Document:

EX-10.1

 Exhibit 10.1 

SECOND AMENDED AND RESTATED 

ADVISORY AGREEMENT 

among 
 INDUSTRIAL
PROPERTY TRUST INC., 
 INDUSTRIAL PROPERTY OPERATING PARTNERSHIP LP 

and 
 INDUSTRIAL
PROPERTY ADVISORS LLC 

  

 TABLE OF CONTENTS 

 

							
	1.		 DEFINITIONS
		 	3	  
	2.		 APPOINTMENT
		 	8	  
	3.		 DUTIES OF THE ADVISOR
		 	8	  
	4.		 AUTHORITY OF ADVISOR
		 	10	  
	5.		 BANK ACCOUNTS
		 	11	  
	6.		 RECORDS; ACCESS
		 	11	  
	7.		 LIMITATIONS ON ACTIVITIES
		 	11	  
	8.		 RELATIONSHIP WITH DIRECTORS
		 	11	  
	9.		 FEES
		 	12	  
	10.		 EXPENSES
		 	13	  
	11.		 OTHER SERVICES
		 	14	  
	12.		 REIMBURSEMENT TO THE ADVISOR
		 	14	  
	13.		 OTHER ACTIVITIES OF THE ADVISOR
		 	14	  
	14.		 TERM; TERMINATION OF AGREEMENT
		 	15	  
	15.		 TERMINATION BY THE PARTIES
		 	15	  
	16.		 ASSIGNMENT TO AN AFFILIATE
		 	15	  
	17.		 PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION
		 	15	  
	18.		 INDEMNIFICATION BY THE CORPORATION AND THE OPERATING PARTNERSHIP
		 	16	  
	19.		 INDEMNIFICATION BY ADVISOR
		 	16	  
	20.		 NOTICES
		 	16	  
	21.		 THIRD PARTY BENEFICIARY
		 	17	  
	22.		 MODIFICATION
		 	17	  
	23.		 SEVERABILITY
		 	17	  
	24.		 CONSTRUCTION
		 	17	  
	25.		 ENTIRE AGREEMENT
		 	17	  
	26.		 INDULGENCES, NOT WAIVERS
		 	17	  
	27.		 GENDER
		 	17	  
	28.		 TITLES NOT TO AFFECT INTERPRETATION
		 	17	  
	29.		 EXECUTION IN COUNTERPARTS
		 	17	  
	30.		 INITIAL INVESTMENT
		 	17	  

  
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 THIS SECOND AMENDED AND RESTATED ADVISORY AGREEMENT, dated as of July 16, 2015 is among
Industrial Property Trust Inc., a Maryland corporation (the “Corporation”), Industrial Property Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”), and Industrial Property Advisors LLC, a
Delaware limited liability company. 
 WITNESSETH 

WHEREAS, the Corporation intends to qualify as a REIT (as defined below), and to invest its funds in investments permitted by the terms of
Sections 856 through 860 of the Code (as defined below); 
 WHEREAS, the Corporation is the general partner of the Operating Partnership and
intends to conduct its business and make investments in Assets primarily through the Operating Partnership; 
 WHEREAS, the Corporation and
the Operating Partnership desire to avail themselves of the experience, sources of information, advice, assistance and certain facilities of the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on
behalf of, and subject to the supervision of, the Board of Directors of the Corporation, all as provided herein; 
 WHEREAS, the
Corporation, the Operating Partnership and the Advisor are parties to that certain Amended and Restated Advisory Agreement dated July 16, 2014, which is amended and restated in its entirety hereby. 

WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board of Directors, on the terms and
conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained
herein, the parties hereto agree as follows: 
 1. DEFINITIONS. As used in this Second Amended and Restated Advisory Agreement (the
“Agreement”), the following terms have the definitions hereinafter indicated: 
 Acquisition Expenses. Any and all
expenses, exclusive of Acquisition Fees, incurred by the Corporation, the Operating Partnership, the Advisor, or any of their Affiliates in connection with the selection, acquisition, development or origination of any Asset, whether or not acquired,
including, without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, title insurance, and the costs of performing due
diligence. 
 Acquisition Fees. Any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person to any other
Person (including any fees or commissions paid by or to any Affiliate of the Corporation, the Operating Partnership or the Advisor) in connection with (i) the acquisition, development or construction of a Property, (ii) the acquisition of
interests in a real estate related entity or (iii) making or investing in Mortgages or the origination or acquisition of other debt or other investments, including real estate commissions, selection fees, Development Fees, Construction Fees, if
any, nonrecurring management fees, loan fees, points or any other fees of a similar nature. Excluded shall be development fees and construction fees paid to any Person not affiliated with the Sponsor in connection with the actual development and
construction of a project. 
 Advisor. Industrial Property Advisors LLC, a Delaware limited liability company, any successor advisor
to the Corporation, the Operating Partnership or any person or entity to which Industrial Property Advisors LLC or any successor advisor subcontracts substantially all of its functions. Notwithstanding the forgoing, a Person hired or retained by
Industrial Property Advisors LLC to perform property and securities management and related services for the Corporation or the Operating Partnership that is not hired or retained to perform substantially all of the functions of Industrial Property
Advisors LLC with respect to the Corporation or the Operating Partnership as a whole shall not be deemed to be an Advisor. 
 Affiliate
or Affiliated. With respect to any Person, (i) any Person directly or indirectly owning, controlling or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of such other Person; (ii) any
Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by
or under common control with such other Person; (iv) any executive officer, director, trustee or general partner of such other Person; and (v) any legal entity for which such Person acts as an executive officer, director, trustee or
general partner. 

  
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 Asset. Any Property, Mortgage, other debt or other investment (other than investments in
bank accounts, money market funds or other current assets) owned by the Corporation, directly or indirectly through one or more of its Affiliates. 

Asset Management Fee. A fee paid to the Advisor as compensation for services rendered in connection with the management and Disposition
of the Corporation’s Assets. 
 Average Invested Assets. For a specified period, the average of the aggregate book value of the
Assets invested, directly or indirectly, in equity interests in and loans secured by or related to real estate (including, without limitation, equity interests in REITs, mortgage pools, commercial mortgage-backed securities, mezzanine loans and
residential mortgage-backed securities), before deducting depreciation, bad debts or other non-cash reserves, computed by taking the average of such values at the end of each month during such period. 

Board of Directors or Board. The persons holding such office, as of any particular time, under the Charter of the Corporation, whether
they be the Directors named therein or additional or successor Directors. 
 Bylaws. The bylaws of the Corporation, as the same are
in effect from time to time. 
 Cause. With respect to the termination of this Agreement, fraud, criminal conduct or willful
misconduct by the Advisor, or a material breach of this Agreement by the Advisor, which has not been cured within 30 days of such breach. 

Charter. The amended and restated articles of incorporation of the Corporation, as amended from time to time. 

Code. Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the
Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 

Construction Fees. The term “Construction Fees” shall have the meaning given such term in the Charter. 

Contract Purchase Price. The term “Contract Purchase Price” shall mean (i) the amount actually paid or allocated in
respect of the acquisition of a Property, (ii) the Corporation’s proportionate share of the amount actually paid or allocated in respect of the Real Property owned by any real estate related entity in which the Corporation acquires a
majority economic interest or which the Corporation consolidates for financial reporting purposes in accordance with generally accepted accounting principals, (iii) the amount actually paid or allocated in respect of an investment in any other
real estate related entity or (iv) the amount actually paid or allocated in respect of the origination or acquisition of Mortgages, other debt investments or other investments; in each case including any third party expenses, debt, whether
borrowed or assumed, and exclusive of Acquisition Fees and Acquisition Expenses. 
 Contract Sales Price. The total consideration
paid in connection with a Disposition, other than a Listing, including without limitation, any debt or other liabilities assumed or taken subject to by an acquirer. Without limiting the generality of the foregoing, in any transaction involving the
acquisition of the equity of the Corporation, the Operating Partnership or other selling entity, the Contract Sales Price will be deemed to include (whether or not expressed in the net per share price), the value assigned by the applicable buyer to
all assets (or the value of such assets implied by such buyer’s offer) before subtracting liabilities to derive the net per share purchase price. 

Corporation. Corporation shall have the meaning set forth in the preamble of this Agreement. 

Dealer Manager. Dividend Capital Securities LLC, an Affiliate of the Advisor, or such other Person or entity selected by the Board of
Directors to act as the dealer manager for the Offering. Dividend Capital Securities LLC is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). 

Dealer Manager Fee. The dealer manager fee payable to the Dealer Manager for serving as the dealer manager for the Offering and
reallowable to Soliciting Dealers with respect to Shares sold by them, as described in the Corporation’s Prospectus. 

  
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 Director. A member of the Board of Directors of the Corporation. 

Disposition. The term “Disposition” shall include (i) a sale of one or more Assets, (ii) a sale of one or more
Assets effectuated either directly or indirectly through the sale of any entity owning such Assets, including, without limitation, the Corporation or the Operating Partnership, (iii) a sale, merger or other transaction in which the Stockholders
either receive, or have the option to receive, cash, securities redeemable for cash, and/or securities of a publicly traded company, or (iv) a Listing. 

Distribution Fee. The distribution fee payable to the Dealer Manager as additional compensation for serving as the dealer manager for
the Offering and reallowable to Soliciting Dealers with respect to Shares sold by them, as described in the Corporation’s Prospectus. 

Distributions. Any distributions of money or other property by the Corporation to owners of Shares, including distributions that may
constitute a return of capital for federal income tax purposes. 
 Equity Shares. Transferable shares of beneficial interest of the
Corporation of any class or series, including common shares or preferred shares. 
 FINRA. Financial Industry Regulatory Authority,
Inc. 
 GAAP. Generally accepted accounting principles as in effect in the United States of America from time to time. 

General Partner. General Partner shall have the meaning set forth in the recitals at the beginning of this Agreement. 

Good Reason. With respect to the termination of this Agreement, (i) any failure to obtain a satisfactory agreement from any
successor to the Corporation and/or the Operating Partnership to assume and agree to perform the Corporation’s and/or the Operating Partnership’s obligations under this Agreement; or (ii) any uncured material breach of this Agreement
of any nature whatsoever by the Corporation and/or the Operating Partnership that remains uncured for 30 days after written notice of such material breach has been provided to the Corporation and the Operating Partnership by the Advisor. 

Gross Market Capitalization. The sum of (i) the total outstanding principal balance of all indebtedness of the Corporation, the
Operating Partnership, and its subsidiaries, and (ii) the Gross Share Value. 
 Gross Proceeds. The aggregate purchase price of
all Shares sold for the account of the Corporation through all Offerings, without deduction for Sales Commissions, Dealer Manager Fees, Distribution Fees, volume discounts, any marketing support and due diligence expense reimbursement or
Organization and Offering Expenses. For the purpose of computing Gross Proceeds, the purchase price of any Share for which reduced Sales Commissions or Dealer Manager Fees are paid to the Dealer Manager or a Soliciting Dealer (where net proceeds to
the Corporation are not reduced) shall be deemed to be the full amount of the offering price per Share pursuant to the Prospectus for such Offering without reduction. 

Gross Share Value. The product of (i) the total number of shares of the Corporation outstanding plus all OP Units outstanding
that are held by parties other than the Corporation, and (ii) the Value Per Share. 
 Independent Director. Independent Director
shall have the meaning set forth in the Charter. 
 Independent Expert. A person or entity with no material current or prior business
or personal relationship with the Advisor or the Directors and who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Corporation. 

Joint Ventures. The joint venture, co-investment, co-ownership or partnership arrangements in which the Corporation or any of its
subsidiaries is a co-venturer, co-owner or general partner which are established to acquire or hold Assets. 
 Liquidity Event. The
term “Liquidity Event” shall include, but shall not be limited to, (i) a Listing, (ii) a sale, merger or other transaction in which the Stockholders either receive, or have the option to receive, cash, securities redeemable for
cash, and/or securities of a publicly traded company, and (iii) the sale of all or substantially all of the Corporation’s Assets where Stockholders either receive, or have the option to receive, cash or other consideration.

  
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 Listing. The listing of the Shares on a national securities exchange or the receipt by the
Corporation’s stockholders of securities that are listed on a national securities exchange in exchange for the Corporation’s common stock. Upon such Listing, the Shares shall be deemed Listed. 

Mortgages. In connection with mortgage financing provided, invested in, participated in or purchased by the Corporation, all of the
notes, deeds of trust, security interests or other evidences of indebtedness or obligations, which are secured or collateralized by Real Property owned by the borrowers under such notes, deeds of trust, security interests or other evidences of
indebtedness or obligations. 
 NASAA REIT Guidelines. The Statement of Policy Regarding Real Estate Investment Trusts as adopted by
the members of the North American Securities Administrators Association, Inc. on May 7, 2007. 
 Net Income. For any period, the
Corporation’s total revenues applicable to such period, less the total expenses applicable to such period other than additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of
the Corporation’s Assets. 
 Offering. The public offering of Shares pursuant to a Prospectus. 

Operating Partnership. Operating Partnership shall have the meaning set forth in the preamble of this Agreement. 

Operating Partnership Agreement. The Operating Partnership Agreement between the Corporation and Industrial Property Advisors Group
LLC. 
 OP Unit. Units of limited partnership interest in the Operating Partnership. 

Organization and Offering Expenses. Any and all costs and expenses, other than Sales Commissions, Dealer Manager Fees, and Distribution
Fees, incurred in connection with the formation of the Corporation and the qualification and registration of all its Offerings, and the marketing and distribution of Shares, including, without limitation, total underwriting and brokerage discounts
and commissions (including fees of the underwriters’ attorneys) payable to the Dealer Manager and Soliciting Dealers, expenses for printing and amending registration statements or supplementing prospectuses, mailing and distributing costs,
salaries of employees while engaged in sales activity, telephone and other telecommunications costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings), charges of transfer agents,
registrars, trustees, escrow holders, depositories and experts and fees, expenses and taxes related to the filing, registration and qualification of the sale of the Shares under federal and state laws, including accountants’ and attorneys’
fees. The cumulative Organization and Offering Expense reimbursements paid by the Corporation in connection with all Offerings will not exceed 2.0% of Gross Proceeds from the sale of Shares of all Offerings. 

Person. An individual, corporation, partnership, trust, joint venture, limited liability company or other entity. 

Property or Properties. All or a portion of the Real Property or Real Properties acquired by the Corporation, directly or indirectly
through joint venture or co-ownership arrangements or other partnership or investment entities. 
 Prospectus. Prospectus shall have
the meaning set forth in Section 2(10) of the Securities Act of 1933, as amended (the “Securities Act”), including a preliminary Prospectus, an offering circular as described in Rule 256 of the General Rules and Regulations under the
Securities Act or, in the case of an intrastate offering, any document by whatever name known, utilized for the purpose of offering and selling securities to the public. 

Real Estate Asset Value. The amount actually paid or allocated to the purchase, development, construction or improvement of a Real
Property, exclusive of Acquisition Fees and Acquisition Expenses. 
 Real Property. Land, rights in land (including leasehold
interests), and any buildings, structures, improvements, furnishings, fixtures and equipment located on or used in connection with land and rights or interests in land. Properties sold by the Corporation or any Affiliate to investors in
tenancy-in-common interests (or pursuant to a Delaware statutory trust), beneficial interests in Delaware statutory trusts, and or similar interests shall be deemed Real Property for the purposes of this definition so long as (i) such
properties are being leased by the Corporation or any Affiliate from the tenancy-in-common (or Delaware statutory trust) investors, and (ii) such properties are reflected as Assets of the Corporation in accordance with GAAP.

  
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 REIT. A “real estate investment trust” under Sections 856 through 860 of the
Code or as may be amended. 
 Sale or Sales. Any transaction or series of transactions whereby: (A) the Corporation or the
Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including the lease of any Property
consisting of a building only, and including any event with respect to any Property which gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the Corporation or the Operating Partnership directly or indirectly
(except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Corporation or the Operating Partnership in any Joint Venture in which
it is a co-venturer or partner; (C) any Joint Venture directly or indirectly (except as described in other subsections of this definition) in which the Corporation or the Operating Partnership as a co-venturer or partner sells, grants,
transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including any event with respect to any Property which gives rise to insurance claims or condemnation awards; (D) the Corporation or the Operating Partnership
directly or indirectly (except as described in other subsections of this definition) sells, grants, conveys or relinquishes its interest in any Mortgage or portion thereof (including with respect to any Mortgage, all payments thereunder or in
satisfaction thereof other than regularly scheduled interest payments) of amounts owed pursuant to such Mortgage and any event which gives rise to a significant amount of insurance proceeds or similar awards; or (E) the Corporation or the
Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any other Asset not previously described in this definition or any portion
thereof, but (ii) not including any transaction or series of transactions specified in clause (i) (A) through (E) above in which the proceeds of such transaction or series of transactions are reinvested by the Corporation in one
or more Assets within 180 days thereafter. 
 Sales Commission. A percentage of Gross Proceeds from the sale of primary Shares in the
Offering (not including Shares sold pursuant to the Corporation’s distribution reinvestment plan) payable to the Dealer Manager and reallowable to Soliciting Dealers with respect to Shares sold by them. 

Securities. The term “Securities” shall mean any of the following issued by the Corporation, as the text requires: Equity
Shares, any other stock, shares or other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or
in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to,
purchase or acquire, any of the foregoing. 
 Shares. The shares of the common stock of the Corporation sold in the Offering. 

Soliciting Dealers. Broker-dealers who are members of FINRA, or that are exempt from broker-dealer registration, and who, in either
case, have executed selected dealer or other agreements with the Dealer Manager to sell Shares. 
 Special OP Units. The separate
series of limited partnership interests to be issued in accordance with Paragraph 9(c). 
 Sponsor. Any Person which (i) is
directly or indirectly instrumental in organizing, wholly or in part, the Corporation, (ii) will control, manage or participate in the management of the Corporation, and any Affiliate of any such Person, (iii) takes the initiative,
directly or indirectly, in founding or organizing the Corporation, either alone or in conjunction with one or more other Persons, (iv) receives a material participation in the Corporation in connection with the founding or organizing of the
business of the Corporation, in consideration of services or property, or both services and property, (v) has a substantial number of relationships and contacts with the Corporation, (vi) possesses significant rights to control Properties,
(vii) receives fees for providing services to the Corporation which are paid on a basis that is not customary in the industry, or (viii) provides goods or services to the Corporation on a basis which was not negotiated at arm’s-length
with the Corporation. “Sponsor” does not include any Person whose only relationship with the Corporation is that of an independent property manager and whose only compensation is as such, or wholly independent third parties such as
attorneys, accountants and underwriters whose only compensation is for professional services. 

  
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 Stockholders. The registered holders of the Corporation’s Shares. 

Termination Date. The date of termination of this Agreement. 

Termination Event. The termination or nonrenewal of this Agreement (i) in connection with a merger, sale of Assets or transaction
involving the Corporation pursuant to which a majority of the Directors then in office are replaced or removed, (ii) by the Advisor for Good Reason or (iii) by the Corporation and the Operating Partnership other than for Cause. 

Total Operating Expenses. All costs and expenses paid or incurred by the Corporation, as determined under generally accepted accounting
principles, that are in any way related to the operation of the Corporation or to corporate business, including Asset Management Fees and other operating fees paid to the Advisor, but excluding (i) the expenses of raising capital such as
Organization and Offering Expenses, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees, (vi) Acquisition Fees and Acquisition
Expenses, (vii) real estate commissions on the Sale of Property, (viii) distributions made with respect to interests in the Operating Partnership, and (ix) other fees and expenses connected with the acquisition, Disposition,
management and ownership of real estate interests, mortgage loans or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property). Notwithstanding the definition set forth
above, any expense of the Corporation which is not part of Total Operating Expenses under the NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof. 

Total Project Cost. With regard to any Real Property acquired prior to or during the development, construction or improvement stages,
all hard and soft costs and expenses paid or incurred by or on behalf of the Corporation that are in any way related to the development, construction, improvement or stabilization (including tenant improvements) of such Real Property, including, but
not limited to, any debt, whether borrowed or assumed, land and construction costs. 
 Value Per Share. The term “Value Per
Share” shall mean (i) in the event of a Listing pursuant to which incremental equity capital is expected to be raised through the issuance of shares of the Corporation, the final price at which such shares are actually issued, or an
estimate thereof reasonably determined by mutual agreement of the Corporation and the Advisor, and (ii) in the event of a Listing pursuant to which no incremental equity capital is expected to be raised through the issuance of shares of the
Corporation, the closing price at the end of the first day of trading of the Corporation’s shares upon Listing, or an estimate thereof reasonably determined by mutual agreement of the Corporation and the Advisor. 

2%/25% Guidelines. For any year in which the Corporation qualifies as a REIT, the requirement pursuant to the NASAA REIT Guidelines
that, in any 12 month period, Total Operating Expenses not exceed the greater of 2% of the Corporation’s Average Invested Assets during such 12 month period or 25% of the Corporation’s Net Income over the same 12 month period. 

2. APPOINTMENT. The Corporation and the Operating Partnership hereby appoint the Advisor to serve as their advisor on the terms and conditions
set forth in this Agreement, and the Advisor hereby accepts such appointment. 
 3. DUTIES OF THE ADVISOR. The Advisor undertakes to use its
reasonable efforts to present to the Corporation and the Operating Partnership potential investment opportunities and to provide a continuing and suitable investment program consistent with the investment objectives and policies of the Corporation
as determined and adopted from time to time by the Board of Directors. In performance of this undertaking, subject to the supervision of the Board of Directors and consistent with the provisions of the Charter, the Bylaws and the Operating
Partnership Agreement, and subject to the condition that any investment advisory services provided with respect to securities shall be provided by a registered investment adviser, the Advisor shall, either directly or by engaging an Affiliated or
non-Affiliated Person: 

  
 8 

 (a) serve as the Corporation’s and the Operating Partnership’s investment and financial
advisor and provide research and economic and statistical data in connection with the Corporation’s assets and investment policies; 

(b) manage and supervise the Offering process, including, without limitation: (i) develop the product offering, including the
determination of the specific terms of the Securities to be offered by the Corporation, prepare all offering and related documents, and obtain all required regulatory approvals; (ii) along with the Dealer Manager, approve the participating
broker dealers and negotiate the related selling agreements; (iii) coordinate the due diligence process for participating broker dealers and their review of any Prospectus and other Offering and Corporation documents; (iv) assist in the
preparation and approval of all marketing materials contemplated to be used by the Dealer Manager or others in the Offering of the Corporation’s Securities; (v) along with the Dealer Manager, negotiate and coordinate with the transfer
agent for the receipt, collection, processing and acceptance of subscription agreements and other administrative support functions; and (vi) manage and supervise all other services related to the organization of the Corporation, the Operating
Partnership or the Offering; 
 (c) provide the daily management for the Corporation and the Operating Partnership and perform and supervise
the various administrative functions reasonably necessary for the management of the Corporation and the Operating Partnership, including, without limitation: (i) provide or arrange for administrative services and items, legal and other
services, office space, office furnishings, personnel and other items necessary and incidental to the Corporation’s business and operations; (ii) maintain accounting data and any other information requested concerning the activities of the
Corporation and the Operating Partnership as shall be required to prepare and to file all periodic financial reports with the Securities and Exchange Commission and any other regulatory agency, including annual financial statements;
(iii) oversee tax and compliance services and risk management services and coordinate with appropriate third parties, including independent accountants and other consultants, on related tax matters; (iv) manage and coordinate with the
transfer agent the quarterly dividend process and payments to Stockholders; (v) consult with and assist the Board of Directors in evaluating and obtaining adequate insurance coverage based upon risk management determinations; (vi) provide
the Board of Directors with updates related to the overall regulatory environment affecting the Corporation and the Operating Partnership, as well as managing compliance with such matters; (vii) consult with the Board of Directors with respect
to the corporate governance structure and appropriate policies and procedures related thereto; (viii) oversee all reporting, record keeping, internal controls and 

similar matters in a manner to allow the Corporation and the Operating Partnership to comply with applicable law, including the Sarbanes-Oxley Act;
(ix) manage communications with Stockholders, including answering phone calls, preparing and sending written and electronic reports and other communications; and (x) establish technology infrastructure to assist in providing Stockholder
support and service; 
 (d) investigate, select, and, on behalf of the Corporation and the Operating Partnership, engage and conduct business
with such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants, correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate
fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, real estate management companies, real estate operating companies, securities investment advisors,
mortgagors, and any and all agents for any of the foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services, including
but not limited to entering into contracts in the name of the Corporation and the Operating Partnership with any of the foregoing; 
 (e)
consult with the officers and Board of Directors of the Corporation and assist the Board of Directors in the formulation and implementation of the Corporation’s financial policies, and, as necessary, furnish the Board of Directors with advice
and recommendations with respect to the making of investments consistent with the investment objectives and policies of the Corporation and in connection with any borrowings proposed to be undertaken by the Corporation and/or the Operating
Partnership; 
 (f) subject to the provisions of Paragraphs 3(h) and 4 hereof, (i) locate, analyze and select potential investments,
(ii) structure and negotiate the terms and conditions of transactions pursuant to which investments will be made; (iii) make investments on behalf of the Corporation and the Operating Partnership in compliance with the investment
objectives and policies of the Corporation; (iv) oversee the due diligence process; (v) arrange for financing and refinancing and make other changes in the asset or capital structure of, and dispose of, reinvest the proceeds from the sale
of, or otherwise deal with, investments; and (vi) enter into leases and service contracts for Properties and, to the extent necessary, perform all other operational functions for the maintenance and administration of such Properties;

  
 9 

 (g) upon request, provide the Board of Directors with periodic reports regarding prospective
investments; 
 (h) make investments in and Dispositions of Assets within the discretionary limits and authority as granted by the Board;

 (i) negotiate on behalf of the Corporation and the Operating Partnership with banks or lenders for loans to be made to the Corporation and
the Operating Partnership, and negotiate on behalf of the Corporation and the Operating Partnership with investment banking firms and broker-dealers or negotiate private sales of Shares and Securities or obtain loans for the Corporation and the
Operating Partnership, but in no event in such a way so that the Advisor shall be acting as broker-dealer or underwriter; and provided, further, that any fees and costs payable to third parties incurred by the Advisor in connection with the
foregoing shall be the responsibility of the Corporation or the Operating Partnership; 
 (j) obtain reports (which may but are not required
to be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of investments or contemplated investments of the Corporation and/or the Operating Partnership in Assets; 

(k) from time to time, or at any time reasonably requested by the Board of Directors, make reports to the Board of Directors of its performance
of services to the Corporation and the Operating Partnership under this Agreement, including reports with respect to potential conflicts of interest involving the Advisor or any of its affiliates; 

(l) provide the Corporation and the Operating Partnership with all necessary cash management services; 

(m) do all things necessary to assure its ability to render the services described in this Agreement; 

(n) deliver to or maintain on behalf of the Corporation copies of all appraisals obtained in connection with the investments in Real Properties
and all valuations of other Assets as may be required to be obtained by the Board; 
 (o) notify and obtain the approval of the
Corporation’s investment committee for all non-affiliated transactions that have a Contract Purchase Price, Total Project Cost or Contract Sales Price of $30 million or less before such transactions are completed; 

(p) notify and obtain the approval of the Board for all proposed transactions that have a Contract Purchase Price, Total Project Cost or
Contract Sales Price of more than $30 million before such transactions are completed; 
 (q) notify and obtain the approval of a majority of
the Board of Directors (including a majority of the Independent Directors) for all affiliated transactions before such transactions are completed; and 

(r) effect any private placement of OP Units, tenancy-in-common, Delaware statutory trust, or other interests in Real Properties as may be
approved by the Board. 
 Notwithstanding the foregoing, the Advisor may delegate any or all of the foregoing duties to any Person so long
as the Advisor or any Affiliate remains responsible for the performance of the duties set forth in this Paragraph 3, subject to the prior consent of the Corporation if all or substantially all of such duties are delegated to a Person that is not an
Affiliate. 
 4. AUTHORITY OF ADVISOR. 

(a) Pursuant to the terms of this Agreement (including the restrictions included in this Paragraph 4 and in Paragraph 7), and subject to the
continuing and exclusive authority of the Board of Directors over the management of the Corporation, the Board of Directors hereby delegates to the Advisor the authority to (1) locate, analyze and select investment opportunities,
(2) manage and supervise the offering process, (3) structure the terms and conditions of transactions pursuant to which investments will be made, acquired or disposed of for the 

  
 10 

 
Corporation and the Operating Partnership, (4) acquire and dispose of investments in compliance with the investment objectives and policies of the Corporation, (5) arrange for financing
or refinancing for Assets, (6) enter into leases and service contracts for Properties, (7) oversee Affiliated and non-Affiliated property managers who perform services for the Corporation or the Operating Partnership, (8) oversee
Affiliated and non-Affiliated Persons with whom the Advisor contracts to perform certain of the services required to be performed under this Agreement, (9) manage communications with Stockholders, and (10) manage public reporting, internal
controls, accounting and other record-keeping functions and general corporate services for the Corporation and the Operating Partnership. 

(b) Notwithstanding the foregoing, any investment in Real Properties, including any acquisition of Real Property by the Corporation or the
Operating Partnership (including any financing of such acquisition), will require the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may be. 

(c) In connection with a proposed transaction that requires the approval of the Independent Directors, the Advisor will deliver to the
Independent Directors all documents and other information required by them to properly evaluate the proposed transaction. 
 The prior
approval of a majority of the Board of Directors (including a majority of the Independent Directors) will be required for each transaction to which the Advisor or its Affiliates is a party. The Board of Directors may, at any time upon the giving of
written notice to the Advisor, modify or revoke the authority set forth in this Paragraph 4. If and to the extent the Board so modifies or revokes the authority contained herein, the Advisor shall henceforth submit to the Board for prior approval
such proposed transactions involving investments in Assets as thereafter require prior approval, provided however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment
transactions to which the Advisor has committed the Corporation prior to the date of receipt by the Advisor of such notification. 
 5. BANK
ACCOUNTS. The Advisor may establish and maintain one or more bank accounts in the name of the Corporation, the Operating Partnership or the Operating Partnership’s subsidiaries and may collect and deposit into any such account or accounts, and
disburse from any such account or accounts, any money on behalf of the Corporation, the Operating Partnership or the Operating Partnership’s subsidiaries, under such terms and conditions as the Board of Directors may approve, provided that no
funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render appropriate accountings of such collections and payments to the Board of Directors and to the auditors of the Corporation. 

6. RECORDS; ACCESS. The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for
inspection by the Board of Directors and by counsel, auditors and authorized agents of the Corporation, at any time or from time to time during normal business hours. The Advisor shall at all reasonable times have access to the books and records of
the Corporation and the Operating Partnership. 
 7. LIMITATIONS ON ACTIVITIES. Anything else in this Agreement to the contrary
notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment made in good faith, would (a) adversely affect the status of the Corporation as a REIT, (b) subject the Corporation to regulation under the
Investment Corporation Act of 1940, as amended, or (c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Corporation, its Shares or its Securities, or otherwise not be
permitted by the Charter or Bylaws of the Corporation, except if such action shall be ordered by the Board of Directors, in which case the Advisor shall notify promptly the Board of Directors of the Advisor’s judgment of the potential impact of
such action and shall refrain from taking such action until it receives further clarification or instructions from the Board of Directors. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of
the Board of Directors so given. Notwithstanding the foregoing, the Advisor, its members, managers, directors, officers, employees and stockholders, and members, managers, stockholders, directors and officers of the Advisor’s Affiliates, shall
not be liable to the Corporation or to the Board of Directors or stockholders for any act or omission by the Advisor, its members, managers, directors, officers or employees, or stockholders, members, managers, directors or officers of the
Advisor’s Affiliates taken or omitted to be taken in the performance of their duties under this Agreement except as provided in Paragraph 19 of this Agreement. 

8. RELATIONSHIP WITH DIRECTORS. Subject to Paragraph 7 of this Agreement and to restrictions advisable with respect to the qualification of
the Corporation as a REIT, members, managers, directors, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parents of an Affiliate, may serve as a 

  
 11 

 
Director and as officers of the Corporation, except that no member, manager, director, officer or employee of the Advisor or its Affiliates who also is a Director or officer of the Corporation
shall receive any compensation from the Corporation for serving as a Director or officer of the Corporation other than reasonable reimbursement for travel and related expenses incurred in attending meetings of the Board of Directors and no such
Director shall be deemed an Independent Director for purposes of satisfying the Director independence requirement set forth in the Charter. 

9. FEES. 
 (a) Acquisition
Fees. The Advisor shall receive Acquisition Fees in connection with each Asset acquired on the Corporation’s behalf. For investments in Real Property, the Acquisition Fee will vary depending on whether with respect to the Real Property
acquired, the Advisor provides either Development Services (defined below) or Development Oversight Services (defined below) either in connection with the acquisition of such Real Property (including, without limitation, forward commitment
acquisitions), the stabilization of such Real Property (including, without limitation, development and value add transactions), or both (any of the foregoing being “Development Real Properties). For each Real Property acquired, for which the
Advisor does not provide either Development or Development Oversight Services either in connection with the acquisition of such Real Property, the stabilization of such Real Property, or both (the “Non-Development Real Properties”), the
Acquisition Fee is an amount equal to 2.0% of the Contract Purchase Price of the Non-Development Real Property (or the Corporation’s proportional interest therein), including Real Property held in Joint Ventures or other entities that are
co-owned, for the first $500,000,000 of Real Property, and thereafter, 1.0% of the Contract Purchase Price of the Non-Development Real Property (or the Corporation’s proportional interest therein), including Real Property held in Joint Ventures
or other entities that are co-owned. In connection with providing services related to the development, construction, improvement or stabilization, including tenant improvements, of Development Real Properties (collectively, “Development
Services”) or overseeing the provision of these services by third parties on behalf of the Corporation (“Development Oversight Services”), the Acquisition Fee (the “Development Acquisition Fee”) will be an amount that will
equal up to 4.0% of Total Project Cost of such Development Real Property (or the Corporation’s proportional interest therein with respect to Real Property held in Joint Ventures or other entities that are co-owned). If the Advisor engages a
third party to provide Development Services directly to the Corporation, the third party will be compensated directly by the Corporation, and the Advisor will receive the Development Acquisition Fee if it provides the Development Oversight Services.
With respect to Non-Development Real Properties, the Advisor is also entitled to receive Acquisition Fees of (i) 1.0% of the Corporation’s proportionate share of the Contract Purchase Price of the Real Property owned by any real estate
related entity in which the Corporation acquires a majority economic interest or that the Corporation consolidates for financial reporting purposes in accordance with GAAP and (ii) 1.0% of the Contract Purchase Price in connection with the
acquisition of an interest in any other real estate related entity. Additionally, in connection with the acquisition or origination of any Mortgage, any other type of debt investment or other investment, the Advisor is entitled to receive an
Acquisition Fee of 1.0% of the Contract Purchase Price and any third-party expenses related to such investment. Acquisition Fees associated with a given Asset shall be calculated in the currency used to acquire such Asset and payable in U.S.
dollars. Acquisition Fees shall be paid at or after the closing of an investment. The total of all Acquisition Fees and Acquisition Expenses payable with respect to any Asset, including any Development Acquisition Fees, shall not exceed 6% of the
Contract Purchase Price or the Total Project Cost (as applicable) of such Asset unless fees in excess of such amount are approved by a majority of the Board of Directors, including a majority of the Independent Directors. 

(b) Asset Management Fee. The Advisor shall receive the Asset Management Fee as partial compensation for services rendered in connection
with the management and Disposition of the Corporation’s Assets. The Asset Management Fee shall be payable by the Corporation in cash or in Shares at the option of the Advisor, and may be deferred, in whole or in part, from time to time, by the
Advisor (without interest). The Asset Management Fee shall consist of (i) a monthly fee equal to one-twelfth of 0.80% of the aggregate cost (before non-cash reserves and depreciation) of each Real Property (or the Corporation’s
proportional interest therein with respect to Real Property held in Joint Ventures or real estate entities where the Corporation owns a majority economic interest or that the Corporation consolidates for financial reporting purposes in accordance
with GAAP); provided, that the Asset Management Fee with respect to each Real Property located outside of the United States that the Corporation owns, directly or indirectly, will equal a monthly fee of one-twelfth of 1.20% of the aggregate cost
(before non-cash reserves and depreciation) of each Real Property, (ii) a monthly fee equal to one-twelfth of 0.80% of the aggregate cost or investment with respect to an acquisition of an interest in any other real estate related entity or an
origination or acquisition of any Mortgage, any other type of debt investment or other investment, and (iii) in connection with a Disposition, a fee equal to (x) 2.0% of the Gross Market Capitalization of the Corporation upon

  
 12 

 
the occurrence of a Listing or (y) 2.0% of the Contract Sales Price upon the occurrence of any other Disposition. With the exception of any portion of the Asset Management Fee related to a
Disposition, which shall be payable at the time of such Disposition, the Asset Management Fee shall be payable on the 1st day of each month. 

(c) Operating Partnership Interests. The Sponsor has made a capital contribution of $1,000 to the Operating Partnership in exchange for
OP Units constituting a separate series of limited partnership interests (the “Special OP Units”). Upon the earliest to occur of the termination or nonrenewal of this Agreement for Cause, a Termination Event, or a Liquidity Event, all of
the Special OP Units shall be redeemed by the Operating Partnership in accordance with the terms of the Operating Partnership Agreement. 

(d) Loans from Affiliates. The Advisor or any Affiliate thereof may not make any loan to the Corporation or the Operating Partnership
unless a majority of the Board of Directors (including a majority of the Independent Directors) approve the loan as being fair, competitive, and commercially reasonable and no less favorable to the Corporation or the Operating Partnership than loans
between unaffiliated parties under the same circumstances. 
 (e) Exclusion of Certain Transactions. In the event the Corporation or
the Operating Partnership shall propose to enter into any transaction with the Sponsor, the Advisor, a Director or any Affiliate thereof, then such transaction shall be approved by a majority of the Board of Directors (including a majority of the
Independent Directors) as fair and reasonable to the Corporation. 
 10. EXPENSES. 

(a) In addition to the compensation paid to the Advisor pursuant to Paragraph 9 hereof and subject to the limitations below, the Corporation or
the Operating Partnership shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor in connection with the services it provides to the Corporation and the Operating Partnership pursuant to this Agreement,
including, but not limited to: 
 (i) Up to 2.0% of Gross Proceeds from all Offerings as Organization and Offering Expense reimbursements.
The Advisor will use all or a portion of this reimbursement to pay for the Corporation’s Organization and Offering Expenses, including certain distribution-related expenses of the Dealer Manager and Soliciting Dealers. The Advisor or an
Affiliate of the Advisor will be responsible for the cumulative Organization and Offering Expenses of all Offerings to the extent that such expenses exceed the amount remaining from the 2.0% Organization and Offering Expense reimbursements from all
Offerings, without recourse against or reimbursement by the Corporation; 
 (ii) Acquisition Expenses; 

(iii) the actual cost of goods and services used by the Corporation and obtained from Persons not affiliated with the Advisor, other than
Acquisition Expenses, including brokerage fees paid in connection with the purchase and sale of any securities; 
 (iv) interest and other
costs for borrowed money, including discounts, points and other similar fees; 
 (v) taxes and assessments on income of the Corporation or
Assets and any other taxes otherwise imposed on the Corporation; 
 (vi) costs associated with insurance required in connection with the
business of the Corporation or by the officers and Directors; 
 (vii) expenses of managing and operating Assets owned by the Corporation,
whether payable to an Affiliate of the Corporation or a non-affiliated Person; 
 (viii) all expenses in connection with payments to the
Directors and meetings of the Directors and Stockholders; 
 (ix) expenses associated with a Listing, if applicable; 

  
 13 

 (x) expenses connected with payments of Distributions in cash or otherwise made or caused to be
made by the Corporation to the Stockholders; 
 (xi) expenses of organizing, revising, amending, converting, modifying, or terminating the
Corporation or the Charter; 
 (xii) expenses of maintaining communications with Stockholders, including the cost of preparation, printing,
and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 
 (xiii)
administrative service expenses (including related personnel costs) relating to, among other things, the services set forth in Paragraph 3(c) hereof); provided, however, that no reimbursement shall be made for costs of personnel to the extent
that such personnel perform services in transactions for which the Advisor receives a separate fee; 
 (xiv) audit, accounting and legal
fees and other fees for professional services relating to the operations of the Corporation and all such fees incurred at the request, or on behalf of, the Independent Directors or any committee of the Board of Directors; 

(xv) out-of-pocket costs for the Corporation to comply with all applicable laws, regulations and ordinances; and 

(xvi) all other costs incurred by the Advisor in performing its duties hereunder. 

(b) Expenses incurred by the Advisor on behalf of the Corporation and the Operating Partnership and payable pursuant to this Paragraph 10
shall be reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Corporation and the Operating Partnership and the calculation of the Asset Management Fee during each quarter, and shall
deliver such statement to the Corporation and the Operating Partnership within 45 days after the end of each quarter. 
 11. OTHER SERVICES.
Should the Board of Directors request that the Advisor or any director, officer or employee thereof render services for the Corporation and the Operating Partnership other than set forth in Paragraph 3, such services shall be separately compensated
at such rates and in such amounts as are agreed by the Advisor and the Independent Directors of the Corporation, subject to the limitations contained in the Charter, and shall not be deemed to be services pursuant to the terms of this Agreement.

 12. REIMBURSEMENT TO THE ADVISOR. For any year in which the Corporation qualifies as a REIT, the Corporation shall not reimburse the
Advisor at the end of any fiscal quarter Total Operating Expenses that, in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets or 25% of
Net Income (the “2%/25% Guidelines”) for such year. Any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Corporation or, at the option of the Corporation, subtracted from the Total Operating Expenses
reimbursed during the subsequent fiscal quarter unless a majority of the Independent Directors determine that such excess was justified based on unusual and nonrecurring factors which they deem sufficient, then the Excess Amount may be paid and
within 60 days after the end of such Expense Year there shall be sent to the stockholders a written disclosure of such fact, together with an explanation of the factors the Independent Directors considered in determining that such excess expenses
were justified. Such determination shall be reflected in the minutes of the meetings of the Board of Directors. The Corporation will not reimburse the Advisor or its Affiliates for services for which the Advisor or its Affiliates are entitled to
compensation in the form of a separate fee. All figures used in the foregoing computation shall be determined in accordance with generally accepted accounting principles applied on a consistent basis. 

13. OTHER ACTIVITIES OF THE ADVISOR. Nothing herein contained shall prevent the Advisor or any of its Affiliates from engaging in or earning
fees from other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this
Agreement limit or restrict the right of any member, manager, director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in or earn fees from any other business or to render services of any kind to any other partnership,
corporation, firm, individual, trust or association and earn fees for rendering such services. The Advisor may, with respect to any investment in which the Corporation is a participant, also render advice and service to each and every other
participant therein, and earn fees 

  
 14 

 
for rendering such advice and service. It is contemplated that the Corporation may enter into joint ventures or other similar co-investment arrangements with certain Persons, and pursuant to the
agreements governing such joint ventures or arrangements, the Advisor may be engaged (directly or indirectly) to provide advice and service to such Persons, in which case the Advisor will earn fees for rendering such advice and service. The parties
to this Agreement hereby acknowledge that the Advisor may provide advice and render services to Persons that will compete with the Corporation for investments. 

The Advisor shall report to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge,
which creates or could create a conflict of interest between the Advisor’s obligations to the Corporation and its obligations to or its interest in any other partnership, corporation, limited liability company, firm, individual, trust or
association. The Advisor or its Affiliates shall promptly disclose to the Board knowledge of such condition or circumstance. If the Advisor, its members, managers, directors, employees or Affiliates thereof have sponsored other investment programs
with similar investment objectives which have investment funds available at the same time as the Corporation, it shall be the duty of the Independent Directors to ensure that the Advisor and its Affiliates follow the method approved by the
Independent Directors, by which investments are to be allocated to the competing investment entities and to use their reasonable efforts to ensure that such method is applied fairly to the Corporation. 

The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the
Corporation which is consistent with the investment policies and objectives of the Corporation, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular investment opportunity to the Corporation
even if the opportunity is of character which, if presented to the Corporation, could be taken by the Corporation. In the event an investment opportunity is located, the allocation procedure set forth under the caption “Conflicts of
Interest—Conflict Resolution Procedures” in any Prospectus (as such procedures may be amended from time to time by a majority of the Board, including the Independent Directors) shall govern the allocation of the opportunity among the
Corporation and Affiliates of the Advisor. 
 14. TERM; TERMINATION OF AGREEMENT. This Agreement shall continue in force for a period of one
year from the date hereof, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. It is the duty of the Independent Directors to evaluate the performance of the Advisor annually before renewing the
Agreement, and each such renewal shall be for a term of no more than one year. 
 15. TERMINATION BY THE PARTIES. This Agreement may be
terminated (i) immediately by the Corporation and/or the Operating Partnership for Cause (subject to any applicable cure period), (ii) upon 60 days written notice without Cause and without penalty by a majority of the Independent Directors
of the Corporation or by the Advisor, (iii) upon 60 days written notice with Good Reason by the Advisor or (iv) immediately by the Corporation and/or the Operating Partnership in connection with a merger, sale of Assets or transaction
involving the Corporation pursuant to which a majority of the Directors then in office are replaced or removed. 
 16. ASSIGNMENT TO AN
AFFILIATE. This Agreement may be assigned by the Advisor to an Affiliate or Affiliates with the approval of a majority of the Board of Directors (including a majority of the Independent Directors). The Advisor may assign any rights to receive fees
or other payments under this Agreement to any Person without obtaining the approval of the Board of Directors. This Agreement shall not be assigned by the Corporation or the Operating Partnership without the consent of the Advisor, except in the
case of an assignment by the Corporation or the Operating Partnership to a corporation, limited partnership or other organization which is a successor to all of the assets, rights and obligations of the Corporation or the Operating Partnership, in
which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Corporation and the Operating Partnership are bound by this Agreement. 

17. PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION. 

(a) After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to
receive from the Corporation or the Operating Partnership within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement.
In addition, in accordance with the provisions of Paragraph 12, the Advisor shall be entitled to receive any Excess Amount (as defined in Paragraph 12) for which the Independent Directors determined (before or after the Termination Date) that there
was justification based on unusual and nonrecurring factors. 

  
 15 

 (b) The Advisor shall promptly upon termination: 

(i) pay over to the Corporation and the Operating Partnership all money collected and held for the account of the Corporation and the
Operating Partnership pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 

(ii) deliver to the Board of Directors a full accounting, including a statement showing all payments collected by it and a statement of all
money held by it, covering the period following the date of the last accounting furnished to the Board of Directors; 
 (iii) deliver to the
Board of Directors all Assets and documents of the Corporation and the Operating Partnership then in the custody of the Advisor; and 
 (iv)
cooperate with the Corporation and the Operating Partnership to provide an orderly management transition. 
 18. INDEMNIFICATION BY THE
CORPORATION AND THE OPERATING PARTNERSHIP. The Corporation and the Operating Partnership shall indemnify and hold harmless the Advisor and its Affiliates, including their respective members, managers, officers, directors, partners and employees,
from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, subject to any limitations imposed by the laws of the State of Maryland or the
Charter. Notwithstanding the foregoing, the Corporation and the Operating Partnership may not indemnify or hold harmless the Advisor, its Affiliates, or any of their respective members, managers, officers, directors, partners or employees in any
manner that would be inconsistent with the provisions of Section II.G of the REIT Guidelines adopted by the North American Securities Administrators Association. 

19. INDEMNIFICATION BY ADVISOR. The Advisor shall indemnify and hold harmless the Corporation and the Operating Partnership from contract or
other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are incurred by reason of the Advisor’s bad faith,
fraud, willful misfeasance, gross misconduct, gross negligence or reckless disregard of its duties, but the Advisor shall not be held responsible for any action of the Board of Directors in following or declining to follow any advice or
recommendation given by the Advisor. 
 20. NOTICES. Any notice, report or other communication required or permitted to be given hereunder
shall be in writing unless some other method of giving such notice, report or other communication is required by the Charter, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand or by overnight
mail or other overnight delivery service to the addresses set forth herein: 
  

							
			To the Directors and to the Corporation:		 Industrial Property Trust Inc.
 518 17th Street
 17th Floor

Denver, CO 80202
		
				
			To the Operating Partnership:		 Industrial Property Operating Partnership LP

518 17th Street

17th Floor

Denver, CO 80202
		
				
			To the Advisor:		 Industrial Property Advisors LLC

518 17th Street

17th Floor

Denver, CO 80202
		

  
 16 

 Any party may at any time give notice in writing to the other parties of a change in its address
for the purposes of this Paragraph 20. 
 21. THIRD PARTY BENEFICIARY. The terms and provisions of this Agreement are intended solely
for the benefit of each party hereto, their Affiliates and their respective successors and permitted assigns, and it is not the intention of the parties to confer third-party beneficiary rights upon any other Person. 

22. MODIFICATION. This Agreement shall not be changed, modified, terminated, or discharged, in whole or in part, except by an instrument in
writing signed by the parties hereto, or their respective successors or assignees. 
 23. SEVERABILITY. The provisions of this Agreement are
independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

24. CONSTRUCTION. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Colorado.

 25. ENTIRE AGREEMENT. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject
matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof
control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing. 

26. INDULGENCES, NOT WAIVERS. Neither the failure nor any delay on the part of a party or any third party beneficiary to exercise any right,
remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy,
power or privilege, nor shall any 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 other occurrence. No waiver shall be effective
unless it is in writing and is signed by the party asserted to have granted such waiver. 
 27. GENDER. Words used herein regardless of the
number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

28. TITLES NOT TO AFFECT INTERPRETATION. The titles of paragraphs and subparagraphs contained in this Agreement are for convenience only, and
they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 
 29. EXECUTION IN
COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument.
This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 

30. INITIAL INVESTMENT. The Advisor has made a capital contribution of $200,000 to the Corporation in exchange for 20,000 Shares. The Advisor
may not sell any of such Shares while the Advisor acts in such advisory capacity to the Corporation, provided, that such Shares may be transferred to Affiliates of the Advisor. The restrictions included above shall not apply to any other Securities
acquired by the Advisor or its Affiliates. The Advisor shall not vote any Shares it now owns, or hereafter acquires, in any vote for the election of Directors, the removal of the Advisor, or any vote regarding the approval or termination of any
contract with the Advisor or any of its Affiliates. 

  
 17 

 IN WITNESS WHEREOF, the parties hereto have executed this Second Amended and Restated Advisory
Agreement as of the date and year first above written. 
  

			
	INDUSTRIAL PROPERTY TRUST INC.
		
	By:		/s/ Dwight L. Merriman III
	Name:		Dwight L. Merriman III
	 Title:
		Chief Executive Officer
	
	 INDUSTRIAL PROPERTY OPERATING

PARTNERSHIP LP

	
	 By: Industrial Property Trust Inc., its Sole General

Partner

		
	By:		/s/ Dwight L. Merriman III
	Name:		Dwight L. Merriman III
	Title:		Chief Executive Officer
	
	INDUSTRIAL PROPERTY ADVISORS LLC
	
	 By: Industrial Property Advisors Group LLC, its Sole

Member

		
	By:		/s/ Evan H. Zucker
	Name:		Evan H. Zucker
	Title:		ManagerExhibit 10.1

 

 Legacy
Education Alliance, Inc. 

Restricted Stock Award Grant Notice

(2015 Incentive Plan)

 

Legacy Education Alliance, Inc. (the “Company”),
pursuant to its 2015 Incentive Plan (the “Plan”), hereby awards to Participant that number of restricted
shares of the Company’s Common Stock set forth below (the “Award”). This Award shall be evidenced
by a Restricted Stock Award Agreement (the “Award Agreement”). This Award is subject to all of the terms
and conditions as set forth herein and in the applicable Award Agreement, the Plan and the other attachments hereto, each of which
are attached hereto and incorporated herein in their entirety.

 

	Participant: 	James E. May
	Date of Grant: 	July 16, 2015
	Vesting Commencement Date:  	July 16, 2015
	
        Number of Restricted Shares Subject to
Award:
	
        250,000

	Consideration: Continued Services	
        Participant’s services:

        Chief Administrative Officer and General Counsel

 

Vesting Schedule: The first tranche of 83,333 shares subject to the Award shall vest on the first (1st) anniversary
of the Date of Grant; the second tranche of 83,333 shares shall vest on second (2nd) anniversary of the Date of Grant;
and the balance of the Awards shall vest on the third (3rd) anniversary of the Date of Grant, all subject to Participant’s
Continuous Service (as defined in the Award Agreement) through such time.

 

In addition, if a Change in Control (as defined
in the Plan) occurs and your Continuous Service with the Company has not terminated as of, or immediately prior to, the effective
time of the Change in Control, then, as of the effective time of such Change in Control, the vesting of your shares shall be accelerated
in full.

 

Additional Terms/Acknowledgements: Participant
acknowledges receipt of, and understands and agrees to, this Restricted Stock Award Grant Notice, the Award Agreement, and the
Plan. Participant further acknowledges that as of the Date of Grant, this Restricted Stock Award Grant Notice, the Award Agreement
and the Plan set forth the entire understanding between Participant and the Company regarding the acquisition of the Company’s
Common Stock pursuant to the Award specified above and supersede all prior oral and written agreements on that subject with the
exception of (i) Awards previously granted and delivered to Participant under the Plan, and (ii) the following agreements
only:

 

	 	Other
Agreements:	 
	 	 	 

 

	Legacy
    Education Alliance, Inc.	 	PARTICIPANT
	 	 	 	 
	By:
    	 	 	 
	 	Signature	 	Signature

 

	Title: 	 	 	Date: 	 
	 	 	 	 	 
	Date:	 	 	 	 

 

Attachments:

 

	Attachment I:	Restricted Stock Award Agreement
	Attachment II:	2015 Incentive Plan
	Attachment III:	Form of Joint Escrow Instructions
	Attachment IV:	Form of 83(b) Election

 

    	 

    	 

    

 

Attachment
I

 

Legacy
Education Alliance, Inc. 

2015
Incentive Plan

Restricted
Stock Award Agreement

 

Pursuant to Section 8(a)
of the Company’s 2015 Incentive Plan (the “Plan”), the Restricted Stock Award Grant Notice (“Grant
Notice”) and this Restricted Stock Award Agreement (“Agreement”), Legacy Education Alliance,
Inc. (the “Company”) has awarded you (“Participant”) the number of shares of
the Company’s common stock (the “Common Stock”) indicated in the Grant Notice (collectively, the
“Award”). Capitalized terms not explicitly defined in this Agreement or the Grant Notice but defined
in the Plan shall have the same definitions as in the Plan.

 

The details of your Award,
in addition to those set forth in the Grant Notice, are as follows.

 

1.         Vesting.
The shares of Common Stock subject to your Award will vest as provided in the Vesting Schedule set forth in your Grant Notice,
provided that vesting shall cease upon the termination of your Continuous Service. In addition, if a Change in Control (as defined
in the Plan) occurs and your Continuous Service with the Company has not terminated as of, or immediately prior to, the effective
time of the Change in Control, then, as of the effective time of such Change in Control, the vesting of your shares shall be accelerated
in full.

 

Note that if a vesting
date falls on a day that is not a business day, such day shall instead fall on the last preceding business day. Notwithstanding
the foregoing, in the event that you are subject to the Company’s insider trading policy (such policy, or any successor policy,
the “Insider Trading Policy”) and any shares covered by your Award vest on a day (the “Original
Vest Date”) that does not occur during a “window period” applicable to you as determined by the Company
in accordance with such policy, then such shares shall not vest on such Original Vest Date and shall instead vest on the earliest
to occur of the following: (i) the first day of the next “window period” applicable to you pursuant to such policy;
(ii) the date of the termination of your Continuous Service after the Original Vest Date; or (iii) the day that is sixty (60) days
after the Original Vest Date. Shares acquired by you that have vested in accordance with the Vesting Schedule set forth in the
Grant Notice and this Section 1 or any other provision of the Plan are “Vested Shares.” Shares acquired
by you pursuant to this Agreement that are not Vested Shares are “Unvested Shares.”

 

For purposes of this Agreement,
“Continuous Service” means your service with the Company (as defined in the Plan), whether as an employee,
director or consultant, is not interrupted or terminated. A change in the capacity in which you render service to the Company or
a change in the entity for which you render such service, provided that there is no interruption or termination of your service
with the Company, shall not terminate your Continuous Service. To the extent permitted by law, the Board or the Chief Executive
Officer of the Company, in that party’s sole discretion, may determine whether Continuous Service shall be considered interrupted
in the case of (i) any approved leave of absence, including sick leave, military leave or any other personal leave, or (ii) transfers
between the Company, an affiliate of the Company, or their successors.

 

    	1

    	 

    

 

2.         Escrow
of Common Stock. As security for your faithful performance of the terms of this Agreement and to insure the availability
for delivery of your Common Stock upon execution of the Reacquisition Right provided in Section 3 above, you agree that the
Common Stock issued under your Award shall be held in escrow (“Escrow”) and you and the Company hereby
authorize and direct the Corporate Secretary of the Company or the Corporate Secretary’s designee (“Escrow Agent”)
to hold the documents delivered to Escrow Agent pursuant to the terms of this Agreement and of your Grant Notice, in accordance
with and pursuant to the terms of the Joint Escrow Instructions attached to the Grant Notice as Attachment III. You agree
that certificates representing Common Stock under the Award cannot be issued for any of such shares that are Unvested Shares. The
Company shall instruct the Escrow Agent to release Vested Shares from Escrow upon the vesting of such shares, and to transfer to
you certificates representing such Vested Shares, subject to your having made adequate provisions for any sums required to satisfy
the Withholding Taxes (as defined in Section 14 below) and the other terms and conditions contained in this Agreement and
the Joint Escrow Instructions.

 

3.         Right
of Reacquisition. The Company shall simultaneously with the termination of your Continuous Service automatically reacquire
(the “Reacquisition Right”) for no consideration all of the Unvested Shares, unless the Company agrees
to waive its Reacquisition Right as to some or all of the Unvested Shares. Any such waiver shall be exercised by the Company by
written notice to you or your representative within 90 days after the termination of your Continuous Service, and the Company will
in such case also instruct the Escrow Agent to release to you the number of Unvested Shares not being reacquired by the Company,
subject to the satisfaction of the Withholding Taxes. If the Company does not waive its Reacquisition Right as to all of the Unvested
Shares, then effective as of the termination of your Continuous Service, the Escrow Agent shall, upon the instruction of the Company,
transfer to the Company the number of Unvested Shares the Company is reacquiring. The Reacquisition Right shall expire and the
Escrow shall terminate when all of the shares of Common Stock subject to the Award have become Vested Shares.

 

4.         Adjustments
upon Changes in Stock. The number of shares of Common Stock subject to your Award and referenced in your Grant Notice
may be adjusted from time to time for recapitalization events as provided by Section 5(e) of the Plan. In the event of a recapitalization
event, any and all new, substituted or additional securities or other property to which you are entitled by reason of your ownership
of shares of Common Stock that are Unvested Shares shall be immediately subject to the Reacquisition Right and be included in the
word “Common Stock” for all purposes of the Reacquisition Right with the same force and effect as the shares of the
Common Stock presently subject to the Reacquisition Right, but only to the extent the Common Stock is, at the time, covered by
such Reacquisition Right.

 

5.         Change
in Control Transactions. In the event of a Change in Control as defined
in the Plan, the Company may exercise its Reacquisition Right, or assign its Reacquisition Right to the successor of the Company
(or such successor’s parent corporation), if any, in connection with such transaction. To the extent the Reacquisition Right
remains in effect following such transaction, it shall apply to the new capital stock or other property received in exchange for
the Common Stock in consummation of the transaction, but only to the extent the Common Stock was at the time covered by such right.

 

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6.         Securities
Law Compliance. You may not be issued any Common Stock under your Award unless the shares of Common Stock are either
(i) then registered under the Securities Act of 1933, as amended (the “Securities Act”), or (ii) the
Company has determined that such issuance would be exempt from the registration requirements of the Securities Act. Your Award
must also comply with other applicable laws and regulations governing the Award, and you shall not receive such Common Stock if
the Company determines that such receipt would not be in material compliance with such laws and regulations.

 

7.         Execution
of Documents. You hereby acknowledge and agree that the manner selected
by the Company by which you indicate your consent to your Grant Notice is also deemed to be your execution of your Grant Notice
and of this Agreement. You further agree that such manner of indicating consent may be relied upon as your signature for establishing
your execution of any documents to be executed in the future in connection with your Award.

 

8.         Irrevocable
Power of Attorney.  You constitute and appoint the Company’s Secretary as attorney-in-fact and agent to transfer
said Common Stock on the books of the Company with full power of substitution in the premises, and to execute with respect to such
securities and other property all documents of assignment and/or transfer and all stock certificates necessary or appropriate to
make all securities negotiable and complete any transaction herein contemplated. This is a special power of attorney coupled with
an interest (specifically, the Company’s underlying security interest in retaining the shares of Common Stock in the event
you do not perform the requisite services for the Company), and is irrevocable and shall survive your death or legal incapacity.
This power of attorney is limited to the matters specified in this Agreement.

 

9.         Rights
as Stockholder. Subject to the provisions of this Agreement, you shall
have all rights and privileges of a stockholder of the Company with respect to the Unvested Shares. You shall be deemed to be the
holder of such shares for purposes of receiving any dividends that may be paid with respect to such shares and for purposes of
exercising any voting rights relating to such shares, even if some or all of the shares are Unvested Shares; provided, however,
that any dividends or other distributions paid with respect to the Unvested Shares shall be subject to all of the terms and conditions
applicable under this Agreement to the same extent as the Unvested Shares.

 

10.         Transfer
Restrictions. In addition to any other limitation on transfer created by applicable securities laws, and except as otherwise
provided in this Section 10, you shall not sell, assign, hypothecate, donate, encumber, or otherwise dispose of any interest
in the Common Stock while such shares of Common Stock are Unvested Shares or continue to be held in the Joint Escrow. Notwithstanding
the foregoing, by delivering written notice to the Company, in a form satisfactory to the Company, you may designate a third party
who, in the event of your death, shall thereafter be entitled to receive any Common Stock that has been released from the Joint
Escrow. In addition, upon receiving written permission from the Board or its duly authorized designee, and provided that you and
the designated transferee enter into transfer and other agreements required by the Company, you may transfer an interest in such
shares pursuant to a domestic relations order that contains the information required by the Company to effectuate the transfer.
You are encouraged to discuss the proposed terms of any transfer of Unvested Shares with the Company prior to finalizing the domestic
relations order to help ensure the required information is contained within the domestic relations order. After any Common Stock
has been released from the Joint Escrow, you shall not sell, assign, hypothecate, donate, encumber, or otherwise dispose of any
interest in the Common Stock except in compliance with the provisions herein and applicable securities laws.

 

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11.         Non-transferability
of the Award. Your Award (except for Vested Shares issued pursuant thereto,
and subject to the transfer restrictions contained in this Award) is not transferable except by will or by the laws of descent
and distribution.

 

12.         Restrictive
Legends. All certificates representing the Common Stock shall have endorsed thereon legends in substantially the following
forms (in addition to any other legend which may be required by other agreements between the parties hereto, provided that legend
(a) below shall only apply to Unvested Shares):

 

(a)         “THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A REACQUISITION RIGHT SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE
REGISTERED HOLDER, OR SUCH HOLDER’S PREDECESSOR IN INTEREST, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THIS COMPANY.
ANY TRANSFER OR ATTEMPTED TRANSFER OF ANY SHARES SUBJECT TO SUCH RIGHT IS VOID WITHOUT THE PRIOR EXPRESS WRITTEN CONSENT OF THE
COMPANY.”

 

(b)         “THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AS AMENDED. THEY MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID
ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.”

 

(c)         Any legend
required by appropriate blue sky officials or any other agreement to which the Participant is a party.

 

13.         Award
not a Service Contract. Your Award is not an employment or service contract, and nothing in your Award shall be deemed
to create in any way whatsoever any obligation on your part to continue in the service of the Company or any affiliate of the Company,
or on the part of the Company or any affiliate of the Company to continue such service. In addition, nothing in your Award shall
obligate the Company or any affiliate of the Company, their respective stockholders, boards of directors, or employees to continue
any relationship that you might have as an employee or consultant of the Company or any affiliate.

 

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14.         Withholding
Obligations. At the time your Award is granted, on the Vesting Date, or
at any other time as determined necessary or appropriate by the Company under applicable law, you hereby authorize withholding
from payroll or otherwise any other amounts payable to you, and otherwise agree to make adequate provision in cash for, any sums
required to satisfy any federal, state, local and foreign tax withholding obligations of the Company or any affiliate of the Company,
if any, which arise in connection with your Award (the “Withholding Taxes”). The Company, at its sole
discretion and subject to any limitations under applicable law, may satisfy such Withholding Taxes by, (a) if the Common Stock
is publicly-traded, permitting you to enter into a “same day sale” commitment with a broker-dealer that is a member
of the Financial Industry Regulatory Authority (a “FINRA Dealer”) whereby you irrevocably elect to sell
a portion of the shares to be delivered under the Award to satisfy the Withholding Taxes and whereby the FINRA Dealer irrevocably
commits to forward the proceeds necessary to satisfy the Withholding Taxes directly to the Company and/or its affiliates; (b) withholding
shares of Common Stock that are otherwise to be released by the Escrow Agent from Escrow on the Vesting Date in satisfaction of
the Withholding Taxes (at a fair market value per share of Common Stock determined by the Company’s Board of Directors in
good faith), provided, however, that the amount of the shares so withheld shall not exceed the amount necessary to satisfy
the Withholding Taxes using the statutory withholding rates that are applicable to this kind of income; (c) withholding for the
Withholding Taxes from wages and other cash compensation payable to you; or (d) causing you to tender a cash payment to the Company.
Unless the Withholding Tax obligations are satisfied, the Company shall have no obligation to issue a certificate for any shares
or release any shares from Escrow.

 

15.         Tax
Consequences. You hereby agree that the Company does not have a duty to
design or administer the Plan or its other compensation programs in a manner that minimizes your tax liabilities. You shall not
make any claim against the Company, or any of its officers, directors, employees or affiliates related to tax liabilities arising
from your Award or your other compensation. You agree to review with your own tax advisors the federal, state, local and foreign
tax consequences of the Award and the transactions contemplated by this Award Agreement. You shall rely solely on such advisors
and not on any statements or representations of the Company or any of its agents. You understand that you (and not the Company)
shall be responsible for your own tax liability that may arise as a result of the Award or the transactions contemplated by this
Award Agreement. YOU ACKNOWLEDGE THAT IT IS YOUR SOLE RESPONSIBILITY, AND NOT THE COMPANY’S, TO FILE A TIMELY 83(b) ELECTION,
EVEN IF YOU REQUEST THE COMPANY OR ITS REPRESENTATIVES TO MAKE THE FILING ON YOUR BEHALF.

 

16.         Notices.
Any notice or request required or permitted hereunder shall be given in writing to each of the other parties hereto and shall be
deemed effectively given on the earlier of (i) the date of personal delivery, including delivery by express courier, or (ii) the
date that is five days after deposit in the United States Post Office (whether or not actually received by the addressee), by registered
or certified mail with postage and fees prepaid, addressed at the following addresses, or at such other address(es) as a party
may designate by ten days’ advance written notice to each of the other parties hereto:

 

	 	Company:	Legacy Education Alliance, Inc.
			Attn: Corporate Secretary
			1612 E. Cape Coral Pkwy
			Cape Coral, FL 33904
	 	 	 
	 	You:	Your
address as on file with the Company at the time notice is given

	 	 	 
	 	Escrow Agent:	Legacy Education Alliance, Inc.
			Attn: Corporate Secretary
			1612 E. Cape Coral Pkwy
			Cape Coral, FL 33904

 

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17.         Headings.
The headings of the Sections in this Agreement are inserted for convenience only and shall not be deemed to constitute a part of
this Agreement or to affect the meaning of this Agreement.

 

18.         Miscellaneous.

 

(a)         The rights
and obligations of the Company under your Award shall be transferable by the Company to any one or more persons or entities, and
all covenants and agreements hereunder shall inure to the benefit of, and be enforceable by, the Company’s successors and
assigns.

 

(b)         You agree upon
request to execute any further documents or instruments necessary or desirable in the sole determination of the Company to carry
out the purposes or intent of your Award.

 

(c)         You acknowledge
and agree that you have reviewed your Award in its entirety, have had an opportunity to obtain the advice of counsel prior to executing
and accepting your Award and fully understand all provisions of your Award.

 

(d)         This Agreement
shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national
securities exchanges as may be required.

 

(e)         All obligations
of the Company under the Plan and this Agreement shall be binding on any successor to the Company, whether the existence of such
successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the
business and/or assets of the Company.

 

19.         Governing
Plan Document. Your Award is subject to all the provisions of the Plan, the provisions of which are hereby made a part
of your Award, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be
promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions of your Award and those of the
Plan, the provisions of the Plan shall control.

 

20.         Effect
on Other Employee Benefit Plans. The value of the Award subject to this
Agreement shall not be included as compensation, earnings, salaries, or other similar terms used when calculating benefits under
any employee benefit plan (other than the Plan) sponsored by the Company or any affiliate of the Company except as such plan otherwise
expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any or all of the employee benefit
plans of the Company or any affiliate of the Company.

 

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21.         Choice
of Law. The interpretation, performance and enforcement of this Agreement shall be governed by the law of the state
of Nevada without regard to that state’s conflicts of laws rules.

 

22.         Electronic
Delivery. The Company may, in its sole discretion, elect to deliver any documents related to participation in the Plan
and this Award by electronic means or to request your consent to participate in the Plan by electronic means. You hereby consent
to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic
system established and maintained by the Company or another third party designated by the Company.

 

23.         Severability.
If all or any part of this Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid,
such unlawfulness or invalidity shall not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid.
Any Section of this Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed
in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining
lawful and valid.

 

* * * * *

 

This Agreement shall be deemed
to be signed by the Company and the Participant upon the signing by the Participant of the Grant Notice to which it is attached.

 

    	7

    	 

    

 

Attachment
II

 

Legacy
Education Alliance, Inc.

2015
Incentive Plan

 

    	 

    	 

    

 

Attachment
III

 

Joint
Escrow Instructions

 

July 20, 2015

 

Corporate Secretary

Legacy Education Alliance, Inc.

1612 E. Cape Coral Pkwy

Cape Coral, FL 33904

 

Dear Sir/Madam:

 

As Escrow Agent for both
Legacy Education Alliance, Inc., a Nevada corporation (the “Company”), and the undersigned recipient
of stock of the Company (“Recipient”), you are hereby authorized and directed to hold the documents delivered
to you pursuant to the terms of that certain Restricted Stock Award Grant Notice (the “Grant Notice”)
issued to the Recipient to which a copy of these Joint Escrow Instructions is attached as Attachment III, and pursuant to the terms
of that certain Restricted Stock Award Agreement (“Agreement”), which is Attachment I to the Grant Notice,
in accordance with the following instructions:

 

1.         In the event
Recipient ceases to render Continuous Service (as defined in the Agreement) to the Company or an affiliate of the Company during
the vesting period set forth in the Grant Notice, the Company or its assignee will give to Recipient and you a written notice specifying
that the Unvested Shares shall be transferred to the Company. Recipient and the Company hereby irrevocably authorize and direct
you to close the transaction contemplated by such notice in accordance with the terms of said notice.

 

2.         At the closing
you are directed (a) to date any stock assignments necessary for the transfer in question, (b) to fill in the number
of shares being transferred, and (c) to deliver same, together with the certificate evidencing the shares of stock to be transferred,
to the Company.

 

3.         Recipient
irrevocably authorizes the Company to deposit with you any certificates evidencing shares of stock to be held by you hereunder
and any additions and substitutions to said shares as specified in the Grant Notice. Recipient does hereby irrevocably constitute
and appoint you as Recipient’s attorney-in-fact and agent for the term of this escrow to execute with respect to such securities
and other property all documents of assignment and/or transfer and all stock certificates necessary or appropriate to make all
securities negotiable and complete any transaction herein contemplated.

 

4.         This escrow
shall terminate upon vesting of all of the shares or upon the earlier return of the Unvested Shares to the Company.

 

5.         If at the
time of termination of this escrow you should have in your possession any documents, securities, or other property belonging to
Recipient, you shall deliver all of same to any pledgee entitled thereto or, if none, to Recipient and shall be discharged of all
further obligations hereunder.

 

    	1

    	 

    

 

6.         Your duties
hereunder may be altered, amended, modified or revoked only by a writing signed by all of the parties hereto.

 

7.         You shall
be obligated only for the performance of such duties as are specifically set forth herein and may rely and shall be protected in
relying or refraining from acting on any instrument reasonably believed by you to be genuine and to have been signed or presented
by the proper party or parties or their assignees. You shall not be personally liable for any act you may do or omit to do hereunder
as Escrow Agent or as attorney-in-fact for Recipient while acting in good faith and any act done or omitted by you pursuant to
the advice of your own attorneys shall be conclusive evidence of such good faith.

 

8.         You are hereby
expressly authorized to disregard any and all warnings given by any of the parties hereto or by any other person or corporation,
excepting only orders or process of courts of law, and are hereby expressly authorized to comply with and obey orders, judgments
or decrees of any court. In case you obey or comply with any such order, judgment or decree of any court, you shall not be liable
to any of the parties hereto or to any other person, firm or corporation by reason of such compliance, notwithstanding any such
order, judgment or decree being subsequently reversed, modified, annulled, set aside, vacated or found to have been entered without
jurisdiction.

 

9.         You shall
not be liable in any respect on account of the identity, authority or rights of the parties executing or delivering or purporting
to execute or deliver the Grant Notice or any documents or papers deposited or called for hereunder.

 

10.         You shall
not be liable for the outlawing of any rights under any statute of limitations with respect to these Joint Escrow Instructions
or any documents deposited with you.

 

11.         You shall
be entitled to employ such legal counsel and other experts as you may deem necessary properly to advise you in connection with
your obligations hereunder, may rely upon the advice of such counsel, and may pay such counsel reasonable compensation therefor.

 

12.         Your responsibilities
as Escrow Agent hereunder shall terminate if you shall cease to be Secretary of the Company or if you shall resign by written notice
to the Company party. In the event of any such termination, the Secretary of the Company shall automatically become the successor
Escrow Agent unless the Company shall appoint another successor Escrow Agent, and Recipient hereby confirms the appointment of
such successor as Recipient’s attorney-in-fact and agent to the full extent of your appointment.

 

13.         If you reasonably
require other or further instruments in connection with these Joint Escrow Instructions or obligations in respect hereto, the necessary
parties hereto shall join in furnishing such instruments.

 

14.         It is understood
and agreed that should any dispute arise with respect to the delivery and/or ownership or right of possession of the securities,
you may (but are not obligated to) retain in your possession without liability to anyone all or any part of said securities until
such dispute shall have been settled either by mutual written agreement of the parties concerned or by a final order, decree or
judgment of a court of competent jurisdiction after the time for appeal has expired and no appeal has been perfected, but you shall
be under no duty whatsoever to institute or defend any such proceedings.

 

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15.         Any notice
required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery, including
delivery by express courier or five days after deposit in the United States Post Office, by registered or certified mail with postage
and fees prepaid, addressed to each of the other parties hereunto entitled at the following addresses, or at such other addresses
as a party may designate by ten days’ advance written notice to each of the other parties hereto:

 

	 	Company:	Legacy Education Alliance, Inc.
			Attn: Corporate Secretary
			1612 E. Cape Coral Pkwy
			Cape Coral, FL 33904

 

	 	Recipient:	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

	 	Escrow Agent:	Legacy Education Alliance, Inc.
			Attn: Corporate Secretary
			1612 E. Cape Coral Pkwy
			Cape Coral, FL 33904

 

16.         By signing
these Joint Escrow Instructions you become a party hereto only for the purpose of said Joint Escrow Instructions; you do not become
a party to the Grant Notice.

 

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17.         This instrument
shall be binding upon and inure to the benefit of the parties hereto, and their respective successors and permitted assigns. It
is understood and agreed that references to “you” or “your” herein refer to the original Escrow Agent
and to any and all successor Escrow Agents. It is understood and agreed that the Company may at any time or from time to time
assign its rights under the Grant Notice and these Joint Escrow Instructions in whole or in part.

 

	 	Very truly yours,
	 	 	 
	 	Legacy Education Alliance, Inc.
	 	 	 
	 	By: 	 
	 	 	 
	 	Recipient
	 	 
	 	 

 

Escrow
Agent:

 

 

 

Constance Schwarberg, Secretary

Legacy Education Alliance, Inc.

 

 

4

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