enforceability of this Agreement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws that affect creditors’ rights generally or by equitable principles relating to the availability of remedies.

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k.Authorization of Shares.  At the time of the issuance of the Shares, the Shares will have been duly authorized and validly issued, and upon payment therefor, will be fully paid and nonassessable and will conform to the description thereof contained in the Prospectus; no holder thereof will be subject to personal liability for the obligations of the Company solely by reason of being such a holder; such Shares are not subject to the preemptive rights of any shareholder of the Company; and all action required to be taken for the authorization, issue and sale of such Shares has been validly and sufficiently taken.
l.Taxes.  The Company has filed all federal, state and foreign income tax returns, which have been required to be filed, on or before the due date (taking into account all extensions of time to file) and has paid or provided for the payment of all taxes indicated by said returns and all assessments received by the Company to the extent that such taxes or assessments have become due.
m.Financial Statements.  The financial statements of the Company included in the Prospectus present fairly in all material respects the financial position of the Company as of the date indicated and the results of its operations for the periods specified; said financial statements have been prepared in conformity with generally accepted accounting principles applied on a consistent basis.
n.Investment Company Act.  The Company does not intend to conduct its business so as to be an “investment company” as that term is defined in the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, and it will exercise reasonable diligence to ensure that it does not become an “investment company” within the meaning of the Investment Company Act of 1940, as amended.
o.Qualification as a Real Estate Investment Trust.  The Company has been organized and has operated in a manner so as to qualify as a real estate investment trust under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the taxable year ended December 31, 2016, and, to the knowledge of the Company, there currently exists no circumstance that will prevent the Company from complying with such requirements as contemplated in the Prospectus. The Company intends to operate the business of the Company so as to continue to comply with such requirements.
p.Sales Material.  To the knowledge of the Company, all materials provided by the Company or any of its affiliates to the Dealer, including materials provided to the Dealer in connection with its due diligence investigation relating to the Offering, were materially accurate as of the date provided.
q.Supplemental Sales Materials.  Any and all supplemental sales materials prepared by the Company and any of its affiliates (excluding the Dealer Manager) specifically for use with potential investors in connection with the Offering, when used in conjunction with the Prospectus, did not at the time provided for use, and, as to later provided materials, will not at the time provided for use, include any untrue statement of a material fact nor did they at the time provided for use, or, as to later provided materials, will they, omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made and when read in conjunction with the Prospectus, 

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not misleading.  If at any time any event occurs which is known to the Company as a result of which such supplemental sales materials when used in conjunction with the Prospectus would include an untrue statement of a material fact or, in view of the circumstances under which they were made, omit to state any material fact necessary to make the statements therein not misleading, the Company will promptly notify the Dealer Manager thereof.
2.Covenants of the Company.
The Company covenants and agrees with the Dealer Manager during the full term of this Agreement that:
a.Furnishing Materials.  It will, at no expense to the Dealer Manager, furnish the Dealer Manager with such number of printed copies of the Registration Statement, including all amendments and exhibits thereto, as the Dealer Manager may reasonably request.  It will similarly furnish to the Dealer Manager and others designated by the Dealer Manager as many copies of the following documents as the Dealer Manager may reasonably request:  (i) the Prospectus in final form and every form of supplemental or amended prospectus; (ii) this Agreement; and (iii) any other printed advertising, sales literature, supplemental sales materials or other materials (provided that the use of said advertising, sales literature, supplemental sales materials and other materials has been first approved for use by the Company and filed with all appropriate regulatory agencies).
b.Qualification of Shares.  It will furnish such proper information and execute and file such documents as may be necessary for the Company to qualify the Shares for offer and sale under the securities laws of such jurisdictions as the Dealer Manager may reasonably designate and will file and make in each year such statements and reports as may be required.  The Company will furnish to the Dealer Manager a copy of such papers filed by the Company in connection with any such qualification.
c.Effectiveness of Registration; Stop Orders.  It will:  (i) use its best efforts to cause any post-effective amendment to the Registration Statement to become effective; (ii) furnish copies of any proposed amendment or supplement of the Registration Statement or Prospectus to the Dealer Manager; (iii) file every amendment or supplement to the Registration Statement or the Prospectus that may be required by the SEC; (iv) use its best efforts to prevent the issuance of any order by the SEC, any state regulatory authority or any other regulatory authority which suspends the effectiveness of the Registration Statement, prevents the use of the Prospectus, or otherwise prevents or suspends the Offering; and (v) if at any time the SEC, any state regulatory authority or any other regulatory authority shall issue any stop order suspending the effectiveness of the Registration Statement, it will use its best efforts to obtain the lifting of such order at the earliest possible time.
d.Amendments and Supplements.  If at any time when a prospectus is required to be delivered under the Securities Act any event occurs as a result of which, in the opinion of either the Company or the Dealer Manager, the Prospectus or any other prospectus then in effect would include an untrue statement of a material fact or, in view of the circumstances under which they were made, omit to state any material fact necessary to make the statements therein not misleading, the Company will promptly notify the Dealer Manager thereof (unless the 

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information shall have been received from the Dealer Manager) and will effect the preparation of an amended or supplemental prospectus which will correct such statement or omission.  The Company will then promptly prepare such amended or supplemental prospectus or prospectuses as may be necessary to comply with the requirements of Section 10 of the Securities Act.
3.Representations and Warranties of the Dealer Manager.
The Dealer Manager represents and warrants to the Company that:
a.The Company.  The Dealer Manager is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Colorado, with all requisite power and authority to enter into this Agreement and to carry out its obligations hereunder.
b.Authorization of Agreement.  This Agreement has been duly authorized, executed and delivered by the Dealer Manager, and assuming due authorization, execution and delivery of this Agreement by the Company, will constitute a valid and legally binding agreement of the Dealer Manager enforceable against the Dealer Manager in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability and except that rights to indemnity and contribution hereunder may be limited by applicable law and public policy.
c.Absence of Conflict or Default.  The execution and delivery of this Agreement, the consummation of the transactions herein contemplated and compliance with the terms of this Agreement by the Dealer Manager will not conflict with or constitute a default under (i) its organizational documents, (ii) any indenture, mortgage, deed of trust or lease to which the Dealer Manager is a party or by which it may be bound, or to which any of the property or assets of the Dealer Manager is subject, or (iii) any rule, regulation, writ, injunction or decree of any government, governmental instrumentality or court, domestic or foreign, having jurisdiction over the Dealer Manager or its assets, properties or operations, except in the case of clause (ii) or (iii) for such conflicts or defaults that would not individually or in the aggregate have a material adverse effect on the condition (financial or otherwise), business, properties or results of operations of the Dealer Manager.
d.Broker Dealer Registration; FINRA Membership.  The Dealer Manager is, and during the term of this Agreement will be, duly registered as a broker dealer pursuant to the provisions of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), a member in good standing of the Financial Industry Regulatory Authority, Inc. (“FINRA”), and a broker or dealer duly registered as such in those states where the Dealer Manager is required to be registered in order to carry out the Offering.  Moreover, the Dealer Manager’s employees and representatives have all required licenses and registrations to act under this Agreement.
e.Anti-Money Laundering.  The Dealer Manager has, to the extent required, established and implemented anti-money laundering compliance programs in accordance with applicable law, including applicable FINRA rules, SEC rules and the USA PATRIOT Act of 2001 and will require that its Dealers establish such programs, reasonably expected to detect and cause the reporting of suspicious transactions in connection with the sale of Shares of the Company.

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f.Disclosure.  The information under the caption “Plan of Distribution” in the Prospectus and all other information furnished to the Company by the Dealer Manager in writing expressly for use in the Registration Statement, any preliminary prospectus, the Prospectus, or any amendment or supplement thereto does 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 therein not misleading.
4.Appointment, Obligations and Compensation of Dealer Manager.
a.Appointment of Dealer Manager; Best Efforts.  The Company hereby appoints the Dealer Manager as its agent and principal distributor for the purpose of selling for cash to the public up to the maximum amount of Shares set forth in the Prospectus (subject to the Company’s right of reallocation, as described in the Prospectus) through Dealers, all of whom shall be members of FINRA, or registered investment advisors or bank trust departments who are paid no commission or as otherwise described in the Prospectus.  The Dealer Manager hereby accepts such agency and distributorship and agrees to use its best efforts to sell the Shares on said terms and conditions.  The Dealer Manager represents to the Company that it is a member in good standing of FINRA and that it and its employees and representatives have all required licenses and registrations to act under this Agreement.  With respect to the Dealer Manager’s participation in the distribution of the Shares in this Offering, the Dealer Manager agrees to comply in all material respects with the applicable requirements of the Securities Act, the Rules and Regulations, the Exchange Act and the rules and regulations promulgated thereunder, and all other state or federal laws, rules and regulations applicable to the Offering and the sale of Shares, all applicable state securities or blue sky laws and regulations, and the rules of FINRA applicable to the Offering, from time to time in effect, including, without limitation, FINRA Rules 2040, 2090, 2111, 2121, 2310, 5110 and 5141.
b.Commencement of Sales; Termination.  On the effective date of this Agreement, the Dealer Manager and the Dealers shall commence the offering of the Shares for cash to the public in jurisdictions in which the Shares are registered or qualified for sale or in which such offering is otherwise permitted.  The Dealer Manager and the Dealers will suspend or terminate offering the Shares upon request of the Company at any time and will resume offering the Shares upon subsequent request of the Company.
c.Suitability.  The Dealer Manager, in its agreements with Dealers, shall require that each Dealer offer Shares only to persons who meet the financial qualifications set forth in the Prospectus or in any suitability letter or memorandum sent to it by the Company and only make offers to persons in the states in which it is advised in writing that the Shares are qualified for sale or that such qualification is not required.  In offering Shares, the Dealer Manager, in its agreements with Dealers, will require that each Dealer comply with the provisions of all applicable rules and regulations relating to suitability of investors, including, without limitation, applicable FINRA rules and the provisions of Article III.C. of the Statement of Policy Regarding Real Estate Investment Trusts of the North American Securities Administrators Association, Inc., effective May 7, 2007, as amended (the “NASAA REIT Guidelines”). The Dealer Manager, in its agreements with Dealers, shall require that the Dealers shall sell Class W Shares and Class I Shares only to those persons who are eligible to purchase such Shares as described in the Prospectus and only through those Dealers who are authorized to sell such Shares.

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d.Offering Price.  The Dealer Manager and all Dealers will offer and sell the Shares for cash at the offering price set forth in the Prospectus, subject to discounts for Class T Shares described in the “Plan of Distribution” section of the Prospectus and except as otherwise provided in the DRIP. The offering price for each class of Shares generally will be the then-current transaction price, which will generally be the most recently disclosed monthly net asset value (“NAV”) per Share for such class, plus applicable upfront selling commissions and dealer manager fees. Although the transaction price will generally be based on the most recently disclosed monthly NAV per Share, the NAV per Share of such stock as of the date on which a purchase is settled may be significantly different. The Company may offer Shares at a price that the Company believes reflects the NAV per Share of such stock more appropriately than the most recently disclosed monthly NAV per Share, including by updating a previously disclosed transaction price, in cases where the Company believes there has been a material change (positive or negative) to its NAV per Share relative to the most recently disclosed monthly NAV per Share.  Each class of Shares may have a different NAV per Share because distribution fees differ with respect to each class.
e.Commissions, Fees, and Expense Reimbursements.  Subject to discounts for Class T Shares and special circumstances described in the “Plan of Distribution” section of the Prospectus, as compensation for the services rendered by the Dealer Manager, the Company agrees that it will pay to the Dealer Manager with respect to the Class T Shares, a selling commission in the amount of up to two percent (2.0%) of the public offering price of the Class T Shares sold in the Primary Offering, plus a dealer manager fee in the amount of up to two and a half percent (2.5%) of the public offering price of the Class T Shares sold in the Primary Offering, however such amounts may vary at certain Dealers provided that the sum will not exceed four and a half percent (4.5%) of the public offering price.  The Company shall not pay any selling commissions or dealer manager fees with respect to Class W Shares and Class I Shares.  In addition, subject to FINRA limitations on underwriting compensation, with respect to each Class T Share and Class W Share, the Company agrees that it will pay to the Dealer Manager a distribution fee (the “Distribution Fee”), which accrues monthly and is calculated on outstanding Class T Shares and Class W Shares issued in the Primary Offering in an amount equal to eighty-five hundredths of one percent (0.85%) per annum of the NAV per Class T Share and one-quarter-of-one-percent (0.25%) per annum of the NAV per Class W Share. In calculating the distribution fees, the Company will use the most recently disclosed monthly NAV per Share before giving effect to the monthly distribution fee or distributions on its Shares.  The Company will pay the Distribution Fee to the Dealer Manager monthly in arrears and will be paid on a continuous basis from year to year.  The Dealer Manager may reallow all or a portion of the selling commissions, the dealer manager fees and the Distribution Fees to the Dealers who sold the Shares giving rise to such commissions and fees to the extent the Selected Dealer Agreement with such Dealer provides for such a reallowance; provided, however, that upon the date when the Dealer Manager is notified that the Dealer who sold the Class T Shares and/or Class W Shares giving rise to the Distribution Fees is no longer the broker dealer of record with respect to such Class T Shares and/or Class W Shares, then such Dealer’s entitlement to the respective Distribution Fees related to such Class T Shares and/or Class W Shares shall cease, and the Dealer shall not receive the respective Distribution Fees for any portion of the month in which the Dealer is not the broker dealer of record on the last day of the month.  Thereafter, such Distribution Fees may be reallowed by the Dealer Manager to the then-current broker dealer of record of the Class T Shares and/or Class W Shares if any such broker dealer of record has been 

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designated (the “Servicing Broker Dealer”); provided, that, such reallowance shall only be paid to the extent such Servicing Broker Dealer has entered into a Selected Dealer Agreement or similar agreement with the Dealer Manager (the “Servicing Agreement”) and such Selected Dealer Agreement or Servicing Agreement with the Servicing Broker Dealer provides for such reallowance.  The Dealer Manager may pay to such Dealers and Servicing Broker Dealers up to 100% of the aggregate Distribution Fees payable by the Company to the Dealer Manager.  The Company shall not pay the Dealer Manager a Distribution Fee with respect to Class I Shares.  In addition, to the extent the Dealer Manager determines to pay a supplemental fee or commission to a Dealer or a Servicing Broker Dealer with respect to the sale of Class I Shares in the Primary Offering as described in the Prospectus, the Company shall not reimburse the Dealer Manager for any such payment.
The Company shall cease paying Distribution Fees to the Dealer Manager with respect to each Class T Share or Class W Share when it is no longer outstanding, including as a result of conversion to Class I Shares.  In addition, the Company shall cease paying distribution fees with respect to each Class T Share or Class W Share held within a stockholder’s account and such Share shall automatically and without any action on the part of the holder thereof convert into a number of Class I Shares at the Applicable Conversion Rate (as defined in the Prospectus) on the earliest of:  (i) a listing of any Shares of the Company’s common stock on a national securities exchange, (ii) the Company’s merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of its assets and (iii) the end of the month in which the Company, with the assistance of the Dealer Manager, determines that the total upfront selling commissions, upfront dealer manager fees and ongoing distribution fees paid with respect to all Shares of such class held by such stockholder within such account (including Shares purchased through the DRIP or received as stock dividends) equals or exceeds 8.5% of the aggregate purchase price of all Shares of such class held by such stockholder within such account and purchased in the Primary Offering.  
In addition, after termination of the Primary Offering, each Class T Share or Class W Share (i) sold in the Primary Offering, (ii) sold under the DRIP, and (iii) received as a stock dividend with respect to such Shares sold in the Primary Offering or DRIP, shall automatically and without any action on the part of the holder thereof convert into a number of Class I Shares at the Applicable Conversion Rate (as defined in the Prospectus), at the end of the month in which the Company, with the assistance of the Dealer Manager, determines that all underwriting compensation paid or incurred with respect to the Primary Offering from all sources, determined pursuant to the rules and guidance of FINRA, would be in excess of 10% of the aggregate purchase price of all Shares sold for the Company’s account through the Primary Offering. 
The Company has agreed to reimburse the Advisor for any organization and offering expenses that the Advisor incurs on the Company’s behalf as and when incurred, including expenses that are deemed issuer costs and certain expenses that are deemed underwriting compensation, such as legal, accounting, printing, mailing and filing fees and expenses, bona fide due diligence expenses of Dealers and investment advisers supported by detailed and itemized invoices, costs in connection with preparing sales materials, design and website expenses, fees and expenses of the escrow agent and transfer agent, fees to attend retail seminars sponsored by Dealers, compensation of certain registered employees of the Dealer Manager, reimbursements for customary travel, lodging, meals and reasonable entertainment expenses and other actual costs of registered persons 

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associated with the Dealer Manager incurred in the performance of wholesaling activities, but excluding upfront selling commissions, dealer manager fees and distribution fees. After the termination of the Primary Offering and again after termination of the offering under the DRIP, the Advisor has agreed to reimburse the Company to the extent that the organization and offering expenses that the Company incurs exceed 15% of the gross proceeds from the applicable offering.  Any organization and offering expenses reimbursed by the Company which are deemed underwriting compensation will be subject to the 10% limit on total underwriting compensation imposed by FINRA Rule 2310.
Subject to FINRA limitations on underwriting compensation, in addition to the organization and offering expenses for which the Company will reimburse the Advisor, the Advisor may, in its sole discretion, pay additional expenses that are considered underwriting compensation to the Dealer Manager (which may be reallowed or paid by the Dealer Manager to Dealers) without reimbursement from the Company. These additional amounts may be paid by the Advisor in order to fund certain of the Dealer Manager’s costs and expenses related to the distribution of the Offering, including compensation of certain registered employees of the Dealer Manager, reimbursements for customary travel, lodging, meals and reasonable entertainment expenses and other actual costs of registered persons associated with the Dealer Manager incurred in the performance of wholesaling activities, as well as supplemental fees and commissions paid by the Dealer Manager to Dealers or Servicing Broker Dealers with respect to the sale of Class I Shares in the Primary Offering as described in the Prospectus.  These expenses also may include reimbursements for legal fees of the Dealer Manager, cost reimbursements for registered representatives of Dealers to attend educational conferences sponsored by the Company or the Dealer Manager, attendance fees for registered persons associated with the Dealer Manager to attend seminars conducted by Dealers, and promotional items.
The terms of any payment or reallowance of selling commissions, dealer manager fees, and Distribution Fees shall be set forth in the agreements entered into between the Dealer Manager and the Dealers or Servicing Broker Dealers, as applicable.  Notwithstanding the foregoing, no selling commissions, Distribution Fees, dealer manager fees, or other amounts will be paid to the Dealer Manager under this provision unless or until subscriptions for the purchase of Shares have been accepted by the Company.  The Company and the Advisor will not be liable or responsible to any Dealer or Servicing Broker Dealer for direct payment of selling commissions, any reallowance of dealer manager fees or Distribution Fees, any payment of supplemental fees and commissions with respect to Class I Shares or any other underwriting compensation or expense reimbursement to such Dealer or Servicing Broker Dealer, it being the sole and exclusive responsibility of the Dealer Manager for payment of such amounts to Dealers and Servicing Broker Dealers. 
f.Sales With Reduced Selling Commissions and Dealer Manager Fees.  Notwithstanding the foregoing, Class T Shares may be sold net of selling commissions and dealer manager fees through either of the following distribution channels: (i) through fee-based programs, also known as wrap accounts or (ii) through investment advisers registered under the Investment Advisers Act of 1940 or applicable state law.  In addition, subject to the agreement of the Dealer Manager, selling commissions and/or dealer manager fees may be reduced or eliminated with respect to the sale of Class T Shares to certain investors who have agreed with a Dealer to reduce or eliminate the selling commissions and/or the dealer manager fees. 

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g.Permissible Materials.  The Dealer Manager shall use and distribute in conjunction with the offer and sale of any Shares only the Prospectus (as it may be supplemented or amended from time-to-time) and such sales literature and advertising as shall have been previously been approved in writing by the Company.
h.Offering Jurisdictions.  The Dealer Manager and the Dealers shall cause Shares to be offered and sold only in such jurisdictions where the Dealer Manager and the respective Dealer are licensed to do so.  In addition, the Dealer Manager shall cause Shares to be offered and sold only in those jurisdictions specified in writing by the Company where the offering and sale of its Shares have been authorized by appropriate regulatory authorities and such list of jurisdictions shall be updated by the Company as additional states are added.
i.Submission of Orders.  The Dealer Manager, in its agreements with Dealers, shall require each Dealer to:
(i)return any check not conforming to the foregoing instructions directly to such subscriber not later than the end of the next business day following its receipt; provided that checks received by the Dealer which conform to the foregoing instructions shall be transmitted for deposit in accordance with the procedures in paragraphs (ii) through (iv) below;
(ii)where, pursuant to a Dealer’s internal supervisory procedures, internal supervisory review is conducted at the same location at which subscription documents and checks are initially received from subscribers, transmit checks by the end of the next business day following receipt of the subscription documents and the check by the Dealer to the Company or to such other account or agent as directed by the Company;
(iii)where, pursuant to a Dealer’s internal supervisory procedures, final internal supervisory review is conducted at a different location (the “Final Review Office”), transmit subscription documents and checks to the Final Review Office by the end of the next business day following receipt of the subscription documents and check by the Dealer.  The Final Review Office will transmit such subscription documents and checks by the end of the next business day following receipt by the Final Review Office to the Company or to such other account or agent as directed by the Company; and
(iv)deliver checks and completed subscription documents required to be sent to the Company via overnight courier to Black Creek Industrial REIT IV Inc., c/o DST Systems, Inc., 430 W. 7th Street, Suite 219079, Kansas City, Missouri, 64105.
5.Issuance of Confirmations to Purchasers.
The Company hereby agrees and assumes the duty to confirm on its behalf and on behalf of Dealers who sell the Shares all orders for purchase of Shares accepted by the Company.  Such confirmations will comply with the rules of the SEC and FINRA, and will comply with applicable laws of such other jurisdictions to the extent the Company is advised of such laws in writing by the Dealer Manager.
6.Indemnification.

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a.The Company will indemnify and hold harmless the Dealers and the Dealer Manager, their officers and directors and each person, if any, who controls such Dealer or the Dealer Manager within the meaning of Section 15 of the Securities Act from and against any losses, claims, damages or liabilities, joint or several, to which such Dealers or the Dealer Manager, their officers and directors, or such controlling person may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (a) any untrue statement or alleged untrue statement of a material fact contained in (i) the Registration Statement (including the Prospectus as a part thereof) or any post-effective amendment thereto, (ii) the Prospectus or any amendment or supplement to the Prospectus or (iii) any blue sky application or other document executed by the Company or on its behalf specifically for the purpose of qualifying any or all of the Shares for sale under the securities laws of any jurisdiction or based upon written information furnished by the Company under the securities laws thereof (any such application, document or information being hereinafter called a “Blue Sky Application”), or (b) the omission or alleged omission to state in (i) the Registration Statement (including the Prospectus as a part thereof) or any post-effective amendment thereto, (ii) the Prospectus or any amendment or supplement to the Prospectus or (iii) any Blue Sky Application a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and will reimburse each Dealer or the Dealer Manager, its officers and directors and each such controlling person for any legal or other expenses reasonably incurred by such Dealer or the Dealer Manager, its officers and directors, or such controlling person in connection with investigating or defending such loss, claim, damage, liability or action; provided that the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of, or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information furnished to the Company or the Dealer Manager by or on behalf of any Dealer or the Dealer Manager specifically for use with reference to such Dealer or the Dealer Manager in the preparation of the Registration Statement or any such post-effective amendment thereof, any such Blue Sky Application or the Prospectus or any such amendment thereof or supplement thereto; and further provided that the Company will not be liable in any such case if it is determined that such Dealer or the Dealer Manager was at fault in connection with the loss, claim, damage, liability or action.  This indemnity agreement will be in addition to any liability which the Company may otherwise have.  Notwithstanding the foregoing, the Company may not indemnify or hold harmless the Dealer Manager, any Dealer or any of their affiliates in any manner that would be inconsistent with the provisions to Article II.G of the NASAA REIT Guidelines.  In particular, but without limitation, the Company may not indemnify or hold harmless the Dealer Manager, any Dealer or any of their affiliates for liabilities arising from or out of a violation of state or federal securities laws, unless one or more of the following conditions are met:
(i)There has been a successful adjudication on the merits of each count involving alleged securities law violations;
(ii)Such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction; or

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(iii)A court of competent jurisdiction approves a settlement of the claims against the indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which the securities were offered as to indemnification for violations of securities laws.
b.The Dealer Manager will indemnify and hold harmless the Company, each officer and director of the Company, and each person or firm which has signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act, from and against any losses, claims, damages or liabilities to which any of the aforesaid parties may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (a) any untrue statement of a material fact contained in (i) the Registration Statement (including the Prospectus as a part thereof) or any post-effective amendment thereto, (ii) the Prospectus or any amendment or supplement to the Prospectus or (iii) any Blue Sky Application, or (b) the omission to state in (i) the Registration Statement (including the Prospectus as a part thereof) or any post-effective amendment thereto, (ii) the Prospectus or any amendment or supplement to the Prospectus or (iii) any Blue Sky Application a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made not misleading, in each such case to the extent, but only to the extent, that such untrue statement or omission was made in reliance upon and in conformity with written information furnished to the Company by or on behalf of the Dealer Manager specifically for use with reference to the Dealer Manager in the preparation of the Registration Statement or any such post-effective amendments thereof, any such Blue Sky Application or the Prospectus or any such amendment thereof or supplement thereto, or (c) any unauthorized use of sales materials or use of unauthorized verbal representations concerning the Shares by the Dealer Manager and will reimburse the aforesaid parties, in connection with investigation or defending such loss, claim, damage, liability or action.  This indemnity agreement will be in addition to any liability which the Dealer Manager may otherwise have.
c.Each Dealer severally will indemnify and hold harmless the Company, the Dealer Manager, and each of their directors (including any persons named in the Registration Statement with his consent, as about to become a director), each of their officers who has signed the Registration Statement and each person, if any, who controls the Company or the Dealer Manager within the meaning of Section 15 of the Securities Act from and against any losses, claims, damages or liabilities to which the Company, the Dealer Manager, any such director or officer, or controlling person may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (a) any untrue statement or alleged untrue statement of a material fact contained in (i) the Registration Statement (including the Prospectus as a part thereof) or any post-effective amendment thereto, (ii) the Prospectus or any amendment or supplement to the Prospectus or (iii) any Blue Sky Application, or (b) the omission or alleged omission to state in (i) the Registration Statement (including the Prospectus as a part thereof) or any post-effective amendment thereto, (ii) the Prospectus or any amendment or supplement to the Prospectus or (iii) any Blue Sky Application a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case under (a) and (b) hereof to the extent, but only to the extent that such 

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untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company or the Dealer Manager by or on behalf of such Dealer specifically for use with reference to such Dealer in the preparation of the Registration Statement or any such post-effective amendments thereof, any such Blue Sky Application or the Prospectus or any such amendment thereof or supplement thereto, or (c) any failure to deliver to any investor the Prospectus and all supplements thereto and any amended prospectus, or (d) any unauthorized use of sales materials, or use of unauthorized verbal representations concerning the Shares by such Dealer or Dealer’s representatives or agents in violation of Section VII of the Selected Dealer Agreement or otherwise, or (e) any sale in violation of or failure by Dealer to perform its obligations as set forth in Section IX of the Selected Dealer Agreement, or (f) any failure to comply with applicable rules of FINRA, federal or state securities laws or the rules and regulations promulgated thereunder, the NASAA REIT Guidelines, or any other state or federal laws and regulations applicable to the Offering or the activities of the Dealer in connection with the Offering, and will reimburse the Company, the Dealer Manager and any such directors or officers, or controlling person, in connection with investigating or defending any such loss, claim, damage, liability or action.  This indemnity agreement will be in addition to any liability which such Dealer may otherwise have.
d.Promptly after receipt by an indemnified party under this Section 6 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 6, notify in writing the indemnifying party of the commencement thereof; the omission so to notify the indemnifying party will relieve it from liability under this Section 6 only in the event and to the extent the failure to provide such notice adversely affects the ability to defend such action.  In case any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled, to the extent it may wish, jointly with any other indemnifying party similarly notified, to participate in the defense thereof, with separate counsel.  Such participation shall not relieve such indemnifying party of the obligation to reimburse the indemnified party for reasonable legal and other expenses (subject to paragraph (e) of this Section 6) incurred by such indemnified party in defending itself, except for such expenses incurred after the indemnifying party has deposited funds sufficient to effect the settlement, with prejudice, of the claim in respect of which indemnity is sought.  Any such indemnifying party shall not be liable to any such indemnified party on account of any settlement of any claim or action effected without the consent of such indemnifying party.
e.The indemnifying party shall pay all legal fees and expenses of the indemnified party in the defense of such claims or actions; provided, however, that the indemnifying party shall not be obliged to pay legal expenses and fees to more than one law firm in connection with the defense of similar claims arising out of the same alleged acts or omissions giving rise to such claims notwithstanding that such actions or claims are alleged or brought by one or more parties against more than one indemnified party.  If such claims or actions are alleged or brought against more than one indemnified party, then the indemnifying party shall only be obliged to reimburse the expenses and fees of the one law firm that has been selected by a majority of the indemnified parties against which such action is finally brought; and in the event a majority of such indemnified parties is unable to agree on which law firm for which expenses or fees will be reimbursable by the indemnifying party, then payment shall be made to the first law firm of 

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record representing an indemnified party against the action or claim.  Such law firm shall be paid only to the extent of services performed by such law firm and no reimbursement shall be payable to such law firm on account of legal services performed by another law firm.
f.The indemnity agreements contained in this Section 6 shall remain operative and in full force and effect regardless of (a) any investigation made by or on behalf of any Dealer, or any person controlling any Dealer or by or on behalf of the Company, the Dealer Manager or any officer or director thereof, or by or on behalf of any person controlling the Company or the Dealer Manager, (b) delivery of any Shares and payment therefor, and (c) any termination of this Agreement.  A successor of any Dealer or of any of the parties to this Agreement, as the case may be, shall be entitled to the benefits of the indemnity agreements contained in this Section 6.
7.Arbitration.
Any dispute, controversy or claim arising between the parties relating to this Agreement (whether such dispute arises under any federal, state or local statute or regulation, or at common law), shall be resolved by final and binding arbitration administered in accordance with the then current rules of the American Arbitration Association (“AAA”).  Any matter to be settled by arbitration shall be submitted to the AAA in Denver, Colorado and the parties agree to abide by all awards rendered in such proceedings.  The parties shall attempt to designate one arbitrator from the AAA, but if they are unable to do so, then the AAA shall designate an arbitrator.  Any arbitrator selected by the parties or the AAA shall be a qualified Person who has experience with complex real estate disputes.  The arbitration shall be final and binding, and enforceable in any court of competent jurisdiction.  All awards may be filed with the clerk of one or more courts, state or federal having jurisdiction over the party against whom such award is rendered or his or her property, as a basis of judgment and of the issuance of execution for its collection.
8.Survival of Provisions.
The respective agreements, representations and warranties of the Company and the Dealer Manager set forth in this Agreement shall remain operative and in full force and effect regardless of (a) any termination of this Agreement, (b) any investigation made by or on behalf of the Dealer Manager or any Dealer or any person controlling the Dealer Manager or any Dealer or by or on behalf of the Company or any person controlling the Company, and (c) the acceptance of any payment for the Shares.
9.Applicable Law; Venue.
This Agreement was executed and delivered in, and its validity, interpretation and construction shall be governed by, the laws of the State of Colorado; provided, however, that causes of action for violations of federal or state securities laws shall not be governed by this Section.  Venue for any action brought hereunder shall lie exclusively in Denver, Colorado.
10.Severability.
If any portion of this Agreement shall be held invalid or inoperative, then so far as is reasonable and possible the remainder of this Agreement shall be considered valid and operative and effect shall be given to the intent manifested by the portion held invalid or inoperative.

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11.Delay Not a Waiver.
Neither the failure nor any delay on the part of any party to this Agreement to exercise any right, remedy, power, or privilege under this Agreement shall operate as a waiver thereof, nor shall a waiver of any right, remedy, power, or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power, or privilege with respect to any subsequent occurrence.
12.Counterparts.
This Agreement may be executed in any number of counterparts.  Each counterpart, when executed and delivered, shall be an original contract, but all counterparts, when taken together, shall constitute one and the same Agreement.
13.Third-Party Beneficiaries; Successors; and Amendment.
a.This Agreement shall inure to the benefit of and be binding upon the Dealer Manager and the Company and their respective successors.  Nothing in this Agreement is intended or shall be construed to give to any other person any right, remedy or claim, except as otherwise specifically provided herein.  This Agreement shall inure to the benefit of the Dealers to the extent set forth in Section 6 hereof.
b.This Agreement may be amended by the written agreement of the Dealer Manager and the Company.
c.Schedule 1 may be amended from time to time with the written consent of the Dealer Manager and the Company. However, the addition or removal of Registration Statements from Schedule 1 shall only apply prospectively and shall not affect the respective agreements, representations and warranties of the Dealer Manager and the Company prior to such amendments to Schedule 1. For the avoidance of doubt, the parties acknowledge and agree that, upon the removal of a Registration Statement from Schedule 1, the representations, warranties and covenants in Sections 1, 2 and 3 shall no longer continue to be made with respect to the Offering, the Shares or the Prospectus relating to such Registration Statement.
14.Term and Termination.
In any case, if not sooner terminated, this Agreement shall expire at the close of business on the effective date that the Offering is terminated.  This Agreement may be terminated by either party (a) immediately upon notice to the other party in the event that the other party shall have materially failed to comply with any material provision of this Agreement or if any of the representations, warranties, covenants or agreements of such party contained herein shall not have been materially complied with or (b) on 60 days’ written notice.
In addition, the Dealer Manager, upon the expiration or termination of this Agreement, shall (a) promptly deposit any and all funds in its possession which were received from investors for the sale of Shares into such account as the Company may designate; and (b) promptly deliver to the Company all records and documents in its possession which relate to the Offering which are not designated as dealer copies.  The Dealer Manager, at its sole expense, may make and retain copies of all such records and documents required to be retained by the Dealer Manager pursuant 

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to (i) federal and state securities laws and the rules and regulations thereunder, (ii) the applicable rules of FINRA and (iii) the NASAA REIT Guidelines, but shall keep all such information confidential.  The Dealer Manager shall use its best efforts to cooperate with the Company to accomplish any orderly transfer of management of the Offering to a party designated by the Company.  Upon expiration or termination of this Agreement, the Company shall pay to the Dealer Manager all earned but unpaid compensation and reimbursement for all incurred, accountable compensation to which the Dealer Manager is or becomes entitled under Section 4 of this Agreement, including but not limited to any Distribution Fees, pursuant to the requirements of that Section 4 at such times as such amounts become payable pursuant to the terms of such Section 4 without acceleration, offset by any losses suffered by the Company, any officer or director of the Company, any person or firm which has signed the Registration Statement or any person who controls the Company within the meaning of Section 15 of the Securities Act arising from the Dealer Manager’s breach of this Agreement or any other action by the Dealer Manager that would otherwise give rise to an indemnification claim against the Dealer Manager under Section 6.b. of this Agreement.
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15.Definitions.
Any terms used but not defined herein shall have the meanings given to them in the Prospectus.
16.Notices.
All notices, approvals, requests, and authorizations that are required hereunder to be in writing shall be duly given and deemed to be delivered when delivered in person, by courier, or by over-night delivery service, or deposited in the United States mail, properly addressed and stamped with the required postage, to the intended recipient, as set forth below.
	To the Dealer Manager:
	Ares Wealth Management Solutions, LLC
518 17th Street, 12th Floor
Denver, Colorado 80202
Attn:  Casey D. Galligan

	To the Company:
	Black Creek Industrial REIT IV Inc.
518 17th Street, 17th Floor
Denver, Colorado 80202
Attn:  Joshua J. Widoff

	​
	With a copy to:
Alice L. Connaughton
Morrison & Foerster LLP
2100 L Street, NW, Suite 900
Washington, D.C. 20037

Any party may change its address specified above by giving the other party notice of such change in accordance with this Section.
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IN WITNESS WHEREOF, the parties hereto have each duly executed this Dealer Manager Agreement as of the day and year set forth above.
	​

	​
/s/ SCOTT A. SEAGER______ ____
Scott A. Seager
Senior Vice President, Chief Financial Officer and Treasurer
​

	​
	COMPANY:
BLACK CREEK INDUSTRIAL REIT IV INC.
By:  /s/ SCOTT A. SEAGER 
Scott A. Seager
Senior Vice President, Chief Financial Officer and Treasurer

	​
	DEALER MANAGER:
Ares Wealth Management 
Solutions, LLC
​
By:  /s/ CASEY D. GALLIGAN
Casey D. Galligan
Co-Chief Executive Officer

​
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Schedule 1
Registration Statement(s)
		
	1.
	Registration Statement on Form S-11, Commission file no. 333-255376                 .

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​
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Accepted and agreed to by the Company and the Dealer Manager as of December 14, 2021.
	
		
	 

	BLACK CREEK INDUSTRIAL REIT IV INC.

	By: /s/ SCOTT A. SEAGER
	 

	Scott A. Seager, Senior Vice President, Chief Financial Officer and Treasurer 

​
Accepted and agreed to as of the
date first above written:
​
	
		
	ARES WEALTH MANAGEMENT SOLUTIONS, LLC

	By: /s/ Casey D. Galligan

	Casey D. Galligan, Co-Chief Executive Officer

​

19

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