Document:

Exhibit 10.14

 

CHESTERFIELD SITE SHARING AND SERVICES
AGREEMENT

 

BY AND BETWEEN

 

ADVANSIX RESINS & CHEMICALS LLC,

A DELAWARE LIMITED LIABILITY COMPANY

 

LICENSOR

 

AND

 

HONEYWELL INTERNATIONAL INC.,

A DELAWARE CORPORATION,

 

LICENSEE

 

DATED ___, 2016

    	 

    	

    

TABLE
OF CONTENTS

 

Page

 

	Article 1.	Parties	1
	 	 	 
	Article 2.	Premises, Parking and Common Areas	1
	 	 	 
	(a)	Premises	1
	 	 	 
	(b)	Parking	1
	 	 	 
	(c)	Common Areas	1
	 	 	 
	Article 3.	Term	1
	 	 	 
	Article 4.	Capital Improvements	2
	 	 	 
	Article 5.	Base Annual Fee and Operating Expenses	2
	 	 	 
	(a)	Base Annual Fee	2
	 	 	 
	(b)	Operating Expenses	3
	 	 	 
	(c)	Increase to Base Annual Fee	4
	 	 	 
	Article 6.	Use, Compliance with Legal Requirements, Condition of Premises	6
	 	 	 
	(a)	Use	6
	 	 	 
	(b)	Compliance with Legal Requirements and Licensor’s Procedures	6
	 	 	 
	(c)	Condition of Premises	6
	 	 	 
	Article 7.	Assignment	7
	 	 	 
	Article 8.	Licensee’s Responsibility	7
	 	 	 
	Article 9.	Licensor’s Repair and Maintenance Responsibilities	7
	 	 	 
	Article 10.	Licensee’s Insurance, Licensor’s Insurance, Mutual Release/Waiver of Subrogation, and Indemnity	7
	 	 	 
	(a)	Licensee’s Insurance	7
	 	 	 
	(b)	Licensor’s Insurance	8
	 	 	 
	(c)	Mutual Release/Waiver of Subrogation	9
	 	 	 
	(d)	Indemnity	9
	 	 	 
	Article 11.	Default/Remedies	10
	 	 	 
	(a)	Licensee’s Default	10
	 	 	 
	(b)	Licensor’s Remedies	10
	 	 	 
	(c)	Licensee’s Remedies	11

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	Article 12.	Utilities	11
	 	 	 
	Article 13.	Real Property Taxes	12
	 	 	 
	Article 14.	Damage or Destruction	12
	 	 	 
	Article 15.	Condemnation	13
	 	 	 
	Article 16.	Notices	13
	 	 	 
	Article 17.	Authority	14
	 	 	 
	Article 18.	Alterations and Trade Fixtures	14
	 	 	 
	Article 19.	Mechanic’s Liens	14
	 	 	 
	Article 20.	Security	14
	 	 	 
	Article 21.	Surrender of Premises	15
	 	 	 
	Article 22.	Holding Over	16
	 	 	 
	Article 23.	Subordination	16
	 	 	 
	Article 24.	Estoppel Certificates	16
	 	 	 
	Article 25.	Signs	16
	 	 	 
	Article 26.	Licensor’s Procedures	16
	 	 	 
	Article 27.	HSE Matters	17
	 	 	 
	(a)	Definitions	17
	 	 	 
	(b)	Permitting	17
	 	 	 
	(c)	Training	18
	 	 	 
	(d)	Hazardous Substances	18
	 	 	 
	(e)	Compliance with HSE Laws	18
	 	 	 
	Article 28.	General Conditions	19
	 	 	 
	(a)	Time of Essence	19
	 	 	 
	(b)	Successors	19
	 	 	 
	(c)	Real Estate Brokers; Finders	19
	 	 	 
	(d)	Exhibits	19
	 	 	 
	(e)	Interpretation of Agreement	19
	 	 	 
	(f)	Integrated Agreement; Modification	19

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	(g)	Severability	19
	 	 	 
	(h)	Exclusive Use	19
	 	 	 
	(i)	Confidentiality	20
	 	 	 

Exhibits

 

	Exhibit A1	Interim Premises
	Exhibit A2	Final Premises
	Exhibit B	Base Annual Site Fee
	Exhibit C	Operating Expenses
	Exhibit D	Site Points of Contact
	Exhibit E	Intentionally Omitted
	Exhibit F	Capital Improvements
	Exhibit G	Licensee and Licensor’s Responsibilities

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CHESTERFIELD
SITE SHARING AND SERVICES AGREEMENT

 

Article 1. Parties.
This Chesterfield Site Sharing and Services Agreement (this “Agreement”) is made and entered into this ___ day
of _________, 2016 (“Date of this Agreement”), by and between AdvanSix Resins & Chemicals LLC, a Delaware limited
liability company (“Licensor”) and Honeywell International Inc., a Delaware corporation (“Licensee”).

 

Article 2. Premises,
Parking and Common Areas.

 

(a) Premises.
Prior to the completion of the Capital Improvements (as defined below), Licensor hereby grants a license to Licensee for reasonable
use and access to the premises described upon the attached Exhibit A1 (“Interim Premises”), including a non-exclusive right to use and access the Common
Areas (as hereinafter defined) in Licensor’s facility located at Bermuda Hundred Road, Chesterfield, Virginia. After completion
of the Capital Improvements, Licensor hereby grants a license to Licensee for reasonable use and access to the premises described
upon the attached Exhibit A2 (“Final Premises”) at which time Licensee will have no further access or right
to use the Common Areas. The term “Premises” shall mean either the Interim Premises or the Final Premises as the context
requires depending on whether the use of such term refers to period prior to completion of the Capital Improvements or after completion
of the Capital Improvements. The Premises, Common Areas (as hereinafter defined), other facilities located at Bermuda Hundred
Road, Chesterfield, Virginia, and the land upon which they are located are hereinafter sometimes collectively referred to as the
“Property”. This Agreement does not and shall not be deemed to constitute a lease or a conveyance of the Premises
by Licensor to Licensee or to confer upon Licensee any right, title, estate or interest in the Premises or any part thereof, other than the express rights conferred hereby. This
Agreement grants to Licensee a personal privilege to use and occupy the Premises for the Term on the terms and conditions set
forth herein.

 

(b) Parking.
Licensee shall have the exclusive right to park in the parking area designated on Exhibit A1 and Exhibit A2.

 

(c) Common
Areas. The term “Common Areas” is defined as those areas and facilities designated by the Licensor as Common
Areas on Exhibit A1 and such other areas as Licensor may designate as Common Areas from time to time prior to the completion
of the Capital Improvements for the general non-exclusive use of Licensor, Licensee and of any other occupants of the Property
and their respective employees, suppliers, shippers, customers and invitees. To the extent designated as a “Common Area
on Exhibit A1, the Common Areas shall include, without limitation, the parking areas, loading and unloading areas, conference
rooms, break rooms, trash areas, roadways, sidewalks, walkways, parkways, landscaped areas, washrooms, restrooms, and elevators,
corridors, and passageways. During the period prior to completion of the Capital Improvements, Licensor gives to Licensee and
Licensee’s employees, suppliers, shippers, customers and invitees the non-exclusive right to use the Common Areas, with
others who are entitled to use the Common Areas.

 

Article 3. Term.
This Agreement will be in force and effect for an initial term beginning as of the date of the Agreement and ending on December
31, 2018 (the “Initial Term”). On December 31, 2018, the Agreement will be renewed automatically for successive additional
periods of two (2) years (each such two-year period, a “Renewal Period” and together

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 with the Initial Term, the “Term”)
unless (a) either Party notifies the other Party in writing of a plan to substantially shut down its operations to the extent
that continuation of the Agreement is no longer commercially feasible in which case the Agreement will survive for an additional
two (2) year period during which time the Utilities will continue to be provided, or (b) Licensee notifies Licensor in writing
on or prior to June 30, 2018, with respect to the Initial Term, or June 30 of the second year of any subsequent Renewal Period of its desire to terminate
this Agreement, in which case this Agreement shall terminate 12 months after the delivery of such written notification. Termination
will not operate to release any Party of any obligation hereunder accrued either prior to the effective date of said termination
or derived therefrom or any obligation that expressly survives the termination of this Agreement.

 

Article 4. Capital
Improvements. Licensee covenants and agrees to undertake and complete the capital improvements to the Premises described
on Exhibit F (the “Capital Improvements”). All costs and expenses of the Capital Improvements shall be borne
exclusively by Licensee. Before commencing the Capital Improvements, Licensee shall provide Licensor a reasonable opportunity
to review and comment on the Capital Improvement plans and to amend and alter such Capital Improvements to the extent Licensor
believes, acting reasonably, that such Capital Improvement plans would impact Licensor’s ability to operate on the Property
in the ordinary course, create a public nuisance, pose a risk to the health and safety of Licensor’s employees or guests,
or pose a risk to the environment (such considerations, the “Criteria”). During the execution of the Capital Improvements,
at Licensor’s request, Licensee shall provide Licensor with reasonable oversight of the execution of the Capital Improvements
and shall undertake such alterations or changes to the Capital Improvements as Licensor shall suggest acting reasonably on the
basis of the Criteria. Licensee shall complete the Capital Improvements to the satisfaction of Licensor on or prior to the earlier
to occur of (1) expiration of the Initial Term or (2) a Change in Control Transaction. As used herein, a “Change in Control
Transaction” means (i) the acquisition (whether by merger, consolidation, share exchange, business combination, recapitalization,
liquidation, dissolution, equity investment, joint venture or otherwise) by any person or group (or the shareholders of any person)
of more than 20% of the assets of Honeywell’s Advanced Materials Business unit and its subsidiaries, taken as a whole (based
on the fair market value thereof), or assets comprising 20% or more of the consolidated revenues or EBITDA of Honeywell’s
Advanced Materials Business unit, taken as a whole, including in any such case through the acquisition of one or more subsidiaries
of the Licensee or (ii) acquisition in any manner (including through a tender offer or exchange offer) by any person or group
(or the shareholders of any person) of more than 20% of the Licensee’s equity securities.

 

Article 5. Base
Annual Fee and Operating Expenses.

 

(a) Base Annual
Fee. During the Term Licensee shall pay to Licensor, as a base annual fee for the Premises, the sums set forth on Exhibit
B attached hereto and made a part hereof (“Base Annual Fee”), in equal monthly installments as set forth on Exhibit
B. Base Annual Fee and Additional Fees (as hereinafter defined) are hereinafter sometimes collectively referred to as “Fees”.
Base Annual Fee for any period during the Term hereof which is for less than one month shall be a pro rata portion of the monthly
installment of Base Annual Fee. Base Annual Fee shall be payable in advance, in equal monthly installments, without offset or
deduction, except as may be otherwise expressly provided in this Agreement, on or before the

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 first day of each calendar month
during the Term and shall be payable in lawful money of the United States to Licensor at the address stated herein or to such
other persons or at such other places as Licensor may designate in writing. All amounts which Licensee is required to pay or discharge
to Licensor pursuant to this Agreement, in addition to the Base Annual Fee, shall constitute additional fees hereunder (“Additional
Fees”) and Licensee shall pay Additional Fees directly to the person entitled thereto.

 

(b) Operating
Expenses. Licensee shall pay to Licensor as Additional Fees during the Term hereof, in addition to the Base Annual Fee,
Licensee’s proportionate share (“Proportionate Share”) of the costs and expenses payable by Licensor in connection
with the operation and maintenance of the Property (“Operating Expenses”), all in accordance with Exhibit C
attached hereto.

 

Notwithstanding any
term, covenant or condition as set forth within Exhibit C or Article 6(b)(ii) (Compliance with Legal Requirements)
below, Operating Expenses shall specifically exclude the following:

 

(i)  replacement
of capital items not located on the Premises,

 

(ii)  expenses
of leasing space,

 

(iii) financing
and refinancing costs and principal and interest payments on mortgages and deeds of trust,

 

(iv) third
party improvement costs,

 

(v) costs
and expenses covered by insurance,

 

(vi) Licensor’s
insurance deductible,

 

(vii)  depreciation,

 

(viii)  payments
made to affiliates of Licensor, inside or related contractors and executives,

 

(ix) income,
profit, franchise, rent, sales, gift, estate, succession, inheritance, foreign ownership, foreign control, transfer, capital levy,
and/or personal property taxes payable by Licensor, and any increases in Real Property Taxes (as hereinafter defined) that result
from changes in ownership of the Property,

 

(x) curing
of construction defects,

 

(xi) maintenance,
repairs and/or replacements of the foundation or structural repairs of the buildings on the Property,

 

(xii) any
and all costs of Licensor in complying with its obligations under Article 6(b)(i) (Compliance with Legal Requirements),

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(xiii) any
and all costs of Licensor in complying with its obligations under Article 27 (HSE Matters) including, without limitation,
the costs and expenses of clean-up, remediation, environmental surveys/assessments, compliance with HSE Laws (as hereinafter defined),
consulting fees, treatment and monitoring charges, transportation expenses and disposal fees, etc.,

 

(xiv) any
and all costs of Licensor for repairs resulting from damage, destruction or condemnation covered by other provisions of this Agreement,

 

(xv) rent
under any ground or underlying lease,

 

(xvi) any
and all costs incurred by Licensor in connection with the transfer or disposition of Licensor’s interest in the Property,

 

(xvii) any
and all costs incurred by Licensor in connection with the enforcement of leases,

 

(xviii) any
and all costs incurred by Licensor in the operation of any health or exercise club or any luncheon or other restaurant, club or
facility if said facilities are not accessible to Licensee, and

 

(xix) the
cost of any item or service which Licensee separately reimburses Licensor or pays to third parties.

 

At any reasonable time
and from time to time, Licensee, its authorized representatives and its accountants may examine Licensor’s books and records
for the purpose of ascertaining the accuracy of Licensor’s invoices for Operating Expenses. Licensor’s books and records
shall be maintained in accordance with generally accepted accounting principles consistently applied. In the event Licensee disagrees
with the accuracy of Licensor’s invoice(s), Licensee shall pay only the amounts set forth on Licensor’s invoice not
in dispute, and Licensor and Licensee shall thereafter diligently pursue resolution of the disputed amounts.

 

(c) Increase
to Base Annual Fee. At any time prior to 180 days prior to the commencement of a Renewal Period, Licensor may deliver
to Licensee a written notice setting forth in reasonable detail the Fair Market Rental Value (as defined below) of the Premises
and a calculation of a new Base Annual Fee based on such Fair Market Rental Value (“Landlord’s Determination of FMRV”).
If within twenty (20) business days after receipt of such written notice, Licensee does not deliver a written notice to Licensor
disputing Licensor’s determination of Fair Market Rental Value and the new Base Annual Fee (a “Rental Dispute Notice”),
the new Base Annual Fee set forth in Licensor’s written notice shall become the Base Annual Fee in the first calendar month
from and after the applicable Renewal Period. The Rental Dispute Notice shall set forth in reasonable detail Licensee’s
determination of the Fair Market Rental Value and the reasons for rejecting Licensor’s proposed Base Annual Fee. As used
herein, “Fair Market Rental Value” shall mean the fair market rental value of the Premises giving consideration to
all relevant factors including, without limitation, the size, quality, and location; and the amenity package available with respect
to comparable spaces when compared to the Premises; and the creditworthiness of the tenant when compared to Licensee. The Fair
Market Rental Value shall

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 specifically exclude value attributable to Licensee’s Capital Improvements and any additional
Licensee alterations.

 

If Licensee delivers
a Rental Dispute Notice, Licensor and Licensee shall negotiate in good faith for thirty (30) days following the delivery of the
Rental Dispute Notice in an attempt to reach an agreement as to the Fair Market Rental Value. If, however, Licensor and Licensee
are unable to reach an agreement as to the Fair Market Rental Value, then Licensee shall have the option, by written notice to
Licensor within five (5) days following the end of such thirty (30) day period, to proceed with the appraisal process set forth
below.

 

If Licensee elects
to proceed with the appraisal process, the Fair Market Rental Value of the Premises shall be determined by an appraisal prepared
by a member of the Appraisal Institute (the “Institute”), the arrangements for which must be made by Licensee and
which must be completed and delivered to Licensor within thirty (30) days after Licensee elects to proceed with the appraisal
process. If Licensor does not agree with this appraisal, then Licensee may, at Licensor’s sole cost and expense, obtain
another appraisal from an Institute member, which second appraisal must be completed and delivered to Licensee within thirty (30)
days after Licensor’s receipt of Licensee’s initial appraisal. If the two rental rates representing the Fair Market Rental
Value determined by said members differ by less than ten percent (10%), the Fair Market Rental Value shall be deemed to be the
average of the two rental rates in said appraisals. If the two rental rates representing the Fair Market Rental Value determined
by said members differ by more than ten (10%), the appraisers designated by Licensor and Licensee shall, within twenty (20) days
after receipt of the second appraisal by Licensee, designate a third Institute member to prepare a third appraisal, which third
appraisal shall be completed and delivered to Licensor and Licensee within thirty (30) days after the designation of such third Institute member. After completion
and delivery of the third appraisal to Licensor and Licensee, the Base Annual Fee representing the Fair Market Rental Value shall
be deemed to be the average of the two lower valuations of the three appraisals. Each party shall bear the expense of the Institute
member designated by it with the expense of the third member shall be shared equally by Licensor and Licensee. Each appraiser
shall have a minimum of five (5) years’ experience appraising fair market rental values in the Chesterfield region submarket.
Notwithstanding the foregoing, in no event shall the Base Annual Fee for a Renewal Term be less than the rate set forth on Exhibit
B (or, if the Base Annual Fee has already been subject to an adjustment, the Base Annual Fee in effect at the time of delivery
of Licensor’s written notice setting forth the Fair Market Rental Value).

 

If the appraisal process
set forth herein is not completed by the commencement of the Renewal Term in question, the Base Annual Fee in effect for the
last month of the Term or the current Renewal Term, as the case may be, shall continue until the appraisal process is completed, at which
time the Base Annual Fee, based on the results of the appraisal process, or lesser amount (if Landlord’s Determination of
FMRV is less than the amount determined by the appraisal process), as applicable, shall be applied retroactively to the commencement
date of the Renewal Period in question, and the parties shall adjust the Base Annual Fee accordingly.

 

Upon the determination
of the Base Annual Fee for any Renewal Term, the parties shall enter into an amendment of this Agreement setting forth the applicable
Base Annual Fee for the Renewal Term in question.

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Article 6. Use,
Compliance with Legal Requirements, Condition of Premises.

 

(a) Use.
Licensee may use the Premises (and the improvements, fixtures and furnishings contained therein) in a manner and for purposes
that are consistent with the use of the Premises on the date hereof (the “Allowed Uses”). Licensee shall provide Licensor
with six months advance written notice and request for approval if Licensee intends to materially alter, change or expand its
use of the Premises; provided, however, such six month notice period may be shorter if such alteration, change or expansion
will not materially impact Licensor’s activities on the Property. Licensor may prohibit Licensee from altering its use of
the Premises if Licensor believes, acting reasonably, that such alteration or change to the use of the Premises is not an Allowed
Use because it materially interferes with Licensor’s ability to operate on the Property in the ordinary course consistent
with past practice, creates a public nuisance, poses a risk to the health and safety of Licensor’s employees or guests materially
more significant than the risks posed by Licensee’s current use of the Premises, or poses a risk to the environment materially
more significant than the risks posed by Licensee’s current use of the Premises. The Premises may only be occupied on a
regular basis by employees of Licensee. Licensee shall be responsible for pickup and delivery of Licensee’s goods at any
common shipping dock at the Property (subject to any limitations set forth on Exhibits A1 and A2),
and any shipments shall include proper labeling to distinguish Licensee’s goods from Licensor’s goods.

 

(b) Compliance
with Legal Requirements and Licensor’s Procedures. Each Party shall comply with all statutes, laws, regulations,
ordinances, rules, judgments, rules of common law, orders, decrees, government approvals, concessions, grants, franchises, licenses,
agreements, directives, requirements, legally enforceable contracts or other governmental restrictions or any similar form of
decision of, determination by, interpretation or administration of or standard pursuant to any of the foregoing of any governmental
authority (whether federal, state, local or foreign), whether now or hereinafter in effect and, in each case, as amended (all
of the foregoing shall be “Legal Requirements”), and Licensor’s Procedures (as defined in Article 26)
applicable to its respective activities at the Property. Without limiting the generality of the foregoing, the Parties agree to
allocate their compliance responsibilities as follows, and to reasonably cooperate in the performance of these compliance responsibilities:

 

(i) Licensor’s
Responsibilities. Except for Licensee’s obligations pursuant to Article 6(b)(ii) and Article 8 below,
Licensor, at Licensor’s sole cost and expense and throughout the Term, shall ensure that the Property complies with all
Legal Requirements and Licensor’s Procedures.

 

(ii) Licensee’s
Responsibilities. Licensee, at Licensee’s sole cost and expense and throughout the Term, shall ensure that the Premises
comply with all Legal Requirements and Licensor’s Procedures to the extent such compliance is required as a result of Licensee’s
business conducted within the Premises.

 

(c) Condition
of Premises. Licensor shall deliver the Premises to Licensee in its AS-IS condition on the Commencement Date. Licensee
hereby accepts the Premises in their condition existing as of the Commencement Date.

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Article 7. Assignment.
Neither Licensee nor Licensor shall assign any of its rights or delegate any of its obligations hereunder without the prior
written consent of the other party; provided, however, that either Licensee or Licensor may assign its rights, in whole, without
such consent, to (a) one of its wholly owned subsidiaries, or (b) subject to Article 4, an entity that acquires all or
substantially all of the business or assets of such party to which this Agreement pertains, whether by merger, reorganization,
acquisition, sale, or otherwise. Licensee shall not sublicense the Premises or any part thereof, or permit the use of the Premises
or any part thereof, by any persons other than Licensee and its employees, without the prior written consent of Licensor. Any
purported assignment or sublicensing in violation of this Article shall be null and void. No assignment shall relieve the assigning
party of any of its obligations hereunder. No assignment (whether by operation of law), subletting or further licensing, even
with the consent of Licensor, will relieve Licensee from liability for payment of the Base Annual Fees and the Additional Fees
herein provided for or from the obligation to keep and be bound by all of the terms, conditions and covenants of this Agreement.
Any transfer contrary to the provisions of this Article 7 shall be void.

 

Article 8. Licensee’s
Responsibility. With respect to the Premises, Licensee shall only be responsible to perform the maintenance, repair and
replacements activities set forth on Exhibit G. Licensee shall not commit waste with respect to its Premises.

 

Article 9. Licensor’s
Repair and Maintenance Responsibilities. Except for the Licensee’s maintenance, repair and replacements activities
set forth on Exhibit G, Licensor shall (i) keep the Property in good repair and maintenance (including replacements) at
all times, for the proper operation of the Property and for provision of Licensor’s services under this Agreement at competitive
costs and in a manner generally consistent with the maintenance and repair (including replacements) of comparable properties,
including, without limitation, the Common Areas, the Property’s windows, roof, foundation, structure and walls, and mechanical
and electrical systems, which include, but are not limited to, the heating, electrical, air conditioning, ventilation and plumbing
systems and the heating, ventilation and air conditioning equipment and (ii) perform the other obligations described on Exhibit
G.

 

Article 10. Licensee’s
Insurance, Licensor’s Insurance, Mutual Release/Waiver of Subrogation, and Indemnity.

 

(a) Licensee’s
Insurance. Licensee, at its own expense (including deductibles), shall maintain in force at all times during the term
of this Agreement, insurances including:

 

(i) Commercial
general liability insurance, on an occurrence basis, including coverage for premises, products/completed operations, personal injury, and contractual
liability, with a minimum combined single limit of liability of Five Million and No/100 Dollars ($5,000,000.00) per occurrence
and [annual aggregate coverage for bodily injury or property damage], insuring against liability of Licensee and its authorized agents, employees
and/or representatives arising out of and in connection with Licensee’s use and occupancy of the Premises. Licensor shall
be included as additional insured for claims arising out of Licensee’s use and occupancy of Property and Licensee’s insurers will
waive rights of subrogation against Licensor to the extent of Licensee’s indemnity obligations herein.

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(ii) Workers’
compensation insurance as required by law for all Licensee’s employees; and Employer’s Liability insurance in an amount
not less than $1,000,000 per accident/per employee. Licensee’s insurers will waive rights of subrogation against Licensor
to the extent of Licensee’s indemnity obligations herein.

 

(iii) Business
automobile liability insurance, covering all owned, rented, leased, non-owned and hired vehicles used by Licensee in connection with the Premises with a combined
single limit for bodily injury and property damage of $5,000,000 per occurrence. Licensor shall be included as additional insured
for claims arising out of Licensee’s activities and Licensee’s insurers will waive rights of subrogation against Licensor to the
extent of Licensee’s indemnity obligations herein.

 

(iv) “All
Risk” Property Insurance covering all of Licensee’s equipment, personal property and tools. Such insurance shall cover
all property at full replacement value.

 

(v) Licensee
shall utilize insurance companies that are rated no less than “A-, VII” by A.M. Best or equivalent rating agency and
Licensee will endeavor to provide a thirty (30) day notice of cancellation or non-renewal to Licensor. Policies of Licensee shall
be primary and non-contributory to any insurance carried by or available to Licensor in respects to Licensee’s indemnity
obligations herein. Licensee shall provide Licensor a certificate of such insurance prior to occupancy and/or use of the Property
and annually within 15 days of renewal.

 

(b) Licensor’s
Insurance. Licensor, at Licensor’s sole cost and expense (including deductibles), shall maintain in force at all
times during the term of this Agreement, insurances including:

 

(i) Commercial
general liability insurance, on an occurrence basis, including coverage for premises, products/completed operations, personal injury, and contractual
liability, with a minimum combined single limit of liability of Five Million and No/100 Dollars ($5,000,000.00) per occurrence
and [annual aggregate coverage for bodily injury or property damage], insuring against liability of Licensor and its authorized agents, employees
and/or representatives arising out of and in connection with Licensor’s ownership, use and occupancy of the Premises. Licensee
shall be included as additional insured for claims arising out of Licensor’s ownership, use and occupancy of the Property
and Licensor’s insurers will waive rights of subrogation against Licensee to the extent of Licensor’s indemnity obligations herein.

 

(ii) Workers’
compensation insurance as required by law for all Licensor’s employees; and Employer’s Liability insurance in an amount
not less than $1,000,000 per accident/per employee. Licensor’s insurers will waive rights of subrogation against Licensee
to the extent of Licensor’s indemnity obligations herein.

 

(iii) Business
automobile liability insurance, covering all owned, rented, leased, non-owned and hired vehicles used by Licensor in connection with the Premises with a combined
single limit for bodily injury and property damage of $5,000,000 per occurrence. Licensee shall be 

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included as additional insured
for claims arising out of Licensor’s activities and Licensor’s insurers will waive rights of subrogation against Licensee to the
extent of Licensor’s indemnity obligations herein.

 

(iv) Property
“all risk” insurance covering the Property and all of Licensor’s equipment, personal property and tools. Such
insurance shall cover the Property and all property of Licensor at full replacement value.

 

(c) Mutual
Release/Waiver of Subrogation. Licensor and Licensee each hereby release the other from any and all liability or responsibility
for any loss, injury or damage to the other’s real and/or personal property caused by fire or any other casualty insured
by a standard “all risk” property insurance policy during the Term of this Agreement, even if such fire or casualty
may have been caused by the negligence (but not the willful misconduct) of the other party or one for whom such party may be responsible.
Inasmuch as the above mutual waivers will preclude the assignment of any aforesaid claim by way of subrogation (or otherwise)
to an insurance company (or any other person), each party hereto hereby agrees if required by said policies to give to each insurance
company which has issued to it policies of fire and extended coverage insurance, written notice of the terms of said mutual waivers,
and to have said insurance policies properly endorsed, if necessary, to prevent the invalidation of said insurance coverage by
reason of said waivers.

 

(d) Indemnity.

 

(i) Licensee
shall indemnify and hold Licensor and its officers, directors, partners and employees entirely harmless from and against any and
all liabilities, claims and/or losses of any kind arising, directly or indirectly, entirely or in part, out of any injury to any
person which arise out of, are occasioned by or are in any way attributable to the use or occupancy of the Property by Licensee,
its agents, employees, guests, invitees and/or contractors, except to the extent caused by the negligence or intentional misconduct
of Licensor, Licensor’s agents, employees, invitees or contractors. In the event that any action or proceeding is brought
against Licensor by reason of any such claim, Licensee, upon receipt of written notice from Licensor, shall defend the same, at
Licensee’s expense, by counsel reasonably satisfactory to Licensor. Notwithstanding anything in this Agreement to the contrary,
the foregoing covenants under this Article 10(d)(i) shall be deemed continuing covenants for the benefit of Licensor and
shall survive the expiration of this Agreement but only to the extent that the causes giving rise to Licensee’s obligations
under this Article 10(d)(i) occur before the expiration of this Agreement.

 

(ii) Licensor
shall indemnify and hold Licensee and its officers, directors, partners and employees entirely harmless from and against any and
all liabilities, claims and/or losses of any kind arising, directly or indirectly, entirely or in part, out of any injury to any
person which arise out of, are occasioned by or are in any way attributable to the use or occupancy of the Property by Licensor,
its agents, employees, guests, invitees and/or contractors, except to the extent caused by the negligence or intentional misconduct
of Licensee, Licensee’s agents, employees, invitees or contractors. In the event that any action or proceeding is brought
against Licensee by reason of any such

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 claim, Licensor, upon receipt of written notice from Licensee, shall defend the same, at
Licensor’s expense, by counsel reasonably satisfactory to Licensee. Notwithstanding anything in this Agreement to the contrary,
the foregoing covenants under this Article 10(d)(ii) shall be deemed continuing covenants for the benefit of Licensee and
shall survive the expiration of this Agreement but only to the extent that the causes giving rise to Licensor’s obligations
under this Article 10(d)(ii) occur before the expiration of this Agreement.

 

(iii) Neither
Licensor nor Licensee shall have any liability under any provision of this Agreement for any punitive, incidental, consequential,
special or indirect damages, including loss of future profits, revenue or income, diminution in value or loss of business reputation
or opportunity.

 

Article 11. Default/Remedies.

 

(a) Licensee’s
Default. The occurrence of any one or more of the following shall constitute a default hereunder by Licensee:

 

(i) failure
to pay Base Annual Fee or Additional Fees when due if the failure continues for twenty (20) days after written notice has been
received by Licensee;

 

(ii) failure
to perform any other provision of this Agreement if such failure to perform is not cured within thirty (30) business days after
written notice has been received by Licensee, provided that, if the default cannot reasonably be cured within thirty (30) business days,
Licensee shall not be in default of this Agreement if Licensee commences to cure the default within the thirty (30) business day
period and diligently and in good faith continues to cure the default;

 

(iii) any
proceeding is begun by or against Licensee to subject the assets of Licensee to any bankruptcy or insolvency law or for an appointment
of a receiver of Licensee or of any of Licensee’s assets and is not dismissed within ninety (90) days; or

 

(iv) Licensee
makes a general assignment of Licensee’s assets for the benefit of creditors.

 

Notices given under
this Article shall specify the alleged default and the applicable Agreement provision(s), and shall demand that Licensee perform
the provisions of this Agreement or pay the Base Annual Fee or Additional Fees that is in arrears, as the case may be, within
the applicable period of time.

 

(b) Licensor’s
Remedies. In the event of any such default by Licensee, Licensor may at any time after expiration of the applicable cure
period:

 

(i) terminate
this Agreement and Licensee’s right to occupancy of the Premises by any lawful means, in which case Licensee shall vacate
the Premises within a reasonably practical period of time thereafter. In such event, Licensor shall be entitled to recover from
Licensee all reasonable damages incurred by Licensor by reason of Licensee’s default;

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(ii) maintain
Licensee’s right to occupancy in which case this Agreement shall continue in effect. In such event, Licensor shall be entitled
to enforce all of Licensor’s rights and remedies under this Agreement, including the right to recover the Fees due hereunder;
or

 

(iii) pursue
any other remedy now or hereafter available to Licensor under the laws or judicial decisions of the state where the Premises are
located.

 

Unpaid installments of Base Annual Fee and Additional Fees and other unpaid monetary obligations of Licensee under the terms, covenants or conditions of this Agreement shall bear interest from the date due at the maximum rate then allowable by law.

 

In the case of Licensee’s
default as contemplated herein, Licensor shall have a duty to mitigate its damages.

 

(c) Licensee’s
Remedies. In the event of any failure by Licensor to perform any of its obligations hereunder, Licensee (except in the
case of an emergency) shall take no action without having first given Licensor written notice of any such default and a reasonable
opportunity to cure which, in any event, shall not exceed thirty (30) business days. Following such notice and failure by Licensor
to cure, Licensee shall have all rights available to it at law or in equity, and shall have the further right to take the necessary
actions to perform Licensor’s uncured obligations hereunder and invoice Licensor for the costs and expenses thereof, unless
Licensor has diligently commenced to perform its uncured obligations hereunder within said period not to exceed thirty (30) business
days. Licensor shall remit payment to Licensee within thirty (30) days of receipt of invoice from Licensee. If Licensor fails
to remit payment to Licensee within the aforesaid thirty (30) day period, Licensee shall have the right to offset and deduct said
sum from Base Annual Fee.

 

Article 12. Utilities.
Licensor covenants and agrees to maintain public utilities to furnish any electricity and water utilized in operating any
and all of the facilities serving the Premises.

 

Licensor and Licensee
shall undertake to determine if separate metering of utilities at the Premises is commercially feasible and, if mutually agreed
that one or more utilities can be separately metered, Licensee shall bear the cost to provide for separate metering and pay for
all water, gas, heat, light, power, telephone and other such utilities separately metered to the Premises. If any utilities and
services are not supplied and separately metered to the Premises, Licensee shall pay Licensee’s Proportionate Share (as
defined pursuant to Article 5(b)) of all utilities and services serving the Property in common with other occupants of the
Property.

 

No interruption or
failure of utilities shall result in the termination of this Agreement or the abatement of rent, except as expressly provided
below.

 

Notwithstanding anything
contained herein to the contrary, in the event that such interruption or cessation of utilities is the result of Licensor’s
negligent or willful act or omission and such interruption or cessation of utilities continues beyond three (3) business days
from the date of such interruption or cessation, then, provided Licensee has delivered Licensor with prompt notice of such interruption,
the Annual Base Fee under this Agreement will abate,

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 commencing on the fourth (4th) day of such interruption or cessation, and
continuing until the date on which the utilities are restored and the Premises are again tenantable. No abatement of rentals as
hereinabove described will apply to the extent such interruption of utilities is the result of Licensee’s alterations to
the Premises or Capital Improvements, or any negligent act or omission of Licensee, its agents, employees or contractors, or any
cause other than the negligent or willful act or omission of Licensor or its employees, agents or contractors.

 

In the event that Licensor
has advance knowledge of, or otherwise plans an interruption or cessation of utilities, Licensor shall give Licensee at least
14-day advanced notice or such other greater advanced notice as is reasonable under the circumstance.

 

Article 13. Real
Property Taxes. Licensor shall pay all real property taxes and general and special assessments, which assessments shall
be amortized over the longest period permitted by law (“Real Property Taxes”) applicable to the Property, provided,
however, that Licensee shall pay as Additional Fees, Licensee’s Proportionate Share of such amount in accordance with Article
5(b). Licensee shall not be required to pay any federal, state or local income, profit, franchise, rent, sales, gift, estate,
succession, inheritance, foreign ownership, foreign control, transfer, capital levy, and/or personal property taxes of Licensor,
or any increases in Real Property Taxes that result from changes in ownership of the Property. Licensor acknowledges and agrees
that Licensee shall have no obligation or responsibility to make filings on behalf of Licensor with respect to any tax matters,
nor shall Licensee be responsible for any penalties or interest payments required to be paid as a result of Licensor’s failure
to make such filings or timely pay such Real Property Taxes. Licensor shall advise Licensee of the initial monthly payment amount
due for Real Property Taxes on or before the Commencement Date hereof.

 

Article 14. Damage
or Destruction. Should the Property be damaged by fire or other casualty, the following shall result:

 

(a) Should the Premises
be rendered wholly unfit for occupancy and not be (in the reasonable judgment of Licensor and Licensee) susceptible of repair
within one hundred fifty (150) days after the date of such damage, this Agreement shall terminate as of the date of such damage,
and Licensee shall pay the Fees apportioned to the time of such damage and surrender the Premises to Licensor within a reasonably
practical period of time thereafter;

 

(b) Should such
damage to the Premises, however, be (in the reasonable judgment of Licensor and Licensee) susceptible of repair within one hundred
fifty (150) days after such occurrence, Licensor, at Licensor’s sole cost and expense, shall enter and make repairs, without
affecting this Agreement, but the Fees shall be reduced or abated as shall be equitable while such repairs are being made.

 

Damage to the Property
which affects Licensee’s access to the Premises or Licensee’s use of the Premises shall be treated as damage to the
Premises pursuant to subparagraphs (a) and (b) above.

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Article 15. Condemnation.

 

(a) If the Property
shall be taken or condemned for any public purpose, or purchased under threat of such taking, to such an extent as to render the
Premises untenantable, this Agreement shall, at the option of either party, forthwith cease and terminate as of the date title
vests in the condemning authority or the date the condemning authority takes possession, whichever shall occur first. Licensor
and Licensee shall be entitled to receive their shares of the condemnation award as their interests may appear.

 

(b) In the event
this Agreement is not terminated as contemplated by subparagraph (a) above, Licensor shall promptly restore the Property (including
the Premises) to substantially the same condition as the Property was in as of the Commencement Date (with the exception of those
portions of the Property taken), and Base Annual Fee and Licensee’s Proportionate Share of Operating Expenses shall be proportionately
adjusted.

 

Article 16. Notices.
Whenever in this Agreement it shall be required or permitted that notice or demand be given or served by either party to this
Agreement, such notice or demand shall be given or served in writing and sent to Licensor and Licensee at the addresses set forth
below:

 

	Licensor:	 	AdvanSix Resins & Chemicals LLC
	 	 	115 Tabor Road
	 	 	Morris Plains, NJ 07950
	 	 	Attn: John M. Quitmeyer, General Counsel
	 	 	e-mail: * * *
	 	 	 
	Licensee:	 	Honeywell International Inc.
	 	 	21925 Field Parkway, Suite 220
	 	 	Deer Park, IL 60010
	 	 	Attention.: Richard J. Kriva, Vice President, Global 

Real Estate
	 	 	Facsimile: 847.797.3901
	 	 	 
	With copy to:	 	Honeywell International Inc.
	 	 	115 Tabor Road
	 	 	Morris Plains, NJ 07950
	 	 	Attn: Senior Vice President and General Counsel
	 	 	e-mail: Katherine.adams@honeywell.com

 

All such notices shall
be sent by (i) certified or registered mail, return receipt requested, and shall be effective three (3) days after the date of
mailing; (ii) Federal Express or similar overnight courier and shall be effective one (1) day after delivery to Federal Express
or similar overnight courier; (iii) email transmission (with confirmation of receipt) and shall be effective on the
date of transmission; or (iv) personal service and shall be effective on the same day as service. Any such address may be changed
from time to time by either party serving notices as provided above.

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Notwithstanding anything
in the foregoing to the contrary, notices under Article 12 or notices in the event of emergency or site evacuation, shall
be given, orally or in writing, by Licensor to Licensee’s designated Site Leader or Plant Manager as designated on Exhibit
G by personal service or facsimile or e-mail transmission (with confirmation of receipt).

 

Article 17. Authority.
Licensor warrants that it has the full right and authority to execute and perform pursuant to this Agreement. Licensee warrants
that it has the full right and authority to execute and perform pursuant to this Agreement.

 

Article 18. Alterations
and Trade Fixtures. Licensee shall have the right, at its own cost and expense, to make alterations, additions, installations
and changes (hereinafter collectively called “Alterations”) in, on and to the Premises as it shall deem expedient
or necessary for its business purposes, however to the extent that such Alterations shall impair the structural integrity of the
Building or cause a material interruption in facility/building systems or the use of Common Areas,, Licensee must first obtain
Licensor’s written consent thereto, Licensor agreeing that it will not unreasonably withhold or delay such consent. All
such work shall be done in a good and workmanlike manner and in accordance with all applicable laws. Licensee may remove any or
all Alterations and any signage from the Premises at any time prior to the expiration of the Term, provided that any damage caused
by such removal shall be repaired by Licensee. Licensee shall remove, prior to expiration of the Term, all such Alterations which
required Licensor’s prior consent and which consent was granted upon the condition that such Alterations be so removed.
Alterations not so removed shall become the property of Licensor upon Licensee’s surrender of the Premises.

 

Prior to the commencement
of any work on any Alterations approved by Licensor, Licensee shall supply Licensor with satisfactory evidence of the following
items: (a) the procurement of all necessary licenses, permits and approvals from the various governmental departments having jurisdiction
over the Premises, and (b) worker’s compensation insurance, public liability insurance and property damage insurance in
amounts, form and content, and with companies reasonably satisfactory to Licensor.

 

Article 19. Mechanic’s
Liens. Licensee shall keep the Premises free from any liens arising out of any work performed, material furnished or obligation
incurred by or for Licensee or any person or entity claiming through or under Licensee. In the event that Licensee shall not,
within sixty (60) days following the imposition of any such lien, cause the same to be released of record by payment or posting
of a bond, Licensor shall have the right, but not the obligation, to cause such lien to be released by such means as Licensor
deems reasonably proper, including payment of the claim giving rise to such lien. All such reasonable sums paid and all reasonable
expenses incurred by Licensor in connection therewith shall be due and payable to Licensor by Licensee within thirty (30) days
of receipt of invoice, along with appropriate back-up documentation.

 

Article 20. Security.
The Parties shall work together to ensure that in satisfying their respective obligations and responsibilities described herein
(“Obligations”) they are each able to maintain the level of physical and electronic security in effect as of the date of this Agreement during the
Term.

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Licensor may take physical
or information security measures that affect the manner in which obligations are provided, so long as the substance or overall
functionality of any affected obligations remains the same as it was prior to the Commencement Date; provided, that Licensee shall
be given reasonable, prior written notice of any such physical or information security measures that are material. If there is
a security breach that relates to the obligations, the parties shall, subject to any applicable law, cooperate with each other
regarding the timing and manner of (a) notification to their respective customers, potential customers, employees and/or agents
concerning a breach or potential breach of security and (b) disclosures to appropriate Governmental Authorities.

 

If either party or
its personnel will be given access to any of the computer systems or software of the other party or any party performing the obligations
on its behalf (“Systems”) in connection with the performance of the obligations, the accessing party and its personnel
shall comply with all system security policies, procedures and requirements related to the Systems (as amended from time to time,
the “Security Regulations”) in effect as of the Commencement Date and of which such accessing party or its personnel
has been reasonably informed, and will not tamper with, compromise or circumvent any security or audit measures employed by such
the party granting such access and its personnel. Each party and its affiliates shall use commercially reasonable efforts to ensure
that only those of their respective personnel who are specifically authorized to have access to the Systems of the other party
gain such access, and to prevent unauthorized access, use, destruction, alteration or loss of information contained therein, including
notifying its personnel regarding the restrictions set forth in this Agreement and establishing appropriate policies designed
to effectively enforce such restrictions. If, at any time, either party determines that any personnel of the other party or its
affiliates has sought to circumvent, or has circumvented, its Security Regulations, that any unauthorized personnel of the other
party or its affiliates has accessed its Systems or that any personnel of the other party or its affiliates has engaged in activities
that may lead to the unauthorized access, use, destruction, alteration or loss of data, information or software, such party shall
immediately terminate any such personnel’s access to the Systems and immediately notify the other party.

 

Licensor, Licensee
and their respective personnel, shall access and use only those Systems, and only such data and information within such Systems
to which it has been granted the right to access and use. Any party shall have the right to deny the personnel of the other party
access to such party’s Systems, after prior written notice and consultation with the other party, in the event the party
reasonably believes that such personnel pose a security concern.

 

Article 21. Surrender
of Premises. Upon the expiration or termination of this Agreement, Licensee shall, at Licensee’s expense, (i) remove
Licensee’s personal property, equipment and trade fixtures (including without limitation, any Hazardous Substances (as such
term is defined below), and (ii) vacate the Premises peaceably and quietly and in as good order and condition as the same were
in on the Commencement Date or were thereafter replaced by either Licensor or Licensee, reasonable wear and tear, damage by fire
or other casualty, condemnation, acts of God and the elements excepted. Any property left in the Premises after the expiration
or termination of this Agreement shall be deemed to have been abandoned and the property of Licensor to dispose of, remove or
store, as Licensor deems expedient at Licensee’s expense, and Licensee waives all claims against Licensor for any damages
resulting from Licensor’s retention and disposition of such property.

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Article 22. Holding
Over. Should Licensee continue to occupy the Premises after expiration of the Term, such occupancy shall be on a month-to-month
license upon the terms, covenants or conditions herein specified, but at a monthly fee equal to one hundred twenty-five percent
(125%) of the monthly installment of Base Annual Fee paid for the last month of the Term of this Agreement, plus any Additional
Fees.

 

Article 23. Subordination.
This Agreement is subject and subordinate to all ground or underlying leases and to all mortgages and deeds of trust which
may now or hereafter affect the Property of which the Premises form a part, and to all renewals, modifications, consolidations,
replacements and extensions thereof, provided that Licensee’s rights under this Agreement shall not be disturbed. Licensor
shall provide and obtain for Licensee a subordination, non-disturbance and attornment agreement from the holder of any ground
or underlying lease, mortgage or deed of trust whether affecting the Premises as of the Commencement Date or affecting the Premises
after the Commencement Date of this Agreement. Licensee shall from time to time upon request from Licensor execute and deliver
any documents or instruments that may be reasonably required to effectuate such subordination, subject to review by Licensee’s
legal counsel.

 

Article 24. Estoppel
Certificates. Each party agrees, from time to time, upon not less than thirty (30) days prior written request by the other
party (the “Requesting Party”), to deliver to the Requesting Party a statement in writing certifying (a) that this
Agreement is unmodified and in full force and effect (or if there have been modifications that the same is in full force and effect
as modified and identifying the modifications), (b) the date to which the monthly installments of Base Annual Fee and other charges
have been paid, (c) the Base Annual Fee and current estimate of Operating Expenses, if applicable, (d) the date on which the Term
commenced and ends, and the periods, if any, for which such Licensee has options to extend the Term, (e) that Licensee has accepted
the Premises and is in possession, (f) that, so far as the person making the certification knows, Requesting Party is not in default
under any provision of this Agreement and, if the Requesting Party is in default, specifying each such default of which the person
making the certification may have actual knowledge, without inquiry, and (g) including such other information as the prospective
purchaser, mortgagee or assignee may reasonably require.

 

Article 25. Signs.
Licensee and Licensor shall, acting reasonably, agree on where to place and construct sign(s) with respect to Licensee’s
occupancy of the Premises. The construction of such signage shall be at Licensee’s sole cost and expense, and in accordance
with all Legal Requirements (“Licensee’s Signs”). Licensor, at Licensee’s sole cost and expense (provided
that Licensor shall obtain Licensee’s prior written reasonable consent prior to incurring any such costs and expenses),
shall (i) maintain Licensee’s Signs, and (ii) upon the expiration or termination of this Agreement, remove Licensee’s
Signs and complete required repairs as the result of such removal.

 

Article 26. Licensor’s
Procedures. Licensor has procedures for the safety, care, maintenance and cleanliness of the Property, its facilities
and equipment and other assets, and access thereto and egress therefrom; for worker health and safety, manufacturing and other
operations at the Property; for the protection of confidential information; for compliance with Legal Requirements; for emergency
response; and for other Property activities; all of which 

    	16

    	

    

Licensor may change, in its reasonable discretion, from time to time
(collectively, “Licensor’s Procedures”). Licensor shall make Licensor’s Procedures available to Licensee
and give Licensee prompt notice of any changes thereto and Licensor shall comply with Licensor’s Procedures.

 

Article 27. HSE
Matters.

 

(a) Definitions.
For purposes of this Agreement:

 

(i) The
term “HSE Law” shall mean and refer to any Legal Requirements, or any standard used pursuant to Legal Requirements,
relating to (i) pollution, (ii) protection or restoration of the indoor or outdoor environment or natural resources, (iii) the
transportation, treatment, storage or release of, or exposure to, hazardous or toxic materials, (iv) the registration, manufacturing,
sale, labeling or distribution of hazardous or toxic materials or products containing such materials (including the REACH directive
and similar requirements), (v) process safety management or (vi) the protection of the public, worker health and safety or threatened
or endangered species.

 

(ii) The
terms “Hazardous Substance” and “Hazardous Substances” shall mean and refer to (i) any natural or artificial
substance (whether solid, liquid, gas or other form of matter, noise, microorganism or electromagnetic field) that could cause
harm to human health or the environment, including, without limitation, petroleum, petroleum products and byproducts, asbestos-containing
materials, perfluoroalkyl substances, urea formaldehyde foam insulation, carcinogens, endocrine disrupters, lead-based paint,
electronic, medical or infectious wastes, polychlorinated biphenyls, radon gas, radioactive substances, greenhouse gases and ozone-depleting
substances and (ii) any other chemical, material, substance or waste that could result in Liability under, or that is prohibited,
limited or regulated by or pursuant to, any HSE Law.

 

(b) Permitting.
Unless otherwise agreed by the Parties, Licensor shall, at its sole cost and expense:

 

(i) hold
and maintain in good standing all permits and other governmental authorizations (“Permits”) required by HSE Laws governing
air emissions, water discharges, water supplies and waste treatment, storage and disposal;

 

(ii) at
Licensee’s request, modify the Permits to accommodate an alteration, change or expansion of Licensee’s use of the
Premises, in each case consistent with Article 6(a), at Licensee’s sole cost and expense;

 

(iii) refrain
from modifying the Permits in any manner that would prevent Licensee from using the Premises for the Allowed Uses unless a governmental
authority directs Licensor to do so in order to meet the requirements of HSE Laws; and

 

(iv) submit
to governmental authorities all reports, documents and other correspondence that may be required by the Permits; provided, that
Licensee shall comply in a timely manner with Licensor’s reasonable requests for information and other cooperation in connection
with the Permits and required correspondence.

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(c) Training.
Licensee shall have the right to participate in training and other activities conducted by Licensor as may be required for
Licensee to comply with the Legal Requirements and Licensor’s Procedures applicable to Licensee’s use of the Premises.

 

(d) Hazardous
Substances.

 

(i) Licensee
shall not discharge, release emit or create the threat of release of any Hazardous Substances at the Property except in accordance
with the Allowed Uses, and neither Licensee nor Licensor shall discharge, release, emit or create the threat of release of any
Hazardous Substances at the Property except in compliance with all applicable HSE Laws and Licensor’s Procedures.

 

(ii) Licensor
shall indemnify, defend and hold Licensee harmless against any and all actions, claims, demands, judgments, penalties, liabilities,
costs, damages, obligations, prohibitions and expenses, including court costs and attorney’s fees (but excluding any consequential,
incidental and special damages and lost profits) incurred by Licensee resulting from the existence of any Hazardous Substances
deposited in, upon, under, over or from the Property, or resulting from allegations that Licensee is liable for Hazardous Substances
originating from, transported from or otherwise related to the Property, unless and only to the extent such Hazardous Substances
are deposited in, upon, under, over or from the Property by Licensee, or Licensee has directly arranged for such Hazardous Substances
to originate from, be transported from or be otherwise related to the Property, in each case subsequent to the Commencement Date.
All of Licensor’s obligations under this subparagraph (d)(ii) shall survive the expiration or termination of this Agreement.

 

(iii) Licensee
shall indemnify, defend and hold Licensor harmless against any and all actions, claims, demands, judgments, penalties, liabilities,
costs, damages, obligations, prohibitions and expenses, including court costs and attorney’s fees (but excluding any consequential,
incidental and special damages and lost profits) incurred by Licensor to the extent resulting from the existence of any Hazardous
Substance deposited in, upon, under, over or from the Property by Licensee, or resulting from allegations that Licensor is liable
for Hazardous Substances that, as a direct result of the actions of Licensee, originated from, were transported from or were otherwise
related to the Property, in each case subsequent to the Commencement Date. The obligations of Licensee set forth within this subparagraph
(c) shall expire on the last day of the second year after the expiration or earlier termination date of this Agreement.

 

(e) Compliance
with HSE Laws. Each Party shall comply with all HSE Laws applicable to its respective activities at the Property. Without
limiting the generality of the foregoing, the Parties agree to allocate their compliance responsibilities as follows, and to reasonably
cooperate in the performance of these compliance responsibilities:

 

(i) Licensor’s
Responsibilities. Except for Licensee’s responsibilities pursuant to Article 6(b)(ii) below, Licensor, at
Licensor’s sole cost and expense and 

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throughout the Term, shall ensure that the Property and operations and activities at
the Property comply with all HSE Laws.

 

(ii) Licensee’s
Responsibilities. Licensee, at Licensee’s sole cost and expense and throughout the Term, shall ensure that the Premises
comply with all HSE Laws to the extent such compliance is required solely as a result of Licensee’s business conducted within
the Premises.

 

(iii) Conflicting
Terms. Licensor and Licensee hereby agree that if there is conflict between the terms, covenants or conditions of this
Article 27 and the Separation and Distribution Agreement dated of even date herewith, by and between Honeywell International
Inc. and AdvanSix Inc., a Delaware corporation, the Separation and Distribution Agreement shall prevail.

 

Article 28. General
Conditions.

 

(a) Time of
Essence. TIME IS OF THE ESSENCE OF EACH PROVISION OF THIS AGREEMENT.

 

(b) Successors.
This Agreement shall be binding upon and inure to the benefit of the parties and their permitted successors.

 

(c) Real Estate
Brokers; Finders. Each party represents that it has not had dealings with any real estate broker, finder or other person
with respect to this Agreement in any manner. Each party shall hold harmless the other party from all damages resulting from any
claims that may be asserted against the other party by any broker, finder or other person with whom the indemnifying party has
or purportedly has dealt. Licensor shall pay any commissions and/or fees that are payable to the above-named broker or finder
with respect to this Agreement.

 

(d) Exhibits.
All exhibits referred to are attached to this Agreement and incorporated by reference.

 

(e) Interpretation
of Agreement. This Agreement shall be construed and interpreted in accordance with the laws of the state in which the
Property is located, without giving effect to the principles of conflicts of laws thereof.

 

(f) Integrated
Agreement; Modification. This Agreement contains all the agreements of the parties and cannot be amended or modified except
by written agreement.

 

(g) Severability.
The unenforceability, invalidity or illegality of any provision shall not render the other provisions unenforceable, invalid
or illegal.

 

(h) Exclusive
Use. Licensor covenants and agrees not to lease or license the use of space in the the Property, without Licensee’s
prior written consent (which Licensee may grant or withhold in Licensee’s sole discretion), to any third party that operates
a “Competing Business”. For the purpose of this Article 28(h), a “Competing Business” shall be defined
as a business in competition with Licensee’s business.

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(i) Counterparts;
Facsimile/E-mailed Signatures. This Agreement may be executed in two or more counterparts, each of which shall be deemed
an original, but all of which shall constitute one and the same Agreement. Licensor and Licensee agree that the delivery of an
executed copy of this Agreement by facsimile or by attachment to an e-mail shall be legal and binding on the transmitting party
and shall have the same full force and effect as if an original executed copy of this Agreement had been delivered.

 

(i) Confidentiality.
Each party covenants and agrees that it shall not, and that it shall take all reasonable steps to ensure that its shareholders,
directors, officers, managers, partners, employees, agents, advisors or independent contractors do not, directly or indirectly,
either during the term of this Agreement or at any time thereafter, disclose any of the financial terms of this Agreement or disclose
or use any information which it may acquire with respect to the business and affairs of the other party or its customers, clients,
suppliers, agents or contractors (“Confidential Information”) for any purpose, other than as required to carry out
its duties hereunder, without the consent of the other party or as required by applicable law, regulation or lawful requirement
of a regulatory, judicial or taxing authority. Before granting access to any Confidential Information of the other party to any
person under this Section, a party shall properly instruct that person about the confidentiality of it and the steps to be taken
to protect it. Before granting that access to any person other than an employee, except as provided in the next sentence, a party
shall have that person sign an agreement causing that person to be bound by terms substantially the same as those in this Section.
Before granting access to any Confidential Information of the other party to any legal, regulatory or taxing authority (other
than Licensee examiners), a party shall, unless it may not lawfully do so, promptly notify the other party and allow the other
party reasonable time to oppose such process.

 

Notwithstanding anything
to the contrary set forth herein or in any other agreement to which the parties are parties or by which they are bound, the obligations
of confidentiality contained herein and therein, as they relate to this Agreement, shall not apply to the tax structure or tax
treatment of this Agreement, and each party hereto (and any employee, representative, or agent of either party) may disclose to
any and all persons, without limitation of any kind, the tax structure and tax treatment of this Agreement and all materials of
any kind (including opinions or other tax analysis) that are provided to such party relating to such tax treatment and tax structure;
provided, however, that such disclosure shall not include the name (or other identifying information not relevant to the tax structure
or tax treatment) of any person and shall not include information for which nondisclosure is reasonably necessary in order to
comply with applicable securities laws.

 

Each party will implement
appropriate security measures to prevent a breach by it of this Section, including measures designed to (i) ensure the confidentiality,
security and integrity of the Confidential Information of the other; (ii) protect the Confidential Information of the other against
anticipated threats or hazards to its security or integrity; and (iii) protect the Confidential Information of the other against
unauthorized access to or use of it.

 

In dealing with any
Confidential Information of the disclosing party that is personal information of the disclosing party’s customers or clients,
the receiving party will comply with the reasonable privacy policies of the disclosing party communicated to it in writing and
with all applicable privacy laws and regulations.

    	20

    	

    

At either party’s
request but subject to applicable legal and regulatory record retention requirements, the other party shall immediately return
to that party or destroy (and, upon request, certify such destruction) all Confidential Information of that party then in its
possession or under its control.

 

If any unauthorized
disclosure of, loss of, or inability to account for, Confidential Information of a party occurs while it is in the possession
of the other party, the other party shall notify the affected party immediately upon becoming aware of such occurrence.

 

Each party may monitor
from time to time, activities to detect any security breach, unauthorized intrusions or suspicious activity involving the Confidential
Information and will immediately take steps to remedy any problem giving rise to that security breach or suspicious activity.

 

For the purposes of
this Agreement, “Confidential Information” does not include information that (i) was or becomes generally available
to the public other than as a result of a disclosure by either party or its shareholders, directors, officers, managers, partners,
employees, advisors or agents in breach of this Agreement, (ii) was available to the disclosing party on a non-confidential basis
prior to its disclosure to such party by the other party pursuant to this Agreement, (iii) is obtained by the disclosing party
on a non-confidential basis from a source other than the other party or its agents, provided that, to the best of the disclosing
party’s knowledge, such source is not prohibited from transmitting the information by a confidentiality agreement with,
or other legal or fiduciary obligation to, the other party or its agents, or (iv) has been authorized by the providing party to
be disseminated on a non-confidential basis.

 

[The remainder of this page left intentionally
blank.]

    	21

    	

    

IN WITNESS WHEREOF,
the respective parties hereto have executed this Chesterfield Site Sharing and Services Agreement or caused this Agreement to
be executed by their duly authorized representatives the day and year set forth in Article 1 hereof.

 

	LICENSEE:	 	LICENSOR:
	 	 	 
	Honeywell International Inc., a Delaware corporation	 	AdvanSix Resins & Chemicals LLC, a Delaware limited liability company
	 	 	 
	 	 	 
	By _________________________	 	By ___________________________
	Its ________________________	 	Its _________________________

    	22

    	

    

EXHIBIT
A1

 

(Interim Premises)

 

The Premises, Common Areas and Parking
shall be as designated on the diagram attached to this Exhibit A1 captioned “Interim Premises.”

 

			 Common Areas

			 Premises

SHORT-TERM SEPARATION PLAN. Premises: 78,542 SF

    	A1-1

    	

    

 

    	A1-2

    	

    

EXHIBIT
A2

 

(Final Premises)

 

The Final Premises and Parking shall be
as designated on the diagram attached to this Exhibit A2 captioned “Final Premises.”

 

LONG-TERM SEPARATION PLAN. Premises:
78,542 SF

    	A2-1

    	

    

 

Location of Honeywell-dedicated loading docks to be mutually agreed by the parties prior to the spin-off. Potential to build guard shack along Honeywell entryway.

    	A2-2

    	

    

EXHIBIT
B

 

(Base Annual Fee)

 

For the Initial Term and, subject to Article
5(c), each subsequent Renewal Term, the Base Annual Fee shall be Five hundred forty-five thousand eight hundred sixty-seven
dollars ($545,867), payable in equal monthly installments of forty-five thousand four hundred and eighty-nine dollars ($45,489).

    	B-1

    	

    

EXHIBIT
C

 

(Operating Expenses
and Licensee’s Proportionate Share)

 

The term “Operating Expenses”
means the costs listed on the spreadsheet attached to this exhibit and captioned “Chesterfield Services.” It is the
intent of the parties that throughout the Term, unless otherwise specifically allocated to the account of Licensee, the Licensee’s Proportionate Share of the following
costs will be Operating Expenses:

 

		-	costs
                                         of Real Property Taxes and reasonable fees payable to tax consultants and tax attorneys
                                         for consultation and contesting such Real Property Taxes;

 

		-	maintenance,
                                         repair and replacement of all portions of the Property, including without limitation,
                                         paving and parking areas, roads, roofs (including the roof membrane), alleys, and driveways,
                                         mowing, landscaping, snow removal, exterior painting, and utility lines;

 

		-	to
                                         the extent not used in Licensee’s manufacturing activities, heating, ventilation
                                         and air conditioning systems lighting, electrical systems and other mechanical and building
                                         systems;

 

		-	insurance
                                         not covered in Article 10;

 

		-	amounts
                                         paid to contractors and subcontractors for work or services performed in connection with
                                         any of the foregoing; charges or assessments of any association to which the Property
                                         is subject; property management fees payable at market rates to a property manager, security
                                         services, trash collection, sweeping and debris removal;

 

		-	that
                                         portion of additions or alterations made by Licensor to the Property or the Building
                                         which directly benefit Licensee which are undertaken by Licensor in order to comply with
                                         Legal Requirements (other than those expressly required herein to be made by Licensee
                                         or Licensor).

 

Costs which would under generally accepted
accounting principles be deemed capital costs or capital expenditures may be included within the definition of “Operating
Expenses” only the extent that such cost: relates to an expenditure which is incurred based upon a reasonable forecast
that such expenditure will reduce in future years another cost which would be deemed an Operating Expense, but then only to the
extent in any one year of the amount equal to the total expenditure divided by the useful life of the improvement which requires
such cost.

    	C-1

    	

    

Exhibit C: Chesterfield

Operating Expenses

 

 

	Service/Scope	Method of Charging	Notes on Methodology	Proration (if any)
	Utilities:	 	Activity-based	 
	Air Usage from B-4 compressors	Usage Based	Meter exists - based on usage from licensee	SCFM
	Potable Water from county water system	Usage Based	Meter exists - based on usage from licensee	GAL
	Electricity	Usage Based	To be metered - based on usage from licensee	kWH
	Steam	Usage Based	To be metered - based on usage from licensee	TON
	Chilled water	Usage Based	Meter exists... based on usage from licensee	GAL
	 	 	 	 
	Plant General Site Maintenance:	 	Sq Ft of buildings - CC spend	7%
	Maintenance (general & utilities)	Prorated	Pro rata share based on footprint of site	7%
	Real estate taxes	Prorated	Pro rata share based on footprint of site	7%
	Janitorial	Prorated	Pro rata share based on footprint of site	7%
	Facilities (grounds, snow removal, supplies)	Prorated	Pro rata share based on footprint of site	7%
	 	 	 	 
	Security	Prorated	Sq Ft of buildings - Securitas billing	7%
	 	 	 	 
	Stores	Prorated	% of time by stores personnel - CC spend	1%
	 	 	 	 
	Service Fee	 	10% of total charges	10%
	 	 	 	 

 

    	C-2

    	

    

EXHIBIT
D

 

(Site Points of
Contact)

 

Chesterfield Plant

	 	-	Plant Manager of Chesterfield
	 	-	Controller for Chesterfield
	 	-	HSE Manager of Chesterfield

 

Honeywell Operations at Chesterfield

 

	 	-	Plant Manager of Colonial Heights
	 	-	Controller for Colonial Heights
	 	-	HSE Manager of Colonial Heights
	 	-	Production Manager of Super String Operations

    	D-1

    	

    

EXHIBIT
E 

 

[Intentionally Omitted]

    	E-1

    	

    

EXHIBIT
F

 

(Capital Improvements)

 

Licensee shall undertake to, the extent
reasonably practical, separate the operations of Licensor and Licensee in accordance with Exhibit A2. In furtherance of
undertaking such separation, Licensor and Licensee agree as follows:

 

		-	Licensee
                                         shall, as promptly as reasonably possible, construct a dedicated means of ingress and
                                         egress for its employees to enter the Interim Premises in accordance with Exhibit
                                         A1, including the construction of a chain link fence from the park area described
                                         on Exhibit A1 to the doorway to the Interim Premises market on Exhibit A1.
                                         It shall be Licensee’s responsibility to insure that this means of ingress and
                                         egress is secure and well lit.

 

		-	Licensee
                                         shall undertake a study to determine the most commercially feasible means of constructing
                                         a loading dock for Licensor or Licensee’s operations, as the case may be, in order
                                         to physically separate Licensor and Licensee’s activities at the Property. Licensee
                                         shall present the results of its study to Licensor, and Licensor and Licensee shall mutually
                                         agree upon the configuration, design and construction of a new loading dock area, the
                                         implementation of such design and construction to be part of the Capital Improvement.

    	F-1

    	

    

EXHIBIT
G

 

(Licensee and Licensor’s
Responsibilities)

 

Pursuant to Article 8 and Article
9, the following is a non-exclusive list of the obligations and responsibilities of Licensor and Licensee with respect to
repair and maintenance responsibilities. The following lists are non-exhaustive and should be interpreted in conjunction with
provisions of Article 8 and Article 9, respectively.

 

Licensee’s Responsibilities:

 

Licensee shall be responsible for the
maintenance, repair and replacement of all tangible personal property, equipment, machinery, utility lines, heating, ventilation
and air conditioning systems, lighting, electrical systems and other mechanical and building systems contained within the Premises.
Such responsibilities shall include, without limitation:

 

		-	Any
                                         cosmetic (painting, flooring, etc.) repairs or maintenance for offices, rooms, and equipment
                                         within the Premises

 

		-	Any
                                         maintenance of assets where title or the leasehold interest is held by Licensee

 

		-	Maintenance
                                         on any IT (information technology), wiring, or equipment used by Licensee

 

		-	Any
                                         maintenance of any portable assets used by Licensee

 

		-	Any
                                         compliance (Local, State, Federal, International, or other governing body) related cost
                                         or maintenance for assets where title or the leasehold interest is held by Licensee

 

		-	Any
                                         consumable components (lights, filters, etc) related cost or maintenance

 

		-	Any
                                         leakage, stoppage of flow, or damage to piping within the premises and related to Licensee’s
                                         use of the Premises

 

		-	Any
                                         modification to Licensor assets made by or at the request of Licensee

 

		-	Any
                                         modification to Licensor’s assets required for Licensee to satisfy its obligations
                                         under Article 21 (Surrender)

 

		-	Any
                                         maintenance of secondary electrical distribution control assets (panels, subpanels, MCCs)
                                         required for Licensee’s occupancy of the Premises

 

		-	Any
                                         maintenance of secondary or ancillary piping, transfer, and distribution assets not considered
                                         to comprise the utility header needed by Licensee in connection with its occupancy of
                                         the Premises

    	G-1

    	

    

		-	Any
                                         maintenance of heating and air conditioning building assets where title or the leasehold
                                         interest is held by Licensee

 

		-	Any
                                         maintenance or repairs required to correct damage caused by Licensee

 

Licensor’s Responsibilities:

 

In addition to the responsibilities and
obligations described in Article 9, below are additional obligations and responsibilities to be assumed by Licensor:

 

		-	Any
                                         maintenance of building roofing not required as a result of damage caused by License

 

		-	Any
                                         maintenance of access doorways to the Premises required for Licensor to perform maintenance
                                         otherwise required under Article 9

 

		-	Any
                                         maintenance of yard and grounds leading to and outside of the Premises

 

		-	Any
                                         maintenance of main electrical distribution control assets (MCCs) on the Property

    	G-2EX-10.1

 Exhibit 10.1 

FOURTH AMENDED AND RESTATED 

ADVISORY AGREEMENT 

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

and 
 INDUSTRIAL
PROPERTY ADVISORS LLC 

  
 1 

 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	  

  
 2 

 THIS FOURTH AMENDED AND RESTATED ADVISORY AGREEMENT, dated as of August 12, 2016 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. 
 W I T N E S S E T H 

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 Third Amended and Restated Advisory Agreement dated August 14, 2015, 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 Fourth 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. 

 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. 

  
 4 

 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. 

  
 5 

 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. 

  
 6 

 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. 

  
 7 

 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: 
 (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; 

  
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 (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 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. 

  
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 (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 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. 

  
 11 

 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. 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) 2.0% 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) 2.0% 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 amount of Acquisition Fees payable pursuant to this Section 9(a) shall be
given retroactive effect for each Real Property acquired prior to the date of this Agreement. 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) 2.5% of the Gross Market Capitalization of the
Corporation upon the occurrence of a Listing or (y) 2.5% 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. 

  
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 (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; 

(x) expenses connected with payments of Distributions in cash or otherwise made or caused to be made by the Corporation to the Stockholders;

  
 13 

 (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)
personnel (and related employment) costs and overhead (including, but not limited to, allocated rent paid to both third parties and an affiliate of the Advisor, equipment, utilities, insurance, travel and entertainment, and other costs) incurred by
the Advisor or its Affiliates in performing the services described in Section 3 hereof, including, but not limited to, total compensation, benefits and other overhead of all employees involved in the performance of such services; 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 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. 

  
 14 

 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 Fourth 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:	 	Manager

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