Document:

Exhibit 10.1

 

AMENDED AND RESTATED

AGREEMENT OF LIMITED PARTNERSHIP

OF

PLYMOUTH INDUSTRIAL OP, LP

July 1, 2014

 

This Amended and
Restated Agreement of Limited Partnership (this "Agreement") is entered into effective as of the 1st of July,
2014, by and among Plymouth Industrial REIT, Inc., a Maryland corporation (the "General Partner"), Plymouth OP Limited,
LLC, a Delaware limited liability company (the "Original Limited Partner"), and the Limited Partner(s) set forth or which
may, in the future, be set forth on Exhibit A hereto, as amended from time to time.

RECITALS

WHEREAS, effective
as of March 22, 2011, Plymouth Industrial OP, LP, formerly known as Plymouth Opportunity OP, LP (the "Partnership"),
was formed under the laws of the State of Delaware, pursuant to a Certificate of Limited Partnership filed with the Office of the
Secretary of State of the State of Delaware;

WHEREAS, effective
as of July 1, 2014, the Partnership filed an amendment to the Certificate to change the name of the Partnership to Plymouth Industrial
OP, LP; and

WHEREAS, the parties
hereto desire to enter into this Amended and Restated Agreement of Limited Partnership of the Partnership in order to set forth
(a) the number of issued and outstanding Partnership Units, (b) the terms and conditions under which the Partnership will be operated
and (c) the rights, obligations, and limitations of the General Partner and the Limited Partners with respect to each other and
the Partnership as a whole.

NOW, THEREFORE,
in consideration of the foregoing, of mutual covenants between the parties hereto, and of other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged by the parties, the parties hereto agree as follows:

AGREEMENT

ARTICLE
I

DEFINED TERMS

The following defined
terms used in this Agreement shall have the meanings specified below:

"Act"
means the Delaware Revised Uniform Limited Partnership Act, as it may be amended from time to time.

"Additional
Funds" has the meaning set forth in Section 4.03 hereof.

    	 

    	 

    

"Additional
Limited Partner" means a Person admitted to the Partnership as a Limited Partner pursuant to Section 4.02 hereof and who is
shown as such on the books and records of the Partnership.

"Additional
Securities" means any additional REIT Shares (other than REIT Shares issued in connection with an exchange pursuant to Section
8.05 hereof) or rights, options, warrants or convertible or exchangeable securities containing the right to subscribe for or purchase
REIT Shares, as set forth in Section 4.02(a)(ii).

"Administrative
Expenses" means (i) all administrative and operating costs and expenses incurred by the Partnership, (ii) those administrative
costs and expenses of the General Partner, including any salaries or other payments to directors, officers or employees of the
General Partner, and any accounting and legal expenses of the General Partner, which expenses, the Partners have agreed, are expenses
of the Partnership and not the General Partner, and (iii) to the extent not included in clause (ii) above, REIT Expenses.

"Advisor"
means Plymouth Real Estate Investors, Inc., a Maryland corporation and any successor thereto (including any Person to whom the
Advisor subcontracts all or substantially all of such functions).

"Affiliate"
or "Affiliated" means, with respect to any Person, (i) any Person directly or indirectly owning, controlling or holding,
with the power to vote, 10% or more of the outstanding voting securities of such other Person; (ii) any Person 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.

"Agreed Value"
means (i) the fair market value of a Partner's non-cash Capital Contribution as of the date of contribution as agreed to by such
Partner and the General Partner as of the date of contribution as set forth on Exhibit A hereto, as it may be amended from
time to time, or (ii) in the case of any contribution or distribution of property other than cash not set forth on Exhibit A,
the fair market value of such property as determined by the General Partner at the time such property is contributed or distributed,
reduced by liabilities either assumed by the Partnership or Partner upon such contribution or distribution or to which such property
is subject when the property is contributed or distributed.

"Agreement"
means this Amended and Restated Agreement of Limited Partnership, as it may be amended or restated from time to time.

"Articles of
Incorporation" means the Articles of Incorporation of the General Partner filed with the Maryland State Department of Assessments
and Taxation, as amended or restated from time to time.

"Capital Account"
has the meaning provided in Section 4.04 hereof.

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"Capital Contribution"
means the total amount of cash, cash equivalents, and the Agreed Value of any Property or other asset contributed or agreed to
be contributed, as the context requires, to the Partnership by each Partner pursuant to the terms of this Agreement. Any reference
to the Capital Contribution of a Partner shall include the Capital Contribution made by a predecessor holder of the Partnership
Interest of such Partner.

"Cash Amount"
means an amount of cash equal to the Value of the REIT Shares Amount on the date of receipt by the General Partner of an Exchange
Notice.

"Certificate"
means any instrument or document that is required under the laws of the State of Delaware, or any other jurisdiction in which the
Partnership conducts business, to be signed and sworn to by the Partners of the Partnership (either by themselves or pursuant to
the power-of-attorney granted to the General Partner in Section 8.02 hereof) and filed for recording in the appropriate public
offices within the State of Delaware or such other jurisdictions to perfect or maintain the Partnership as a limited partnership,
to effect the admission, withdrawal, or substitution of any Partner from or to the Partnership, or to protect the limited liability
of the Limited Partners as limited partners under the laws of the State of Delaware or such other jurisdictions.

"Code"
means the Internal Revenue Code of 1986, as amended, and as hereafter amended from time to time. Reference to any particular provision
of the Code shall mean that provision in the Code at the date hereof and any successor provision of the Code.

"Commission"
means the U.S. Securities and Exchange Commission.

"Conversion
Factor" means 1.0, provided, that in the event that the General Partner (i) declares or pays a dividend on its outstanding
REIT Shares in REIT Shares or makes a distribution to all holders of its outstanding REIT Shares in REIT Shares, (ii) subdivides
its outstanding REIT Shares, or (iii) combines its outstanding REIT Shares into a smaller number of REIT Shares, the Conversion
Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which shall be the number of REIT
Shares issued and outstanding on the record date for such dividend, distribution, subdivision or combination (assuming for such
purposes that such dividend, distribution, subdivision or combination has occurred as of such time), and the denominator of which
shall be the actual number of REIT Shares (determined without the above assumption) issued and outstanding on such date, and provided
further, that in the event that an entity other than an Affiliate of the General Partner shall become General Partner pursuant
to any merger, consolidation or combination of the General Partner with or into another entity (the "Successor Entity"),
the Conversion Factor shall be adjusted by multiplying the Conversion Factor by the number of shares of the Successor Entity into
which one REIT Share is converted pursuant to such merger, consolidation or combination, determined as of the date of such merger,
consolidation or combination. Any adjustment to the Conversion Factor shall become effective immediately after the effective date
of such event retroactive to the record date, if any, for such event; provided, however, that if the General Partner receives an
Exchange Notice after the record date, but prior to the effective date of such dividend, distribution, subdivision or combination,
the Conversion Factor shall be determined as if the General Partner had received the Exchange Notice immediately prior to the record
date for such dividend, distribution, subdivision or combination; and provided further, however, that if the General

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Partner, in its sole
and absolute discretion, causes the Partnership to make a distribution of Partnership Units or to subdivide or combine the outstanding
Partnership Units in order to give equivalent effect to a dividend or distribution of REIT Shares or a subdivision or combination
or REIT Shares, then the Conversion Factor shall remain the factor which it was immediately prior to such dividend or distribution
of REIT Shares or subdivision or combination of REIT Shares.

"Event of Bankruptcy"
as to any Person means (i) the filing of a petition for relief as to such Person as debtor or bankrupt under the Bankruptcy Code
of 1978 or similar provision of law of any jurisdiction (except if such petition is contested by such Person and has been dismissed
within ninety (90) days); (ii) the insolvency or bankruptcy of such Person as finally determined by a court proceeding; (iii) the
filing by such Person of a petition or application to accomplish the same or for the appointment of a receiver or a trustee for
such Person or a substantial part of his assets; and (iv) the commencement of any proceedings relating to such Person as a debtor
under any other reorganization, arrangement, insolvency, adjustment of debt or liquidation law of any jurisdiction, whether now
in existence or hereinafter in effect, either by such Person or by another, provided, that if such proceeding is commenced by another,
such Person indicates his approval of such proceeding, consents thereto or acquiesces therein, or such proceeding is contested
by such Person and has not been finally dismissed within ninety (90) days.

"Exchange Amount"
means either the Cash Amount or the REIT Shares Amount, as selected by the General Partner in its sole and absolute discretion
pursuant to Section 8.05(b) hereof.

"Exchange Notice"
means a Notice of Exercise of Exchange Right substantially in the form of Exhibit B hereto.

"Exchange Right"
has the meaning provided in Section 8.05(a) hereof.

"Exchanging
Partner" has the meaning provided in Section 8.05(a) hereof.

"General Partner"
means Plymouth Industrial REIT, and any Person who becomes a substitute or additional General Partner as provided herein, and any
successors thereto.

"General Partnership
Interest" means a Partnership Interest held by the General Partner that is a general partnership interest.

"GP Capital"
means the aggregate of Capital Contributions of cash made by the General Partner in accordance with Sections 4.01 and 4.02 hereof.

"GP Minimum
Return" means such amount as may be necessary or required to allow the General Partner to meet its distribution requirement
for qualification as a REIT as set forth in Section 857 of the Code and to avoid any federal income or excise tax liability imposed
by the Code.

"Indemnitee"
means (i) any Person made a party to a proceeding by reason of its status as the General Partner or a director, officer or employee
of the General Partner or the Partnership, and (ii) such other Persons (including Affiliates of the General Partner or the Partnership)
as the General Partner may designate from time to time, in its sole and absolute discretion.

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"Independent
Director" has the meaning provided in the Articles of Incorporation of the General Partner.

"Joint Venture"
means any joint venture or partnership arrangement in which the Partnership is a co-venturer or general partner established to
acquire or hold Properties, Mortgages or other investments of the General Partner.

"Limited Partner"
means the Original Limited Partner, any Person named as a Limited Partner on Exhibit A attached hereto, and any Person who
becomes a Substitute or Additional Limited Partner in such person's capacity as a Limited Partner in the Partnership.

"Limited Partnership
Interest" means the ownership interest of a Limited Partner in the Partnership at any particular time, including the right
of such Limited Partner to any and all benefits to which such Limited Partner may be entitled as provided in this Agreement and
in the Act, together with the obligations of such Limited Partner to comply with all the provisions of this Agreement and of such
Act.

"Liquidating
Event" has the meaning set forth in Section 2.04 hereof.

"Listing"
means the listing of the REIT Shares on a national securities exchange or the receipt by the holders of the REIT Shares of securities
that are listed on a national securities exchange. Upon such Listing, the REIT Shares shall be deemed "Listed."

"Loss"
has the meaning provided in Section 5.01(f) hereof.

"LP Capital"
means the aggregate of Capital Contributions in cash or cash equivalents and the Agreed Value of any non-cash contributions to
the Partnership made by a Limited Partner in accordance with Sections 4.01 and 4.02 hereof.

"LP Return"
means, with regard to any Limited Partner, an amount equal to the aggregate cash dividends that would have been payable to such
Limited Partner with respect to the applicable fiscal period if such Limited Partner had owned REIT Shares equal in number to the
number of Partnership Units owned by such Limited Partner during such fiscal period (as adjusted by the General Partner to reflect
any changes in the Conversion Factor).

"Mortgage"
means, in connection with mortgage financing provided, invested in or purchased by the Partnership, any note, deed of trust, security
interest or other evidence of indebtedness or obligations, which is secured or collateralized by real property owned by the borrower
under such note, deed of trust, security interest or other evidence of indebtedness or obligations.

"Net Capital
Proceeds" means the net cash proceeds received by the Partnership in connection with (i) any Sale, (ii) any borrowing or refinancing
of borrowing(s) by the Partnership, (iii) any condemnation or deeding in lieu of condemnation of all or a portion of any Property,
(iv) any collection in respect of property, hazard, or casualty insurance (but not business interruption insurance) or any damage
award; or (v) any other transaction the proceeds of which, in accordance with generally accepted accounting principles, are considered
to be capital in nature, in each case, after deduction of (a) all costs and expenses incurred by the

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Partnership with regard
to such transactions (including, without limitation, any repayment of any indebtedness required to be repaid as a result of such
transaction or which the General Partner elects to pay out of the proceeds of such transaction, together with accrued interest
and premium, if any, thereon and any sales commissions or other costs or expenses due and payable to any Person in connection therewith,
including to a Partner or its Affiliates), and (b) all amounts expended by the Partnership for the acquisition of additional Properties,
Mortgages or other investments or for capital repairs or improvements to any Property with such cash proceeds.

"Offer"
has the meaning set forth in Section 7.01(c)(ii) hereof.

"Original Limited
Partner" means the Limited Partner designated as such on Exhibit A hereto.

"Partner"
means any General Partner or Limited Partner shall be determined in accordance with Regulations Section 1.704-2(i)(5).

"Partnership"
means Plymouth Industrial OP, LP, a Delaware limited partnership.

"Partnership
Interest" means an ownership interest in the Partnership held by either a Limited Partner or the General Partner and includes
any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together
with all obligations of such Person to comply with the terms and provisions of this Agreement.

"Partnership
Minimum Gain" has the meaning set forth in Regulations Section 1.704-2(b)(2). In accordance with Regulations Section 1.704-2(d),
the amount of Partnership Minimum Gain is determined by first computing, for each Partnership nonrecourse liability, any gain the
Partnership would realize if it disposed of the property subject to that liability for no consideration other than full satisfaction
of the liability, and then aggregating the separately computed gains. A Partner's share of Partnership Minimum Gain shall be determined
in accordance with Regulations Section 1.704-2(g)(1).

"Partnership
Record Date" means the record date established by the General Partner for the distribution of cash pursuant to Section 5.02
hereof, which record date shall be the same as the record date established by the General Partner for a distribution to its stockholders.

"Partnership
Unit" means a fractional, undivided share of the Partnership Interests of all Partners issued hereunder. The allocation of
Partnership Units among the Partners shall be as set forth on Exhibit A, as such exhibit may be amended from time to time.

"Percentage
Interest" means the percentage ownership interest in the Partnership of each Partner, as determined by dividing the number
of Partnership Units owned by a Partner by the aggregate number of Partnership Units owned by all Partners.

"Person"
means any individual, partnership, corporation, joint venture, limited liability company, trust or other entity.

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"Plymouth Industrial
REIT" means Plymouth Industrial REIT, Inc., a Maryland corporation.

"Profit"
has the meaning provided in Section 5.01(f) hereof.

"Property"
means any real property in which the Partnership holds an ownership interest, either directly or pursuant to the Partnership's
ownership of an interest in a subsidiary which owns an interest in any such real property.

"Regulations"
means the Federal Income Tax Regulations, including temporary or proposed regulations, issued under the Code, as amended and as
hereafter amended from time to time. Reference to any particular provision of the Regulations shall mean that provision of the
Regulations on the date hereof and any successor provision of the Regulations.

"REIT"
means a real estate investment trust under Sections 856 through 860 of the Code.

"REIT Expenses"
means (i) costs and expenses relating to the formation and continuity of existence and operation of the General Partner and any
Subsidiaries thereof (which Subsidiaries shall, for purposes hereof, be included within the definition of General Partner), including
taxes, fees and assessments associated therewith, any and all costs, expenses or fees payable to any director, officer, or employee
of the General Partner, (ii) costs and expenses relating to (A) any registration and public offering of securities by the General
Partner, the net proceeds of which were used to make a contribution to the Partnership, and (B) all statements and reports incidental
thereto, including, without limitation, underwriting discounts and selling commissions applicable to any such offering of securities,
and any costs and expenses associated with any claims made by any holders of such securities or any underwriters or placement agents
thereof, (iii) costs and expenses associated with any repurchase of any securities by the General Partner, (iv) costs and expenses
associated with the preparation and filing, of any periodic or other reports and communications by the General Partner under federal,
state or local laws or regulations, including filings with the Commission, (v) costs and expenses associated with compliance by
the General Partner with laws, rules and regulations promulgated by any regulatory body, including the Commission and any securities
exchange, (vi) costs and expenses associated with any section 401(k) plan, incentive plan, bonus plan or other plan providing for
compensation for the employees of the General Partner, (vii) costs and expenses incurred by the General Partner relating to any
issuance or redemption of Partnership Interests or REIT Shares, and (viii) all other operating or administrative costs of the General
Partner incurred in the ordinary course of its business on behalf of or in connection with the Partnership.

"REIT Share"
means a share of common stock in the General Partner (or Successor Entity, as the case may be).

"REIT Shares
Amount" means a number of REIT Shares equal to the product of the number of Partnership Units offered for exchange by an Exchanging
Partner, multiplied by the Conversion Factor as adjusted to and including the Specified Exchange Date; provided that in the event
the General Partner issues to all holders of REIT Shares rights, options, warrants or convertible or exchangeable securities entitling
the stockholders to subscribe for or purchase REIT Shares, or any other securities or property (collectively, the "Rights"),
and the rights have not expired at the Specified Exchange Date, then the REIT Shares Amount shall also include the rights issuable
to a holder of the REIT Shares on the record date fixed for purposes of determining the holders of REIT Shares entitled to Rights.

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"Sale"
means any transaction or series of transactions whereby (i) the Partnership directly or indirectly (except as described in other
subsections of this definitions) 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; (ii) the 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 the interest of the Partnership in any Joint Venture in which it is a co-venturer or partner; (iii) any Joint
Venture directly or indirectly (except as described in other subsections of this definition) in which the 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 such Property which gives rise to insurance claims or condemnation awards; (iv) the 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) and any event with respect to a Mortgage which gives rise to a significant amount of
insurance proceeds or similar awards, or (v) the 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 (other than investments in
bank accounts, money market funds or other current assets) not previously described in this definition or any portion thereof.

"Securities
Act" means the Securities Act of 1933, as amended.

"Service"
means the Internal Revenue Service.

"Specified
Exchange Date" means the first business day of the month first occurring after the expiration of sixty (60) business days
from the date of receipt by the General Partner of the Exchange Notice.

"Subsidiary"
means, with respect to any Person, any corporation or other entity of which a majority of (i) the voting power of the voting equity
securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person.

"Subsidiary
Partnership" means any partnership, limited liability company or other entity taxed as a partnership for federal income tax
purposes in which interests are owned by the General Partner or by a wholly-owned Subsidiary or Subsidiaries of the General Partner.

"Substitute
Limited Partner" means any Person admitted to the Partnership as a Limited Partner pursuant to Section 9.03 hereof.

"Successor
Entity" has the meaning provided in the definition of "Conversion Factor" contained herein.

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"Survivor"
has the meaning set forth in Section 7.01(d) hereof.

"Transaction"
has the meaning set forth in Section 7.01(c) hereof.

"Transfer"
has the meaning set forth in Section 9.02(a) hereof.

"Unaffiliated
Percentage Interest" means a Percentage Interest held by a Limited Partner that is not an Affiliate of the General Partner;
provided that, during any period in which all of the Partners are Affiliates of the General Partner, the Original Limited Partner
shall be deemed to hold an Unaffiliated Percentage Interest hereunder.

"Unpaid Return"
means any accrued but unpaid LP Return or GP Minimum Return less all amounts distributed by the Partnership to a Limited Partner
or the General Partner in reduction thereof.

"Value"
means the fair market value per share of REIT Shares which will equal: (i) if REIT Shares are Listed, the average closing price
per share for the immediately preceding ten consecutive trading days, (ii) if REIT Shares are not Listed, the then-applicable redemption
price per REIT share used by the General Partner in its REIT Share redemption program (as determined by the General Partner), or
(iii) if there is no such then-applicable redemption price per REIT Share, then the Value shall equal the price per REIT Share
as the management of the General Partner determines in good faith.

ARTICLE
II

PARTNERSHIP FORMATION AND IDENTIFICATION

2.01      Formation.
The Partnership is a limited partnership formed pursuant to the Act and upon the terms and conditions set forth in this Agreement.

2.02      Name,
Office and Registered Agent. The name of the Partnership is "Plymouth Industrial OP, LP" The principal place of business
of the Partnership shall be 260 Franklin Street, Suite 1900, Boston, Massachusetts 02110. The General Partner may at any time change
the location of such office, provided the General Partner gives notice to the Partners of any such change. The name and address
of the Partnership's registered agent is the Corporation Trust Company, the Corporation Trust Center, 1209 Orange Street, City
of Wilmington, County of New Castle, Delaware 19801. The sole duty of the registered agent as such is to forward to the Partnership
any notice that is served on it as registered agent.

2.03      Partners.

(a)      The
General Partner of the Partnership is Plymouth Industrial REIT, Inc., a Maryland corporation. Its principal place of business is
the same as that of the Partnership.

(b)      The
Limited Partners are the Original Limited Partner and any other Persons identified as Limited Partners on Exhibit A hereto,
as it may be amended from time to time.

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2.04      Term
and Dissolution.

(a)      The
term of the Partnership shall continue in full force and effect until December 31, 2099, except that the Partnership shall be dissolved
earlier upon the first to occur of any of the following events ("Liquidating Events"):

(i)      the
occurrence of an Event of Bankruptcy as to a General Partner or the dissolution, death, removal or withdrawal of a General Partner
unless the business of the Partnership is continued pursuant to Section 7.03(b) hereof, provided, that if a General Partner is
on the date of such occurrence a partnership, the dissolution of such General Partner as a result of the dissolution, death, withdrawal,
removal or Event of Bankruptcy of a partner in such partnership shall not be an event of dissolution of the Partnership if the
business of such General Partner is continued by the remaining partner or partners thereof, either alone or with additional partners,
and such General Partner and such partners comply with any other applicable requirements of this Agreement;

(ii)      the
passage of ninety (90) days after the sale or other disposition of all or substantially all of the assets of the Partnership (provided,
that if the Partnership receives an installment obligation as consideration for such sale or other disposition, the Partnership
shall continue, unless sooner dissolved under the provisions of this Agreement, until such time as such obligation is paid in full);

(iii)      the
exchange of all Limited Partnership Interests; or

(iv)      the
election by the General Partner that the Partnership should be dissolved.

(b)      Upon
dissolution of the Partnership (unless the business of the Partnership is continued pursuant to Section 7.03(b) hereof), the General
Partner (or its trustee, receiver, successor or legal representative) shall amend or cancel the Certificate and liquidate the Partnership's
assets and apply and distribute the proceeds thereof in accordance with Section 5.06 hereof. Notwithstanding the foregoing, the
General Partner may, in its sole discretion, elect either to (i) defer liquidation of, or withhold from distribution for a reasonable
time, any assets of the Partnership (including those necessary to satisfy the Partnership's debts and obligations), or (ii) distribute
the assets to the Partners in kind.

2.05      Filing
of Certificate and Perfection of Limited Partnership. The General Partner shall execute, acknowledge, record and file, at the
expense of the Partnership, the Certificate and any and all amendments thereto and all requisite fictitious name statements and
notices in such places and jurisdictions as may be necessary to cause the Partnership to be treated as a limited partnership under,
and otherwise to comply with, the laws of each state or other jurisdiction in which the Partnership conducts business.

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2.06      Certificates
Describing Partnership Units. At the request of a Limited Partner, the General Partner may, at its option and in its discretion,
issue a certificate summarizing the terms of such Limited Partner's interest in the Partnership, including the number of Partnership
Units owned as of the date of such certificate. If issued, any such certificates (a) shall be in form and substance as approved
by the General Partner, (b) shall not be negotiable, and (c) shall bear a legend substantially similar to the following:

"THIS CERTIFICATE IS NOT
NEGOTIABLE. THE PARTNERSHIP UNITS REPRESENTED BY THIS CERTIFICATE ARE GOVERNED BY AND TRANSFERABLE ONLY IN ACCORDANCE WITH THE
PROVISIONS OF THE AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF PLYMOUTH INDUSTIRAL OP, LP, AS AMENDED FROM TIME TO
TIME."

ARTICLE
III

BUSINESS OF THE PARTNERSHIP

The purpose and
nature of the business to be conducted by the Partnership is (a) to conduct any business that may be lawfully conducted by a limited
partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner
as to permit the General Partner at all times to qualify as a REIT, unless the General Partner otherwise ceases to qualify as a
REIT, and in a manner such that the General Partner will not be subject to any taxes under Section 857 or Section 4981 of the Code,
(b) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership
of interests in any entity engaged in any of the foregoing, and (c) to do anything necessary or incidental to the foregoing. In
connection with the foregoing, and without limiting the General Partner's right in its sole and absolute discretion to cease qualifying
as a REIT, the Partners acknowledge that the General Partner's current status as a REIT and the avoidance of income and excise
taxes on the General Partner inures to the benefit of all the Partners and not solely to the General Partner. Notwithstanding the
foregoing, the Limited Partners agree that the General Partner may terminate its status as a REIT under the Code at any time to
the full extent permitted under its Articles of Incorporation. The General Partner shall also be empowered to do any and all acts
and things necessary or prudent to ensure that the Partnership will not be classified as a "publicly traded partnership"
for purposes of Section 7704 of the Code.

ARTICLE
IV

CAPITAL CONTRIBUTIONS AND ACCOUNTS

4.01      Capital
Contributions. The General Partner and the Original Limited Partner made initial Capital Contributions of One Dollar ($1.00)
and Nine Hundred Ninety-Nine Dollars ($999.00), respectively, to the Partnership in exchange for one-tenth of one (0.10) Partnership
Unit and ninety-nine and nine-tenths (99.9) Partnership Units, respectively. At such time as Additional Limited Partners are admitted
to the Partnership, each shall make Capital Contributions as set forth opposite their names on Exhibit A, as it may be amended
from time to time. Exhibit A shall be deemed amended upon, and the General Partner may, without the

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approval of any other
Partner, attach an amended Exhibit A to this Agreement to reflect: (a) the issuance of Partnership Units issued to Additional
Limited Partners or to any existing Limited Partner pursuant to Section 4.02 (including the Original Limited Partner), (b) any
Partnership Units purchased or redeemed pursuant to Section 6.10, and (c) any redemption or purchase of Partnership Units by the
Partnership or the General Partner by reason of the exercise by a Limited Partner of the Exchange Right.

4.02      Additional
Capital Contributions and Issuances of Additional Partnership Interests. Except as provided in this Section 4.02 or in Section
4.03, the Partners shall have no right or obligation to make any additional Capital Contributions or loans to the Partnership.
The General Partner may contribute additional capital to the Partnership, from time to time, and receive additional Partnership
Units in respect thereof in the manner contemplated by this Section 4.02.

(a)      Issuances
of Additional Partnership Interests.

(i)      General.
The General Partner is hereby authorized to cause the Partnership to issue additional Partnership Interests in the form of Partnership
Units for any Partnership purpose, at any time or from time to time, to the Partners (including the General Partner) or to other
Persons for such consideration and on such terms and conditions as shall be established by the General Partner in its sole and
absolute discretion, all without the approval of any Limited Partners. Any additional Partnership Interests issued thereby may
be issued in one or more classes, or one or more series of any of such classes, with such designations, preferences and relative
participating, optional or other special rights, powers and duties, including rights, powers and duties senior to Limited Partnership
Interests, all as shall be determined by the General Partner in its sole and absolute discretion and without the approval of any
Limited Partner, subject to Delaware law, including, without limitation, (A) the allocations of items of Partnership income, gain,
loss, deduction and credit to each such class or series of Partnership Interests; (B) the right of each such class or series of
Partnership Interests to share in Partnership distributions; and (C) the rights of each such class or series of Partnership Interests
upon dissolution and liquidation of the Partnership; provided, however, that no additional Partnership Interests shall be issued
to the General Partner or the Original Limited Partner unless:

(1)      the
additional Partnership Interests are issued in connection with an issuance of REIT Shares or other interests in, the General Partner,
which shares or interests have designations, preferences and other rights such that the economic interests are substantially similar
to the designations, preferences and other rights of the additional Partnership Interests issued to the General Partner by the
Partnership in accordance with this Section 4.02, and the General Partner, on its own or with the Original Limited Partner, shall
make a Capital Contribution to the Partnership in an amount equal to the aggregate proceeds raised in connection with the issuance
of such shares of stock of or other interests in the General Partner;

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(2)      the
additional Partnership Interests are issued in exchange for property or other assets owned by the General Partner or Original Limited
Partner with a fair market value, as determined by the General Partner, in good faith, equal to the value of the Partnership Interests;
or

(3)      the
additional Partnership Interests are issued to all Partners in proportion to their respective Percentage Interests.

Without limiting
the foregoing, the General Partner is expressly authorized to cause the Partnership to issue Partnership Units for less than fair
market value, so long as the General Partner concludes in good faith that such issuance is in the best interests of the General
Partner and the Partnership.

(ii)      Issuance
of Additional Securities. The General Partner shall not issue any additional REIT Shares (other than REIT Shares issued in connection
with an exchange made pursuant to Section 8.05 hereof) or rights, options, warrants or convertible or exchangeable securities containing
the right to subscribe for or purchase REIT Shares (collectively, "Additional Securities") other than to all holders
of REIT Shares, unless (A) the General Partner shall cause the Partnership to issue to the General Partner and/or the Original
Limited Partner, as the General Partner may designate, Partnership Interests or rights, options, warrants or convertible or exchangeable
securities of the Partnership having designations, preferences and other rights such that the economic interests are substantially
similar to those of the Additional Securities, and (B) the General Partner and/or the Original Limited Partner contribute the proceeds
from the issuance of such Additional Securities and from any exercise of rights contained in such Additional Securities, to the
Partnership; provided, however, that the General Partner is allowed to issue Additional Securities in connection with an acquisition
of a Property or other asset to be held directly by the General Partner, but if and only if, such direct acquisition and issuance
of Additional Securities have been approved and determined to be in the best interests of the General Partner and the Partnership
by Limited Partners holding more than 50% of the Unaffiliated Percentage Interests. Without limiting the foregoing, the General
Partner is expressly authorized to issue Additional Securities for less than fair market value, and to cause the Partnership to
issue to the General Partner (or to the General Partner and the Original Limited Partner) corresponding Partnership Interests,
so long as (1) the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and
the Partnership, including without limitation, the issuance of REIT Shares and corresponding Partnership Units pursuant to (A)
an employee share purchase plan providing for employee purchases of REIT Shares at a discount from fair market value, (B) a dividend
reinvestment plan providing for shareholder purchases of REIT Shares at a discount from fair market value, and (C) employee stock
options that have an exercise price that is less than the fair market value of the REIT Shares, either at the time of issuance
or at the time of exercise, and (2) the General Partner contributes directly or directly and through the Original Limited Partner
all proceeds from such issuances to the Partnership. For example, in the event that

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the General Partner
issues REIT Shares for a cash purchase price and contributes all of the proceeds of such issuance to the Partnership, the General
Partner shall be issued a number of additional Partnership Units equal to the product of (A) the number of REIT Shares issued by
the General Partner, the proceeds of which were so contributed, multiplied by (B) a fraction the numerator of which is one (1)
and the denominator of which is the Conversion Factor in effect on the date of such contribution.

(b)      Certain
Deemed Contributions of Proceeds of Issuance of REIT Shares. In connection with any and all issuances of REIT Shares, the General
Partner shall make directly or directly and through the Original Limited Partner Capital Contributions to the Partnership of the
proceeds therefrom, provided, that if the proceeds actually received and contributed by the General Partner are less than the gross
proceeds of such issuance as a result of any underwriter's or other discount or other fees or expenses paid or incurred in connection
with such issuance, then the General Partner (or the General Partner together with the Original Limited Partner, as applicable)
shall be deemed to have made Capital Contributions to the Partnership in the aggregate amount of the gross proceeds of such issuance
and the Partnership shall be deemed simultaneously to have paid such offering expenses in accordance with Section 6.05 hereof and
in connection with the required issuance of additional Partnership Units for such Capital Contributions pursuant to Section 4.02(a)
hereof.

4.03      Additional
Funding. If the General Partner determines that it is in the best interests of the Partnership to provide for additional Partnership
funds ("Additional Funds") for any Partnership purpose, the General Partner may (a) cause the Partnership to obtain such
funds from outside borrowings, or (b) elect to have the General Partner or any of its Affiliates provide such Additional Funds
to the Partnership through loans or otherwise.

4.04      Capital
Accounts. A separate capital account (a "Capital Account") shall be established and maintained for each Partner in
accordance with Regulations Section 1.704-1(b)(2)(iv). If (a) a new or existing Partner acquires an additional Partnership Interest
in exchange for more than a de minimis Capital Contribution, (b) the Partnership distributes to a Partner more than a de minimis
amount of Partnership property as consideration for the redemption of a Partnership Interest, or (c) the Partnership is liquidated
within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), the General Partner shall revalue the property of the Partnership
to its fair market value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section
7701(g) of the Code) in accordance with Regulations Section 1.704- l(b)(2)(iv)(f). When the Partnership's property is revalued
by the General Partner, the Capital Accounts of the Partners shall be adjusted in accordance with Regulations Sections 1.704-1(b)(2)(iv)(f)
and (g), which generally require such Capital Accounts to be adjusted to reflect the manner in which the unrealized gain or loss
inherent in such property (that has not been reflected in the Capital Accounts previously) would be allocated among the Partners
pursuant to Section 5.01 hereof if there were a taxable disposition of such property for its fair market value (as determined by
the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) on the date of the
revaluation.

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4.05      Percentage
Interests. If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner's Percentage
Interest shall be adjusted by the General Partner effective as of the date of each such increase or decrease to a percentage equal
to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after
giving effect to such increase or decrease. In such event, the General Partner shall revalue the property of the Partnership and
the Capital Account for each Partner shall be adjusted as set forth in Section 4.04 hereof. If the Partners' Percentage Interests
are adjusted pursuant to this Section 4.05, the Profit and Loss for the taxable year in which the adjustment occurs shall be prorated
between the part of the year ending on the day when the Partnership's property is revalued by the General Partner and the part
of the year beginning on the following day and, as so divided, shall be allocated to the Partners based on their Percentage Interests
before adjustment, and their adjusted Percentage Interests, respectively, either (a) as if the taxable year had ended on the date
of the adjustment or (b) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall
determine which method shall be used to allocate Profit and Loss for the taxable year in which an adjustment occurs, as may be
required or permitted under Section 706 of the Code.

4.06      No
Interest on Contributions. No Partner shall be entitled to interest on its Capital Contribution.

4.07      Return
of Capital Contributions. No Partner shall be entitled to withdraw any part of its Capital Contribution or its Capital Account
or to receive any distribution from the Partnership, except as specifically provided in this Agreement. Except as otherwise provided
herein, there shall be no obligation to return to any Partner or withdrawn Partner any part of such Partner's Capital Contribution
for so long as the Partnership continues in existence.

4.08      No
Third-Party Beneficiary. No creditor or other third party having dealings with the Partnership shall have the right to enforce
the right or obligation of any Partner to make Capital Contributions or loans or to pursue any other right or remedy hereunder
or at law or in equity, it being understood and agreed that the provisions of this Agreement shall be solely for the benefit of,
and may be enforced solely by, the parties hereto and their respective successors and assigns. None of the rights or obligations
of the Partners herein set forth to make Capital Contributions or loans to the Partnership shall be deemed an asset of the Partnership
for any purpose by any creditor or other third party, nor may such rights or obligations be sold, transferred or assigned by the
Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or of any of
the Partners. In addition, it is the intent of the parties hereto that no distribution to any Limited Partner shall be deemed a
return of money or other property in violation of the Act. However, if any court of competent jurisdiction holds that, notwithstanding
the provisions of this Agreement, any Limited Partner is obligated to return such money or property, such obligation shall be the
obligation of such Limited Partner and not of the General Partner. Without limiting the generality of the foregoing, a deficit
Capital Account of a Partner shall not be deemed to be a liability of such Partner nor an asset or property of the Partnership.

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ARTICLE
V

PROFIT AND LOSS; DISTRIBUTIONS

5.01      Allocation
of Profit and Loss.

(a)      After
giving effect to the special allocations set forth in Sections 5.01(b), (c) and (d), Profit for each fiscal year of the Partnership
shall be allocated as follows: (i) first to the Partners, pro rata, in accordance with and in proportion to their respective Partnership
Interests, in amounts equal to the amount of cash distributed to the Partners pursuant to Section 5.02(a) hereof with respect to
such fiscal year; (ii) second, to the extent the amount of Profit for such fiscal year exceeds the amount of cash distributed to
the Partners pursuant to Section 5.02(a) hereof, such excess shall be allocated to the General Partner and the Limited Partners
in amounts and in proportion to the cumulative Loss allocated to the General Partner pursuant to clauses (y) and (z) of this Section
5.01(a) and the cumulative Loss allocated to the Limited Partners pursuant to clause (x) of this Section 5.01(a), respectively;
and (iii) finally, the balance, if any, of Profit shall be allocated to the Partners in accordance with and in proportion to their
respective Percentage Interests. Notwithstanding the foregoing, however, it is the intent of the Partners that allocations of Profit
to the Limited Partners be such that the amount of Profit allocated to each Limited Partner be equal to the amount of income that
would have been allocated to such Limited Partner with respect to the applicable fiscal period if such Limited Partner had owned
REIT Shares equal in number to the number of Partnership Units owned by such Limited Partner during such fiscal period, and if,
for any reason, the foregoing allocations of Profit result in any material variation from this concept, Profit shall be allocated
to each Limited Partner in an amount equal to the aggregate amount of income that would have been allocated to such Limited Partner
with respect to the applicable fiscal period if such Limited Partner had owned REIT Shares equal in number to the number of Partnership
Units owned by such Limited Partner during such fiscal period. After giving effect to the special allocations set forth in Sections
5.01(b), (c) and (d), Loss for a fiscal year of the Partnership shall be allocated as follows: (w) first, to the Partners, pro
rata, in accordance with and in proportion to their respective Partnership Interests, until the cumulative Loss allocated to each
Partner under this clause (w) equals the cumulative Profit allocated to each Partner under clause (iii) of this Section 5.01(a);
(x) second, to the Limited Partners in an amount equal to each such Limited Partner's Capital Account balance prior to the allocation
made under this clause (x); (y) third, to the General Partner in an amount equal to the General Partner's Capital Account balance
prior to the allocation made under this clause (y); and (z) fourth, to the General Partner to the extent that any further allocation
of Loss to Limited Partners would result in any such Limited Partners having a deficit balance in their Capital Accounts.

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(b)      Notwithstanding
any provision to the contrary herein, (i) any expense of the Partnership that is a "nonrecourse deduction" within the
meaning of Regulations Section 1.704-2(b)(1) shall be allocated in accordance with the Partners' respective Percentage Interests,
(ii) any expense of the Partnership that is a "partner nonrecourse deduction" within the meaning of Regulations Section
1.704-2(i)(2) shall be allocated to the Partner that bears the "economic risk of loss" of such deduction in accordance
with Regulations Section 1.704- 2(i)(1), (iii) if there is a net decrease in Partnership Minimum Gain within the meaning of Regulations
Section 1.704-2(f)(1) for any Partnership taxable year, then, subject to the exceptions set forth in Regulations Section 1.704-2(f)(2),
(3), (4) and (5), items of gain and income shall be allocated among the Partners in accordance with Regulations Section 1.704-2(f)
and the ordering rules contained in Regulations Section 1.704-2(j), and (iv) if there is a net decrease in Partner nonrecourse
debt minimum gain within the meaning of Regulations Section 1.704-2(i)(4) for any Partnership taxable year, then, subject to the
exceptions set forth in Regulations Section 1.704-2(g), items of gain and income shall be allocated among the Partners, in accordance
with Regulations Section 1.704-2(i)(4) and the ordering rules contained in Regulations Section 1.704-2(j). A Partner's "interest
in partnership profits" for purposes of determining its share of the nonrecourse liabilities of the Partnership within the
meaning of Regulations Section 1.752- 3(a)(3) shall be such Partner's Percentage Interest.

(c)      If
a Partner receives in any taxable year an adjustment, allocation, or distribution described in subparagraphs (4), (5), or (6) of
Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner's Capital Account that exceeds
the sum of such Partner's shares of Partnership Minimum Gain and Partner nonrecourse debt minimum gain, as determined in accordance
with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary,
later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance
as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income
or gain to a Partner in accordance with this Section 5.01(c), to the extent permitted by Regulations Section 1.704-1(b), items
of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated
to such Partner under this Section 5.01(c).

(d)      Loss
shall not be allocated to a Limited Partner to the extent that such allocation would cause a deficit in such Partner's Capital
Account (after reduction to reflect the items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6)) to exceed
the sum of such Partner's shares of Partnership Minimum Gain and Partner nonrecourse debt minimum gain. Any Loss in excess of that
limitation shall be allocated to the General Partner. After the occurrence of an allocation of Loss to the General Partner in accordance
with this Section 5.01(d), to the extent permitted by Regulations Section 1.704-1(b), Profit shall be allocated to the General
Partner in an amount necessary to offset the Loss previously allocated to the General Partner under this Section 5.01(d).

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(e)      If
a Partner transfers any part or all of its Partnership Interest, the distributive shares of the various items of Profit and Loss
allocable among the Partners during such fiscal year of the Partnership shall be allocated between the transferor and the transferee
Partner either (i) as if the Partnership's fiscal year had ended on the date of the transfer, or (ii) based on the number of days
of such fiscal year that each was a Partner without regard to the results of Partnership activities in the respective portions
of such fiscal year in which the transferor and the transferee were Partners. The General Partner, in its sole and absolute discretion,
shall determine which method shall be used to allocate the distributive shares of the various items of Profit and Loss between
the transferor and the transferee Partner.

(f)      "Profit"
and "Loss" and any items of income, gain, expense, or loss referred to in this Agreement shall be determined in accordance
with federal income tax accounting principles, as modified by Regulations Section 1.704-(b)(2)(iv), except that Profit and Loss
shall not include items of income, gain and expense that are specially allocated pursuant to Sections 5.01(b), 5.01(c), or 5.01(d).
All allocations of income, Profit, gain, Loss, and expense (and all items contained therein) for federal income tax purposes shall
be identical to all allocations of such items set forth in this Section 5.01, except as otherwise required by Section 704(c) of
the Code and Regulations Section 1.704-1(b)(4). Any deductions, income, gain or loss ("Tax Items") with respect to Partnership
property that is contributed to the Partnership by a Partner shall be shared among the Partners for income tax purposes pursuant
to Regulations promulgated under Section 704(c) of the Code, so as to take into account the variation, if any, between the basis
of the property to the Partnership and its initial Agreed Value. With respect to any property that is contributed to the Partnership
by a Partner, the Partnership shall account for such variation under any method approved under Section 704(c) of the Code and the
applicable regulations as chosen by the General Partner. In the event Agreed Value of any Partnership asset is adjusted, subsequent
allocations of Tax Items with respect to such asset shall take account of the variation, if any, between the adjusted basis of
such asset and its Agreed Value in the same manner as under Section 704(c) of the Code and the applicable regulations consistent
with the requirements of Regulations Section 1.704-1(b)(2)(iv)(g) using any method approved under 704(c) of the Code and the applicable
regulations as chosen by the General Partner.

(g)      If
the General Partner determines that is advantageous to the business of the Partnership to amend the allocation provisions of this
Agreement so as to permit the Partnership to avoid the characterization of Partnership income allocable to various qualified plans,
IRAs and other entities which are exempt from federal income taxation ("Tax Exempt Partners") as constituting Unrelated
Business Taxable Income ("UBTI") within the meaning of the Code, specifically including, but not limited to, amendments
to satisfy the so-called "fractions rule" contained in Code Section 514(c)(9), the General Partner is authorized, in
its discretion, to amend this Agreement so as to allocate income, gain, loss, deduction or credit (or items thereof) arising in
any year differently than as provided for in this Section if, and to the extent, that such amendments will achieve such result
or otherwise permit the avoidance of characterization of Partnership income as UBTI to Tax Exempt Partners. Any allocation made
pursuant to this Section 5.01(g) shall be deemed to be a complete substitute for any allocation otherwise provided for in this

    	18

    	 

    

Agreement, and
no further amendment of this Agreement or approval by any Limited Partner shall be required to effectuate such allocation. In making
any such allocations under this Section 5.01(g) ("New Allocations"), the General Partner is authorized to act in reliance
upon advice of counsel to the Partnership or the Partnership's regular certified public accountants that, in their opinion, after
examining the relevant provisions of the Code and any current or future proposed or final Treasury Regulations thereunder, the
New Allocation will achieve the intended result of this Section 5.01(g).

New Allocations
made by the General Partner in reliance upon the advice of counsel or accountants as described above shall be deemed to be made
in the best interests of the Partnership and all of the Partners, and any such New Allocations shall not give rise to any claim
or cause of action by any Partner against the Partnership or any General Partner. Nothing herein shall require or obligate the
General Partner, by implication or otherwise, to make any such amendments or undertake any such action.

5.02      Distributions
of Cash.

(a)      The
Partnership may distribute cash on a quarterly (or, at the election of the General Partner, more or less frequent) basis, in an
amount determined by the General Partner in its sole and absolute discretion, to the Partners who are Partners on the Partnership
Record Date with respect to such quarter (or other distribution period) in the following manner: (i) first, to the General Partner
in an amount equal to the GP Minimum Return with respect to the current fiscal year of the General Partner; (ii) second, to the
Limited Partners pro rata among them in proportion to the their respective Unpaid Return, if any, owing to each such Limited Partners
with respect to prior fiscal years, in an amount equal to their respective Unpaid Return for such prior fiscal years owing to each
such Limited Partner; (iii) third, after the establishment of reasonable cash reserves to meet REIT Expenses and other obligations
of the Partnership, as determined in the sole and absolute discretion of the General Partner, to the General Partner and the Limited
Partners in such aggregate amount as may be determined by the General Partner in its sole and absolute discretion to be allocated
among the General Partner and the Limited Partners such that each Limited Partner will receive an amount equal to its LP Return
for such fiscal year; and (iv) finally, to the Partners in accordance with and in proportion to their respective Percentage Interests;
provided, however, that if a new or existing Partner acquires an additional Partnership Interest in exchange for a Capital Contribution
on any date other than a Partnership Record Date, the cash distribution attributable to such additional Partnership Interest relating
to the Partnership Record Date next following the issuance of such additional Partnership Interest shall be reduced to the proportion
thereof which equals (i) the number of days that such additional Partnership Interest is held by such Partner divided by (ii) the
number of days between such Partnership Record Date and the immediately preceding Partnership Record Date.

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(b)      Notwithstanding
any other provision of this Agreement, the General Partner is authorized to take any action that it determines to be necessary
or appropriate to cause the Partnership to comply with any withholding requirements established under the Code or any other federal,
state or local law including, without limitation, the requirements of Sections 1441, 1442, 1445 and 1446 of the Code. To the extent
that the Partnership is required to withhold and pay over to any taxing authority any amount resulting from the allocation or distribution
of income to a Partner or its assignee (including by reason of Section 1446 of the Code), either (i) if the actual amount to be
distributed to the Partner or assignee equals or exceeds the amount required to be withheld by the Partnership, the amount withheld
shall be treated as a distribution of cash in the amount of such withholding to such Partner or assignee, or (ii) if the actual
amount to be distributed to the Partner or assignee is less than the amount required to be withheld by the Partnership, the amount
required to be withheld shall be treated as a loan (a "Partnership Loan") from the Partnership to the Partner or assignee
on the day the Partnership pays over such amount to a taxing authority. A Partnership Loan shall be repaid through withholding
by the Partnership with respect to subsequent distributions to the applicable Partner or assignee. In the event that a Limited
Partner (a "Defaulting Limited Partner") fails to pay any amount owed to the Partnership with respect to the Partnership
Loan within fifteen (15) days after demand for payment thereof is made by the Partnership on the Limited Partner, the General Partner,
in its sole and absolute discretion, may elect to make the payment to the Partnership on behalf of such Defaulting Limited Partner.
In such event, on the date of payment, the General Partner shall be deemed to have extended a loan (a "General Partner Loan")
to the Defaulting Limited Partner in the amount of the payment made by the General Partner and shall succeed to all rights and
remedies of the Partnership against the Defaulting Limited Partner as to that amount. Without limitation, the General Partner shall
have the right to receive any distributions that otherwise would be made by the Partnership to the Defaulting Limited Partner until
such time as the General Partner Loan has been paid in full, and any such distributions so received by the General Partner shall
be treated as having been received by the Defaulting Limited Partner and immediately paid to the General Partner. Any amounts treated
as a Partnership Loan or a General Partner Loan pursuant to this Section 5.02(b) shall bear interest at the lesser of (A) the base
rate on corporate loans at large United States money center commercial banks, as published from time to time in The Wall Street
Journal, or (B) the maximum lawful rate of interest on such obligation, such interest to accrue from the date the Partnership or
the General Partner, as applicable, is deemed to extend the loan until such loan is repaid in full.

(c)      To
the extent not utilized for expenses of the Partnership or for investment in additional Properties, the General Partner may, in
its discretion, cause the Partnership to distribute Net Capital Proceeds in such amount as shall be determined by the General Partner
in its discretion in accordance with the provisions of Section 5.02(a) hereof.

(d)      In
no event may a Partner receive a distribution of cash with respect to a Partnership Unit if such Partner is entitled to receive
a cash dividend as the holder of record of a REIT Share for which all or part of such Partnership Unit has been or will be exchanged,
and the Unpaid Return with respect to such Partnership Unit shall be deemed to be reduced by the amount of any such cash dividend.

    	20

    	 

    

5.03      REIT
Distribution Requirements. The General Partner shall use its reasonable efforts to cause the Partnership to distribute amounts
sufficient to enable the General Partner to pay stockholder dividends that will allow the General Partner to (a) meet its distribution
requirement for qualification as a REIT as set forth in Section 857 of the Code and (b) avoid any federal income or excise tax
liability imposed by the Code.

5.04      No
Right to Distributions in Kind. No Partner shall be entitled to demand property other than cash in connection with any distributions
by the Partnership.

5.05      Limitations
on Return of Capital Contributions. Notwithstanding any of the provisions of this Article V, no Partner shall have the right
to receive and the General Partner shall not have the right to make a distribution that includes a return of all or part of a Partner's
Capital Contributions, unless after giving effect to the return of a Capital Contribution, the sum of all Partnership liabilities,
other than the liabilities to a Partner for the return of its Capital Contribution, does not exceed the fair market value of the
Partnership's assets.

5.06      Distributions
Upon Liquidation. Upon liquidation of the Partnership, after payment of, or adequate provision for, debts and obligations of
the Partnership, including any Partner loans, any remaining assets of the Partnership shall be distributed to all Partners with
positive Capital Accounts in accordance with their respective positive Capital Account balances. For purposes of the preceding
sentence, the Capital Account of each Partner shall be determined after all adjustments made in accordance with Sections 5.01 and
5.02 resulting from Partnership operations and from all sales and dispositions of all or any part of the Partnership's assets have
been made. To the extent deemed advisable by the General Partner, appropriate arrangements (including the use of a liquidating
trust) may be made to assure that adequate funds are available to pay any contingent debts or obligations.

5.07      Substantial
Economic Effect. It is the intent of the Partners that the allocations of Profit and Loss under this Agreement have substantial
economic effect (or be consistent with the Partners' interests in the Partnership in the case of the allocation of losses attributable
to nonrecourse debt) within the meaning of Section 704(b) of the Code as interpreted by the Regulations promulgated pursuant thereto.
Article V and other relevant provisions of this Agreement shall be interpreted in a manner consistent with such intent.

5.08      Withholding.
All amounts required to be withheld pursuant to Section 1445 of the Code or any other provision of federal, state, or local tax
law shall be treated as amounts actually distributed to the affected Partners for all purposes under this Agreement.

5.09      Tax
Consequences to Limited Partners. In exercising its authority under this Agreement, the General Partner may, but shall be under
no obligation to, take into account the tax consequences to any Partner (including the General Partner) of any action taken by
it. The General Partner and the Partnership shall not have liability to a Partner under any circumstances as a result of an income
tax liability incurred by such Limited Partner as a result of an action (or inaction) by the General Partner pursuant to its authority
under this Agreement.

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ARTICLE
VI

RIGHTS, OBLIGATIONS AND

POWERS OF THE GENERAL PARTNER

6.01      Management
of the Partnership.

(a)      Except
as otherwise expressly provided in this Agreement, the General Partner shall have full, complete and exclusive discretion to manage
and control the business of the Partnership for the purposes herein stated, and shall make all decisions affecting the business
and assets of the Partnership. Subject to the restrictions specifically contained in this Agreement, the powers and obligations,
as the context requires, of the General Partner shall include, without limitation, the authority to take the following actions
on behalf of the Partnership:

(i)      to
acquire, purchase, own, operate, lease and dispose of any real property and any other property or assets including, but not limited
to notes, Mortgages, partnership or joint venture interests or securities, that the General Partner determines are necessary or
appropriate or in the best interests of the business of the Partnership;

(ii)      to
construct buildings and make other improvements on the Properties owned or leased by the Partnership;

(iii)      to
authorize, issue, sell, redeem or otherwise purchase any Partnership Interests or any securities (including secured and unsecured
debt obligations of the Partnership, debt obligations of the Partnership convertible into any class or series of Partnership Interests,
or options, rights, warrants or appreciation rights relating to any Partnership Interests) of the Partnership;

(iv)      to
borrow or lend money for the Partnership, issue or receive evidences of indebtedness in connection therewith, refinance, increase
the amount of, modify, amend or chance the terms of, or extend the time for the payment of, any such indebtedness, and secure such
indebtedness by mortgage, deed of trust, pledge or other lien on the Partnership's assets;

(v)      to
pay, either directly or by reimbursement, for all operating costs and general administrative expenses of the Partnership to third
parties or to the General Partner or its Affiliates as set forth in this Agreement;

(vi)      to
guarantee or become a co-maker of indebtedness of the General Partner or any Subsidiary thereof, refinance, increase the amount
of, modify, amend or change the terms of, or extend the time for the payment of, any such guarantee or indebtedness, and secure
such guarantee or indebtedness by mortgage, deed of trust, pledge or other lien on the Partnership's assets;

(vii)      to
use assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with this Agreement, including,
without limitation, payment, either directly or by reimbursement, of all operating costs and general administrative expenses of
the General Partner, the Partnership or any Subsidiary of either, to third parties or to the General Partner as set forth in this
Agreement;

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(viii)      to
lease all or any portion of any of the Partnership's assets, whether or not the terms of such leases extend beyond the termination
date of the Partnership and whether or not any portion of the Partnership's assets so leased are to be occupied by the lessee,
or, in turn, subleased in whole or in part to others, for such consideration and on such terms as the General Partner may determine;

(ix)      to
prosecute, defend, arbitrate, or compromise any and all claims or liabilities in favor of or against the Partnership, on such terms
and in such manner as the General Partner may reasonably determine, and similarly, to prosecute, settle or defend litigation with
respect to the Partners, the Partnership, or the Partnership's assets;

(x)      to
file applications, communicate, and otherwise deal with any and all governmental agencies having jurisdiction over, or in any way
affecting, the Partnership's assets or any other aspect of the Partnership business;

(xi)      to
make or revoke any election permitted or required of the Partnership by any taxing authority;

(xii)      to
maintain such insurance coverage for public liability, fire and casualty, and any and all other insurance for the protection of
the Partnership, for the conservation of Partnership assets, or for any other purpose convenient or beneficial to the Partnership,
in such amounts and such types, as it shall determine from time to time;

(xiii)      to
determine whether or not to apply any insurance proceeds for any Property to the restoration of such Property or to distribute
the same;

(xiv)      to
establish one or more divisions of the Partnership, to hire and dismiss employees of the Partnership or any division of the Partnership,
and to retain legal counsel, accountants, consultants, real estate brokers, and such other persons, as the General Partner may
deem necessary or appropriate in connection with the Partnership business and to pay such persons remuneration as the General Partner
may deem reasonable and proper;

(xv)      to
retain other services of any kind or nature in connection with Partnership business and to pay such remuneration as the General
Partner may deem reasonable and proper for same;

(xvi)      to
negotiate and conclude agreements on behalf of the Partnership with respect to any of the rights, powers and authority conferred
upon the General Partner;

(xvii)      to
maintain accurate accounting records and to file promptly all federal, state and local income tax returns on behalf of the Partnership;

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(xviii)      to
distribute Partnership cash or other Partnership assets in accordance with this Agreement;

(xix)      to
form or acquire an interest in, and contribute property to, any further limited or general partnerships, joint ventures, limited
liability companies or other entities or relationships that it deems desirable (including, without limitation, the acquisition
of interests in, and the contributions of property to, its Subsidiaries and any other Person in which it has an equity interest
from time to time);

(xx)      to
establish Partnership reserves for working capital, capital expenditures, contingent liabilities, or any other valid Partnership
purpose;

(xxi)      to
merge, consolidate or combine the Partnership with or into another Person;

(xxii)      to
do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a "publicly traded
partnership" for purposes of Section 7704 of the Code; and

(xxiii)      to
take such other action, execute, acknowledge, swear to or deliver such other documents and instruments, and perform any and all
other acts that the General Partner deems necessary or appropriate for the formation, continuation and conduct of the business
and affairs of the Partnership (including, without limitation, all actions consistent with allowing the General Partner at all
times to qualify as a REIT unless the General Partner voluntarily terminates its REIT status) and to possess and enjoy all of the
rights and powers of a general partner as provided by the Act.

(b)      Except
as otherwise provided herein, to the extent the duties of the General Partner require expenditures of funds to be paid to third
parties, the General Partner shall not have any obligations hereunder except to apply Partnership funds to the extent that Partnership
funds are reasonably available to it for the performance of such duties, and nothing herein contained shall be deemed to authorize
or require the General Partner, in its capacity as such, to expend its individual funds for payment to third parties or to undertake
any individual liability or obligation on behalf of the Partnership.

6.02      Delegation
of Authority. The General Partner may delegate any or all of its powers, rights and obligations hereunder, and may appoint,
employ, contract or otherwise deal with any Person (including without limitation officers or other agents of the Partnership or
the General Partner appointed by the General Partner) for the transaction of the business of the Partnership, which Person may,
under supervision of the General Partner, perform any acts or services for the Partnership as the General Partner may approve.

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6.03      Indemnification
and Exculpation of Indemnitees.

(a)      The
Partnership shall indemnify an Indemnitee from and against any and all losses, claims, damages, liabilities, joint or several,
expenses (including reasonable legal fees and expenses), judgments, fines, settlements, and other amounts arising from any and
all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, that relate to the operations
of the Partnership as set forth in this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as
a party or otherwise, unless it is established that (i) the act or omission of the Indemnitee was material to the matter giving
rise to the proceeding and either was committed in bad faith or was the result of active and deliberate dishonesty; (ii) the Indemnitee
actually received an improper personal benefit in money, property or services; or (iii) in the case of any criminal proceeding,
the Indemnitee had reasonable cause to believe that the act or omission was unlawful. Any indemnification pursuant to this Section
6.3 shall be made only out of the assets of the Partnership.

(b)      The
Partnership shall pay or reimburse reasonable legal expenses and other costs incurred by an Indemnitee in advance of final disposition
of a proceeding if all of the following are satisfied: (i) the Indemnitee provides the Partnership with written affirmation of
the Indemnitee's good faith belief that the Indemnitee has met the standard of conduct necessary for indemnification by the Partnership
as authorized in this Section 6.03, and (ii) the Indemnitee provides the Partnership with a written agreement to repay the amount
paid or reimbursed by the Partnership if it is ultimately determined that the Indemnitee did not comply with the requisite standard
of conduct and is not entitled to indemnification.

(c)      The
Indemnification provided by this Section 6.03 shall be in addition to any other rights to which an Indemnitee or any other Person
may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue
as to an Indemnitee who has ceased to serve in such capacity.

(d)      The
Partnership may purchase and maintain insurance or establish other arrangements, including without limitation trust arrangements
and letters of credit on behalf of or to secure indemnification obligations owed to the Indemnitees and such other Persons as the
General Partner shall determine against any liability that may be asserted against or expenses that may be incurred by such Person
in connection with the Partnership's activities, regardless of whether the Partnership would have the power to indemnify such Person
against such liability under the provisions of this Agreement. For purposes of this Section 6.03, (i) the Partnership shall be
deemed to have requested an Indemnitee to serve as a fiduciary of an employee benefit plan whenever the performance by the Indemnitee
of its duties to the Partnership also imposes duties on the Indemnitee, or otherwise involves services by the Indemnitee to the
plan or participants or beneficiaries of the plan; (ii) excise taxes assessed on an Indemnitee with respect to an employee benefit
plan pursuant to applicable law shall constitute fines within the meaning of this Section 6.03; and (iii) actions taken or omitted
by the Indemnitee with respect to an employee benefit plan in the performance of its duties for a purpose reasonably believed by
it to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose which is not opposed
to the best interests of the Partnership.

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(e)      In
no event may an Indemnitee subject the Limited Partners to personal liability by reason of the indemnification provisions set forth
in this Agreement.

(f)      An
Indemnitee shall not be denied indemnification in whole or in part under this Section 6.03 because the Indemnitee had an interest
in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of
this Agreement.

(g)      The
provisions of this Section 6.03 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators and
shall not be deemed to create any rights in or be for the benefit of any other Persons.

(h)      Notwithstanding
the foregoing, the Partnership may not indemnify or hold harmless an Indemnitee for any liability or loss unless all of the following
conditions are met: (i) the Indemnitee has determined, in good faith, that the course of conduct that caused the loss or liability
was in the best interests of the Partnership; (ii) the Indemnitee was acting on behalf of or performing services for the Partnership;
(iii) the liability or loss was not the result of (A) negligence or misconduct, in the case that the Indemnitee is a director of
the General Partner (other than an Independent Director), the Advisor or an Affiliate of the Advisor or (B) gross negligence or
willful misconduct, in the case that the Indemnitee is an Independent Director; and (iv) the indemnification or agreement to hold
harmless is recoverable only out of net assets of the Partnership. In addition, the Partnership shall not provide indemnification
for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by such party
unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count
involving alleged material securities law violations as to the Indemnitee; (ii) such claims have been dismissed with prejudice
on the merits by a court of competent jurisdiction as to the Indemnitee; or (iii) a court of competent jurisdiction approves a
settlement of the claims against the Indemnitee and finds that indemnification of the settlement and the related costs should be
made, and the court considering the request for indemnification has been advised of the position of the Commission and of the published
position of any state securities regulatory authority in which securities were offered or sold as to indemnification for violations
of securities laws.

6.04      Liability
of the General Partner.

(a)      Notwithstanding
anything to the contrary set forth in this Agreement, the General Partner shall not be liable for monetary damages to the Partnership
or any Partners for losses sustained or liabilities incurred as a result of errors in judgment or any act or omission if the General
Partner acted in good faith. The General Partner shall not be in breach of any duty that the General Partner may owe to the Limited
Partners or the Partnership or any other Persons under this Agreement or of any duty stated or implied by law or equity, provided,
the General Partner, acting in good faith, abides by the terms of this Agreement. In addition, to the extent the General Partner
or any officer, director, employee, agent or stockholder of the General Partner performs its duties in accordance with the standards
provided by the Act, as it may be amended from time to time, or under

    	26

    	 

    

any successor
statute thereto, such Person or Persons shall have no liability by reason of being or having been the General Partner, or by reason
of being an officer, director, employee, agent or stockholder of the General Partner. To the maximum extent that the Act and the
general laws of the State of Delaware, in effect from time to time, permit limitation of the liability of general partners of a
limited partnership, the General Partner and its officers, directors, employees, agents and stockholders shall not be liable to
the Partnership or to any Partner for money damages except to the extent that (i) the General Partner or its officers, directors,
employees, agents or stockholders actually received an improper benefit or profit in money, property or services, in which case
the liability shall not exceed the amount of the benefit or profit in money, property or services actually received; or (ii) a
judgment or other final adjudication adverse to the General Partner or one or more of its officers, directors, employees, agents
or stockholders is entered in a proceeding based on a finding in the proceeding that the action or failure to act of the General
Partner or one or more of its officers, directors, employees, agents or stockholders was the result of active and deliberate dishonesty
and was material to the cause of action adjudicated in the proceeding. Neither the amendment nor repeal of this Section 6.04(a),
nor the adoption or amendment of any other provision of this Agreement inconsistent with this Section 6.04(a), shall apply to or
affect in any respect the applicability of the preceding sentence with respect to any act or failure to act which occurred prior
to such amendment, repeal or adoption. In the absence of any Delaware statute limiting the liability of the General Partner or
its directors or officers for money damages in a suit by or on behalf of the Partnership or by any Partner, the General Partner
and the officers, directors, employees, agents and stockholders of the General Partner shall not be liable to the Partnership or
to any Partner for money damages except to the extent that the General Partner or one or more of its officers, directors, employees,
agents or stockholders actually received an improper benefit or profit in money, property or services, in which case the liability
shall not exceed the amount of the benefit or profit in money, property or services actually received; or (ii) a judgment or other
final adjudication adverse to the General Partner or one or more of its officers, directors, employees, agents or stockholders
is entered in a proceeding based on a finding in the proceeding that the action of the General Partner or one or more of its officers,
directors, employees or stockholders action or failure to act was the result of active and deliberate dishonesty and was material
to the cause of action adjudicated in the proceeding.

(b)      The
Limited Partners expressly acknowledge that the General Partner is acting on behalf of the Partnership, itself and its stockholders
collectively, that the General Partner is under no obligation to consider the separate interests of the Limited Partners (including,
without limitation, the tax consequences to Limited Partners or the tax consequences of some, but not all, of the Limited Partners)
in deciding whether to cause the Partnership to take (or decline to take) any actions. In the event of a conflict between the interests
of its stockholders on the one hand and the Limited Partners on the other, the General Partner shall endeavor in good faith to
resolve the conflict in a manner not adverse to either its stockholders or the Limited Partners; provided, however, that for so
long as the General Partner directly owns a controlling interest in the Partnership, any such conflict that the General Partner,
in its sole and absolute discretion, determines cannot be resolved in a manner not adverse to either its stockholders or the Limited
Partners shall be resolved in favor of its stockholders. The General Partner shall not be liable for monetary damages for losses
sustained, liabilities incurred, or benefits not derived by Limited Partners in connection with such decisions, provided that the
General Partner has acted in good faith.

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(c)      Subject
to its obligations and duties as General Partner set forth in Section 6.01 hereof, the General Partner may exercise any of the
powers granted to it under this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through
its agents. The General Partner shall not be responsible for any misconduct or negligence on the part of any such agent appointed
by it in good faith.

(d)      Notwithstanding
any other provisions of this Agreement or the Act, any action of the General Partner on behalf of the Partnership or any decision
of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action
or omission is necessary or advisable in order to (i) protect the ability of the General Partner to continue to qualify as a REIT
or (ii) prevent the General Partner from incurring any taxes under Section 857, Section 4981, or any other provision of the Code,
is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners.

(e)      Any
amendment, modification or repeal of this Section 6.04 or any provision hereof shall be prospective only and shall not in any way
affect the limitations on the General Partner's liability to the Partnership and the Limited Partners under this Section 6.04 as
in effect immediately prior to such amendment, modification or repeal with respect to matters occurring, in whole or in part, prior
to such amendment, modification or repeal, regardless of when claims relating to such matters may arise or be asserted.

6.05      Reimbursement
of General Partner.

(a)      Except
as provided in this Section 6.05 and elsewhere in this Agreement (including the provisions of Articles V and VI regarding distributions,
payments, and allocations to which it may be entitled), the General Partner shall not be compensated for its services as general
partner of the Partnership.

(b)      The
General Partner shall be reimbursed on a monthly basis, or such other basis as the General Partner may determine in its sole and
absolute discretion, for all REIT Expenses and Administrative Expenses.

6.06      Outside
Activities. Subject to the Articles of Incorporation and any agreements entered into by the General Partner or its Affiliates
with the Partnership or a Subsidiary, or any officer, director, manager, employee, agent, trustee, Affiliate or owner of the General
Partner, the Affiliates of the General Partner and the officers, directors, managers, agents, trustees and owners of the General
Partner and its Affiliates shall be entitled to and may have business interests and engage in business activities in addition to
those relating to the Partnership, including business interests and activities substantially similar or identical to those of the
Partnership. Neither the Partnership nor any of the Limited Partners shall have any rights by virtue of this Agreement in any such
business ventures, interests or activities. None of the Limited Partners or any other Person shall have any rights by virtue of
this Agreement or the partnership relationship established hereby in any such business ventures, interests or activities, and neither
the General Partner, nor any Affiliates of the General Partner nor any officers, directors, managers, employees, agents, trustees
or owners of the General Partner or the General Partner's Affiliates shall have any obligation pursuant to this Agreement to offer
any interest in any such business ventures, interests and activities to the Partnership or any Limited Partner, even if such opportunity
is of a character which, if presented to the Partnership or any Limited Partner, could be taken by such Person.

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6.07      Employment
or Retention of Affiliates.

(a)      Any
Affiliate of the General Partner may be employed or retained by the Partnership and may otherwise deal with the Partnership (whether
as an advisor, buyer, lessor, lessee, manager, property management agent, asset manager, furnisher of goods or services, broker,
agent, lender or otherwise) and may receive from the Partnership any compensation, price, or other payment therefor which the General
Partner determines to be fair and reasonable.

(b)      The
Partnership may lend or contribute to its Subsidiaries or other Persons in which it has an equity investment, and such Persons
may borrow funds from the Partnership, on terms and conditions established in the sole and absolute discretion of the General Partner.
The foregoing authority shall not create any right or benefit in favor of any Subsidiary or any other Person.

(c)      The
Partnership may transfer assets to joint ventures, limited liability companies, other partnerships, corporations or other business
entities in which it is or thereby becomes a participant upon such terms and subject to such conditions as the General Partner
deems to be consistent with this Agreement and applicable law.

(d)      Except
as expressly permitted by this Agreement, neither the General Partner nor any of its Affiliates shall sell, transfer or convey
any property to, or purchase any property from, the Partnership, directly or indirectly, except pursuant to transactions that are
on terms that are fair and reasonable to the Partnership.

6.08      General
Partner Participation. The General Partner agrees that all business activities of the General Partner, including activities
pertaining to the acquisition, development or ownership of any Asset shall be conducted through the Partnership or one or more
Subsidiary Partnerships; provided, however, that the General Partner is allowed to make a direct acquisition, subject to the provisions
of Section 4.02(a)(ii) hereof.

6.09      Title
to Partnership Assets. Partnership assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed
to be owned by the Partnership as an entity, and no Partner, individually or collectively, shall have any ownership interest in
such Partnership assets or any portion thereof; provided, that title to any or all of the Partnership assets may be held in the
name of the Partnership, the General Partner or one or more nominees, as the General Partner may determine, including Affiliates
of the General Partner. The General Partner hereby declares and warrants that any Partnership assets for which legal title is held
in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by such Person for the use
and benefit of the Partnership in accordance with the provisions of this Agreement; provided, that the General Partner shall use
its commercially reasonable efforts to cause legal title to such assets to be vested in the Partnership as soon as reasonably practicable.
All Partnership assets shall be recorded as the property of the Partnership in its books and records, irrespective of the name
in which legal title to such Partnership assets is held.

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6.10      Miscellaneous.
In the event the General Partner redeems any REIT Shares, then the Partnership will be deemed to have purchased from the Original
Limited Partner a number of Partnership Units determined by, and based upon, the application of the Conversion Factor on the same
terms upon which the General Partner redeemed such REIT Shares. Moreover, if the General Partner makes a cash tender offer or other
offer to acquire REIT Shares, then the General Partner shall be deemed to have made a corresponding offer to the Original Limited
Partner to acquire an equivalent number of Partnership Units held by the Original Limited Partner based on the application of the
Conversion Factor. In the event any REIT Shares are redeemed by the General Partner pursuant to such offer, then the Partnership
shall be deemed to have redeemed an equivalent number of the Original Limited Partner's Partnership Units for an equivalent purchase
price based on the application of the Conversion Factor. If the Original Limited Partner holds an insufficient number of Partnership
Units to effect a purchase or redemption contemplated by this Section 6.10, then the Partnership will be deemed to have purchased
or redeemed from the General Partner, after it has purchased or redeemed all of the Original Limited Partner's Partnership Units,
the number of Partnership Units necessary to effect such purchase or redemption.

ARTICLE
VII

CHANGES IN GENERAL PARTNER

7.01      Transfer
of the General Partner’s Partnership Interest.

(a)      The
General Partner shall not transfer all or any portion of its General Partnership Interest or withdraw as General Partner except
as provided in or in connection with a transaction contemplated by Sections 7.01(c), 7.01(d) or 7.01(e), unless Limited Partners
holding more than fifty percent (50%) of the Percentage Interests of the Limited Partner consent to such transfer.

(b)      The
General Partner agrees that the Percentage Interest for it will at all times, be in the aggregate, at least 0.1%.

(c)      Except
as otherwise provided in Section 7.01(d) or (e) hereof, the General Partner shall not engage in any merger, consolidation or other
combination with or into another Person or sale of all or substantially all of its assets (other than in connection with a change
in the General Partner's state of incorporation or organizational form), which, in any such case, results in a change of control
of the General Partner (a "Transaction"), unless:

(i)      the
consent of Limited Partners holding more than 50% of the Percentage Interests of the Limited Partners is obtained; or

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(ii)      as
a result of such Transaction all Limited Partners are granted the right to receive for each Partnership Unit an amount of cash,
securities, or other property equal to the product of the Conversion Factor and the greatest amount of cash, securities or other
property paid in the Transaction to a holder of one REIT Share in consideration of the transfer of one REIT Share; provided, that
if, in connection with the Transaction, a purchase, tender or exchange offer ("Offer") shall have been made to and accepted
by the holders of more than 50% of the outstanding REIT Shares, each holder of Partnership Units shall be given the option to exchange
its Partnership Units for the greatest amount of cash, securities, or other property which a Limited Partner would have received
had it (A) exercised its Exchange Right and (B) sold, tendered or exchanged pursuant to the Offer the REIT Shares received upon
exercise of the Exchange Right immediately prior to the expiration of the Offer; or

(iii)      the
General Partner is the surviving entity in the Transaction and either (A) the holders of REIT Shares do not receive cash, securities,
or other property in the Transaction or (B) all Limited Partners (other than the General Partner or any Subsidiary) have the right
to receive in exchange for their Partnership Units an amount of cash, securities, or other property (expressed as an amount per
REIT Share) that is no less than the product of the Conversion Factor and the greatest amount of cash, securities, or other property
(expressed as an amount per REIT Share) received in the Transaction by any holder of REIT Shares.

(d)      Notwithstanding
Section 7.01(c), the General Partner may merge with or into or consolidate with another entity if immediately after such merger
or consolidation (i) substantially all of the assets of the successor or surviving entity (the "Survivor"), other than
Partnership Units held by the General Partner, are contributed, directly or indirectly, to the Partnership as a Capital Contribution
in exchange for Partnership Units with a fair market value equal to the value of the assets so contributed as determined by the
Survivor in good faith, and (ii) the Survivor expressly agrees to assume all obligations of the General Partner, as appropriate,
hereunder. Upon such contribution and assumption, the Survivor shall have the right and duty to amend this Agreement as set forth
in this Section 7.01(d). The Survivor shall in good faith arrive at a new method for the calculation of the Cash Amount, the REIT
Shares Amount and the Conversion Factor for a Partnership Unit after any such merger or consolidation so as to approximate the
existing method for such calculation as closely as reasonably possible. Such calculation shall take into account, among other things,
the kind and amount of securities, cash and other property that was receivable upon such merger or consolidation by a holder of
REIT Shares or options, warrants or other rights relating thereto, and which a holder of Partnership Units could have acquired
had such Partnership Units been exchanged immediately prior to such merger or consolidation. Such amendment to this Agreement shall
provide for adjustments to such method of calculation, which shall be as nearly equivalent as may be practicable to the adjustments
provided for herein with respect to the Conversion Factor. The Survivor also shall in good faith modify the definition of REIT
Shares and make such amendments to Section 8.05 hereof so as to approximate the existing rights and obligations set forth in Section
8.05 as closely as reasonably possible. The above provisions of this Section 7.01(d) shall similarly apply to successive mergers
or consolidations permitted hereunder.

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(e)      Notwithstanding
Section 7.01(c), (i) a General Partner may transfer all or any portion of its General Partnership Interest to (A) a wholly-owned
Subsidiary of such General Partner or (B) the owner of all of the ownership interests of such General Partner, and following a
transfer of all of its General Partnership Interest, may withdraw as General Partner; and (ii) the General Partner may engage in
a transaction not required by law or by the rules of any national securities exchange on which the REIT Shares are listed to be
submitted to the vote of the holders of the REIT Shares.

7.02      Admission
of a Substitute or Additional General Partner. A Person shall be admitted as a substitute or additional General Partner of
the Partnership only if the following terms and conditions are satisfied:

(a)      the
Person to be admitted as a substitute or additional General Partner shall have accepted and agreed to be bound by all the terms
and provisions of this Agreement by executing a counterpart hereof and such other documents or instruments as may be required or
appropriate in order to effect the admission of such Person as a General Partner, a certificate evidencing the admission of such
Person as a General Partner shall have been filed for recordation and all other actions required by Section 2.05 hereof in connection
with such admission shall have been performed;

(b)      if
the Person to be admitted as a substitute or additional General Partner is a corporation or a partnership, it shall have provided
the Partnership with evidence satisfactory to counsel for the Partnership of such Person's authority to become a General Partner
and to be bound by the terms and provisions of this Agreement; and

(c)      counsel
for the Partnership shall have rendered an opinion (relying on such opinions from other counsel in the state or any other jurisdiction
as may be necessary) that the admission of the Person to be admitted as a substitute or additional General Partner is in conformity
with the Act, and that none of the actions taken in connection with the admission of such Person as a substitute or additional
General Partner will cause (i) the Partnership to be classified other than as a partnership for federal income tax purposes, or
(ii) the loss of any Limited Partner's limited liability.

7.03      Effect
of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner.

(a)      Upon
the occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.04(a) hereof) or the death,
withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is, on the date of such occurrence a
partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall
be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining
partner or partners thereof), the Partnership shall be dissolved and terminated unless the Partnership is continued pursuant to
Section 7.03(b) hereof. The merger of the General Partner with or into any entity that is admitted as a substitute or successor
General Partner pursuant to Section 7.02 hereof shall not be deemed to be the withdrawal, dissolution or removal of the General
Partner.

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(b)      Following
the occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.04(a) hereof) or the death,
withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is, on the date of such occurrence a
partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall
be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining
partner or partners thereof), the Limited Partners, within ninety (90) days after such occurrence, may elect to continue the business
of the Partnership for the balance of the term specified in Section 2.04 hereof by selecting, subject to Section 7.02 hereof and
any other provisions of this Agreement, a substitute General Partner by consent of a majority in interest of the Limited Partners.
If the Limited Partners elect to continue the business of the Partnership and admit a substitute General Partner, the relationship
with the Partners and of any Person who has acquired an interest of a Partner in the Partnership shall be governed by this Agreement.

7.04      Removal
of a General Partner.

(a)      Upon
the occurrence of an Event of Bankruptcy as to, or the dissolution of, a General Partner, such General Partner shall be deemed
to be removed automatically; provided, however, that if a General Partner is on the date of such occurrence a partnership, the
withdrawal, death, dissolution, Event of Bankruptcy as to or removal of a partner in such partnership shall be deemed not to be
a dissolution of the General Partner if the business of such General Partner is continued by the remaining partner or partners
thereof. The Limited Partners may not remove the General Partner, with or without cause.

(b)      If
a General Partner has been removed pursuant to this Section 7.04 and the Partnership is continued pursuant to Section 7.03 hereof,
such General Partner shall promptly transfer and assign its General Partnership Interest in the Partnership to the substitute General
Partner approved by a majority in interest of the Limited Partners in accordance with Section 7.03(b) hereof and otherwise admitted
to the Partnership in accordance with Section 7.02 hereof. At the time of assignment, the removed General Partner shall be entitled
to receive from the substitute General Partner the fair market value of the General Partnership Interest of such removed General
Partner as reduced by any damages caused to the Partnership by such General Partner's removal. Such fair market value shall be
determined by an appraiser mutually agreed upon by the General Partner and a majority in interest of the Limited Partners within
ten (10) days following the removal of the General Partner. In the event that the parties are unable to agree upon an appraiser,
the removed General Partner and a majority in interest of the Limited Partners shall each select an appraiser. Each such appraiser
shall complete an appraisal of the fair market value of the removed General Partner's General Partnership Interest within thirty
(30) days of the General Partner's removal, and the fair market value of the removed General Partner's General Partnership Interest
shall be the average of the two appraisals; provided, however, that if the higher appraisal exceeds the lower appraisal by more
than twenty percent (20%) of the amount of the lower appraisal, the two appraisers, no later than forty (40) days after the removal
of the General Partner, shall select a third appraiser who shall complete an appraisal of the fair market value of the removed
General Partner's General Partnership Interest no later than sixty (60) days after the removal of the General Partner. In such
case, the fair market value of the removed General Partner's General Partnership Interest shall be the average of the two appraisals
closest in value.

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(c)      The
General Partnership Interest of a removed General Partner, during the time after removal until the date of transfer under Section
7.04(b), shall be converted to that of a special Limited Partner; provided, however, such removed General Partner shall not have
any rights to participate in the management and affairs of the Partnership, and shall not be entitled to any portion of the income,
expense, Profit, gain or Loss allocations or cash distributions allocable or payable, as the case may be, to the Limited Partners.
Instead, such removed General Partner shall receive and be entitled only to retain distributions or allocations of such items that
it would have been entitled to receive in its capacity as General Partner, until the transfer is effective pursuant to Section
7.04(b).

(d)      All
Partners shall have given and hereby do give such consents, shall take such actions and shall execute such documents as shall be
legally necessary and sufficient to effect all the foregoing provisions of this Section 7.04.

ARTICLE
VIII

RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS

8.01      Management
of the Partnership. The Limited Partners shall not participate in the management or control of Partnership business nor shall
they transact any business for or on behalf of the Partnership, nor shall they have the power to sign for or bind the Partnership,
such powers being vested solely and exclusively in the General Partner.

8.02      Power
of Attorney. Each Limited Partner hereby irrevocably appoints the General Partner its true and lawful attorney-in-fact, who
may act for each Limited Partner and in its name, place and stead, and for its use and benefit, sign, acknowledge, swear to, deliver,
file or record, at the appropriate public offices, any and all documents, certificates, and instruments as may be deemed necessary
or desirable by the General Partner to carry out fully the provisions of this Agreement and the Act in accordance with their terms,
which power of attorney is coupled with an interest and shall survive the death, dissolution or legal incapacity of the Limited
Partner, or the transfer by the Limited Partner of any part or all of its Partnership Interest.

8.03      Limitation
on Liability of Limited Partners. No Limited Partner shall be liable for any debts, liabilities, contracts or obligations of
the Partnership. A Limited Partner shall be liable to the Partnership only to make payments of its Capital Contribution, if any,
as and when due hereunder. After its Capital Contribution is fully paid, no Limited Partner shall, except as otherwise required
by the Act, be required to make any further Capital Contributions or other payments or lend any funds to the Partnership.

8.04      Ownership
by Limited Partner of Corporate General Partner or Affiliate. No Limited Partner shall at any time, either directly or indirectly,
own any stock or other interest in the General Partner or in any Affiliate thereof, if such ownership by itself or in conjunction
with other stock or other interests owned by other Limited Partners would, in the opinion of counsel for the Partnership, jeopardize
the classification of the Partnership as a partnership for federal income tax purposes. The General Partner shall be entitled to
make such reasonable inquiry of the Limited Partners as is required to establish compliance by the Limited Partners with the provisions
of this Section 8.04.

    	34

    	 

    

8.05      Exchange
Right.

(a)      Subject
to Sections 8.05(b), 8.05(c), 8.05(d) and 8.05(e) hereof, and subject to the potential modification of any rights or obligations
provided for herein by agreement(s) between the Partnership and any one or more Limited Partners with respect to Partnership Units
held by them, each Limited Partner shall have the right (the "Exchange Right") to require the Partnership to redeem on
a Specified Exchange Date all or a portion of the Partnership Units held by such Limited Partner at an exchange price equal to
and in the form of the Cash Amount to be paid by the Partnership; provided, that such Partnership Units shall have been outstanding
for at least one year. The Exchange Right shall be exercised pursuant to the delivery of an Exchange Notice to the Partnership
(with a copy to the General Partner) by the Limited Partner who is exercising the Exchange Right (the "Exchanging Partner");
provided, however, that the Partnership shall not be obligated to satisfy such Exchange Right if the General Partner elects to
purchase the Partnership Units subject to the Exchange Notice pursuant to Section 8.05(b); and provided further, that no Limited
Partner may deliver more than two Exchange Notices during each calendar year. A Limited Partner may not exercise the Exchange Right
for less than 1,000 Partnership Units or, if such Limited Partner holds less than 1,000 Partnership Units, all of the Partnership
Units held by such Partner. The Exchanging Partner shall have no right, with respect to any Partnership Units so exchanged, to
receive any distribution paid with respect to such Partnership Units if the record date for such distribution is on or after the
Specified Exchange Date.

(b)      Notwithstanding
the provisions of Section 8.05(a), a Limited Partner that exercises the Exchange Right shall be deemed to have also offered to
sell the Partnership Units described in the Exchange Notice to the General Partner, and the General Partner may, in its sole and
absolute discretion, elect to purchase directly and acquire such Partnership Units by paying to the Exchanging Partner either the
Cash Amount or the REIT Shares Amount, as elected by the General Partner (in its sole and absolute discretion), on the Specified
Exchange Date, whereupon the General Partner shall acquire the Partnership Units offered for exchange by the Exchanging Partner
and shall be treated for all purposes of this Agreement as the owner of such Partnership Units. If the General Partner shall elect
to exercise its right to purchase Partnership Units under this Section 8.05(b) with respect to an Exchange Notice, it shall so
notify the Exchanging Partner within five (5) business days after the receipt by the General Partner of such Exchange Notice. Unless
the General Partner (in its sole and absolute discretion) shall exercise its right to purchase Partnership Units from the Exchanging
Partner pursuant to this Section 8.05(b), the General Partner shall have no obligation to the Exchanging Partner or the Partnership
with respect to the Exchanging Partner's exercise of an Exchange Right. In the event the General Partner shall exercise its right
to purchase Partnership Units with respect to the exercise of an Exchange Right in the manner described in the first sentence of
this Section 8.05(b), the Partnership shall have no obligation to pay any amount to the Exchanging Partner with respect to such
Exchanging Partner's exercise of such Exchange Right, and each of the Exchanging Partner and the General Partner shall treat the
transaction between the General Partner and the Exchanging Partner for federal income tax purposes as a sale of the Exchanging
Partner's Partnership Units to the General Partner. Each Exchanging Partner agrees to execute such documents as the General Partner
may reasonably require in connection with the issuance of REIT Shares to such Exchanging Partner upon exercise of its Exchange
Right.

    	35

    	 

    

(c)      Notwithstanding
the provisions of Sections 8.05(a) and 8.05(b), a Limited Partner shall not be entitled to exercise the Exchange Right if the delivery
of REIT Shares to such Partner on the Specified Exchange Date by the General Partner pursuant to Section 8.05(b) (regardless of
whether or not the General Partner would in fact exercise its rights under Section 8.05(b)) would (i) result in such Partner or
any other Person owning, directly or indirectly, REIT Shares in excess of the ownership limitations described in the Articles of
Incorporation and calculated in accordance therewith, (ii) result in REIT Shares being owned by fewer than one hundred (100) Persons
(determined without reference to any rules of attribution), (iii) result in the General Partner being "closely held"
within the meaning of Section 856(h) of the Code, (iv) cause the General Partner to own, directly or constructively, 10% or more
of the ownership interests in a tenant of the General Partner's, the Partnership's, or a Subsidiary Partnership's real property
within the meaning of Section 856(d)(2)(B) of the Code, or (v) cause the acquisition of REIT Shares by such Partner to be "integrated"
with any other distribution of REIT Shares for purposes of complying with the registration provisions of the Securities Act. The
General Partner, in its sole and absolute discretion, may waive any of the restrictions on exchange set forth in this Section 8.05(c);
provided, however, that in the event any such restriction is waived, the Exchanging Partner shall be paid the Cash Amount.

(d)      Any
Cash Amount to be paid to an Exchanging Partner pursuant to this Section 8.05 shall be paid on the Specified Exchange Date; provided,
however, that the General Partner may elect to cause the Specified Exchange Date to be delayed for up to one-hundred eighty (180)
days to the extent required for the General Partner to cause additional REIT Shares to be issued to provide financing to be used
to make such payment of the Cash Amount. Notwithstanding the foregoing, the General Partner agrees to use its commercially reasonable
efforts to cause the closing of the acquisition of exchanged Partnership Units hereunder to occur as quickly as reasonably possible.

(e)      Notwithstanding
any other provision of this Agreement, the General Partner shall place appropriate restrictions on the ability of the Limited Partners
to exercise their Exchange Rights as and if deemed necessary to ensure that the Partnership does not constitute a "publicly
traded partnership" under Section 7704 of the Code. If and when the General Partner determines that imposing such restrictions
is necessary, the General Partner shall give prompt written notice thereof (a "Restriction Notice") to each of the Limited
Partners.

8.06      RESERVED.

8.07      Duties
and Conflicts. The General Partner recognizes that the Limited Partners and their Affiliates have or may have other business
interests, activities and investments, some of which may be in conflict or competition with the business of the Partnership, and
that such Persons are entitled to carry on such other business interests, activities and investments. The Limited Partners and
their Affiliates may engage in or possess an interest in any other business or venture of any kind, independently or with others,
on their own behalf or on behalf of other entities with which they are affiliated or associated, and such Persons may engage in
any activities, whether or not competitive with the Partnership, without any obligation to offer any interest in such activities
to the Partnership or to any Partner. Neither the Partnership nor any Partner shall have any right, by virtue of this Agreement,
in or to such activities, or the income or profits derived therefrom, and the pursuit of such activities, even if competitive with
the business of the Partnership, and such activities shall not be deemed wrongful or improper.

    	36

    	 

    

ARTICLE
IX

TRANSFERS OF LIMITED PARTNERSHIP INTERESTS

9.01      Purchase
for Investment.

(a)      Each
Limited Partner hereby represents and warrants to the General Partner and to the Partnership that the acquisition of its Partnership
Interest is made as a principal for its account for investment purposes only and not with a view to the resale or distribution
of such Partnership Interest.

(b)      Each
Limited Partner agrees that it will not sell, assign or otherwise transfer its Partnership Interest or any fraction thereof, whether
voluntarily or by operation of law or at judicial sale or otherwise, to any Person who does not make the representations and warranties
to the General Partner set forth in Section 9.01(a) above.

9.02      Restrictions
on Transfer of Limited Partnership Interests.

(a)      Subject
to the provisions of Sections 9.02(b) and 9.02(c), no Limited Partner may offer, sell, assign, hypothecate, pledge or otherwise
transfer all or any portion of its Limited Partnership Interest, or any of such Limited Partner's economic rights as a Limited
Partner, whether voluntarily or by operation of law or at judicial sale or otherwise (collectively, a "Transfer"), without
the consent of the General Partner, which consent may be granted or withheld in its sole and absolute discretion. Any such purported
transfer undertaken without such consent shall be considered to be null and void ab initio and shall not be given effect. The General
Partner may require, as a condition of any Transfer to which it consents, that the transferor assume all costs incurred by the
Partnership in connection therewith.

(b)      No
Limited Partner may withdraw from the Partnership other than as a result of: (i) a permitted Transfer (i.e., a Transfer consented
to as contemplated by paragraph (a) above or a Transfer made pursuant to Section 9.05 below) of all of its Partnership Units pursuant
to this Article IX or (ii) pursuant to an exchange of all of its Partnership Units pursuant to Section 8.05 above. Upon the permitted
Transfer or redemption of all of a Limited Partner's Partnership Units, such Limited Partner shall cease to be a Limited Partner.

(c)      No
Limited Partner may effect a Transfer of its Limited Partnership Interest, in whole or in part, if, in the opinion of legal counsel
for the Partnership, such proposed Transfer would require the registration of the Limited Partnership Interest under the Securities
Act, or would otherwise violate any applicable federal or state securities or blue sky law (including investment suitability standards).

(d)      No
Transfer by a Limited Partner of its Partnership Units, in whole or in part, may be made to any Person if (i) in the opinion of
legal counsel for the Partnership, the transfer would result in the Partnership's being treated as an association taxable as a
corporation, (ii) in the opinion of legal counsel for the Partnership, it would adversely affect the ability of the General Partner
to continue to qualify as a REIT or subject the General Partner to any additional taxes under Section 857 or Section 4981 of the
Code, or (iii) such transfer is effectuated through an "established securities market" or a "secondary market"
(or the substantial equivalent thereof) within the meaning of Section 7704 of the Code.

    	37

    	 

    

(e)      No
transfer of any Partnership Units may be made to a lender to the Partnership or any Person who is related (within the meaning of
Regulations Section 1.752-4(b)) to any lender to the Partnership whose loan constitutes a nonrecourse liability (within the meaning
of Regulations Section 1.752-1(a)(2)), without the consent of the General Partner, which may be withheld in its sole and absolute
discretion; provided, that as a condition to such consent the lender will be required to enter into an arrangement with the Partnership
and the General Partner to exchange or redeem for the Cash Amount any Partnership Units in which a security interest is held simultaneously
with the time at which such lender would be deemed to be a partner in the Partnership for purposes of allocating liabilities to
such lender under Section 752 of the Code.

(f)      Any
Transfer in contravention of any of the provisions of this Article IX shall be void and ineffectual and shall not be binding upon,
or recognized by, the Partnership.

(g)      Prior
to the consummation of any Transfer under this Article IX, the transferor and/or the transferee shall deliver to the General Partner
such opinions, certificates and other documents as the General Partner shall request in connection with such Transfer.

9.03      Admission
of Substitute Limited Partner.

(a)      Subject
to the other provisions of this Article IX, an assignee of the Limited Partnership Interest of a Limited Partner (which shall be
understood to include any purchaser, transferee, donee or other recipient of any disposition of such Limited Partnership Interest)
shall be deemed admitted as a Limited Partner of the Partnership only with the consent of the General Partner and upon the satisfactory
completion of the following:

(i)      the
assignee shall have accepted and agreed to be bound by the terms and provisions of this Agreement by executing a counterpart or
an amendment thereof, including a revised Exhibit A, and such other documents or instruments as the General Partner may
require in order to effect the admission of such Person as a Limited Partner;

(ii)      to
the extent required by applicable law, an amended Certificate evidencing the admission of such Person as a Limited Partner shall
have been signed, acknowledged and filed in accordance with the Act;

(iii)      the
assignee shall have delivered a letter containing the representation set forth in Section 9.01(a) hereof and the agreement set
forth in Section 9.01(b) hereof;

(iv)      if
the assignee is a corporation, partnership, limited liability company, or trust, the assignee shall have provided the General Partner
with evidence satisfactory to counsel for the Partnership of the assignee's authority to become a Limited Partner under the terms
and provisions of this Agreement;

    	38

    	 

    

(v)      the
assignee shall have executed a power of attorney containing the terms and provisions set forth in Section 8.02 hereof;

(vi)      the
assignee shall have paid all legal fees and other expenses of the Partnership and the General Partner and filing and publication
costs in connection with its substitution as a Limited Partner; and

(vii)      the
assignee shall have obtained the prior written consent of the General Partner to its admission as a Substitute Limited Partner,
which consent may be given or denied in the exercise of the General Partner's sole and absolute discretion.

(b)      For
the purpose of allocating Profit and Loss and distributing cash received by the Partnership, a Substitute Limited Partner shall
be treated as having become, and appearing in the records of the Partnership as, a Partner upon the filing of the Certificate described
in Section 9.03(a)(ii) hereof or, if no such filing is required, the later of the date specified in the transfer documents or the
date on which the General Partner has received all necessary instruments of transfer and substitution.

(c)      The
General Partner shall cooperate with the Person seeking to become a Substitute Limited Partner by preparing the documentation required
by this Section 9.03 and making all official filings and publications. The Partnership shall take all such action as promptly as
practicable after the satisfaction of the conditions in this Article IX to the admission of such Person as a Limited Partner of
the Partnership.

9.04      Rights
of Assignees of Partnership Interests.

(a)      Subject
to the provisions of Sections 9.01 and 9.02 hereof, except as required by operation of law, the Partnership shall not be obligated
for any purposes whatsoever to recognize the assignment by any Limited Partner of its Partnership Interest until the Partnership
has received notice thereof.

(b)      Any
Person who is the assignee of all or any portion of a Limited Partner's Limited Partnership Interest, but who does not become a
Substitute Limited Partner and desires to make a further assignment of such Limited Partnership Interest, shall be subject to all
the provisions of this Article IX to the same extent and in the same manner as any Limited Partner desiring to make an assignment
of its Limited Partnership Interest.

9.05      Effect
of Bankruptcy, Death, Incompetence or Termination of a Limited Partner. The occurrence of an Event of Bankruptcy as to a Limited
Partner, the death of a Limited Partner or a final adjudication that a Limited Partner is incompetent (which term shall include,
but not be limited to, insanity) shall not cause the termination or dissolution of the Partnership, and the business of the Partnership
shall continue. If an order for relief in a bankruptcy proceeding is entered against a Limited Partner, the trustee or receiver
of his estate or, if he dies, his executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee,
guardian or conservator, and any such Person shall have the rights of such Limited Partner for the purpose of settling or managing
his estate property and such power as the bankrupt, deceased or incompetent Limited Partner possessed to assign all or any part
of his Partnership Interest and to join with the assignee in satisfying conditions precedent to the admission of the assignee as
a Substitute Limited Partner.

    	39

    	 

    

9.06      Joint
Ownership of Interests. A Partnership Interest may be acquired by two individuals as joint tenants with right of survivorship,
provided, that such individuals either are married or are related and share the same personal residence. The written consent or
vote of both owners of any such jointly-held Partnership Interest shall be required to constitute the action of the owners of such
Partnership Interest; provided, however, that the written consent of only one joint owner will be required if the Partnership has
been provided with evidence satisfactory to the counsel for the Partnership that the actions of a single joint owner can bind both
owners under the applicable laws of the state of residence of such joint owners. Upon the death of one owner of a Partnership Interest
held in a joint tenancy with a right of survivorship, the Partnership Interest shall become owned solely by the survivor as a Limited
Partner and not as an assignee. The Partnership need not recognize the death of one of the owners of a jointly held Partnership
Interest until it shall have received notice of such death. Upon notice to the General Partner from either owner, the General Partner
shall cause the Partnership Interest to be divided into two equal Partnership Interests, which shall thereafter be owned separately
by each of the former joint owners.

ARTICLE
X

BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS

10.01      Books
and Records. At all times during the continuance of the Partnership, the Partners shall keep or cause to be kept at the Partnership's
specified office true and complete books of account maintained in accordance with generally accepted accounting principles, including
(a) a current list of the full name and last-known business address of each Partner; (b) a copy of the Certificate of Limited Partnership
and all certificates of amendment thereto; (c) copies of the Partnership's federal, state and local income tax returns and
reports; (d) copies of the Agreement and any financial statements of the Partnership for the three most recent years; and (e) all
documents and information required under the Act. Any Partner or its duly authorized representative, upon paying the costs of collection,
duplication and mailing, shall be entitled to inspect or copy such records during ordinary business hours.

10.02      Custody
of Partnership Funds; Bank Accounts.

(a)      All
funds of the Partnership not otherwise invested shall be deposited in one or more accounts maintained in such banking or brokerage
institutions as the General Partner shall determine, and withdrawals shall be made only on such signature or signatures as the
General Partner may, from time to time, determine.

(b)      All
deposits and other funds not needed in the operation of the business of the Partnership may be invested by the General Partner
in investment grade instruments (or investment companies whose portfolio consists primarily thereof), government obligations, certificates
of deposit, bankers' acceptances and municipal notes and bonds. The funds of the Partnership shall not be commingled with the funds
of any other Person except for such commingling as may necessarily result from an investment in those investment companies permitted
by this Section 10.02(b).

    	40

    	 

    

10.03      Fiscal
and Taxable Year. The fiscal and taxable year of the Partnership shall be the calendar year.

10.04      Annual
Tax Information and Report. The General Partner will use its commercially reasonable efforts to supply within seventy-five
(75) days after the end of each fiscal year of the Partnership to each person who was a Limited Partner at any time during such
year the tax information necessary to file such Limited Partner's individual tax returns as shall be reasonably required by law,
and in all events the General Partner shall furnish such information within the time required by applicable law.

10.05      Tax
Matters Partner; Tax Elections; Special Basis Adjustments.

(a)      The
General Partner shall be the Tax Matters Partner of the Partnership within the meaning of Section 6231(a)(7) of the Code. As Tax
Matters Partner, the General Partner shall have the right and obligation to take all actions authorized and required, respectively,
by the Code for the Tax Matters Partner. The General Partner shall have the right to retain professional assistance in respect
of any audit of the Partnership by the Service and all out-of-pocket expenses and fees incurred by the General Partner on behalf
of the Partnership as Tax Matters Partner shall constitute Partnership expenses. In the event the General Partner receives notice
of a final Partnership adjustment under Section 6223(a)(2) of the Code, the General Partner shall either (i) file a court petition
for judicial review of such final adjustment within the period provided under Section 6226(a) of the Code, a copy of which petition
shall be mailed to all Limited Partners on the date such petition is filed, or (ii) mail a written notice to all Limited Partners,
within such period, that describes the General Partner's reasons for determining not to file such a petition.

(b)      All
elections required or permitted to be made by the Partnership under the Code or any applicable state or local tax law shall be
made by the General Partner in its sole and absolute discretion.

(c)      In
the event of a transfer of all or any part of the Partnership Interest of any Partner, the Partnership, at the option and in the
sole and absolute discretion of the General Partner, may elect pursuant to Section 754 of the Code to adjust the basis of the Properties.
Notwithstanding anything contained in Article V of this Agreement, any adjustments made pursuant to Section 754 shall affect only
the successor-in-interest to the transferring Partner and in no event shall be taken into account in establishing, maintaining
or computing Capital Accounts for the other Partners for any purpose under this Agreement. Each Partner will furnish the Partnership
with all information necessary to give effect to such election.

    	41

    	 

    

10.06      Reports
to Limited Partners.

(a)      As
soon as practicable after the close of each fiscal quarter (other than the last quarter of the fiscal year), the General Partner
shall cause to be mailed to each Limited Partner a quarterly report containing financial statements of the Partnership, or of the
General Partner if such statements are prepared solely on a consolidated basis with the General Partner, for such fiscal quarter
presented in accordance with generally accepted accounting principles. As soon as practicable after the close of each fiscal year,
the General Partner shall cause to be mailed to each Limited Partner an annual report containing financial statements of the Partnership,
or of the General Partner if such statements are prepared solely on a consolidated basis with the General Partner, for such fiscal
year, presented in accordance with generally accepted accounting principles. The annual financial statements shall be audited by
accountants selected by the General Partner.

(b)      Any
Partner shall further have the right to a private audit of the books and records of the Partnership, provided such audit is made
for Partnership purposes and at the expense of the Partner desiring it, and it is made during normal business hours.

ARTICLE
XI

AMENDMENT OF AGREEMENT; MERGER

11.01      Amendment.
The General Partner's consent shall be required for any amendment to this Agreement. The General Partner, without the consent of
the Limited Partners, may amend this Agreement in any respect or merge or consolidate the Partnership with or into any other partnership
or business entity (as defined in Section 17-211 of the Act) in a transaction pursuant to Section 7.01(c), (d) or (e) hereof; provided,
however, that the following amendments and any other merger or consolidation of the Partnership shall require the consent of Limited
Partners holding more than fifty percent (50%) of the Percentage Interests of the Limited Partners:

(a)      any
amendment affecting the operation of the Conversion Factor or the Exchange Right (except as provided in Sections 8.05(d) or 7.01(d)
hereof) in a manner adverse to the Limited Partners;

(b)      any
amendment that would adversely affect the rights of the Limited Partners to receive the distributions payable to them hereunder,
other than with respect to the issuance of additional Partnership Units pursuant to Section 4.02 hereof;

(c)      any
amendment that would alter the Partnership's allocations of Profit and Loss to the Limited Partners, other than with respect to
the issuance of additional Partnership Units pursuant to Section 4.02 hereof; or

(d)      any
amendment that would impose on the Limited Partners any obligation to make additional Capital Contributions to the Partnership.

    	42

    	 

    

ARTICLE
XII

GENERAL PROVISIONS

12.01      Notices.
All communications required or permitted under this Agreement shall be in writing and shall be deemed to have been given when delivered
personally or upon deposit in the United States mail, registered, postage prepaid return receipt requested, if to the General Partner,
at Two Liberty Square, 10th Floor, Boston, Massachusetts 02109, attention: Jeffrey E. Witherell, and if to any other
Partner, at such address set forth in Exhibit A attached hereto; provided, however, that any Partner may specify a different
address by notifying the General Partner in writing of such different address. Notices to the Partnership shall be delivered at
or mailed to its specified office.

12.02      Survival
of Rights. Subject to the provisions hereof limiting transfers, this Agreement shall be binding upon and inure to the benefit
of the Partners and the Partnership and their respective legal representatives, successors, transferees and assigns.

12.03      Additional
Documents. Each Partner agrees to perform all further acts and execute, swear to, acknowledge and deliver all further documents
which may be reasonable, necessary, appropriate or desirable to carry out the provisions of this Agreement or the Act.

12.04      Severability.
If any provision of this Agreement shall be declared illegal, invalid, or unenforceable in any jurisdiction, then such provision
shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity
or unenforceability shall not affect the remainder hereof.

12.05      Entire
Agreement. This Agreement and exhibits attached hereto constitute the entire Agreement of the Partners and supersede all prior
written agreements and prior and contemporaneous oral agreements, understandings and negotiations with respect to the subject matter
hereof.

12.06      Pronouns
and Plurals. When the context in which words are used in the Agreement indicates that such is the intent, words in the singular
number shall include the plural and the masculine gender shall include the neuter or female gender as the context may require.

12.07      Headings.
The Article and Section headings in this Agreement are for convenience only and shall not be used in construing the scope of this
Agreement or any particular Article or Section hereof.

12.08      Counterparts.
This Agreement may be executed in several counterparts, each of which shall be deemed to be an original copy and all of which together
shall constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed
the same counterpart.

12.09      Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware; provided, however,
that any cause of action for violation of federal or state securities law shall not be governed by this Section 12.09.

    	43

    	 

    

12.10      ACKNOWLEDGEMENT
AS TO EXCULPATION AND INDEMNIFICATION. THE PARTIES HERETO ACKNOWLEDGE AND AGREE THAT THIS AGREEMENT CONTAINS EXCULPATION AND
INDEMNIFICATION IN RESPECT OF THE ACTIONS OR OMISSIONS OF THE GENERAL PARTNER AND DIRECTORS, OFFICERS AND AFFILIATES OF THE GENERAL
PARTNER BY THE PARTNERSHIP EVEN IF SUCH ACTIONS OR OMISSIONS CONSTITUTE NEGLIGENCE OF SUCH PERSONS.

    	44

    	 

    

IN WITNESS WHEREOF,
the parties hereto have hereunder affixed their signatures to this Amended and Restated Agreement of Limited Partnership of Plymouth
Industrial OP, LP to be effective as of the 1st day of July, 2014.

GENERAL PARTNER:

 

PLYMOUTH INDUSTRIAL REIT, INC.

 

 

By: /s/ Jeffrey E. Witherall____________________      

Name: Jeffrey E. Witherell

Title: Chief Executive Officer

 

 

 

ORIGINAL LIMITED PARTNER:

 

PLYMOUTH OP LIMITED, LLC

 

 

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

Name: Pendleton P. White, Jr.

Title: President

 

    	45

    	 

    

EXHIBIT A - Limited Partners and Limited Partners' Capital Contributions
and Partnership Units

 

EXHIBIT B - Notice of Exercise of Exchange Right

 

 

    	 

    	 

    

EXHIBIT A

LIMITED PARTNERS AND LIMITED PARTNERS'
CAPITAL CONTRIBUTIONS AND PARTNERSHIP UNITS

As of July 1, 2014

 

	 	 	 	 	Agreed Value	 	 
	 	 	Cash	 	of Property	 	Partnership
	Partners	 	Contribution	 	Contribution	 	Units
	 	 	 	 	 	 	 
	GENERAL PARTNER:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Plymouth Industrial REIT, Inc.	 	$	1.00	 	 	 	N/A	 	 	 	.1	 
	260 Franklin Street, Suite 1900	 	 	 	 	 	 	 	 	 	 	 	 
	Boston, Massachusetts 02110	 	 	 	 	 	 	 	 	 	 	 	 
	Attn: Jeffrey E. Witherell	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	ORIGINAL LIMITED PARTNER:	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Plymouth OP Limited, LLC	 	$	999.00	 	 	 	N/A	 	 	 	99.9	 
	260 Franklin Street, Suite 1900	 	 	 	 	 	 	 	 	 	 	 	 
	Boston, Massachusetts 02110	 	 	 	 	 	 	 	 	 	 	 	 
	Attn: Jeffrey E. Witherell	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	ADDITIONAL LIMITED PARTNERS:	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

 

    	 

    	 

    

EXHIBIT B

NOTICE OF EXERCISE OF EXCHANGE RIGHT

In accordance with the Amended and Restated Agreement of Limited
Partnership of Plymouth Industrial OP, LP, as amended (the "Agreement"), the undersigned hereby irrevocably (i) presents
for exchange ___________ Partnership Units in Plymouth Industrial OP, LP in accordance with the terms of the Agreement and the
Exchange Right referred to therein; (ii) surrenders such Partnership Units and all right, title and interest therein; and (iii)
directs that the Cash Amount or REIT Shares Amount (as defined in the Agreement) as determined by the General Partner deliverable
upon exercise of the Exchange Right be delivered to the address specified below, and if REIT Shares (as defined in the Agreement)
are to be delivered, such REIT Shares be registered or placed in the name(s) and at the address(es) specified below.

 

	Dated: ______________________	 
	 	
        (Name of Limited Partner)

         

	 	 
	 	 
	 	
        (Signature of Limited Partner)

         

	 	 
	 	 
	 	
        (Mailing Address)

         

	 	 
	 	 
	 	
        (City)          (State)
                   (Zip Code)

         

	 	 
	 	 
	 	
        Signature Guaranteed by:

         

	 	 
	 	 
	
        If REIT Shares are to be issued, issue to:

         

        Name: ______________________________
	 
	 	 
	 	 
	
        Social Security

        or Tax I.D. Number: ___________________Exhibit 10.2

 

PLYMOUTH INDUSTRIAL
REIT, INC. AND

PLYMOUTH
INDUSTRIAL op LP 2014 INCENTIVE AWARD PLAN

Article
1.

PURPOSE

The purpose of the
Plymouth Industrial REIT, Inc. and Plymouth Industrial OP LP 2014 Incentive Award Plan (the "Plan") is to promote
the success and enhance the value of Plymouth Industrial REIT, Inc., a Maryland corporation (the "Company"), and
Plymouth Industrial OP LP, a Delaware limited partnership (the "Partnership"), by linking the individual interests
of Employees, Consultants, members of the Board to those of the Company’s stockholders and by providing such individuals
with an incentive for outstanding performance to generate superior returns to the Company’s stockholders. The Plan is further
intended to provide flexibility to the Company, the Partnership and their subsidiaries in their ability to motivate, attract, and
retain the services of those individuals upon whose judgment, interest, and special effort the successful conduct of the Company’s
and the Partnership’s operations is largely dependent.

Article
2.

DEFINITIONS AND CONSTRUCTION

Wherever the following
terms are used in the Plan they shall have the meanings specified below, unless the context clearly indicates otherwise. The singular
pronoun shall include the plural where the context so indicates.

2.1      "Administrator"
shall mean the entity that conducts the general administration of the Plan as provided in Article 12 hereof. With reference
to the duties of the Committee under the Plan which have been delegated to one or more persons pursuant to Section 12.6
hereof, or which the Board has assumed, the term "Administrator" shall refer to such person(s) unless the Committee or
the Board has revoked such delegation or the Board has terminated the assumption of such duties.

2.2      "Affiliate"
shall mean the Partnership, any Parent or any Subsidiary.

2.3      "Applicable
Accounting Standards" shall mean Generally Accepted Accounting Principles in the United States, International Financial
Reporting Standards or such other accounting principles or standards as may apply to the Company’s financial statements under
United States federal securities laws from time to time.

2.4      "Applicable
Law" shall mean any applicable law, including without limitation, (a) provisions of the Code, the Securities Act,
the Exchange Act and any rules or regulations thereunder; (b) corporate, securities, tax or other laws, statutes, rules, requirements
or regulations, whether federal, state, local or foreign; and (c) rules of any securities exchange or automated quotation
system on which the Shares are listed, quoted or traded.

    	-1-

    	 

    

 

2.5      "Award"
shall mean an Option, a Restricted Stock award, a Performance Award, a Dividend Equivalent award, a Stock Payment award, a Restricted
Stock Unit award, a Performance Share award, an Other Incentive Award, an LTIP Unit award or a Stock Appreciation Right, which
may be awarded or granted under the Plan.

2.6      "Award
Agreement" shall mean any written notice, agreement, contract or other instrument or document evidencing an Award, including
through electronic medium, which shall contain such terms and conditions with respect to an Award as the Administrator shall determine,
consistent with the Plan.

2.7      "Board"
shall mean the Board of Directors of the Company.

2.8      "Change
in Control" shall mean the occurrence of any of the following events:

(a)      A transaction
or series of transactions (other than an offering of Shares to the general public through a registration statement filed with the
Securities and Exchange Commission) whereby any "person" or related "group" of "persons" (as such
terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Company, the Partnership or any Subsidiary,
an employee benefit plan maintained by any of the foregoing entities or a "person" that, prior to such transaction, directly
or indirectly controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires beneficial
ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than thirty percent
(30%) of the total combined voting power of the Company’s securities outstanding immediately after such acquisition; or

(b)      During any
period of two (2) consecutive years, individuals who, at the beginning of such period, constitute the Board together with any new
director(s) (other than a director designated by a person who shall have entered into an agreement with the Company to effect a
transaction described in Section 2.8(a) or Section 2.8(c) hereof) whose election by the Board or nomination
for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still
in office who either were directors at the beginning of the two (2)-year period or whose election or nomination for election was
previously so approved, cease for any reason to constitute a majority thereof; or

(c)      The consummation
by the Company (whether directly involving the Company or indirectly involving the Company through one or more intermediaries)
of (x) a merger, consolidation, reorganization, or business combination, (y) a sale or other disposition of all or substantially
all of the Company’s assets in any single transaction or series of related transactions or (z) the acquisition of assets
or stock of another entity, in each case, other than a transaction:

(i)      Which results
in the Company’s voting securities outstanding immediately before the transaction continuing to represent (either by remaining
outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls,
directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of, the Company’s assets or
otherwise succeeds to the business of the Company (the Company or such person, the "Successor Entity")) directly
or indirectly, at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately
after the transaction, and

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(ii)      After which
no person or group beneficially owns voting securities representing thirty percent (30%) or more of the combined voting power of
the Successor Entity; provided, however, that no person or group shall be treated for purposes of this Section 2.8(c)(ii)
as beneficially owning thirty percent (30%) or more of the combined voting power of the Successor Entity solely as a result of
the voting power held in the Company prior to the consummation of the transaction; or

(d)      Approval
by the Company’s stockholders of a liquidation or dissolution of the Company.

Notwithstanding
the foregoing, if a Change in Control constitutes a payment event with respect to any Award (or any portion of an Award) that provides
for the deferral of compensation that is subject to Section 409A of the Code, to the extent required to avoid the imposition
of additional taxes under Section 409A of the Code, the transaction or event described in subsection (a), (b), (c) or
(d) with respect to such Award (or portion thereof) shall only constitute a Change in Control for purposes of the payment timing
of such Award if such transaction also constitutes a "change in control event" (within the meaning of Code Section 409A).
Consistent with the terms of this Section 2.8, the Administrator shall have full and final authority to determine conclusively
whether a Change in Control of the Company has occurred pursuant to the above definition, the date of the occurrence of such Change
in Control and any incidental matters relating thereto.

2.9      "Code"
shall mean the Internal Revenue Code of 1986, as amended from time to time, together with the regulations and official guidance
promulgated thereunder, whether issued prior or subsequent to the grant of any Award.

2.10      "Committee"
shall mean the Compensation Committee of the Board, or another committee or subcommittee of the Board described in Article 12
hereof.

2.11      "Common
Stock" shall mean the common stock of the Company, par value $0.01 per share.

2.12      "Company"
shall mean Plymouth Industrial REIT, Inc., a Maryland corporation.

2.13      "Consultant"
shall mean any consultant or advisor of the Company, the Partnership or any Subsidiary who qualifies as a consultant or advisor
under the applicable rules of Form S-8 Registration Statement.

2.14      "Covered
Employee" shall mean any Employee who is, or could become, a "covered employee" within the meaning of Section 162(m)
of the Code.

2.15      "Director"
shall mean a member of the Board, as constituted from time to time.

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2.16      "Dividend
Equivalent" shall mean a right to receive the equivalent value (in cash or Shares) of dividends paid on Shares, awarded
under Section 9.2 hereof.

2.17      "DRO"
shall mean a "domestic relations order" as defined by the Code or Title I of the Employee Retirement Income Security
Act of 1974, as amended from time to time, or the rules thereunder.

2.18      "Effective
Date" shall mean the date the Plan is adopted by the Board, subject to approval of the Plan by the Company’s stockholders.

2.19      "Eligible
Individual" shall mean any person who is an Employee, a Consultant or a Non-Employee Director, as determined by the Administrator.

2.20      "Employee"
shall mean any officer or other employee (within the meaning of Section 3401(c) of the Code) of the Company, the Partnership
or any Subsidiary.

2.21      "Equity
Restructuring" shall mean a nonreciprocal transaction between the Company and its stockholders, such as a stock dividend,
stock split, spin-off, rights offering or recapitalization through a large, nonrecurring cash dividend, that affects the number
or kind of Shares (or other securities of the Company) or the share price of Common Stock (or other securities) and causes a change
in the per share value of the Common Stock underlying outstanding stock-based Awards.

2.22      "Exchange
Act" shall mean the Securities Exchange Act of 1934, as amended from time to time.

2.23      "Expiration
Date" shall have the meaning provided in Section 13.1 hereof.

2.24      "Fair
Market Value" shall mean, as of any given date, the value of a Share determined as follows:

(a)      If the Common
Stock is (i) listed on any established securities exchange (such as the New York Stock Exchange, the NASDAQ Capital Market,
the NASDAQ Global Market and the NASDAQ Global Select Market), (ii) listed on any national market system or (iii) listed,
quoted or traded on any automated quotation system, its Fair Market Value shall be the closing sales price for a Share as quoted
on such exchange or system for such date or, if there is no closing sales price for a Share on the date in question, the closing
sales price for a Share on the last preceding date for which such quotation exists, as reported in The Wall Street Journal or such
other source as the Administrator deems reliable;

(b)      If the Common
Stock is not listed on an established securities exchange, national market system or automated quotation system, but the Common
Stock is regularly quoted by a recognized securities dealer, its Fair Market Value shall be the mean of the high bid and low asked
prices for such date or, if there are no high bid and low asked prices for a Share on such date, the high bid and low asked prices
for a Share on the last preceding date for which such information exists, as reported in The Wall Street Journal or such
other source as the Administrator deems reliable; or

    	-4-

    	 

    

 

(c)      If the Common
Stock is neither listed on an established securities exchange, national market system or automated quotation system nor regularly
quoted by a recognized securities dealer, its Fair Market Value shall be established by the Administrator in good faith.

2.25      "Greater
Than 10% Stockholder" shall mean an individual then-owning (within the meaning of Section 424(d) of the Code) more than
ten percent (10%) of the total combined voting power of all classes of stock of the Company or any "parent corporation"
or "subsidiary corporation" (as defined in Sections 424(e) and 424(f) of the Code, respectively).

2.26      "Incentive
Stock Option" shall mean an Option that is intended to qualify as an incentive stock option and conforms to the applicable
provisions of Section 422 of the Code.

2.27      "Individual
Award Limit" shall mean the cash and share limits applicable to Awards granted under the Plan, as set forth in Section 3.3
hereof.

2.28      "LTIP
Unit" shall mean, to the extent authorized by the Partnership Agreement, a unit of the Partnership that is granted pursuant
to Section 9.7 hereof and is intended to constitute a "profits interest" within the meaning of the Code.

2.29      "Non-Employee
Director" shall mean a Director of the Company, who is not an Employee.

2.30      "Non-Qualified
Stock Option" shall mean an Option that is not an Incentive Stock Option or which is designated as an Incentive Stock
Option but does not meet the applicable requirements of Section 422 of the Code.

2.31      "Option"
shall mean a right to purchase Shares at a specified exercise price, granted under Article 6 hereof. An Option shall
be either a Non-Qualified Stock Option or an Incentive Stock Option; provided, however, that Options granted to Non-Employee
Directors and Consultants shall only be Non-Qualified Stock Options.

2.32      "Other
Incentive Award" shall mean an Award denominated in, linked to or derived from Shares or value metrics related to Shares,
granted pursuant to Section 9.6 hereof.

2.33      "Parent"
shall mean any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities ending with the Company
if each of the entities other than the Company beneficially owns, at the time of the determination, securities or interests representing
more than fifty percent (50%) of the total combined voting power of all classes of securities or interests in one of the other
entities in such chain.

2.34      "Participant"
shall mean an Eligible Individual who has been granted an Award pursuant to the Plan.

2.35      "Partnership"
shall mean Plymouth Industrial OP LP., a Delaware limited partnership.

    	-5-

    	 

    

 

2.36      "Partnership
Agreement" shall mean the Amended and Restated Agreement of Limited Partnership of Plymouth Industrial OP LP, as the same
may be amended, modified or restated from time to time.

2.37      "Performance
Award" shall mean an Award that is granted under Section 9.1 hereof.

2.38      "Performance-Based
Compensation" shall mean any compensation that is intended to qualify as "performance-based compensation" as
described in Section 162(m)(4)(C) of the Code.

2.39      "Performance
Criteria" shall mean the criteria (and adjustments) that the Committee selects for an Award for purposes of establishing
the Performance Goal or Performance Goals for a Performance Period, determined as follows:

(a)      The Performance
Criteria that shall be used to establish Performance Goals are limited to the following: (i) net earnings (either before or
after one or more of the following: (A) interest, (B) taxes, (C) depreciation, (D) amortization, and (E) non-cash
equity-based compensation expense); (ii) gross or net sales or revenue; (iii) net income (either before or after taxes);
(iv) adjusted net income; (v) operating earnings or profit; (vi) cash flow (including, but not limited to, operating
cash flow and free cash flow); (vii) return on assets; (viii) return on capital; (ix) return on stockholders’
equity; (x) total stockholder return; (xi) return on sales; (xii) gross or net profit or operating margin; (xiii) costs;
(xiv) funds from operations; (xv) expenses; (xvi) working capital; (xvii) earnings per share; (xviii) adjusted
earnings per share; (xix) price per Share; (xx) leasing activity; (xxi) implementation or completion of critical
projects; (xxii) market share; (xxiii) economic value; (xxiv) debt levels or reduction; (xxv) sales-related
goals; (xxvi) comparisons with other stock market indices; (xxvii) operating efficiency; (xxviii) financing and
other capital raising transactions; (xxix) recruiting and maintaining personnel; (xxx) year-end cash; (xxxi) acquisition
activity; (xxxii) investment sourcing activity; (xxxiii) customer service; and (xxxiv) marketing initiatives, any
of which may be measured either in absolute terms for the Company or any operating unit of the Company or as compared to any incremental
increase or decrease or as compared to results of a peer group or to market performance indicators or indices.

(b)      The Administrator
may, in its sole discretion, provide that one or more objectively determinable adjustments shall be made to one or more of the
Performance Goals. Such adjustments may include, but are not limited to, one or more of the following: (i) items related to
a change in accounting principle; (ii) items relating to financing activities; (iii) expenses for restructuring or productivity
initiatives; (iv) other non-operating items; (v) items related to acquisitions; (vi) items attributable to the business
operations of any entity acquired by the Company during the Performance Period; (vii) items related to the sale or disposition
of a business or segment of a business; (viii) items related to discontinued operations that do not qualify as a segment of
a business under Applicable Accounting Standards; (ix) items attributable to any stock dividend, stock split, combination
or exchange of stock occurring during the Performance Period; (x) any other items of significant income or expense which are
determined to be appropriate adjustments; (xi) items relating to unusual or extraordinary corporate transactions, events or
developments; (xii) items related to amortization of acquired

    	-6-

    	 

    

 

intangible assets;
(xiii) items that are outside the scope of the Company’s core, on-going business activities; (xiv) items related
to acquired in-process research and development; (xv) items relating to changes in tax laws; (xvi) items relating to
major licensing or partnership arrangements; (xvii) items relating to asset impairment charges; (xviii) items relating
to gains or losses for litigation, arbitration and contractual settlements; or (xix) items relating to any other unusual or
nonrecurring events or changes in Applicable Law, accounting principles or business conditions. For all Awards intended to qualify
as Performance-Based Compensation, such determinations shall be made within the time prescribed by, and otherwise in compliance
with, Section 162(m) of the Code.

2.40      "Performance
Goals" shall mean, for a Performance Period, one or more goals established in writing by the Administrator for the Performance
Period based upon one or more Performance Criteria. Depending on the Performance Criteria used to establish such Performance Goals,
the Performance Goals may be expressed in terms of overall performance of the Company, the Partnership, any Subsidiary, any division
or business unit thereof or an individual. The achievement of each Performance Goal shall be determined in accordance with Applicable
Accounting Standards.

2.41      "Performance
Period" shall mean one or more periods of time, which may be of varying and overlapping durations, as the Administrator
may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s
right to, and the payment of, a Performance Award.

2.42      "Performance
Share" shall mean a contractual right awarded under Section 9.5 hereof to receive a number of Shares or the
cash value of such number of Shares based on the attainment of specified Performance Goals or other criteria determined by the
Administrator.

2.43      "Permitted
Transferee" shall mean, with respect to a Participant, any "family member" of the Participant, as defined under
the General Instructions to Form S-8 Registration Statement under the Securities Act or any successor Form thereto, or any
other transferee specifically approved by the Administrator, after taking into account Applicable Law.

2.44      "Plan"
shall mean this Plymouth Industrial REIT, Inc. and Plymouth Industrial REIT OP LP 2014 Incentive Award Plan, as it may be amended
from time to time.

2.45      "Program"
shall mean any program adopted by the Administrator pursuant to the Plan containing the terms and conditions intended to govern
a specified type of Award granted under the Plan and pursuant to which such type of Award may be granted under the Plan.

2.46      "Public
Trading Date" shall mean the first date upon which the Common Stock is listed (or approved for listing) upon notice of
issuance on any securities exchange or designated (or approved for designation) upon notice of issuance as a national market security
on an interdealer quotation system.

2.47      "REIT"
shall mean a real estate investment trust within the meaning of Sections 856 through 860 of the Code.

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2.48      "Restricted
Stock" shall mean an award of Shares made under Article 8 hereof that is subject to certain restrictions and
may be subject to risk of forfeiture.

2.49      "Restricted
Stock Unit" shall mean a contractual right awarded under Section 9.4 hereof to receive in the future a Share
or the cash value of a Share.

2.50      "Securities
Act" shall mean the Securities Act of 1933, as amended.

2.51      "Share
Limit" shall have the meaning provided in Section 3.1(a) hereof.

2.52      "Shares"
shall mean shares of Common Stock.

2.53      "Stock
Appreciation Right" shall mean a stock appreciation right granted under Article 10 hereof.

2.54      "Stock
Payment" shall mean a payment in the form of Shares awarded under Section 9.3 hereof.

2.55      "Subsidiary"
shall mean (a) a corporation, association or other business entity of which fifty percent (50%) or more of the total combined
voting power of all classes of capital stock is owned, directly or indirectly, by the Company, the Partnership and/or by one or
more Subsidiaries, (b) any partnership or limited liability company of which fifty percent (50%) or more of the equity interests
are owned, directly or indirectly, by the Company, the Partnership and/or by one or more Subsidiaries, and (c) any other entity
not described in clauses (a) or (b) above of which fifty percent (50%) or more of the ownership and the power (whether voting
interests or otherwise), pursuant to a written contract or agreement, to direct the policies and management or the financial and
the other affairs thereof, are owned or controlled by the Company, the Partnership and/or by one or more Subsidiaries.

2.56      "Substitute
Award" shall mean an Award granted under the Plan in connection with a corporate transaction, such as a merger, combination,
consolidation or acquisition of property or stock, in any case, upon the assumption of, or in substitution for, an outstanding
equity award previously granted by a company or other entity that is a party to such transaction; provided, however,
that in no event shall the term "Substitute Award" be construed to refer to an award made in connection with the cancellation
and repricing of an Option or Stock Appreciation Right.

2.57      "Successor
Entity" shall have the meaning provided in Section 2.8(c)(i) hereof.

2.58      "Termination
of Service" shall mean:

(a)      As to a Consultant,
the time when the engagement of a Participant as a Consultant to the Company and its Affiliates is terminated for any reason, with
or without cause, including, without limitation, by resignation, discharge, death or retirement, but excluding terminations where
the Consultant simultaneously commences or remains in employment and/or service as an Employee and/or Director with the Company
or any Affiliate.

    	-8-

    	 

    

 

(b)      As to a Non-Employee
Director, the time when a Participant who is a Non-Employee Director ceases to be a Director for any reason, including, without
limitation, a termination by resignation, failure to be elected, death or retirement, but excluding terminations where the Participant
simultaneously commences or remains in employment and/or service as an Employee and/or Consultant with the Company or any Affiliate.

(c)      As to an
Employee, the time when the employee-employer relationship between a Participant and the Company and its Affiliates is terminated
for any reason, including, without limitation, a termination by resignation, discharge, death, disability or retirement, but excluding
terminations where the Participant simultaneously commences or remains in service as a Consultant and/or Director with the Company
or any Affiliate.

The Administrator,
in its sole discretion, shall determine the effect of all matters and questions relating to any Termination of Service, including,
without limitation, whether a Termination of Service has occurred, whether any Termination of Service resulted from a discharge
for cause and whether any particular leave of absence constitutes a Termination of Service; provided, however, that,
with respect to Incentive Stock Options, unless the Administrator otherwise provides in the terms of any Program, Award Agreement
or otherwise, or as otherwise required by Applicable Law, a leave of absence, change in status from an employee to an independent
contractor or other change in the employee-employer relationship shall constitute a Termination of Service only if, and to the
extent that, such leave of absence, change in status or other change interrupts employment for the purposes of Section 422(a)(2)
of the Code. For purposes of the Plan, a Participant’s employee-employer relationship or consultancy relationship shall be
deemed to be terminated in the event that the Affiliate employing or contracting with such Participant ceases to remain an Affiliate
following any merger, sale of stock or other corporate transaction or event (including, without limitation, a spin-off).

Article
3.

SHARES SUBJECT TO THE PLAN

3.1      Number
of Shares.

(a)      Subject to
Section 3.1(b) and Section 13.2 hereof, the aggregate number of Shares which may be issued or transferred
pursuant to Awards under the Plan is ___________________________ (_____________) Shares (the "Share Limit"). In
order that the applicable regulations under the Code relating to Incentive Stock Options be satisfied, the maximum number of Shares
that may be issued under the Plan upon the exercise of Incentive Stock Options shall be ________________________ (___________)
Shares. Subject to Section 13.2 hereof, each LTIP Unit issued pursuant to an Award shall count as one Share for purposes
of calculating the aggregate number of Shares available for issuance under the Plan as set forth in this Section 3.1(a)
and for purposes of calculating the Individual Award Limit set forth in Section 3.3 hereof.

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(b)      If any Shares
subject to an Award are forfeited or expire or such Award is settled for cash (in whole or in part), the Shares subject to such
Award shall, to the extent of such forfeiture, expiration or cash settlement, again be available for future grants of Awards under
the Plan and shall be added back to the Share Limit in the same number of Shares as were debited from the Share Limit in respect
of the grant of such Award (as may be adjusted in accordance with Section 13.2 hereof). Notwithstanding anything to
the contrary contained herein, the following Shares shall not be added back to the Share Limit and will not be available for future
grants of Awards: (i) Shares tendered by a Participant or withheld by the Company in payment of the exercise price of an Option;
(ii) Shares tendered by the Participant or withheld by the Company to satisfy any tax withholding obligation with respect
to an Award; (iii) Shares subject to a Stock Appreciation Right that are not issued in connection with the stock settlement
of the Stock Appreciation Right on exercise thereof; and (iv) Shares purchased on the open market with the cash proceeds from
the exercise of Options. Any Shares repurchased by the Company under Section 8.4 hereof at the same price paid by the
Participant so that such Shares are returned to the Company will again be available for Awards. The payment of Dividend Equivalents
in cash in conjunction with any outstanding Awards shall not be counted against the Shares available for issuance under the Plan.
Notwithstanding the provisions of this Section 3.1(b), no Shares may again be optioned, granted or awarded if such
action would cause an Incentive Stock Option to fail to qualify as an incentive stock option under Section 422 of the Code.

(c)      Substitute
Awards shall not reduce the Shares authorized for grant under the Plan. Additionally, in the event that a company acquired by the
Company or any Affiliate, or with which the Company or any Affiliate combines, has shares available under a pre-existing plan approved
by its stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant
to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or
valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common
stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the
Shares authorized for grant under the Plan; provided, however, that Awards using such available shares shall not
be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or
combination, and shall only be made to individuals who were not employed by or providing services to the Company or its Affiliates
immediately prior to such acquisition or combination.

3.2      Stock
Distributed. Any Shares distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Common
Stock or, if authorized by the Board, Common Stock purchased on the open market.

3.3      Limitation
on Number of Shares Subject to Awards. Notwithstanding any provision in the Plan to the contrary, and subject to Section 13.2
hereof, (a) the maximum aggregate number of Shares with respect to one or more Awards that may be granted to any one person
during any calendar year shall be ________________ (____________) Shares and the maximum aggregate amount of cash that may be paid
in cash during any calendar year with respect to one or more Awards payable in cash shall be ______________ ($______) (together,
the "Individual Award Limits"); provided, however, that the foregoing limitations shall not apply
until the earliest of the following events to occur after the Public Trading Date: (a) the first material modification of
the Plan (including any increase in the Share Limit in accordance with Section 3.1 hereof); (b) the issuance of
all of the Shares reserved for issuance under the Plan; (c) the expiration of the Plan; (d) the first meeting of stockholders
at which members of the Board are to be elected that occurs after the close of the third calendar year following the calendar year
in which occurred the first registration of an equity security of the Company under Section 12 of the Exchange Act; or (e) such
other date required by Section 162(m) of the Code and the rules and regulations promulgated thereunder.

    	-10-

    	 

    

 

Article
4.

GRANTING OF AWARDS

4.1      Participation.
The Administrator may, from time to time, select from among all Eligible Individuals, those to whom one or more Awards shall be
granted and shall determine the nature and amount of each Award, which shall not be inconsistent with the requirements of the Plan.
No Eligible Individual shall have any right to be granted an Award pursuant to the Plan.

4.2      Award
Agreement. Each Award shall be evidenced by an Award Agreement stating the terms and conditions applicable to such Award, consistent
with the requirements of the Plan and any applicable Program.

4.3      Limitations
Applicable to Section 16 Persons. Notwithstanding anything contained herein to the contrary, with respect to any Award
granted or awarded to any individual who is then subject to Section 16 of the Exchange Act, the Plan, any applicable Program
and the applicable Award Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under
Section 16 of the Exchange Act (including Rule 16b-3 of the Exchange Act and any amendments thereto) that are requirements
for the application of such exemptive rule, and such additional limitations shall be deemed to be incorporated by reference into
such Award to the extent permitted by Applicable Law.

4.4      At-Will
Service. Nothing in the Plan or in any Program or Award Agreement hereunder shall confer upon any Participant any right to
continue as an Employee, Director or Consultant of the Company or any Affiliate, or shall interfere with or restrict in any way
the rights of the Company or any Affiliate, which rights are hereby expressly reserved, to discharge any Participant at any time
for any reason whatsoever, with or without cause, and with or without notice, or to terminate or change all other terms and conditions
of any Participant’s employment or engagement, except to the extent expressly provided otherwise in a written agreement between
the Participant and the Company or any Affiliate.

4.5      Foreign
Participants. Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in other countries
in which the Company and its Affiliates operate or have Employees, Non-Employee Directors or Consultants, or in order to comply
with the requirements of any foreign securities exchange, the Administrator, in its sole discretion, shall have the power and authority
to: (a) determine which Affiliates shall be covered by the Plan; (b) determine which Eligible Individuals outside the
United States are eligible to participate in the Plan; (c) modify the terms and conditions of any Award granted to Eligible
Individuals outside the United States to comply with applicable foreign laws or listing requirements of any such foreign securities
exchange; (d) establish subplans and modify exercise procedures and other terms and procedures, to the extent such actions
may be necessary or advisable; provided, however, that no such subplans and/or modifications shall increase the Share
Limit or Individual Award Limits contained in Sections 3.1 and 3.3 hereof, respectively; and (e) take any
action, before or after an Award is made, that it deems advisable to obtain approval or comply with any necessary local governmental
regulatory exemptions or approvals or listing requirements of any such foreign securities exchange. Notwithstanding the foregoing,
the Administrator may not take any actions hereunder, and no Awards shall be granted, that would violate Applicable Law.

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4.6      Stand-Alone
and Tandem Awards. Awards granted pursuant to the Plan may, in the sole discretion of the Administrator, be granted either
alone, in addition to, or in tandem with, any other Award granted pursuant to the Plan. Awards granted in addition to or in tandem
with other Awards may be granted either at the same time as or at a different time from the grant of such other Awards.

Article
5.

PROVISIONS APPLICABLE TO AWARDS INTENDED TO QUALIFY AS

PERFORMANCE-BASED COMPENSATION

5.1      Purpose.
The Committee, in its sole discretion, may determine whether any Award is intended to qualify as Performance-Based Compensation.
If the Committee, in its sole discretion, decides to grant an Award to an Eligible Individual that is intended to qualify as Performance-Based
Compensation, then the provisions of this Article 5 shall control over any contrary provision contained in the Plan.
The Administrator may in its sole discretion grant Awards to Eligible Individuals that are based on Performance Criteria or Performance
Goals but that do not satisfy the requirements of this Article 5 and that are not intended to qualify as Performance-Based Compensation.
Unless otherwise specified by the Committee at the time of grant, the Performance Criteria with respect to an Award intended to
be Performance-Based Compensation payable to a Covered Employee shall be determined on the basis of Applicable Accounting Standards.

5.2      Applicability.
The grant of an Award to an Eligible Individual for a particular Performance Period shall not require the grant of an Award to
such Eligible Individual in any subsequent Performance Period and the grant of an Award to any one Eligible Individual shall not
require the grant of an Award to any other Eligible Individual in such period or in any other period.

5.3      Procedures
with Respect to Performance-Based Awards. To the extent necessary to comply with the requirements of Section 162(m)(4)(C)
of the Code, with respect to any Award which is intended to qualify as Performance-Based Compensation, no later than ninety (90)
days following the commencement of any Performance Period or any designated fiscal period or period of service (or such earlier
time as may be required under Section 162(m) of the Code), the Committee shall, in writing, (a) designate one or more Eligible
Individuals; (b) select the Performance Criteria applicable to the Performance Period; (c) establish the Performance
Goals, and amounts of such Awards, as applicable, which may be earned for such Performance Period based on the Performance Criteria;
and (d) specify the relationship between Performance Criteria and the Performance Goals and the amounts of such Awards, as
applicable, to be earned by each Covered Employee for such Performance Period. Following the completion of each Performance Period,
the Committee shall certify in writing whether and the extent to which the applicable Performance Goals have been achieved for
such Performance Period. In determining the amount earned under such Awards, unless otherwise provided in an Award Agreement, the
Committee shall have the right to reduce or eliminate (but not to increase) the amount payable at a given level of performance
to take into account additional factors that the Committee may deem relevant, including the assessment of individual or corporate
performance for the Performance Period.

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5.4      Payment
of Performance-Based Awards. Unless otherwise provided in the applicable Program or Award Agreement (and only to the extent
otherwise permitted by Section 162(m)(4)(C) of the Code), the holder of an Award that is intended to qualify as Performance-Based
Compensation must be employed by the Company or an Affiliate throughout the applicable Performance Period. Unless otherwise provided
in the applicable Performance Goals, Program or Award Agreement, a Participant shall be eligible to receive payment pursuant to
such Awards for a Performance Period only if and to the extent the Performance Goals for such Performance Period are achieved.

5.5      Additional
Limitations. Notwithstanding any other provision of the Plan and except as otherwise determined by the Administrator, any Award
which is granted to an Eligible Individual and is intended to qualify as Performance-Based Compensation shall be subject to any
additional limitations imposed by Section 162(m) of the Code that are requirements for qualification as Performance-Based
Compensation, and the Plan, the Program and the Award Agreement shall be deemed amended to the extent necessary to conform to such
requirements.

Article
6.

GRANTING OF OPTIONS

6.1      Granting
of Options to Eligible Individuals. The Administrator is authorized to grant Options to Eligible Individuals from time to time,
in its sole discretion, on such terms and conditions as it may determine which shall not be inconsistent with the Plan.

6.2      Qualification
of Incentive Stock Options. No Incentive Stock Option shall be granted to any person who is not an Employee of the Company
or any "parent corporation" or "subsidiary corporation" of the Company (as defined in Sections 424(e)
and 424(f) of the Code, respectively). No person who qualifies as a Greater Than 10% Stockholder may be granted an Incentive Stock
Option unless such Incentive Stock Option conforms to the applicable provisions of Section 422 of the Code. Any Incentive
Stock Option granted under the Plan may be modified by the Administrator, with the consent of the Participant, to disqualify such
Option from treatment as an "incentive stock option" under Section 422 of the Code. To the extent that the aggregate
fair market value of stock with respect to which "incentive stock options" (within the meaning of Section 422 of
the Code, but without regard to Section 422(d) of the Code) are exercisable for the first time by a Participant during any
calendar year under the Plan and all other plans of the Company or any "parent corporation" or "subsidiary corporation"
of the Company (as defined in Section 424(e) and 424(f) of the Code, respectively) exceeds one hundred thousand dollars ($100,000),
the Options shall be treated as Non-Qualified Stock Options to the extent required by Section 422 of the Code. The rule set
forth in the preceding sentence shall be applied by taking Options and other "incentive stock options" into account in
the order in which they were granted and the Fair Market Value of stock shall be determined as of the time the respective options
were granted. In addition, to the extent that any Options otherwise fail to qualify as Incentive Stock Options, such Options shall
be treated as Nonqualified Stock Options.

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6.3      Option
Exercise Price. The exercise price per Share subject to each Option shall be set by the Administrator, but shall not be less
than one hundred percent (100%) of the Fair Market Value of a Share on the date the Option is granted (or, as to Incentive Stock
Options, on the date the Option is modified, extended or renewed for purposes of Section 424(h) of the Code). In addition,
in the case of Incentive Stock Options granted to a Greater Than 10% Stockholder, such price shall not be less than one hundred
ten percent (110%) of the Fair Market Value of a Share on the date the Option is granted (or the date the Option is modified, extended
or renewed for purposes of Section 424(h) of the Code).

6.4      Option
Term. The term of each Option shall be set by the Administrator in its sole discretion; provided, however, that
the term shall not be more than ten (10) years from the date the Option is granted, or five (5) years from the date an Incentive
Stock Option is granted to a Greater Than 10% Stockholder. The Administrator shall determine the time period, including the time
period following a Termination of Service, during which the Participant has the right to exercise the vested Options, which time
period may not extend beyond the stated term of the Option. Except as limited by the requirements of Section 409A or Section 422
of the Code, the Administrator may extend the term of any outstanding Option, and may extend the time period during which vested
Options may be exercised, in connection with any Termination of Service of the Participant, and may amend any other term or condition
of such Option relating to such a Termination of Service.

6.5      Option
Vesting.

(a)      The terms
and conditions pursuant to which an Option vests in the Participant and becomes exercisable shall be determined by the Administrator
and set forth in the applicable Award Agreement. Such vesting may be based on service with the Company or any Affiliate, any of
the Performance Criteria, or any other criteria selected by the Administrator. At any time after the grant of an Option, the Administrator
may, in its sole discretion and subject to whatever terms and conditions it selects, accelerate the vesting of the Option.

(b)      No portion
of an Option which is unexercisable at a Participant’s Termination of Service shall thereafter become exercisable, except
as may be otherwise provided by the Administrator either in an applicable Program, the applicable Award Agreement or by action
of the Administrator following the grant of the Option.

6.6      Substitute
Awards. Notwithstanding the foregoing provisions of this Article 6 to the contrary, in the case of an Option that
is a Substitute Award, the price per Share of the Shares subject to such Option may be less than the Fair Market Value per share
on the date of grant; provided, however, that the exercise price of any Substitute Award shall be determined in accordance
with the applicable requirements of Sections 424 and 409A of the Code.

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6.7      Substitution
of Stock Appreciation Rights. The Administrator may, in its sole discretion, substitute an Award of Stock Appreciation Rights
for an outstanding Option at any time prior to or upon exercise of such Option; provided, however, that such Stock
Appreciation Rights shall be exercisable with respect to the same number of Shares for which such substituted Option would have
been exercisable, and shall also have the same exercise price and remaining term as the substituted Option.

Article
7.

EXERCISE OF OPTIONS

7.1      Partial
Exercise. An exercisable Option may be exercised in whole or in part. However, an Option shall not be exercisable with respect
to fractional shares and the Administrator may require that, by the terms of the Option, a partial exercise must be with respect
to a minimum number of Shares.

7.2      Manner
of Exercise. All or a portion of an exercisable Option shall be deemed exercised upon delivery of all of the following to the
Secretary of the Company, or such other person or entity designated by the Administrator, or his, her or its office, as applicable:

(a)      A written
or electronic notice complying with the applicable rules established by the Administrator stating that the Option, or a portion
thereof, is exercised. The notice shall be signed by the Participant or other person then entitled to exercise the Option or such
portion of the Option;

(b)      Such representations
and documents as the Administrator, in its sole discretion, deems necessary or advisable to effect compliance with Applicable Law.
The Administrator may, in its sole discretion, also take such additional actions as it deems appropriate to effect such compliance,
including, without limitation, placing legends on share certificates and issuing stop-transfer notices to agents and registrars;

(c)      In the event
that the Option shall be exercised pursuant to Section 11.3 hereof by any person or persons other than the Participant,
appropriate proof of the right of such person or persons to exercise the Option, as determined in the sole discretion of the Administrator;
and

(d)      Full payment
of the exercise price and applicable withholding taxes to the stock administrator of the Company for the Shares with respect to
which the Option, or portion thereof, is exercised, in a manner permitted by the Administrator in accordance with Sections 11.1
and 11.2 hereof.

7.3      Notification
Regarding Disposition. The Participant shall give the Company prompt written or electronic notice of any disposition of Shares
acquired by exercise of an Incentive Stock Option which occurs within (a) two (2) years after the date of granting (including
the date the Option is modified, extended or renewed for purposes of Section 424(h) of the Code) of such Option to such Participant,
or (b) one (1) year after the date of transfer of such Shares to such Participant.

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Article
8.

RESTRICTED STOCK

8.1      Award
of Restricted Stock.

(a)      The Administrator
is authorized to grant Restricted Stock to Eligible Individuals, and shall determine the terms and conditions, including the restrictions
applicable to each award of Restricted Stock, which terms and conditions shall not be inconsistent with the Plan, and may impose
such conditions on the issuance of such Restricted Stock as it deems appropriate.

(b)      The Administrator
shall establish the purchase price, if any, and form of payment for Restricted Stock; provided, however, that if
a purchase price is charged, such purchase price shall be no less than the par value of the Shares to be purchased, unless otherwise
permitted by Applicable Law. In all cases, legal consideration shall be required for each issuance of Restricted Stock to the extent
required by Applicable Law.

8.2      Rights
as Stockholders. Subject to Section 8.4 hereof, upon issuance of Restricted Stock, the Participant shall have,
unless otherwise provided by the Administrator, all the rights of a stockholder with respect to said shares, subject to the restrictions
in an applicable Program or in the applicable Award Agreement, including the right to receive all dividends and other distributions
paid or made with respect to the shares; provided, however, that, in the sole discretion of the Administrator, any
extraordinary distributions with respect to the shares shall be subject to the restrictions set forth in Section 8.3
hereof.

8.3      Restrictions.
All shares of Restricted Stock (including any shares received by Participants thereof with respect to shares of Restricted Stock
as a result of stock dividends, stock splits or any other form of recapitalization) shall, in the terms of an applicable Program
or the applicable Award Agreement, be subject to such restrictions and vesting requirements as the Administrator shall provide.
Such restrictions may include, without limitation, restrictions concerning voting rights and transferability and such restrictions
may lapse separately or in combination at such times and pursuant to such circumstances or based on such criteria as selected by
the Administrator, including, without limitation, criteria based on the Participant’s continued employment, directorship
or consultancy with the Company, the Performance Criteria, Company or Affiliate performance, individual performance or other criteria
selected by the Administrator. By action taken after the Restricted Stock is issued, the Administrator may, on such terms and conditions
as it may determine to be appropriate, accelerate the vesting of such Restricted Stock by removing any or all of the restrictions
imposed by the terms of any Program or by the applicable Award Agreement. Restricted Stock may not be sold or encumbered until
all restrictions are terminated or expire.

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8.4      Repurchase
or Forfeiture of Restricted Stock. If no purchase price was paid by the Participant for the Restricted Stock, upon a Termination
of Service, the Participant’s rights in unvested Restricted Stock then subject to restrictions shall lapse, and such Restricted
Stock shall be surrendered to the Company and cancelled without consideration. If a purchase price was paid by the Participant
for the Restricted Stock, upon a Termination of Service the Company shall have the right to repurchase from the Participant the
unvested Restricted Stock then-subject to restrictions at a cash price per share equal to the price paid by the Participant for
such Restricted Stock or such other amount as may be specified in an applicable Program or the applicable Award Agreement. The
Administrator in its sole discretion may provide that, upon certain events, including, without limitation, a Change in Control,
the Participant’s death, retirement or disability, any other specified Termination of Service or any other event, the Participant’s
rights in unvested Restricted Stock shall not terminate, such Restricted Stock shall vest and cease to be forfeitable and, if applicable,
the Company shall cease to have a right of repurchase.

8.5      Certificates
for Restricted Stock. Restricted Stock granted pursuant to the Plan may be evidenced in such manner as the Administrator shall
determine. Certificates or book entries evidencing shares of Restricted Stock must include an appropriate legend referring to the
terms, conditions, and restrictions applicable to such Restricted Stock, and the Company may, in its sole discretion, retain physical
possession of any stock certificate until such time as all applicable restrictions lapse.

Article
9.

PERFORMANCE AWARDS; DIVIDEND EQUIVALENTS; STOCK

PAYMENTS; RESTRICTED STOCK UNITS; PERFORMANCE

SHARES; OTHER INCENTIVE AWARDS; LTIP UNITS

9.1      Performance
Awards.

(a)      The Administrator
is authorized to grant Performance Awards to any Eligible Individual and to determine whether such Performance Awards shall be
Performance-Based Compensation. The value of Performance Awards may be linked to any one or more of the Performance Criteria or
other specific criteria determined by the Administrator, in each case on a specified date or dates or over any period or periods
determined by the Administrator.

(b)      Without limiting
Section 9.1(a) hereof, the Administrator may grant Performance Awards to any Eligible Individual in the form of a cash
bonus payable upon the attainment of objective Performance Goals, or such other criteria, whether or not objective, which are established
by the Administrator, in each case on a specified date or dates or over any period or periods determined by the Administrator.
Any such bonuses paid to a Participant which are intended to be Performance-Based Compensation shall be based upon objectively
determinable bonus formulas established in accordance with the provisions of Article 5 hereof.

9.2      Dividend
Equivalents.

(a)      Subject to
Section 9.2(b) hereof, Dividend Equivalents may be granted by the Administrator, either alone or in tandem with another
Award, based on dividends declared on the Common Stock, to be credited as of dividend payment dates during the period between the
date the Dividend Equivalents are granted to a Participant and the date such Dividend Equivalents terminate or expire, as determined
by the Administrator. Such Dividend Equivalents shall be converted to cash or additional Shares by such formula and at such time
and subject to such limitations as may be determined by the Administrator. In addition, Dividend Equivalents with respect to Shares
covered by a Performance Award shall only be paid out to the Participant at the same time or times and to the same extent that
the vesting conditions, if any, are subsequently satisfied and the Performance Award vests with respect to such Shares.

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(b)      Notwithstanding
the foregoing, no Dividend Equivalents shall be payable with respect to Options or Stock Appreciation Rights.

9.3      Stock
Payments. The Administrator is authorized to make one or more Stock Payments to any Eligible Individual. The number or value
of Shares of any Stock Payment shall be determined by the Administrator and may be based upon one or more Performance Criteria
or any other specific criteria, including service to the Company or any Affiliate, determined by the Administrator. Stock Payments
may, but are not required to be made in lieu of base salary, bonus, fees or other cash compensation otherwise payable to such Eligible
Individual.

9.4      Restricted
Stock Units. The Administrator is authorized to grant Restricted Stock Units to any Eligible Individual. The number and terms
and conditions of Restricted Stock Units shall be determined by the Administrator. The Administrator shall specify the date or
dates on which the Restricted Stock Units shall become fully vested and nonforfeitable, and may specify such conditions to vesting
as it deems appropriate, including conditions based on one or more Performance Criteria or other specific criteria, including service
to the Company or any Affiliate, in each case, on a specified date or dates or over any period or periods, as determined by the
Administrator. The Administrator shall specify, or permit the Participant to elect, the conditions and dates upon which the Shares
underlying the Restricted Stock Units shall be issued, which dates shall not be earlier than the date as of which the Restricted
Stock Units vest and become nonforfeitable and which conditions and dates shall be consistent with the applicable provisions of
Section 409A of the Code or an exemption therefrom. On the distribution dates, the Company shall issue to the Participant
one unrestricted, fully transferable Share (or the Fair Market Value of one such Share in cash) for each vested and nonforfeitable
Restricted Stock Unit.

9.5      Performance
Share Awards. Any Eligible Individual selected by the Administrator may be granted one or more Performance Share awards which
shall be denominated in a number of Shares and the vesting of which may be linked to any one or more of the Performance Criteria,
other specific performance criteria (in each case on a specified date or dates or over any period or periods determined by the
Administrator) and/or time-vesting or other criteria, as determined by the Administrator.

9.6      Other
Incentive Awards. The Administrator is authorized to grant Other Incentive Awards to any Eligible Individual, which Awards
may cover Shares or the right to purchase Shares or have a value derived from the value of, or an exercise or conversion privilege
at a price related to, or that are otherwise payable in or based on, Shares, shareholder value or shareholder return, in each case,
on a specified date or dates or over any period or periods determined by the Administrator. Other Incentive Awards may be linked
to any one or more of the Performance Criteria or other specific performance criteria determined appropriate by the Administrator.

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9.7      LTIP Units.
The Administrator is authorized to grant LTIP Units in such amount and subject to such terms and conditions as may be determined
by the Administrator; provided, however, that LTIP Units may only be issued to a Participant for the performance
of services to or for the benefit of the Partnership (a) in the Participant’s capacity as a partner of the Partnership,
(b) in anticipation of the Participant becoming a partner of the Partnership, or (c) as otherwise determined by the Administrator,
provided that the LTIP Units are intended to constitute "profits interests" within the meaning of the Code, including,
to the extent applicable, Revenue Procedure 93-27, 1993-2 C.B. 343 and Revenue Procedure 2001-43, 2001-2 C.B. 191. The
Administrator shall specify the conditions and dates upon which the LTIP Units shall vest and become nonforfeitable. LTIP Units
shall be subject to the terms and conditions of the Partnership Agreement and such other restrictions, including restrictions on
transferability, as the Administrator may impose. These restrictions may lapse separately or in combination at such times, pursuant
to such circumstances, in such installments, or otherwise, as the Administrator determines at the time of the grant of the Award
or thereafter.

9.8      Other
Terms and Conditions. All applicable terms and conditions of each Award described in this Article 9, including,
without limitation, as applicable, the term, vesting conditions and exercise/purchase price applicable to the Award, shall be set
by the Administrator in its sole discretion; provided, however, that the value of the consideration paid by a Participant
for an Award shall not be less than the par value of a Share, unless otherwise permitted by Applicable Law.

9.9      Exercise
upon Termination of Service. Awards described in this Article 9 are exercisable or distributable, as applicable,
only while the Participant is an Employee, Director or Consultant, as applicable. The Administrator, however, in its sole discretion
may provide that such Award may be exercised or distributed subsequent to a Termination of Service as provided under an applicable
Program, Award Agreement, payment deferral election and/or in certain events, including without limitation, a Change in Control,
the Participant’s death, retirement or disability or any other specified Termination of Service.

Article
10.

STOCK APPRECIATION RIGHTS

10.1      Grant
of Stock Appreciation Rights.

(a)      The Administrator
is authorized to grant Stock Appreciation Rights to Eligible Individuals from time to time, in its sole discretion, on such terms
and conditions as it may determine consistent with the Plan.

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(b)      A Stock Appreciation
Right shall entitle the Participant (or other person entitled to exercise the Stock Appreciation Right pursuant to the Plan) to
exercise all or a specified portion of the Stock Appreciation Right (to the extent then-exercisable pursuant to its terms) and
to receive from the Company an amount determined by multiplying the difference obtained by subtracting the exercise price per Share
of the Stock Appreciation Right from the Fair Market Value on the date of exercise of the Stock Appreciation Right by the number
of Shares with respect to which the Stock Appreciation Right shall have been exercised, subject to any limitations the Administrator
may impose. Except as described in Section 10.1(c) hereof, the exercise price per Share subject to each Stock Appreciation
Right shall be set by the Administrator, but shall not be less than one hundred percent (100%) of the Fair Market Value on the
date the Stock Appreciation Right is granted.

(c)      Notwithstanding
the foregoing provisions of Section 10.1(b) hereof to the contrary, in the case of a Stock Appreciation Right that
is a Substitute Award, the price per share of the shares subject to such Stock Appreciation Right may be less than 100% of the
Fair Market Value per share on the date of grant; provided, however, that the exercise price of any Substitute Award
shall be determined in accordance with the applicable requirements of Sections 424 and 409A of the Code.

10.2      Stock
Appreciation Right Vesting.

(a)      The Administrator
shall determine the period during which the Participant shall vest in a Stock Appreciation Right and have the right to exercise
such Stock Appreciation Rights (subject to Section 10.4 hereof) in whole or in part. Such vesting may be based on service
with the Company or any Affiliate, any of the Performance Criteria or any other criteria selected by the Administrator. At any
time after grant of a Stock Appreciation Right, the Administrator may, in its sole discretion and subject to whatever terms and
conditions it selects, accelerate the period during which the Stock Appreciation Right vests.

(b)      No portion
of a Stock Appreciation Right which is unexercisable at Termination of Service shall thereafter become exercisable, except as may
be otherwise provided by the Administrator either in an applicable Program or Award Agreement or by action of the Administrator
following the grant of the Stock Appreciation Right.

10.3      Manner
of Exercise. All or a portion of an exercisable Stock Appreciation Right shall be deemed exercised upon delivery of all of
the following to the stock administrator of the Company, or such other person or entity designated by the Administrator, or his,
her or its office, as applicable:

(a)      A written
or electronic notice complying with the applicable rules established by the Administrator stating that the Stock Appreciation Right,
or a portion thereof, is exercised. The notice shall be signed by the Participant or other person then-entitled to exercise the
Stock Appreciation Right or such portion of the Stock Appreciation Right;

(b)      Such representations
and documents as the Administrator, in its sole discretion, deems necessary or advisable to effect compliance with all applicable
provisions of the Securities Act and any other federal, state or foreign securities laws or regulations. The Administrator may,
in its sole discretion, also take whatever additional actions it deems appropriate to effect such compliance;

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(c)      In the event
that the Stock Appreciation Right shall be exercised pursuant to this Section 10.3 by any person or persons other than
the Participant, appropriate proof of the right of such person or persons to exercise the Stock Appreciation Right; and

(d)      Full payment
of the applicable withholding taxes for the Shares with respect to which the Stock Appreciation Rights, or portion thereof, are
exercised, in a manner permitted by the Administrator in accordance with Sections 11.1 and 11.2 hereof.

10.4      Stock
Appreciation Right Term. The term of each Stock Appreciation Right shall be set by the Administrator in its sole discretion;
provided, however, that the term shall not be more than ten (10) years from the date the Stock Appreciation Right
is granted. The Administrator shall determine the time period, including the time period following a Termination of Service, during
which the Participant has the right to exercise the vested Stock Appreciation Rights, which time period may not extend beyond the
expiration date of the Stock Appreciation Right term. Except as limited by the requirements of Section 409A of the Code, the
Administrator may extend the term of any outstanding Stock Appreciation Right, and may extend the time period during which vested
Stock Appreciation Rights may be exercised, in connection with any Termination of Service of the Participant, and may amend any
other term or condition of such Stock Appreciation Right relating to such a Termination of Service.

Article
11.

ADDITIONAL TERMS OF AWARDS

11.1      Payment.
The Administrator shall determine the methods by which payments by any Participant with respect to any Awards granted under the
Plan shall be made, including, without limitation: (a) cash or check, (b) Shares (including, in the case of payment of
the exercise price of an Award, Shares issuable pursuant to the exercise of the Award) held for such period of time as may be required
by the Administrator in order to avoid adverse accounting consequences, in each case, having a Fair Market Value on the date of
delivery equal to the aggregate payments required, (c) delivery of a written or electronic notice that the Participant has
placed a market sell order with a broker with respect to Shares then-issuable upon exercise or vesting of an Award, and that the
broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the aggregate
payments required; provided, however, that payment of such proceeds is then made to the Company upon settlement of
such sale, or (d) other form of legal consideration acceptable to the Administrator. The Administrator shall also determine
the methods by which Shares shall be delivered or deemed to be delivered to Participants. Notwithstanding any other provision of
the Plan to the contrary, no Participant who is a Director or an "executive officer" of the Company within the meaning
of Section 13(k) of the Exchange Act shall be permitted to make payment with respect to any Awards granted under the Plan,
or continue any extension of credit with respect to such payment with a loan from the Company or a loan arranged by the Company
in violation of Section 13(k) of the Exchange Act.

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11.2      Tax Withholding.
The Company and its Affiliates shall have the authority and the right to deduct or withhold, or require a Participant to remit
to the Company or an Affiliate, an amount sufficient to satisfy federal, state, local and foreign taxes (including the Participant’s
social security, Medicare and any other employment tax obligation) required by law to be withheld with respect to any taxable event
concerning a Participant arising in connection with any Award. The Administrator may in its sole discretion and in satisfaction
of the foregoing requirement allow a Participant to satisfy such obligations by any payment means described in Section 11.1
hereof, including, without limitation, by allowing such Participant to elect to have the Company or an Affiliate withhold Shares
otherwise issuable under an Award (or allow the surrender of Shares). The number of Shares which may be so withheld or surrendered
shall be limited to the number of Shares which have a Fair Market Value on the date of withholding or repurchase no greater than
the aggregate amount of such liabilities based on the minimum statutory withholding rates for federal, state, local and foreign
income tax and payroll tax purposes that are applicable to such supplemental taxable income. The Administrator shall determine
the fair market value of the Shares, consistent with applicable provisions of the Code, for tax withholding obligations due in
connection with a broker-assisted cashless Option or Stock Appreciation Right exercise involving the sale of Shares to pay the
Option or Stock Appreciation Right exercise price or any tax withholding obligation.

11.3      Transferability
of Awards.

(a)      Except as
otherwise provided in Section 11.3(b) or (c) hereof:

(i)      No Award
under the Plan may be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution
or, subject to the consent of the Administrator, pursuant to a DRO, unless and until such Award has been exercised, or the Shares
underlying such Award have been issued, and all restrictions applicable to such Shares have lapsed;

(ii)      No Award
or interest or right therein shall be subject to the debts, contracts or engagements of the Participant or his successors in interest
or shall be subject to disposition by transfer, alienation, anticipation, pledge, hypothecation, encumbrance, assignment or any
other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment
or any other legal or equitable proceedings (including bankruptcy) unless and until such Award has been exercised, or the Shares
underlying such Award have been issued, and all restrictions applicable to such Shares have lapsed, and any attempted disposition
of an Award prior to the satisfaction of these conditions shall be null and void and of no effect, except to the extent that such
disposition is permitted by clause (i) of this provision; and

(iii)      During
the lifetime of the Participant, only the Participant may exercise an Award (or any portion thereof) granted to him under the Plan,
unless it has been disposed of pursuant to a DRO; after the death of the Participant, any exercisable portion of an Award may,
prior to the time when such portion becomes unexercisable under the Plan or the applicable Program or Award Agreement, be exercised
by his personal representative or by any person empowered to do so under the deceased Participant’s will or under the then-applicable
laws of descent and distribution.

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(b)      Notwithstanding
Section 11.3(a) hereof, the Administrator, in its sole discretion, may determine to permit a Participant or a Permitted
Transferee of such Participant to transfer an Award other than an Incentive Stock Option (unless such Incentive Stock Option is
to become a Non-Qualified Stock Option) to any one or more Permitted Transferees of such Participant, subject to the following
terms and conditions: (i) an Award transferred to a Permitted Transferee shall not be assignable or transferable by the Permitted
Transferee (other than to another Permitted Transferee of the applicable Participant) other than by will or the laws of descent
and distribution; (ii) an Award transferred to a Permitted Transferee shall continue to be subject to all the terms and conditions
of the Award as applicable to the original Participant (other than the ability to further transfer the Award); and (iii) the
Participant (or transferring Permitted Transferee) and the Permitted Transferee shall execute any and all documents requested by
the Administrator, including, without limitation, documents to (A) confirm the status of the transferee as a Permitted Transferee,
(B) satisfy any requirements for an exemption for the transfer under applicable federal, state and foreign securities laws
and (C) evidence the transfer. In addition, and further notwithstanding Section 11.3(a) hereof, the Administrator,
in its sole discretion, may determine to permit a Participant to transfer Incentive Stock Options to a trust that constitutes a
Permitted Transferee if, under Section 671 of the Code and applicable state law, the Participant is considered the sole beneficial
owner of the Incentive Stock Option while it is held in the trust.

(c)      Notwithstanding
Section 11.3(a) hereof, a Participant may, in the manner determined by the Administrator, designate a beneficiary to
exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death.
A beneficiary, legal guardian, legal representative, or other person claiming any rights pursuant to the Plan is subject to all
terms and conditions of the Plan and any Program or Award Agreement applicable to the Participant, except to the extent the Plan,
the Program and the Award Agreement otherwise provide, and to any additional restrictions deemed necessary or appropriate by the
Administrator. If the Participant is married or a domestic partner in a domestic partnership qualified under Applicable Law and
resides in a "community property" state, a designation of a person other than the Participant’s spouse or domestic
partner, as applicable, as his or her beneficiary with respect to more than fifty percent (50%) of the Participant’s interest
in the Award shall not be effective without the prior written or electronic consent of the Participant’s spouse or domestic
partner. If no beneficiary has been designated or survives the Participant, payment shall be made to the person entitled thereto
pursuant to the Participant’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation
may be changed or revoked by a Participant at any time provided the change or revocation is delivered to the Administrator prior
to the Participant’s death.

11.4      Conditions
to Issuance of Shares.

(a)      Notwithstanding
anything herein to the contrary, neither the Company nor its Affiliates shall be required to issue or deliver any certificates
or make any book entries evidencing Shares pursuant to the exercise of any Award, unless and until the Administrator has determined,
with advice of counsel, that the issuance of such Shares is in compliance with Applicable Law, and the Shares are covered by an
effective registration statement or applicable exemption from registration. In addition to the terms and conditions provided herein,
the Administrator may require that a Participant make such reasonable covenants, agreements, and representations as the Administrator,
in its discretion, deems advisable in order to comply with any such laws, regulations, or requirements.

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(b)      All Share
certificates delivered pursuant to the Plan and all Shares issued pursuant to book entry procedures are subject to any stop-transfer
orders and other restrictions as the Administrator deems necessary or advisable to comply with Applicable Law. The Administrator
may place legends on any Share certificate or book entry to reference restrictions applicable to the Shares.

(c)      The Administrator
shall have the right to require any Participant to comply with any timing or other restrictions with respect to the settlement,
distribution or exercise of any Award, including a window-period limitation, as may be imposed in the sole discretion of the Administrator.

(d)      No fractional
Shares shall be issued and the Administrator shall determine, in its sole discretion, whether cash shall be given in lieu of fractional
Shares or whether such fractional Shares shall be eliminated by rounding down.

(e)      Notwithstanding
any other provision of the Plan, unless otherwise determined by the Administrator or required by Applicable Law, the Company and/or
its Affiliates may, in lieu of delivering to any Participant certificates evidencing Shares issued in connection with any Award,
record the issuance of Shares in the books of the Company (or, as applicable, its transfer agent or stock plan administrator).

11.5      Forfeiture
and Claw-Back Provisions.

(a)      Pursuant
to its general authority to determine the terms and conditions applicable to Awards under the Plan, the Administrator shall have
the right to provide, in the terms of Awards made under the Plan, or to require a Participant to agree by separate written or electronic
instrument, that: (i) any proceeds, gains or other economic benefit actually or constructively received by the Participant
upon any receipt or exercise of the Award, or upon the receipt or resale of any Shares underlying the Award, must be paid to the
Company, and (ii) the Award shall terminate and any unexercised portion of the Award (whether or not vested) shall be forfeited,
if (x) a Termination of Service occurs prior to a specified date, or within a specified time period following receipt or exercise
of the Award, (y) the Participant at any time, or during a specified time period, engages in any activity in competition with
the Company, or which is inimical, contrary or harmful to the interests of the Company, as further defined by the Administrator
or (z) the Participant incurs a Termination of Service for cause; and

(b)      All Awards
(including any proceeds, gains or other economic benefit actually or constructively received by the Participant upon any receipt
or exercise of any Award or upon the receipt or resale of any Shares underlying the Award) shall be subject to the applicable provisions
of any claw-back policy implemented by the Company, whether implemented prior to or after the grant of such Award, including, without
limitation, any claw-back policy adopted to comply with the requirements of Applicable Law.

11.6      Prohibition
on Repricing. Subject to Section 13.2 hereof, the Administrator shall not, without the approval of the stockholders
of the Company, (a) authorize the amendment of any outstanding Option or Stock Appreciation Right to reduce its price per
share, or (b) cancel any Option or Stock Appreciation Right in exchange for cash or another Award when the Option or Stock
Appreciation Right price per share exceeds the Fair Market Value of the underlying Shares. Subject to Section 13.2
hereof, the Administrator shall have the authority, without the approval of the stockholders of the Company, to amend any outstanding
award to increase the price per share or to cancel and replace an Award with the grant of an Award having a price per share that
is greater than or equal to the price per share of the original Award.

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11.7      Cash
Settlement. Without limiting the generality of any other provision of the Plan, the Administrator may provide, in an Award
Agreement or subsequent to the grant of an Award, in its discretion, that any Award may be settled in cash, Shares or a combination
thereof.

11.8      Leave
of Absence. Unless the Administrator provides otherwise, vesting of Awards granted hereunder shall be suspended during any
unpaid leave of absence. A Participant shall not cease to be considered an Employee, Non-Employee Director or Consultant, as applicable,
in the case of any (a) leave of absence approved by the Company, (b) transfer between locations of the Company or between
the Company and any of its Affiliates or any successor thereof, or (c) change in status (Employee to Director, Employee to
Consultant, etc.), provided that such change does not affect the specific terms applying to the Participant’s Award.

11.9      Terms
May Vary Between Awards. The terms and conditions of each Award shall be determined by the Administrator in its sole discretion
and the Administrator shall have complete flexibility to provide for varied terms and conditions as between any Awards, whether
of the same or different Award type and/or whether granted to the same or different Participants (in all cases, subject to the
terms and conditions of the Plan).

Article
12.

ADMINISTRATION

12.1      Administrator.
Unless the Board has otherwise theretofore delegated the administration of the Plan to a Committee as set forth herein, prior to
the Public Trading Date, the Board shall administer the Plan. Effective as of the Public Trading Date, the Committee (or another
committee or a subcommittee of the Board assuming the functions of the Committee under the Plan) shall administer the Plan (except
as otherwise permitted herein) and, unless otherwise determined by the Board, shall consist solely of two or more Non-Employee
Directors appointed by and holding office at the pleasure of the Board, each of whom is intended to qualify as a "non-employee
director" as defined by Rule 16b-3 of the Exchange Act, an "outside director" for purposes of Section 162(m)
of the Code and an "independent director" under the rules of any securities exchange or automated quotation system on
which the Shares are listed, quoted or traded, in each case, to the extent required under such provision; provided, however,
that any action taken by the Committee shall be valid and effective, whether or not members of the Committee at the time of such
action are later determined not to have satisfied the requirements for membership set forth in this Section 12.1 or
otherwise provided in the Company’s charter or Bylaws or any charter of the Committee. Except as may otherwise be provided
in any charter of the Committee, appointment of Committee members shall be effective upon acceptance of appointment, Committee
members may resign at any time by delivering written or electronic notice to the Board, and vacancies in the Committee may only
be filled by the Board. Notwithstanding the foregoing, (a) the full Board, acting by a majority of its members in office,
shall conduct the general administration of the Plan with respect to Awards granted to Non-Employee Directors and (b) the
Board or Committee may delegate its authority hereunder to the extent permitted by Section 12.6 hereof.

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12.2      Duties
and Powers of Administrator. It shall be the duty of the Administrator to conduct the general administration of the Plan in
accordance with its provisions. The Administrator shall have the power to interpret the Plan and all Programs and Award Agreements,
and to adopt such rules for the administration, interpretation and application of the Plan and any Program as are not inconsistent
with the Plan, to interpret, amend or revoke any such rules and to amend any Program or Award Agreement provided that the rights
or obligations of the holder of the Award that is the subject of any such Program or Award Agreement are not affected adversely
by such amendment, unless the consent of the Participant is obtained or such amendment is otherwise permitted under Section 13.13
hereof. Any such grant or award under the Plan need not be the same with respect to each Participant. Any such interpretations
and rules with respect to Incentive Stock Options shall be consistent with the provisions of Section 422 of the Code. In its
sole discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Committee under
the Plan except with respect to matters which under Rule 16b-3 under the Exchange Act, Section 162(m) of the Code, or
the rules of any securities exchange or automated quotation system on which the Shares are listed, quoted or traded are required
to be determined in the sole discretion of the Committee.

12.3      Action
by the Committee. Unless otherwise established by the Board, in the Company’s charter or Bylaws or in any charter of
the Committee or as required by Applicable Law or, a majority of the Committee shall constitute a quorum and the acts of a majority
of the members present at any meeting at which a quorum is present, and acts approved in writing by all members of the Committee
in lieu of a meeting, shall be deemed the acts of the Committee. To the greatest extend permitted by Applicable Law, each member
of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any
officer or other employee of the Company or any Affiliate, the Company’s independent certified public accountants, or any
executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan.

12.4      Authority
of Administrator. Subject to any specific designation in the Plan and Applicable Law, the Administrator has the exclusive power,
authority and sole discretion to:

(a)      Designate
Eligible Individuals to receive Awards;

(b)      Determine
the type or types of Awards to be granted to each Eligible Individual;

(c)      Determine
the number of Awards to be granted and the number of Shares to which an Award will relate;

(d)      Determine
the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the exercise price, grant price,
or purchase price, any performance criteria, any reload provision, any restrictions or limitations on the Award, any schedule for
vesting, lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof,
and any provisions related to non-competition and recapture of gain on an Award, based in each case on such considerations as the
Administrator in its sole discretion determines;

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(e)      Determine
whether, to what extent, and under what circumstances an Award may be settled in, or the exercise price of an Award may be paid
in cash, Shares, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered;

(f)      Prescribe
the form of each Award Agreement, which need not be identical for each Participant;

(g)      Determine
as between the Company, the Partnership and any Subsidiary which entity will make payments with respect to an Award, consistent
with applicable securities laws and other Applicable Law;

(h)      Decide all
other matters that must be determined in connection with an Award;

(i)      Establish,
adopt, or revise any rules and regulations as it may deem necessary or advisable to administer the Plan;

(j)      Interpret
the terms of, and any matter arising pursuant to, the Plan, any Program or any Award Agreement; and

(k)      Make all
other decisions and determinations that may be required pursuant to the Plan or as the Administrator deems necessary or advisable
to administer the Plan.

12.5      Decisions
Binding. The Administrator’s interpretation of the Plan, any Awards granted pursuant to the Plan, any Program, any Award
Agreement and all decisions and determinations by the Administrator with respect to the Plan are final, binding, and conclusive
on all parties.

12.6      Delegation
of Authority. To the extent permitted by Applicable Law, the Board or Committee may from time to time delegate to a committee
of one or more members of the Board or one or more officers of the Company the authority to grant or amend Awards or to take other
administrative actions pursuant to this Article 12; provided, however, that in no event shall an officer
of the Company be delegated the authority to grant Awards to, or amend Awards held by, the following individuals: (a) individuals
who are subject to Section 16 of the Exchange Act, (b) Covered Employees with respect to Awards intended to constitute
Performance-Based Compensation, or (c) officers of the Company (or Directors) to whom authority to grant or amend Awards has
been delegated hereunder; provided, further, that any delegation of administrative authority shall only be permitted
to the extent it is permissible under Section 162(m) of the Code and other Applicable Law. Any delegation hereunder shall
be subject to the restrictions and limits that the Board or Committee specifies at the time of such delegation, and the Board may
at any time rescind the authority so delegated or appoint a new delegatee. At all times, the delegatee appointed under this Section 12.6
shall serve in such capacity at the pleasure of the Board and the Committee.

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Article
13.

MISCELLANEOUS PROVISIONS

13.1      Amendment,
Suspension or Termination of the Plan. Except as otherwise provided in this Section 13.1, the Plan may be wholly
or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Board. However, without
approval of the Company’s stockholders given within twelve (12) months before or after the action by the Administrator, no
action of the Administrator may, except as provided in Section 13.2 hereof, (i) increase the Share Limit, (ii) reduce
the price per share of any outstanding Option or Stock Appreciation Right granted under the Plan, or (iii) cancel any Option
or Stock Appreciation Right in exchange for cash or another Award in violation of Section 11.6 hereof. Except as provided
in Section 13.13 hereof, no amendment, suspension or termination of the Plan shall, without the consent of the Participant,
impair any rights or obligations under any Award theretofore granted or awarded, unless the Award itself otherwise expressly so
provides. The annual increase to the Share Limit (set forth in Section 3.1(a)(ii) hereof) shall terminate on the tenth
(10th) anniversary of the Effective Date and, from and after such tenth (10th) anniversary, no additional
share increases shall occur pursuant to Section 3.1(a)(ii) hereof. In addition, notwithstanding anything herein to
the contrary, no ISO shall be granted under the Plan after the tenth (10th) anniversary of the Effective Date.

13.2      Changes
in Common Stock or Assets of the Company, Acquisition or Liquidation of the Company and Other Corporate Events.

(a)      In the event
of any stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution (other than
normal cash dividends) of Company assets to stockholders, or any other change affecting the shares of the Company’s stock
or the share price of the Company’s stock other than an Equity Restructuring, the Board may make equitable adjustments, if
any, to reflect such change with respect to (i) the aggregate number and kind of shares that may be issued under the Plan
(including, without limitation, adjustments of the Share Limit and Individual Award Limits); (ii) the number and kind of Shares
(or other securities or property) subject to outstanding Awards; (iii) the terms and conditions of any outstanding Awards
(including, without limitation, any applicable performance targets or criteria with respect thereto); and/or (iv) the grant
or exercise price per share for any outstanding Awards under the Plan. Any adjustment affecting an Award intended as Performance-Based
Compensation shall be made consistent with the requirements of Section 162(m) of the Code unless otherwise determined by the Administrator.

(b)      In the event
of any transaction or event described in Section 13.2(a) hereof or any unusual or nonrecurring transactions or events
affecting the Company, any Affiliate, or the financial statements of the Company or any Affiliate, or of changes in Applicable
Law or accounting principles, the Board, in its sole discretion, and on such terms and conditions as it deems appropriate, either
by the terms of the Award or by action taken prior to the occurrence of such transaction or event, is hereby authorized to take
any one or more of the following actions whenever the Board determines that such action is appropriate in order to prevent dilution
or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to any Award
under the Plan, to facilitate such transactions or events or to give effect to such changes in laws, regulations or principles:

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(i)      To provide
for either (A) termination of any such Award in exchange for an amount of cash and/or other property, if any, equal to the
amount that would have been attained upon the exercise of such Award or realization of the Participant’s rights (and, for
the avoidance of doubt, if as of the date of the occurrence of the transaction or event described in this Section 13.2,
the Board determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the
Participant’s rights, then such Award may be terminated by the Company without payment) or (B) the replacement of such
Award with other rights or property selected by the Board in its sole discretion having an aggregate value not exceeding the amount
that could have been attained upon the exercise of such Award or realization of the Participant’s rights had such Award been
currently exercisable or payable or fully vested;

(ii)      To provide
that such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted
for by similar options, rights or awards covering the stock of the successor or survivor corporation, or a parent or subsidiary
thereof, with appropriate adjustments as to the number and kind of shares and prices;

(iii)      To make
adjustments in the number and type of securities subject to outstanding Awards and Awards which may be granted in the future and/or
in the terms, conditions and criteria included in such Awards (including the grant or exercise price, as applicable);

(iv)      To provide
that such Award shall be exercisable or payable or fully vested with respect to all securities covered thereby, notwithstanding
anything to the contrary in the Plan or an applicable Program or Award Agreement; and

(v)      To provide
that the Award cannot vest, be exercised or become payable after such event.

(c)      In connection
with the occurrence of any Equity Restructuring, and notwithstanding anything to the contrary in Sections 13.2(a) and
13.2(b) hereof:

(i)      The number
and type of securities subject to each outstanding Award and the exercise price or grant price thereof, if applicable, shall be
equitably adjusted; and/or

(ii)      The Board
shall make such equitable adjustments, if any, as the Board in its discretion may deem appropriate to reflect such Equity Restructuring
with respect to the aggregate number and kind of shares that may be issued under the Plan (including, without limitation, adjustments
to the Share Limit and the Individual Award Limits).

The adjustments
provided under this Section 13.2(c) shall be nondiscretionary and shall be final and binding on the affected Participant
and the Company.

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(d)      Except as
may otherwise be provided in any applicable Award Agreement or other written agreement entered into between the Company (or an
Affiliate) and a Participant, if a Change in Control occurs and a Participant’s outstanding Awards are not continued, converted,
assumed, or replaced by the surviving or successor entity in such Change in Control, then immediately prior to the Change in Control
such outstanding Awards, to the extent not continued, converted, assumed, or replaced, shall become fully vested and, as applicable,
exercisable and shall be deemed exercised immediately prior to the consummation of such transaction, and all forfeiture, repurchase
and other restrictions on such Awards shall lapse immediately prior to such transaction. If an Award vests and, as applicable,
is exercised in lieu of continuation, conversion, assumption or replacement in connection with a Change in Control, the Administrator
shall notify the Participant of such vesting and any applicable deemed exercise, and the Award shall terminate upon the Change
in Control. Upon, or in anticipation of, a Change in Control, the Administrator may cause any and all Awards outstanding hereunder
to terminate at a specific time in the future, including, without limitation, to the date of such Change in Control, and shall
give each Participant the right to exercise such Awards during a period of time as the Administrator, in its sole and absolute
discretion, shall determine. For the avoidance of doubt, if the value of an Award that is terminated in connection with this Section 13.2(d)
is zero or negative at the time of such Change in Control, such Award shall be terminated upon the Change in Control without payment
of consideration therefor.

(e)      The Administrator
may, in its sole discretion, include such further provisions and limitations in any Award, agreement or certificate, as it may
deem equitable and in the best interests of the Company that are not inconsistent with the provisions of the Plan.

(f)      With respect
to Awards which are granted to Covered Employees and are intended to qualify as Performance-Based Compensation, no adjustment or
action described in this Section 13.2 or in any other provision of the Plan shall be authorized to the extent that
such adjustment or action would cause such Award to fail to so qualify as Performance-Based Compensation, unless the Administrator
determines that the Award should not so qualify. No adjustment or action described in this Section 13.2 or in any other
provision of the Plan shall be authorized to the extent that such adjustment or action would cause the Plan to violate Section 422(b)(1)
of the Code. Furthermore, no such adjustment or action shall be authorized with respect to any Award to the extent such adjustment
or action would result in short-swing profits liability under Section 16 of the Exchange Act or violate the exemptive conditions
of Rule 16b-3 of the Exchange Act unless the Administrator determines that the Award is not to comply with such exemptive
conditions.

(g)      The existence
of the Plan, any Program, any Award Agreement and/or any Award granted hereunder shall not affect or restrict in any way the right
or power of the Company, the stockholders of the Company or any Affiliate to make or authorize any adjustment, recapitalization,
reorganization or other change in the Company’s or such Affiliate’s capital structure or its business, any merger or
consolidation of the Company or any Affiliate, any issue of stock or of options, warrants or rights to purchase stock or of bonds,
debentures, preferred or prior preference stocks whose rights are superior to or affect the Common Stock, the securities of any
Affiliate or the rights thereof or which are convertible into or exchangeable for Common Stock or securities of any Affiliate,
or the dissolution or liquidation of the Company or any Affiliate, or any sale or transfer of all or any part of its assets or
business, or any other corporate act or proceeding, whether of a similar character or otherwise.

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(h)      No action
shall be taken under this Section 13.2 which shall cause an Award to fail to comply with Section 409A of the Code
or an exemption therefrom, in either case, to the extent applicable to such Award, unless the Administrator determines any such
adjustments to be appropriate.

(i)      In the event
of any pending stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution (other
than normal cash dividends) of Company assets to stockholders, or any other change affecting the Shares or the share price of the
Common Stock including any Equity Restructuring, for reasons of administrative convenience, the Company in its sole discretion
may refuse to permit the exercise of any Award during a period of thirty (30) days prior to the consummation of any such transaction.

13.3      Approval
of Plan by Stockholders. The Plan shall be submitted for the approval of the Company’s stockholders within twelve (12)
months after the date of the Board’s initial adoption of the Plan. Awards may be granted or awarded prior to such stockholder
approval; provided, however, that such Awards shall not be exercisable, shall not vest and the restrictions thereon
shall not lapse and no Shares shall be issued pursuant thereto prior to the time when the Plan is approved by the Company’s
stockholders, and provided, further, that if such approval has not been obtained at the end of such twelve (12)-month
period, all such Awards previously granted or awarded under the Plan shall thereupon be canceled and become null and void.

13.4      No Stockholders
Rights. Except as otherwise provided herein or in an applicable Program or Award Agreement, a Participant shall have none of
the rights of a stockholder with respect to Shares covered by any Award until the Participant becomes the record owner of such
Shares.

13.5      Paperless
Administration. In the event that the Company establishes, for itself or using the services of a third party, an automated
system for the documentation, granting or exercise of Awards, such as a system using an internet website or interactive voice response,
then the paperless documentation, granting or exercise of Awards by a Participant may be permitted through the use of such an automated
system.

13.6      Section
83(b) Election. No Participant may make an election under Section 83(b) of the Code with respect to any Award under the
Plan without the consent of the Administrator, which the Administrator may grant (prospectively or retroactively) or withhold in
its sole discretion. If, with the consent of the Administrator, a Participant makes an election under Section 83(b) of the
Code to be taxed with respect to the Restricted Stock as of the date of transfer of the Restricted Stock rather than as of the
date or dates upon which the Participant would otherwise be taxable under Section 83(a) of the Code, the Participant shall
be required to deliver a copy of such election to the Company promptly after filing such election with the Internal Revenue Service.

 

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13.7      Grant
of Awards to Certain Employees or Consultants. The Company, the Partnership or any Subsidiary may provide through the establishment
of a formal written policy (which shall be deemed a part of this Plan) or otherwise for the method by which Shares or other securities
of the Company or the Partnership may be issued and by which such Shares or other securities and/or payment therefor may be exchanged
or contributed among such entities, or may be returned upon any forfeiture of Shares or other securities by the Participant.

13.8      REIT
Status. The Plan shall be interpreted and construed in a manner consistent with the Company’s status as a REIT. No Award
shall be granted or awarded, and with respect to any Award granted under the Plan, such Award shall not vest, be exercisable or
be settled:

(a)      to the extent
that the grant, vesting, exercise or settlement of such Award could cause the Participant or any other person to be in violation
of the Common Stock Ownership Limit or the Aggregate Stock Ownership Limit (each as defined in the Company’s charter, as
amended from time to time); or

(b)      if, in the
discretion of the Administrator, the grant, vesting, exercise or settlement of such award could impair the Company’s status
as a REIT.

13.9      Effect
of Plan upon Other Compensation Plans. The adoption of the Plan shall not affect any other compensation or incentive plans
in effect for the Company or any Affiliate. Nothing in the Plan shall be construed to limit the right of the Company or any Affiliate:
(a) to establish any other forms of incentives or compensation for Employees, Directors or Consultants of the Company or any
Affiliate or (b) to grant or assume options or other rights or awards otherwise than under the Plan in connection with any
proper corporate purpose including without limitation, the grant or assumption of options in connection with the acquisition by
purchase, lease, merger, consolidation or otherwise, of the business, stock or assets of any corporation, partnership, limited
liability company, firm or association.

13.10      Compliance
with Laws. The Plan, the granting and vesting of Awards under the Plan, the issuance and delivery of Shares and LTIP Units
and the payment of money under the Plan or under Awards granted or awarded hereunder are subject to compliance with all Applicable
Law and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel for the Company,
be necessary or advisable in connection therewith. Any securities delivered under the Plan shall be subject to such restrictions,
and the person acquiring such securities shall, if requested by the Company, provide such assurances and representations to the
Company as the Company may deem necessary or desirable to assure compliance with all Applicable Law. To the extent permitted by
Applicable Law, the Plan and Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform to
such Applicable Law.

13.11      Titles
and Headings, References to Sections of the Code or Exchange Act. The titles and headings of the sections in the Plan are for
convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall
control. References to sections of the Code or the Exchange Act shall include any amendment or successor thereto.

    	-32-

    	 

    

 

13.12      Governing
Law. The Plan and any Programs or Award Agreements hereunder shall be administered, interpreted and enforced under the internal
laws of the State of Maryland without regard to conflicts of laws thereof.

13.13      Section
409A. To the extent that the Administrator determines that any Award granted under the Plan is subject to Section 409A
of the Code, the Plan, any applicable Program and the Award Agreement covering such Award shall be interpreted in accordance with
Section 409A of the Code. Notwithstanding any provision of the Plan to the contrary, in the event that, following the Effective
Date, the Administrator determines that any Award may be subject to Section 409A of the Code, the Administrator may adopt
such amendments to the Plan, any applicable Program and the Award Agreement or adopt other policies and procedures (including amendments,
policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or
appropriate to avoid the imposition of taxes on the Award under Section 409A of the Code, either through compliance with the requirements
of Section 409A of the Code or with an available exemption therefrom.

13.14      No Rights
to Awards. No Eligible Individual or other person shall have any claim to be granted any Award pursuant to the Plan, and neither
the Company nor the Administrator is obligated to treat Eligible Individuals, Participants or any other persons uniformly.

13.15      Unfunded
Status of Awards. The Plan is intended to be an "unfunded" plan for incentive compensation. With respect to any payments
not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Program or Award Agreement shall give
the Participant any rights that are greater than those of a general creditor of the Company or any Affiliate.

13.16      Indemnification.
To the extent allowable pursuant to Applicable Law and the Company’s charter and Bylaws, each member of the Board and any
officer or other employee to whom authority to administer any component of the Plan is delegated shall be indemnified and held
harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member
in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or
she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid
by him or her in satisfaction of judgment in such action, suit, or proceeding against him or her; provided, however,
that he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes
to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights
of indemnification to which such persons may be entitled pursuant to the Company’s Certificate of Incorporation or Bylaws,
as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless.

13.17      Relationship
to other Benefits. No payment pursuant to the Plan shall be taken into account in determining any benefits under any pension,
retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Affiliate except to the
extent otherwise expressly provided in writing in such other plan or an agreement thereunder.

    	-33-

    	 

    

 

13.18      Expenses.
The expenses of administering the Plan shall be borne by the Company and its Affiliates.

*****

 

I hereby certify
that the foregoing Plan was duly adopted by the Board of Directors of Plymouth Industrial REIT, Inc. on ___________________, 2014.

*****

 

I hereby certify
that the foregoing Plan was approved by the stockholders of Plymouth Industrial REIT, Inc. on ____________________, 2014.

Executed on this
____ day of _______________, 2014.

 

 

 

___________________________________

Corporate Secretary

 

 

    	-34-

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