Document:

Form of Escrow Agreement

 EXHIBIT 10.5 
 FORM OF SUBSCRIPTION ESCROW AGREEMENT 
 between 
 INDUSTRIAL INCOME TRUST INC., 
 DIVIDEND CAPITAL SECURITIES LLC 
  
  
 and 
 THE BANK OF NEW YORK MELLON 
  
 Dated as of             , 20     
  
 ACCOUNT
NUMBER(S)                                       
  
 SHORT TITLE OF
ACCOUNT                                        
       

 ESCROW AGREEMENT 
 Escrow Agreement (the “Agreement”), dated as of
            , 20     among The Bank of New York Mellon, a New York banking corporation with its principal corporate trust office at 101 Barclay Street, 8
th Floor West, New York, New York 10286 (the “Escrow Agent”), and Industrial Income Trust Inc., a Maryland corporation, with its principal
office at 518 Seventeenth Street, 17th Floor, Denver, CO 80202 (the “Company”) and Dividend Capital Securities LLC, as sales agent (the
“Sales Agent”), for itself and for and on behalf of its selected dealers (the “Selected Dealers”) the identity of which will be disclosed to the Escrow Agent as the same are selected by the Sales Agent. 
 WHEREAS, the Company intends to offer for sale on a continuous basis (the “Offering”) up to $2,000,000,000 in shares of the
Company’s common stock, par value $.01 per share (the “Common Stock”), under the Securities Act of 1933, as amended, pursuant to a registration statement on Form S-11 (Registration
No. 333-            ) filed with the Securities and Exchange Commission, dated
                , 20     (the “Registration Statement”); 
 WHEREAS, the Sales Agent and the Selected Dealers are expected to offer the Common Stock on behalf of the Company; 
 WHEREAS, the Company and the Sales Agent propose to engage the Escrow Agent for the purpose of receiving, depositing and holding in a
segregated escrow account all funds (“Proceeds” shall mean all funds wired into the escrow account and funds presumed cleared from check deposits) from subscribers for Common Stock (“Subscribers”) received in connection with the
sale of Common Stock until such time as such funds are to be released to the Company or returned to the Subscribers; and 
 WHEREAS, the Escrow Agent has agreed to act as escrow agent in connection with the proposed subscription and sale of Common Stock. 
 NOW, THEREFORE, it is agreed as follows: 
 Section 1.        Establishment of Escrow Account; Deposits. 
 (a)        The Escrow Agent shall promptly (and, in any case, on or prior to the commencement of the Offering) cause to be opened a fully segregated escrow account, which escrow account shall be
entitled “Industrial Income Trust Inc. - Escrow Account” (the “Escrow Account”) for the purpose of holding in trust all Proceeds for the Company and the Subscribers. The Sales Agent and the Selected Dealers shall, as to each
Subscriber in connection with all Proceeds received under the Offering, instruct each Subscriber to remit the purchase price in the form of checks (which checks must be certified if remitted during the last five (5) business days of the
offering period) or wire transfers to (insert “the Company” or “Sales Agent”) the Sales Agent for forwarding to the Escrow Agent by noon of the next business day following receipt of the funds. All such checks and wire transfers
forwarded to the Escrow Agent shall be accompanied by information identifying each Subscriber, subscription, the Subscriber’s social security or ID number and address. Wire transfers to the Escrow Account shall be made in Federal Funds
transferred as follows: 
  

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 Bk of NYC 
 ABA No. 021000018 
 GLA 111-565 
 Cust A/C #                    

 A/C Name
                     
 (b)        On the terms and conditions of this Agreement, the Escrow Agent shall deposit the Proceeds and any interest earned thereon in the Escrow Account. The Proceeds shall be invested as promptly
as practicable upon their receipt by the Escrow Agent, in accordance with this Agreement. All amounts deposited in the Escrow Account shall be invested and reinvested in the manner provided in Section 2 hereof. 
 (c)        Except as and to the extent provided herein, the Escrow Agent shall not be obligated
nor, without the consent of the Company and the Sales Agent, is it authorized to accept instructions under this Agreement directly from any Selected Dealer. 
 Section 2.        Investment of Proceeds. 
 Proceeds (and any interest earned thereon), and until such time as all Proceeds and interest earned thereon have been disbursed from the Escrow Account as provided in Section 4 and Section 5, shall be
invested and reinvested by the Escrow Agent without unreasonable delay and only in such obligations issued or guaranteed by the United States Government or any agency thereof, or in such national or state bank or trust company certificates of
deposit, and with such maturities, as shall be designated in writing from time to time by the Company, such writing to specify the particular investment. Temporarily uninvested funds held hereunder shall be deposited in The Bank of New York Deposit
Reserve. The Escrow Agent shall not be responsible for interest losses, taxes or other charges on investments. Interest actually earned from the time the Proceeds are deposited into the Escrow Account until the close of business on the date
preceding the date the Proceeds are disbursed by the Escrow Agent as provided herein shall be held in trust for the Subscribers and, upon the occurrence of the conditions set forth in Section 4 and Section 5 hereof, shall be payable in
accordance with the provisions set forth in Section 5 hereof. If, at the time the Escrow Agent is required to make a disbursement pursuant to Section 5, the Proceeds are invested as provided in this Section 2, the Escrow Agent shall,
in anticipation of such disbursement, sell or otherwise liquidate such investments. Instructions from the Company as to any such investments or the sale or other disposition thereof shall be confirmed in writing (but no delay or failure by the
Company to confirm in writing an instruction given by telephone shall effect the validity of such instruction or result in any liability to the Escrow Agent for acting on such instruction). 
 Section 3.        Acceptance or Rejection of Subscription. 
 Within 30 days from the date of receipt of each subscription, the Company will determine whether or not the subscription is to be
accepted or rejected in whole or in part. 
 With respect to each subscription which is to be accepted, the Company will
notify the Escrow Agent of such acceptance. With respect to each subscription which is to be rejected (in whole or in part), the Company will notify the Escrow Agent of such rejection in writing, and upon receipt of such notification, the Escrow
Agent will, within 10 business days from the date the Escrow Agent receives such notification, transfer the amount represented by such 

  

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subscription) and issue a check in the amount of the rejected Subscriber’s subscription and all interest, if any, earned thereon, directly to the
rejected Subscriber. 
 Section 4.        Disbursements from the
Proceeds. 
 (a)        If subscriptions of at least $2,000,000 in Common
Stock from at least one-hundred (100) subscribers who are independent of the Company and of each other have not been deposited in the Escrow Account and accepted by the Company on or before the earlier of (i) one year from the date of the
Registration Statement or (ii) the date upon which the Company or the Sales Agent elects to terminate the Offering (the “Termination Date”), upon instruction by the Sales Agent as to the amounts and recipients of the funds then held
in escrow, the Escrow Agent shall terminate the Escrow Account and return the subscription funds to each Subscriber without deductions. 
 (b)        If subscriptions for at least $2,000,000 in Common Stock from at least one-hundred (100) subscribers who are independent of the Company and of each other have
been deposited in the Escrow Account and accepted by the Company on or before the Termination Date, pursuant to the joint instructions of the Sales Agent and the Company identifying the Subscribers whose subscriptions are to be accepted, the Escrow
Agent shall on the date designated by the Sales Agent and the Company in such joint instructions (the “Closing Date”) which date shall be at any time on or after the giving of such notice, release to the Company all or a specified portion
of the Proceeds held by the Escrow Agent (including all accrued interest thereon) in the Escrow Account in the manner described in Section 4(a). 
 Section 5.        Procedure for Disbursement from the Escrow Account. 
 The Proceeds held in the Escrow Account and interest earned thereon shall be subject to, and distributed in accordance with, the following provisions: 
 (a)        On the Closing Date, upon satisfaction of the applicable requirements of
Section 4 hereof, the Escrow Agent shall (i) transfer by wire to an account designated by the Company the Proceeds requested to be transferred on such date in the notice jointly executed by the Company and the Sales Agent, and
(ii) the Escrow Agent shall within 10 business days of the Closing Date transfer by check to each Subscriber any interest actually earned on such Proceeds. At the time of such transfer, the Escrow Agent shall confirm in writing to the Company
and the Sales Agent the amount of interest earned for the account of each Subscriber and the date such subscription was received. 
 (b)        Within 10 business days from the date the Company notifies the Escrow Agent in writing that a subscription has been rejected, the Escrow Agent shall transfer by check the Proceeds and all
interest, if any, earned thereon, of any Subscribers (without deduction) whose subscriptions were obtained by the Sales Agent or the Selected Dealer but rejected by the Company since the commencement of the Offering. At the time of such transfer,
the Escrow Agent shall identify in writing to the Company and the Sales Agent the amount of interest earned for the account of each such Subscriber and the date such subscription was received. 
 (c)        Promptly after the Termination Date (but in no event later than 30 business days
following the Termination Date), all Proceeds received by the Escrow Agent (other than Proceeds previously disbursed or to be distributed by the Escrow Agent pursuant to 

  

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Section 5(a) or Section 5(b) shall be returned by check directly to the Subscriber having provided such Proceeds, without deduction, penalty or
expense to the Subscriber and together with each such Subscriber’s pro rata portion of the interest actually earned thereon. The Escrow Agent shall notify the Company and the Sales Agent of the distribution of such funds to the Subscribers.

 (d) The Escrow Agent does not have any interest in the Escrowed Property deposited hereunder but is serving as escrow
holder only and having only possession thereof. The Company shall pay or reimburse the Escrow Agent upon request for any transfer taxes or other taxes relating to the Escrowed Property incurred in connection herewith and shall indemnify and hold
harmless the Escrow Agent any amounts that it is obligated to pay in the way of such taxes. Any payments of income from this Escrow Account shall be subject to withholding regulations then in force with respect to United States taxes. The parties
hereto will provide the Escrow Agent with appropriate W-9 forms for tax I.D., number certifications, or W-8 forms for non-resident alien certifications. It is understood that the Escrow Agent shall be responsible for income reporting only with
respect to income earned on investment of funds which are a part of the Escrowed Property and is not responsible for any other reporting. 
 Section 6.        Termination of Escrow. 
 In the event of the release of all Proceeds and all accrued interest in accordance with Section 4 and Section 5 of this Agreement, this Agreement shall terminate and the Escrow Agent shall be relieved of all responsibilities in
connection with the escrow deposits provided for in this Agreement, except claims which are occasioned by its negligence, bad faith or willful misconduct. 
 Section 7.        Compensation of Escrow Agent. 
 (a)        The Escrow Agent shall be compensated in accordance with the Fee Schedule attached hereto. 
 (b)        The Company hereby grants to the Escrow Agent a lien on the Company’s interest in the Proceeds such that, in the event that any and all
charges payable under Section 7 and Section 8 shall not be timely paid by the Company, the Escrow Agent shall have the right to pay itself from the Proceeds the full amount owed, provided that written notice of the Escrow Agent’s
intent to proceed under this Section 7 be given at least five (5) business days in advance of such action. 
 Section 8.        Responsibilities of Escrow Agent; Notices. 
 (a)        The Escrow Agent shall be under no duty to enforce payment of any subscription which is to be paid to and held by it; 
 (b)        The Escrow Agent shall be under no duty to accept funds, checks, drafts or
instruments for the payment of money from anyone other than the Company, the Sales Agent or any Selected Dealers or to give any receipt therefor except to the Company; 
 (c)        The Escrow Agent shall be obligated to perform only such duties as are expressly set forth in this Agreement. No implied covenants or
obligations shall be inferred from 

  

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this Agreement against the Escrow Agent, nor shall the Escrow Agent be bound by the provisions of any agreement among the Company or Sales Agent beyond the
specific terms hereof. 
 (d)        The Escrow Agent shall not be liable hereunder
except for its own gross negligence or willful misconduct and the Company agrees to indemnify the Escrow Agent for and hold it harmless as to any loss, liability, or expense, including reasonable attorney’s fees and expenses, incurred without
gross negligence or willful misconduct on the part of the Escrow Agent and arising out of or in connection with the Escrow Agent’s duties under this Agreement. Specifically and without limiting the foregoing, the Escrow Agent shall in no event
have any liability in connection with its investment, reinvestment or liquidation, in good faith and in accordance with the terms hereof, of any Escrowed Property held by it hereunder, including without limitation any liability for any delay not
resulting from gross negligence or willful misconduct in such investment, reinvestment or liquidation, or for any loss of income incident to any such delay. 
 (e)        The Escrow Agent shall be entitled to rely upon any order, judgment, certification, instruction, notice, opinion or other writing delivered to
it in compliance with the provisions of this Agreement without being required to determine the authenticity or the correctness of any fact stated therein or the propriety or validity of service thereof. The Escrow Agent may act in reliance upon any
instrument comporting with the provisions of this Agreement or signature believed by it to be genuine and may assume that any person purporting to give notice or receipt or advice or make any statement or execute any document in connection with the
provisions hereof has been duly authorized to do so. 
 At any time the Escrow Agent may request in writing an instruction
in writing from the Company, and may at its own option include in such request the course of action it proposes to take and the date on which it proposes to act, regarding any matter arising in connection with its duties and obligations hereunder.
The Escrow Agent shall not be liable for acting without the Company’s consent in accordance with such a proposal on or after the date specified therein, provided that the specified date shall be at least two (2) business days after the
Company receives the Escrow Agent’s request for instructions and its proposed course of action, and provided that, prior to so acting, the Escrow Agent has not received the written instructions requested. 
 (f)        The Escrow Agent may act pursuant to the advice of counsel chosen by it with respect
to any matter relating to this Agreement and shall not be liable for any action taken or omitted in accordance with such advice. 
 (g)        The Escrow Agent makes no representation as to the validity, value, genuineness or collectability of any security or other document or instrument held by or delivered to it. 
 (h)        The Escrow Agent shall not be called upon to advise any party as to selling or
retaining, or taking or refraining from taking any action with respect to, any securities or other property deposited hereunder. 
  

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 (i)        No provision of this Agreement shall
require the Escrow Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder. 
 (j)        The Escrow Agent shall be deemed conclusively to have given and delivered any notice required to be given or delivered if it is in writing, signed by any one of its
authorized officers and mailed, by express, registered or certified mail addressed to: 
 The Company at: 
 Industrial Income Trust Inc. 
 518 Seventeenth Street, 17th Floor 
 Denver, CO 80202 
 Telephone: (303) 238-2200 
 Facsimile: (303) 226-9899 
 (k)        The
Escrow Agent shall be deemed conclusively to have received any notice required to be given or delivered to the Escrow Agent if it is in writing, signed by any one of the authorized officers of the Sales Agent or the Company, mailed, by express,
registered or certified mail addressed to and actually received by: 
 The Escrow Agent at: 
 The Bank of New York Mellon 
 101 Barclay St, 8th Floor West 
 New York, NY 10286 
 Attn:    Matthew Louis 
 Telephone: (212) 815-3219 
 Facsimile: (212) 815-5877 
 (l)        The provisions of Sections 5(d), 7, 8 and 11 shall survive termination of this
Agreement and/or the resignation or removal of the Escrow Agent. 
 Section 9.        Resignation of Escrow Agent; Successor. 
 Notwithstanding anything to the contrary herein, the Escrow Agent may resign at any time by giving at least 15 days written notice thereof. The Company may remove the Escrow Agent at any time (with or without cause) by giving at least 15
days written notice thereof. Within 10 days after receiving such notice, the Company and the Sales Agent shall jointly agree on and appoint a successor escrow agent at which time the Escrow Agent shall either distribute the funds held in the Escrow
Account, less its fees, costs and expenses or other obligations owed to the Escrow Agent as directed by the instructions of the Company and the Sales Agent or hold such funds, pending distribution, until such fees, costs and expenses or other
obligations are paid. If a successor escrow agent has not been appointed or has not accepted such appointment by the end of the 10 day period, the Escrow Agent may apply to a court of competent jurisdiction for the appointment of a successor escrow
agent, or for other appropriate relief and the costs, expenses and reasonable attorneys fees which the Escrow Agent incurs in connection with such a proceeding shall be paid by the Company. 
  

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 Section 10.        Dispute
Resolution. 
 In the event of any dispute between or conflicting claims by or among the Company or the Sales Agent
and/or any other person or entity with respect to any Proceeds held in the Escrow Account, the Escrow Agent shall be entitled, at its sole discretion, to refuse to comply with any and all claims, demands or instructions with respect to such Proceeds
so long as such dispute or conflict shall continue, and the Escrow Agent shall not be or become liable in any way to the Company, the Sales Agent or the Selected Dealers for the Escrow Agent’s failure or refusal to comply with such conflicting
claims, demands or instructions, except to the extent under the circumstances such failure would constitute gross negligence, bad faith or willful misconduct on the part of the Escrow Agent. The Escrow Agent shall be entitled to refuse to act until,
at its sole discretion, either such conflicting or adverse claims or demands shall have been finally determined in a court of competent jurisdiction or settled by agreement between the conflicting parties as evidenced in writing, satisfactory to the
Escrow Agent, or the Escrow Agent shall have received security or an indemnity satisfactory to the Escrow Agent sufficient to save the Escrow Agent harmless from and against any and all loss, liability or expense which the Escrow Agent may incur by
reason of the Escrow Agent’s acting. The Escrow Agent may in addition elect at its sole discretion to commence an interpleader action or seek other judicial relief or orders as the Escrow Agent may deem necessary. 
 Section 11.        Extraordinary Expense. 
 It is understood that fees and usual charges agreed upon for the Escrow Agent’s services shall be considered compensation for its
services as contemplated by this Agreement, and if the Escrow Agent renders any service not provided for in this Agreement, or if there is any assignment of any interest in the subject matter of this Agreement by the Company or the Sales Agent or
any modification of this Agreement, or if any controversy arises under this Escrow Agreement or the Escrow Agent is made a party to any litigation pertaining to this Agreement or the subject matter of this Agreement, the Escrow Agent shall be
reasonably compensated for those extraordinary services and reimbursed for all reasonable costs and expenses occasioned by such services, controversy or litigation and the Company hereby promises to pay such sums upon demand. 
 Section 12.        Governing Law. 
 This agreement shall be governed and construed in accordance with the laws of the State of New York without reference to the principles
thereof respecting conflicts of laws. This Agreement may be executed in counterparts, each of which so executed shall be deemed an original, and said counterparts together shall constitute one and the same instrument. Each of the parties hereby
waives the right to trial by jury. 
 Section 13.        Maintenance of
Record. 
 The Escrow Agent shall maintain accurate records of all transactions hereunder. Promptly after the
termination of this Agreement, and as may from time to time be reasonably requested by the Company before such termination, the Escrow Agent shall provide the Company with a copy of such records, certified by the Escrow Agent to be a complete and
accurate account of all transactions hereunder. The authorized representatives of the Company and the Sales Agent shall also have access to the Escrow Agent’s books and records to the extent 

  

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relating to its duties hereunder, during normal business hours upon reasonable notice to the Escrow Agent. 
 Section 14.        Miscellaneous. 
 (a)        Nothing in this Agreement is intended or shall confer upon anyone other than the
parties any legal or equitable right, remedy or claim. 
 (b)        The invalidity
of any portion of this Agreement shall not affect the validity of the remainder hereof. 
 (c)        This Agreement is the final integration of the agreement of the parties with respect to the matters covered by it and supersedes any prior understanding or agreement, oral or written, with
respect thereto. 
 (d)        The rights and obligations of each party hereto may
not be assigned or delegated to any other person without the written consent of the other parties hereto. Subject to the foregoing, the terms and provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. 
  

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 (e)        No printed or other material in any
language, including prospectuses, notices, reports, and promotional material which mentions “The Bank of New York” by name or the rights, powers, or duties of the Escrow Agent under this Agreement shall be issued by any other parties
hereto, or on such party’s behalf, without the prior written consent of Escrow Agent; provided, however, that written consent of The Bank of New York Mellon shall be deemed given with respect to any registration statement (including exhibits
and amendments thereto) and related prospectuses in connection with the Offering. 
  

							
		 	 INDUSTRIAL INCOME TRUST INC.
	 	
			
		 	 By:                                       
                                         
                           
	 	
		 		 	 Name:
	 	
		 		 	 Title:
	 	

							
			
		 	 DIVIDEND CAPITAL SECURITIES LLC
	 	
			
		 	 By:                                       
                                         
                           
	 	
		 		 	 Name:
	 	
		 		 	 Title:
	 	

							
			
		 	 THE BANK OF NEW YORK MELLON
 as Escrow Agent
	 	
			
		 	 By:                                       
                                         
                           
	 	
		 		 	 Name:
	 	
		 		 	 Title:
	 	

  

 9Form of Indemnification Agreement

 EXHIBIT 10.6 
 FORM OF 
 INDEMNIFICATION AGREEMENT 
 THIS INDEMNIFICATION AGREEMENT (“Agreement”) is made and entered into as of the
        day of           , 2009 by and among Industrial Income Trust Inc., a Maryland corporation (the “Company”), and
                                    , a director and/or
officer of the Company (the “Indemnitee”). 
 RECITALS 
 WHEREAS, the interpretation of statutes, regulations and charter and Bylaw provisions regarding indemnification of directors and officers may be too uncertain to provide such directors and
officers with adequate notice of the legal, financial and other risks to which they may be exposed by virtue of their service as such; and 
 WHEREAS, damages sought against directors and officers in shareholder or similar litigation may be substantial, and the costs of defending such actions and of judgments in favor of plaintiffs or of settlement
therewith may be prohibitive for individual directors and officers, without regard to the merits of a particular action and without regard to the culpability of, or the receipt of improper personal benefit by, any named director or officer; and

 WHEREAS, the long period of time which may elapse before final disposition of such litigation may impose undue hardship
and burden on a director or officer or his estate in maintaining a proper and adequate defense of himself or his estate against claims for damages; and 
 WHEREAS, the Company is organized under the Maryland General Corporation Law (the “MGCL”), and Section 2-418 of the MGCL empowers corporations to indemnify and advance expenses of litigation to a person
serving as a director, officer, employee or agent of a corporation and to persons serving at the request of the corporation, while a director of a corporation, as a director, officer, partner, trustee, employee or agent of another foreign or
domestic corporation, partnership, joint venture, trust, other enterprise or employee benefit plan, and further provides that the indemnification and advancement of expenses set forth in the MGCL are not “exclusive of any other rights, by
indemnification or otherwise, to which a director may be entitled under the charter, the bylaws, a resolution of stockholders or directors, an agreement or otherwise, both as to action in an official capacity and as to action in another capacity
while holding such office”; and 
 WHEREAS, the charter of the Company, as it may be amended or amended and restated
from time to time (the “Charter”), provides that the Company shall indemnify and hold harmless directors, advisors, or affiliates, as such terms are defined in the Charter; and 
 WHEREAS, the Board of Directors of the Company (the “Board”) has concluded that it is advisable and in the best interests of
the Company to enter into an agreement to indemnify in a reasonable and adequate manner the Indemnitee and to assume for itself maximum liability for 

 
expenses and damages in connection with claims lodged against him for his decisions and actions as a director and/or officer of the Company; 
 NOW, THEREFORE, in consideration of the foregoing, and of other good and valuable consideration, the receipt and sufficiency of which is
acknowledged by each of the parties hereto, the parties agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 For
purposes of this Agreement, the following terms shall have the meanings set forth below: 
 Section 1.1.        “Change in Control” shall mean a change in the ownership of or power to direct the Voting Securities of the Company or the acquisition by a person not affiliated
with the Company of the ability to direct the management of the Company. 
 Section 1.2.        “Corporate Status” shall mean the status of a person who is or was a director or officer of the Company, or a member of any committee of the Board, and the status of
a person who, while a director or officer of the Company, is or was serving at the request of the Company as a director, officer, partner (including service as a general partner of any limited partnership), trustee, employee, or agent of another
foreign or domestic corporation, partnership, joint venture, trust, other incorporated or unincorporated entity or enterprise or employee benefit plan. 
 Section 1.3.        “Disinterested Director” shall mean a director of the Company who neither is nor was a party to the Proceeding in respect of which
indemnification is being sought by the Indemnitee. 
 Section 1.4.        “Expenses” shall mean without limitation expenses of Proceedings including all attorneys’ fees, retainers, court costs, transcript costs, fees of experts,
investigation fees and expenses, accounting and witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses of the types customarily incurred
in connection with prosecuting, defending, preparing to prosecute or defend, investigating or being or preparing to be a witness in a Proceeding. 
 Section 1.5.        “Good Faith Act or Omission” shall mean an act or omission of the Indemnitee reasonably believed by the Indemnitee to be in or not opposed to
the best interests of the Company and other than (i) one involving negligence or misconduct, or, if the Indemnitee is an independent director, one involving gross negligence or willful misconduct; (ii) one that was material to the loss or
liability and that was committed in bad faith or that was the result of active and deliberate dishonesty; (iii) one from which the Indemnitee actually received an improper personal benefit in money, property or services; or (iv) in the
case of a criminal Proceeding, one as to which the Indemnitee had cause to believe his conduct was unlawful. 
 Section 1.6.        “Liabilities” shall mean liabilities of any type whatsoever, including, without limitation, any judgments, fines, excise taxes and penalties under the Employee
Retirement Income Security Act of 1974, as amended, penalties and amounts paid in settlement 

  

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(including all interest, assessments and other charges paid or payable in connection with or in respect of such judgments, fines, penalties or amounts paid
in settlement) in connection with the investigation, defense, settlement or appeal of any Proceeding or any claim, issue or matter therein. 
 Section 1.7.        “Proceeding” shall mean any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation,
administrative hearing or any other actual, threatened or completed proceeding whether civil, criminal, administrative or investigative, or any appeal therefrom. 
 Section 1.8.        “Voting Securities” shall mean any securities of the Company that are entitled to vote generally in the election of
directors. 
 ARTICLE II 
 TERMINATION OF AGREEMENT 
 This Agreement shall continue until, and terminate upon the later to occur of
(i) the death of the Indemnitee; or (ii) the final termination of all Proceedings (including possible Proceedings) in respect of which the Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any
proceeding commenced by the Indemnitee regarding the interpretation or enforcement of this Agreement. 
 ARTICLE III 
 SERVICE BY INDEMNITEE, NOTICE OF PROCEEDINGS 
 AND DEFENSE OF CLAIMS 
 Section 3.1.        Notice of
Proceedings. The Indemnitee agrees to notify the Company promptly in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject
to indemnification or advancement of Expenses covered hereunder, but the Indemnitee’s failure to so notify the Company shall not relieve the Company from any liability which it may have to the Indemnitee under this Agreement unless the
Company’s ability to defend in such proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby actually prejudiced. 
 Section 3.2.        Defense of Claims. The Company will be entitled to participate,
at its own expense, in any Proceeding of which it has notice. The Company jointly with any other indemnifying party similarly notified of any Proceeding will be entitled to assume the defense of the Indemnitee therein, with counsel reasonably
satisfactory to the Indemnitee; provided, however, that the Company shall not be entitled to assume the defense of the Indemnitee in any Proceeding if there has been a Change in Control or if the Indemnitee has reasonably concluded that there may be
a conflict of interest between the Company and the Indemnitee with respect to such Proceeding. The Company will not be liable to the Indemnitee under this Agreement for any Expenses incurred by the Indemnitee in connection with the defense of any
Proceeding, other than reasonable costs of investigation or as otherwise provided below, after notice from the Company to the Indemnitee of its election to assume the defense of the Indemnitee therein. The Indemnitee shall have the right to employ
his own counsel in any such Proceeding, but the fees 

  

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and expenses of such counsel incurred after notice from the Company of its assumption of the defense thereof shall be at the expense of the Indemnitee unless
(i) the employment of counsel by the Indemnitee has been authorized by the Company; (ii) the Indemnitee shall have reasonably concluded that counsel employed by the Company may not adequately represent the Indemnitee and shall have so
informed the Company; or (iii) the Company shall not in fact have employed counsel to assume the defense of the Indemnitee in such Proceeding or the counsel employed by the Company shall not, in fact, have assumed such defense or such counsel
shall not be acting, in connection therewith, with reasonable diligence; and in each such case the fees and expenses of the Indemnitee’s counsel shall be advanced by the Company in accordance with this Agreement. 
 Section 3.3.        Settlement of Claims. The Company shall not settle any Proceeding
in any manner which would impose any liability, penalty or limitation on the Indemnitee without the written consent of the Indemnitee; provided, however, that the Indemnitee will not unreasonably withhold or delay consent to any proposed settlement.
The Company shall not be liable to indemnify the Indemnitee under this Agreement or otherwise for any amounts paid in settlement of any Proceeding effected by the Indemnitee without the Company’s written consent, which consent shall not be
unreasonably withheld or delayed. 
 ARTICLE IV 
 INDEMNIFICATION 
 Section 4.1.        General. Upon the terms and subject to the conditions set forth in this Agreement, the Company shall hold harmless and indemnify the Indemnitee against any and all
Liabilities actually incurred by or for him in connection with any Proceeding (whether the Indemnitee is or becomes a party, a witness or otherwise is a participant in any role) to the fullest extent required or permitted by the Charter and by
applicable law in effect on the date hereof and to such greater extent as applicable law may hereafter from time to time permit. For all matters for which the Indemnitee is entitled to indemnification under this Article IV, the Indemnitee shall be
entitled to advancement of Expenses in accordance with Article V hereof. 
 Section 4.2.        Proceeding Other Than a Proceeding By or In the Right of the Company. If the Indemnitee was or is a party or is threatened to be made a party to any Proceeding (whether
the Indemnitee is or becomes a party, a witness or otherwise is a participant in any role) (other than a Proceeding by or in the right of the Company) by reason of his Corporate Status, or by reason of alleged action or inaction by him in any such
capacity, the Company shall, subject to the limitations set forth in Section 4.3 below, hold harmless and indemnify him against any and all Expenses and Liabilities actually and reasonably incurred by or for the Indemnitee in connection with
the Proceeding if the act(s) or omission(s) of the Indemnitee giving rise thereto were Good Faith Act(s) or Omission(s). 
 Section 4.3.        Proceedings by or in the Right of the Company. If the Indemnitee, by reason of his Corporate Status, or by reason of alleged action or inaction by him in such capacity,
was or is a party or is threatened to be made a party to any Proceeding (whether the Indemnitee is or becomes a party, a witness or otherwise is a participant in any role) by or in the right of the Company, then the Company shall, subject to the
limitations set forth in Section 4.6 below, hold harmless and indemnify him against any and all Expenses actually incurred by or for him in connection with the investigation, defense, settlement or appeal of such Proceeding if the act(s)

  

 4 

 
or omission(s) of the Indemnitee giving rise to the Proceeding were Good Faith Act(s) or Omission(s); except that no indemnification under this
Section 4.3 shall be made in respect of any claim, issue or matter as to which the Indemnitee shall have been finally adjudged to be liable to the Company, unless a court of appropriate jurisdiction (including, but not limited to, the court in
which such Proceeding was brought) shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, regardless of whether the Indemnitee’s act(s) or omission(s) were found to be a
Good Faith Act(s) or Omission(s), the Indemnitee is fairly and reasonably entitled to indemnification for such Expenses which such court shall deem proper. 
 Section 4.4.        Indemnification of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, to
the extent that the Indemnitee is, by reason of the Indemnitee’s Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, the Indemnitee shall be indemnified by the Company to the maximum extent consistent
with applicable law, against all Expenses and Liabilities actually incurred by or for him in connection therewith. If the Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but
less than all claims, issues or matters in such Proceeding, the Company shall hold harmless and indemnify the Indemnitee to the maximum extent consistent with applicable law, against all Expenses and Liabilities actually and reasonably incurred by
or for him in connection with each successfully resolved claim, issue or matter in such Proceeding. Resolution of a claim, issue or matter by dismissal, with or without prejudice, except as provided in Section 4.5 hereof, shall be deemed a
successful result as to such claim, issue or matter, so long as there has been no finding (either adjudicated or pursuant to Article VI hereof) that the act(s) or omission(s) of the Indemnitee giving rise thereto were not a Good Faith Act(s) or
Omission(s). 
 Section 4.5.        Indemnification for Expenses as
Witness. Notwithstanding any other provision of this Agreement, to the extent that the Indemnitee, by reason of the Indemnitee’s Corporate Status, has prepared to serve or has served as a witness in any Proceeding, or has participated in
discovery proceedings or other trial preparation, the Indemnitee shall be held harmless and indemnified against all Expenses actually and reasonably incurred by or for him in connection therewith. 
 Section 4.6.        Specific Limitations on Indemnification. In addition to the other
limitations set forth in this Article IV, and notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated under this Agreement to make any payment to the Indemnitee for indemnification with respect to any
Proceeding: 
 (a)        To the extent that payment is actually made to the
Indemnitee under any insurance policy or is made on behalf of the Indemnitee by or on behalf of the Company otherwise than pursuant to this Agreement. 
 (b)        If a court in such Proceeding has entered a judgment or other adjudication which is final and has become non-appealable and establishes that a claim of the Indemnitee
for such indemnification arose from: (i) acts or omissions of the Indemnitee that are not Good Faith Acts or Omissions or which are the result of active and deliberate dishonesty; (ii) acts or omissions of the Indemnitee which the
Indemnitee had reasonable cause to believe were 

  

 5 

 
unlawful; or (iii) a transaction in which the Indemnitee actually received an improper personal benefit in money, property or services. 
 (c)        If there has been no Change in Control, for Liabilities in connection with
Proceedings settled without the consent of the Company which consent, however, shall not be unreasonably withheld. 
 (d)        For any loss or liability unless all of the following conditions are met: (i) the Indemnitee has determined, in good faith, that the course of conduct that caused the loss or liability
was in the best interests of the Company, (ii) the Indemnitee was acting on behalf of or performing services for the Company, (iii) such loss or liability was not the result of negligence or misconduct, or, if the Indemnitee is an
independent director, gross negligence or willful misconduct, and (iv) such indemnification is recoverable only out of the Company’s net assets and not from the Company’s stockholders. 
 (e)        For any loss or liability arising from an alleged violation of federal or state
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 as to the Indemnitee, (ii) such claims have been
dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnitee; or (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 Securities and Exchange Commission and of the published position of any state securities regulatory
authority in which securities of the Company were offered or sold as to indemnification for violations of securities laws. 
 ARTICLE V

 ADVANCEMENT OF EXPENSES 
 Notwithstanding any provision to the contrary in Article VI hereof, the Company shall advance to the Indemnitee all Expenses which, by reason of the Indemnitee’s Corporate Status, were incurred by or for him in
connection with any Proceeding for which the Indemnitee is entitled to indemnification pursuant to Article IV hereof, in advance of the final disposition of such Proceeding, provided that all of the following are satisfied: (i) the Indemnitee
was made a party to the proceeding by reason of his service as a director or officer of the Company, (ii) the Indemnitee provides the Company with written affirmation of his good faith belief that he has met the standard of conduct necessary
for indemnification by the Company pursuant to Article IV hereof, (iii) the Indemnitee provides the Company with a written agreement (the “Undertaking”) to repay the amount paid or reimbursed by the Company, together with the
applicable legal rate of interest thereon, if it is ultimately determined that the Indemnitee did not comply with the requisite standard of conduct, and (iv) the legal proceeding was initiated by a third party who is not a stockholder of the
Company or, if by a stockholder of the Company acting in his or her capacity as such, a court of competent jurisdiction approves such advancement. The Indemnitee shall be required to execute and submit the Undertaking to repay Expenses advanced in
the form of Exhibit A attached hereto or in such form as may be required under applicable law as in effect at the time of execution thereof. The Undertaking shall reasonably evidence the Expenses incurred by or for the Indemnitee and shall contain
the written 

  

 6 

 
affirmation by the Indemnitee, described above, of his good faith belief that the standard of conduct necessary for indemnification has been met. The Company
shall advance such expenses within five (5) business days after the receipt by the Company of the Undertaking. The Indemnitee hereby agrees to repay any Expenses advanced hereunder if it shall ultimately be determined that the Indemnitee is not
entitled to be indemnified against such Expenses. Any advances and the undertaking to repay pursuant to this Article V shall be unsecured. 
 ARTICLE VI 
 PROCEDURE FOR PAYMENT OF LIABILITIES; DETERMINATION 
 OF RIGHT TO INDEMNIFICATION 
 Section 6.1.        Procedure for Payment. To obtain indemnification for Liabilities under this Agreement, the Indemnitee shall submit to the Company a written request for payment,
including with such request such documentation as is reasonably available to the Indemnitee and reasonably necessary to determine whether, and to what extent, the Indemnitee is entitled to indemnification and payment hereunder. The Secretary of the
Company, or such other person as shall be designated by the Board of Directors, promptly upon receipt of a request for indemnification shall advise the Board of Directors, in writing, of such request. Any indemnification payment due hereunder shall
be paid by the Company no later than five (5) business days following the determination, pursuant to this Article VI, that such indemnification payment is proper hereunder. 
 Section 6.2.        No Determination Necessary when the Indemnitee was Successful. To
the extent the Indemnitee has been successful, on the merits or otherwise, in defense of any Proceeding referred to in Sections 4.2 or 4.3 above or in the defense of any claim, issue or matter described therein, the Company shall indemnify the
Indemnitee against Expenses actually and reasonably incurred by or for him in connection with the investigation, defense or appeal of such Proceeding. 
 Section 6.3.        Determination of Good Faith Act or Omission. In the event that Section 6.2 is inapplicable, the Company also shall hold harmless and
indemnify the Indemnitee unless the Company shall prove by clear and convincing evidence to a forum listed in Section 6.4 below that the act(s) or omission(s) of the Indemnitee giving rise to the Proceeding were not Good Faith Act(s) or
Omission(s). 
 Section 6.4.        Forum for Determination. The
Indemnitee shall be entitled to select from among the following the forums, in which the validity of the Company’s claim under Section 6.3, that the Indemnitee is not entitled to indemnification will be heard: 
 (a)        A quorum of the Board consisting of Disinterested Directors; 
 (b)        Legal counsel selected by the Indemnitee, subject to the approval of the Board, which
approval shall not be unreasonably delayed or denied, which counsel shall make such determination in a written opinion; or 
 (c)        A panel of three arbitrators, one of whom is selected by the Company, another of whom is selected by the Indemnitee and the last of whom is selected jointly by the first two arbitrators so
selected. As soon as practicable, and in no event later than thirty (30)

  

 7 

 
days after written notice of the Indemnitee’s choice of forum pursuant to this Section 6.4, the Company shall, at its own expense, submit to the
selected forum in such manner as the Indemnitee or the Indemnitee’s counsel may reasonably request, its claim that the Indemnitee is not entitled to indemnification, and the Company shall act in the utmost good faith to assure the Indemnitee a
complete opportunity to defend against such claim. The fees and expenses of the selected forum in connection with making the determination contemplated hereunder shall be paid by the Company. If the Company shall fail to submit the matter to the
selected forum within thirty (30) days after the Indemnitee’s written notice or if the forum so empowered to make the determination shall have failed to make the requested determination within thirty (30) days after the matter has
been submitted to it by the Company, the requisite determination that the Indemnitee has the right to indemnification shall be deemed to have been made. 
 Section 6.5.        Right to Appeal. Notwithstanding a determination by any forum listed in Section 6.4 above that the Indemnitee is not entitled to
indemnification with respect to a specific Proceeding, the Indemnitee shall have the right to apply to the court in which that Proceeding is or was pending, or to any other court of competent jurisdiction, for the purpose of enforcing the
Indemnitee’s right to indemnification pursuant to this Agreement. Such enforcement action shall consider the Indemnitee’s entitlement to indemnification de novo, and the Indemnitee shall not be prejudiced by reason of a prior determination
that the Indemnitee is not entitled to indemnification. The Company shall be precluded from asserting that the procedures and presumptions of this Agreement are not valid, binding and enforceable. The Company further agrees to stipulate in any such
judicial proceeding that the Company is bound by all the provisions of this Agreement and is precluded from making any assertion to the contrary. 
 Section 6.6.        Right to Seek Judicial Determination. Notwithstanding any other provision of this Agreement to the contrary, at any time after sixty
(60) days after a request for indemnification has been made to the Company (or upon earlier receipt of written notice that a request for indemnification has been rejected) and within one (1) year after the making of such indemnification
request, the Indemnitee may petition a court of competent jurisdiction, whether or not the court has jurisdiction over, or is the forum in which is pending, the Proceeding, to determine whether the Indemnitee is entitled to indemnification
hereunder, and such court thereupon shall have the exclusive authority to make such determination, unless and until such court dismisses or otherwise terminates the Indemnitee’s action without having made such determination. The court, as
petitioned, shall make an independent determination of whether the Indemnitee is entitled to indemnification hereunder, without regard to any prior determination in any other forum as provided hereby. 
 Section 6.7.        Expenses under this Agreement. Notwithstanding any other
provision in this Agreement to the contrary, the Company shall indemnify the Indemnitee against all Expenses incurred by the Indemnitee in connection with any hearing or proceeding under this Section VI involving the Indemnitee and against all
Expenses incurred by the Indemnitee in connection with any other action between the Company and the Indemnitee involving the interpretation or enforcement of the rights of the Indemnitee under this Agreement, even if it is finally determined that
the Indemnitee is not entitled to indemnification in whole or in part hereunder. 
  

 8 

 ARTICLE VII 
 PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS 
 Section 7.1.        Burden of Proof. In making a determination with respect to entitlement to indemnification hereunder, the person, persons, entity or entities making such determination
shall presume that the Indemnitee is entitled to indemnification under this Agreement and the Company shall have the burden of proof to overcome that presumption. 
 Section 7.2.        Effect of Other Proceedings. The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order
or settlement shall not create a presumption that the act(s) or omission(s) giving rise to the Proceeding were not Good Faith Act(s) or Omission(s). The termination of any Proceeding by conviction, or upon a plea of nolo contendere, or its
equivalent, or an entry of an order of probation prior to judgment, shall create a rebuttable presumption that the act(s) or omission(s) of the Indemnitee giving rise to the Proceeding were not Good Faith Act(s) or Omission(s). 
 Section 7.3.        Reliance as Safe Harbor. For purposes of any determination of
whether any act or omission of the Indemnitee was a Good Faith Act or Omission, each act of the Indemnitee shall be deemed to be a Good Faith Act or Omission if the Indemnitee’s action is based on the records or books of accounts of the
Company, including financial statements, or on information supplied to the Indemnitee by the officers of the Company in the course of their duties, or on the advice of legal counsel for the Company or on information or records given or reports made
to the Company by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Company. The provisions of this Section 7.3 shall not be deemed to be exclusive or to limit in any way the
other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement or under applicable law. 
 Section 7.4.        Actions of Others. The knowledge and/or actions, or failure to act, of any other director, officer, agent or employee of
the Company shall not be imputed to the Indemnitee for purposes of determining the right to indemnification under this Agreement. 
 ARTICLE VIII 
 INSURANCE 
 In the event that the Company maintains officers’ and directors’ or similar liability insurance to protect itself and any director or officer of the Company against any expense, liability or loss, such
insurance shall cover the Indemnitee to at least the same degree as each other director and/or officer of the Company. 
 ARTICLE IX 

 MISCELLANEOUS 
 Section 9.1.        Non-Exclusivity. The rights of the Indemnitee hereunder shall not be deemed exclusive of any other rights to which the Indemnitee may at any time be entitled under any
provision of law, the Charter, the Bylaws of the Company, as the same may be in effect from time to time, any agreement, a vote of stockholders of the Company or a resolution of directors of the Company or otherwise, and to the extent that during
the term of this Agreement the rights 

  

 9 

 
of the then-existing directors and officers of the Company are more favorable to such directors or officers than the rights currently provided to the
Indemnitee under this Agreement, the Indemnitee shall be entitled to the full benefits of such more favorable rights. No amendment, alteration, rescission or replacement of this Agreement or any provision hereof which would in any way limit the
benefits and protections afforded to an Indemnitee hereby shall be effective as to such Indemnitee with respect to any action or inaction by such Indemnitee in the Indemnitee’s Corporate Status prior to such amendment, alteration, rescission or
replacement. 
 Section 9.2.        Subrogation. In the event of any
payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all documents required and take all action necessary to secure such rights, including
execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 
 Section 9.3.        Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given (i) if delivered by
hand, by courier or by telegram and receipted for by the party to whom said notice or other communication shall have been directed at the time indicated on such receipt; (ii) if by facsimile at the time shown on the confirmation of such
facsimile transmission; or (iii) if by U.S. certified or registered mail, with postage prepaid, on the third business day after the date on which it is so mailed: 
 If to the Indemnitee, as shown with the Indemnitee’s signature below. 
 If to the Company, to: 
 Industrial Income Trust Inc. 
 518 17th street, 17th Floor 
 Denver, CO 80202 
 Attention: President 
 Facsimile No. (303) 869-4644 
 or to such other address as may have been furnished to the Indemnitee by the Company or to the Company by the Indemnitee, as the case may be. 
 Section 9.4.        Governing Law. The parties agree that this Agreement shall be governed by, and construed and enforced in accordance with, the substantive laws of
the State of Maryland, without application of the conflict of laws principles thereof. 
 Section 9.5.        Binding Effect. Except as otherwise provided in this Agreement, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs,
executors, administrators, successors, legal representatives and permitted assigns. The Company shall require any successor or assignee (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of its
respective assets or business, by written agreement in form and substance reasonably satisfactory to the Indemnitee, to assume and agree to be bound by and to perform this Agreement in the same manner and to the same extent as the Company would be
required to perform absent such succession or assignment. 
  

 10 

 Section 9.6.        Waiver. No
termination, cancellation, modification, amendment, deletion, addition or other change in this Agreement, or any provision hereof, or waiver of any right or remedy herein, shall be effective for any purpose unless specifically set forth in a writing
signed by the party or parties to be bound thereby. The waiver of any right or remedy with respect to any occurrence on one occasion shall not be deemed a waiver of such right or remedy with respect to such occurrence on any other occasion.

 Section 9.7.        Entire Agreement. This Agreement, constitutes the
entire agreement and understanding among the parties hereto in reference to the subject matter hereof; provided, however, that the parties acknowledge and agree that the Charter contains provisions on the subject matter hereof and that this
Agreement is not intended to, and does not, limit the rights or obligations of the parties hereto pursuant to such Charter. 
 Section 9.8.        Titles. The titles to the articles and sections of this Agreement are inserted for convenience of reference only and should not be deemed a part hereof or affect the
construction or interpretation of any provisions hereof. 
 Section 9.9.        Invalidity of Provisions. Every provision of this Agreement is severable, and the invalidity or unenforceability of any term or provision shall not effect the validity
or enforceability of the remainder of this Agreement. 
 Section 9.10.        Pronouns and Plurals. Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the
singular form of nouns, pronouns and verbs shall include the plural and vice versa. 
 Section 9.11.        Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together constitute one agreement
binding on all the parties hereto. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and
year first above written. 
  

			
	 INDUSTRIAL INCOME TRUST INC.

			
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

			
	
	 INDEMNITEE

	
	  

	 (Name)

  

 11 

 EXHIBIT A 
 FORM OF UNDERTAKING TO REPAY EXPENSES ADVANCED 
 The Board of Directors of Industrial Income Trust Inc.

 Re: Undertaking to Repay Expenses Advanced 
 Ladies and Gentlemen: 
 This undertaking is being provided pursuant to that certain
Indemnification Agreement dated the          day of             , 2009, by and among Industrial Income Trust Inc. and the undersigned
Indemnitee (the “Indemnification Agreement”), pursuant to which I am entitled to advancement of expenses in connection with [Description of Proceeding] (the “Proceeding”). 
 Terms used herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement. 
 I am subject to the Proceeding by reason of my Corporate Status or by reason of alleged actions or omissions by me in such capacity.
During the period of time to which the Proceeding relates I was
                                        
 [name of office(s) held] of Industrial Income Trust Inc. Pursuant to Article IV of the Indemnification Agreement, the Company is obligated to reimburse me for Expenses that are actually and reasonably incurred by or for me in connection
with the Proceeding, provided that I execute and submit to the Company an Undertaking in which (i) I undertake to repay any Expenses paid by the Company on my behalf, together with the applicable legal rate of interest thereon, if it shall be
ultimately determined that I am not entitled to be indemnified thereby against such Expenses; (ii) I affirm my good faith belief that I have met the standard of conduct necessary for indemnification; and (iii) I reasonably evidence the
Expenses incurred by or for me. 
 [Description of expenses incurred by or for Indemnitee] 
 This letter shall constitute my undertaking to repay to the Company any Expenses paid by it on my behalf, together with the applicable
legal rate of interest thereon, in connection with the Proceeding if it is ultimately determined that I am not entitled to be indemnified with respect to such Expenses as set forth above. I hereby affirm my good faith belief that I have met the
standard of conduct necessary for indemnification and that I am entitled to such indemnification. 
  

	
	  

	 Signature

	
	  

	 Name

	
	  

	 Date

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