Document:

Exhibit 10.2

PURCHASE AND SALE AGREEMENT

AND ESCROW INSTRUCTIONS

 

BY AND BETWEEN

SELLERS:

REW, L.L.C. and W Partners, LLC

both Indiana limited liability companies

 

 

BUYER:

Plymouth Industrial REIT, Inc., 

a Maryland corporation.

 

Dated as of: October 3, 2014

 

    	 

    	 

    

PURCHASE
AND SALE AGREEMENT and escrow instructions

Buyer and Sellers
hereby enter into this Purchase and Sale Agreement and Escrow Instructions (this “Agreement”) as of the Effective
Date. In consideration of the mutual covenants set forth herein, Sellers agree to sell, convey, assign and transfer the Property
to Buyer, and Buyer agrees to buy the Property from Sellers, on the terms and conditions set forth in this Agreement.

1.      DEFINED
TERMS. The terms listed below shall have the following meanings throughout this Agreement:

	Approvals:	All permits, licenses, franchises, certifications, authorizations, approvals and permits issued by any governmental or quasi-governmental authorities for the ownership, operation, use and occupancy of the Property or any part thereof, excluding applications for development approvals that have been denied.
	Business Day:	Any day that is not a Saturday or Sunday or a legal holiday in the state in which the Real Property is located.
	Broker:	Newmark Grubb Cressy & Everett
	 	4100 Edison Lakes Parkway – Suite 350
	 	Mishawaka, IN 46545
	Buyer:	Plymouth Industrial REIT, Inc., a Maryland corporation.
	Buyer’s Address:	Plymouth Industrial REIT, Inc.
	 	260 Franklin Street – 19th Floor
	 	Boston, MA 02109
	 	Attn:  Pendleton White, Jr.
	 	Telephone: (617) 340-3861
	 	Email:  pen.white@plymouthrei.com
	 	 
	 	With a copy to:
	 	 
	 	Brown Rudnick LLP
	 	One Financial Center
	 	Boston, MA 02111
	 	Attn:  Kevin P. Joyce, Esq.
	 	Jeffrey L. Vigliotti, Esq.
	 	Telephone: (617) 856-8342 (KPJ)
	 	                  (617) 856-8494 (JLV)
	 	Email: KJoyce@brownrudnick.com
	 	           jvigliotti@brownrudnick.com

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	Closing:	The consummation of the sale and purchase of the Property, as described in Section 8 below.
	Closing Date:	The date which is the later to occur of (a) thirty (30) days following the initial public offering made by Buyer (or its assignee or designated affiliate), and (b) October 30, 2014, subject to extension and/or acceleration pursuant to Section 8(d); provided, however, that in no event shall Buyer have the right to extend the Closing Date past March 30, 2015.
	Contingency Period:	The period commencing on the Effective Date and expiring at 5:00 p.m. (Eastern) on the date which is thirty (30) days (the “Scheduled Contingency Expiration Date”) thereafter, subject, however, to extension pursuant to Section 4.
	Deposit:	Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) (the “Initial Deposit”) together with any increase to the same if Buyer deposits the additional sums of Two Hundred Fifty Thousand Dollars and 00/100 ($250,000.00) (“First Extension Deposit”) and Two Hundred Fifty Thousand Dollars and 00/100 ($250,000.00) (“Second Extension Deposit”) with Escrow Holder pursuant to and subject to the terms of Section 2, Section 4, and Section 8.
	Domain Rights:	All rights, control and ownership of the Websites, and all intellectual property rights and interests relating thereto or arising therefrom.
	Effective Date:	October 3, 2014
	Escrow Holder:	Meridian Title Corporation
	Escrow Holder’s Address:	Meridian Title Corporation
	 	202 S. Michigan St.
	 	South Bend, IN 46601
	 	Attention: Mark Myers
	 	Telephone:  574-232-5845
	 	Email:  mmeyers@meridiantitle.com
	Exhibits:	Exhibit A-1 – Legal Description of the West Cleveland Parcel
	 	Exhibit A-2 – Legal Description of the West Brick 1 Parcel
	 	Exhibit A-3 – Legal Description of the North Mayflower Parcel
	 	Exhibit A-4 – Legal Description of the West Carbonmill Parcel
	 	Exhibit A-5 – Legal Description of the Ameritech Parcel
	 	Exhibit B – Documents
	 	Exhibit C – Form of Tenant Estoppel
	 	Exhibit D – Form of Deed

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	 	Exhibit E – Form of Bill of Sale
	 	Exhibit F – Form of Assignment of Leases
	 	Exhibit G – Form of Assignment of Contracts
	 	Exhibit H – Form of FIRPTA Affidavit
	 	Exhibit I – Form of Audit Letter
	 	Exhibit J – Form of Seller's Closing Certificate
	 	Exhibit K – Existing Contracts
	 	Exhibit L – List of Leases
	 	Exhibit M – Disclosures
	 	Exhibit N – Intentionally Omitted
	 	Exhibit O – Intentionally Omitted
	 	Exhibit P – Intentionally Omitted
	 	Exhibit Q – Form of Non-Poaching Agreement
	 	Exhibit R – Form of Right of First Refusal
	 	Exhibit S – Description of Right of First Refusal Property
	 	 
	Existing Contracts:	All written brokerage (other than the brokerage agreement regarding the sale of the Property to Buyer), service, maintenance, operating, repair, supply, purchase, consulting, professional service, advertising and other contracts to which Sellers, or their agents, representatives, employees or predecessors-in-interest is a party, relating to the operation or management of the Property (but excluding insurance contracts and any recorded documents evidencing the Permitted Exceptions).
	Improvements:	All buildings and other improvements owned by Sellers located on or affixed to the Land, including, without limitation, the existing buildings containing approximately 667,000 rentable square feet (the “Buildings”) and the existing parking lots, together with all mechanical systems (including without limitation, all heating, air conditioning and ventilating systems and overhead doors), electrical equipment, facilities, equipment, conduits, motors, appliances, boiler pressure systems and equipment, air compressors, air lines, gas-fixed unit heaters, baseboard heating systems, water heaters and water coolers, plumbing fixtures, lighting systems (including all fluorescent and mercury vapor fixtures), transformers, switches, furnaces, bus ducts, controls, risers, facilities, installations and sprinkling systems to provide fire protection, security, heat, air conditioning, ventilation, exhaust, electrical power, light, telephone, storm drainage, gas, plumbing, refrigeration, sewer and water thereto, all internet exchange facilities, telecommunications networks and facilities base IP, conduits, fiber optic cables, all cable television fixtures and antenna, elevators, escalators, incinerators, disposals, rest room fixtures and other fixtures, equipment, motors and machinery located in or upon the Buildings, and other improvements now or hereafter on the Land.

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	Intangible Property:	All intangible property now or on the Closing Date owned by Sellers in connection with the Real Property or the Personal Property, if any, including without limitation all of Sellers’ right, title and interest in and to all environmental reports, soil reports, utility arrangements (except as expressly set forth herein), warranties, guarantees, indemnities, claims, licenses, applications, permits, governmental approvals, plans, drawings, specifications, surveys, maps, engineering reports and other technical descriptions, books and records, licenses, authorizations, applications, permits and all other Approvals, Domain Rights, Websites, insurance proceeds and condemnation awards, Seller’s right, title and interest in all Approved Contracts relating to the Real Property or the Personal Property, or any part thereof (but not Sellers’ obligations under any Rejected Contracts (as hereinafter defined)), and all other intangible rights used in connection with or relating to the Real Property or the Personal Property or any part thereof.
	Land:	The following parcels (collectively, the "Parcels", and each a "Parcel"), each located in City of South Bend, St. Joseph County, Indiana, together with all rights and interests appurtenant thereto, including, without limitation, any water and mineral rights, development rights, air rights, easements and all rights of Sellers in and to any strips and gores, alleys, passages or other rights-of-way: (i) that certain parcel of land commonly known as 5861 West Cleveland Road, more particularly described in Exhibit A-1 attached hereto  (the "West Cleveland Parcel"); (ii) that certain parcel of land commonly known as 5502 West Brick Road #1 more particularly described in Exhibit A-2 attached hereto (the "West Brick 1 Parcel"); (iii) that certain parcel of land commonly known as 4491 North Mayflower Road more particularly described in Exhibit A-3, attached hereto (the "North Mayflower Parcel"); (iv) that certain parcel of land commonly known as 5855 West Carbonmill Drive more particularly described in Exhibit A-4, attached hereto (the "West Carbonmill Parcel"); and (v) that certain parcel of land commonly known as 4955 Ameritech Drive more particularly described in Exhibit A-5, attached hereto (the "Ameritech Parcel”).
	Leases:	The leases and/or licenses of space in the Property in effect on the date hereof as listed on Exhibit L, together with leases of space in the Property entered into after the date hereof in accordance with the terms of this Agreement, together with all amendments and guaranties thereof.

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	Permitted Exceptions:	All of the following:  applicable zoning and building ordinances and land use regulations for which there is no violation, the lien of taxes and assessments not yet delinquent, any exclusions from coverage set forth in the jacket of any Owner's Policy of Title Insurance, any exceptions caused by Buyer, its agents, representatives or employees, the rights of the tenants, as tenants only, under the Leases, public utility easements of record without encroachment by any of the Improvements, and any matters deemed to constitute Permitted Exceptions under Section 5(d) hereof.
	Personal Property:	Any and all personal property owned by Sellers (if any) and located on the Real Property.
	Property:	The Real Property, the Personal Property, the Approved Contracts (as defined in Section 4), the Leases and the Intangible Property.
	Purchase Price:	Twenty Six Million Seven Hundred Thousand and 00/100 Dollars ($26,700,000.00)
	Real Property:	The Land and the Improvements.
	Sellers:	REW, L.L.C. and W Partners, LLC, each an Indiana limited liability company
	Sellers’ Address:	REW, L.L.C.
	 	51500 Stratton Court, Granger, IN 46530
	 	Attn:  Robert E. Wozny
	 	Telephone: 574-340-0041
	 	Email: N/A (notices via email to be delivered to the copy addresses below)
	 	 
	 	With a copy to:
	 	Newmark Grubb Cressy & Everett
	 	4100 Edison Lakes Parkway
	 	Mishawaka, IN 46545
	 	Attn:  Richard J. Doolittle
	 	Telephone: 574-271-4060
	 	Email:  RickDoolittle@cressyandeverett.com
	 	 
	 	and
	 	 
	 	Newmark Grubb Cressy & Everett
	.	4100 Edison Lakes Parkway, Suite 350
	 	Mishawaka, IN 46545
	 	Attn:  John M. Laird, Esq
	 	Telephone: 574-485-1553  
	 	Email:  johnlaird@cressyandeverett.com
	 	 

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	Tenant Inducement Costs:	All third-party payments, costs and expenses required to be paid or provided by Sellers, as landlords, pursuant to a Lease which is in the nature of a tenant inducement, including tenant improvement costs, tenant allowances, building lease buyout costs, landlord's work costs, brokerage commissions, reimbursement of tenant moving expenses and other out-of-pocket costs.
	Title Company:	Commonwealth Land Title Insurance Company
	 	c/o Meridian Title Corporation
	 	202 South Michigan St.
	 	South Bend, IN 46601
	 	Attn:  Mr. Mark Myers
	 	Telephone:  574-232-5845
	 	Email:  mmeyers@meridiantitle.com
	 	 
	Websites:	All domain names, web addresses and websites in which Sellers have an interest relating to the Property or any portion thereof, including, but not limited to, any other name given to the Property.
	 	 

2.     DEPOSIT
AND PAYMENT OF PURCHASE PRICE; INDEPENDENT CONSIDERATION. Unless this Agreement terminates prior to the expiration
of the Contingency Period, within five (5) Business Days after the Contingency Period expires, Buyer shall deposit the Initial
Deposit with Escrow Holder, at Escrow Holder’s office, by check or by wire transfer, funds in the amount of the Initial Deposit
as a deposit on account of the Purchase Price. Immediately upon Escrow Holder’s receipt of the Initial Deposit (and, if applicable,
the First Extension Deposit and Second Extension Deposit), Escrow Holder shall place the same in an single interest-bearing account
reasonably acceptable to Buyer. The Deposit shall be deemed to include any interest accrued thereon. The Deposit (as and when paid
to Escrow Holder) shall be held by Escrow Holder in accordance with this Agreement, and, if applicable, in accordance with Escrow
Holder's standard form of escrow agreement which Buyer and Sellers agree to execute in addition to this Agreement.

If the transactions
contemplated hereby close as provided herein, the Deposit shall be paid to Sellers and shall be credited toward the Purchase Price
and Buyer shall pay through escrow to Sellers the balance of the Purchase Price net of all prorations and other adjustments provided
for in this Agreement. If this Agreement is terminated pursuant to the terms hereof or if the transactions do not close, the Deposit
shall be returned to Buyer or delivered to Sellers as otherwise specified in this Agreement.

Notwithstanding
anything in this Agreement to the contrary, One Hundred and No/100 Dollars ($100.00) of the Deposit is delivered to the Escrow
Holder for delivery by the Escrow Holder to Sellers as “Independent Contract Consideration”, and the Deposit
is reduced by the amount of the Independent Contract Consideration so delivered to Sellers, which amount has been bargained for
and agreed to as consideration for Sellers’ execution and delivery of this Agreement. At Closing, the Independent Contract
Consideration shall not be applied to the Purchase Price.

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3.      DELIVERY
OF MATERIALS FOR REVIEW. On or before the date which is five (5) Business Days after the Effective Date, Sellers
shall deliver to Buyer at Buyer’s address set forth in Section 1 above, the materials listed on Exhibit B (collectively,
the “Documents”) for Buyer's review, to the extent the same are in Sellers’ possession. In the alternative,
at Sellers’ option and within the foregoing five (5) day period, Sellers may make the Documents available to Buyer on a secure
web site, and in such event, Buyer agrees that any item to be delivered by Sellers under this Agreement shall be deemed delivered
to the extent available to Buyer on such secured web site. Without limitation on the foregoing, Sellers shall make any other documents,
files and information reasonably requested by Buyer concerning the Property and which are in Sellers’ possession or control
available for Buyer’s inspection at Sellers’ general offices or such other location as shall be mutually convenient
to the parties.

4.      CONTINGENCIES.
Buyer’s obligation under this Agreement to purchase the Property and consummate the transactions contemplated hereby is subject
to and conditioned upon, among other things, the satisfaction or waiver by Buyer, in its sole and absolute discretion and in the
manner hereinafter provided, of each of the contingencies (individually, a “Contingency”, and collectively,
the “Contingencies”) set forth in this Section 4 in each case within the Contingency Period.

(a)      Property
Review. Beginning on the Effective Date and continuing until the expiration of the Contingency Period, Sellers shall have given
Buyer an opportunity to conduct its due diligence review, investigation and analysis of the Property (the “Due Diligence
Review”) independently or through agents of Buyer's own choosing, and Buyer shall have completed and shall be satisfied,
in Buyer’s sole and absolute discretion, with Buyer’s Due Diligence Review, which may include, but shall not necessarily
be limited to, Buyer’s review, investigation and analysis of: (i) all of the Documents; (ii) the physical condition of the
Property; (iii) the adequacy and availability at reasonable prices of all necessary utilities, including, without limitation, the
services necessary to operate the Improvements for Buyer’s intended use of the Property; (iv) the adequacy and suitability
of applicable zoning and Approvals; (v) the Leases and the obligations from and to the tenants thereunder; (vi) market feasibility
studies; and (vii) such tests and inspections of the Property as Buyer may deem necessary or desirable.

(b)      Environmental
Audit. On or before the expiration of the Contingency Period, Buyer shall have completed to the satisfaction of Buyer, in its
sole and absolute discretion, and at its sole cost and expense, an environmental audit and assessment of the Real Property (the
“Environmental Audit”), including but not limited to the performance of such tests and inspections as Buyer
may deem necessary or desirable, subject to the terms and provisions hereof, in order to determine the presence or absence of any
Hazardous Materials (as defined in Section 12(i) hereof).

(c)      Tenant Estoppels.
On or before the expiration of the Contingency Period, Buyer shall have received an estoppel certificate substantially in the form
attached hereto as Exhibit C (the “Tenant Estoppel”), executed by each tenant under each of the Leases
with respect to the status of such Lease, rent payments, tenant improvements, lease defaults and other matters relating to such
Lease, and disclosing no defaults, disputes or other matters objectionable to Buyer in its sole and absolute discretion.

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(d)      Board Approval.
On or before the expiration of the Contingency Period, Buyer shall have obtained approval for the transaction contemplated by this
Agreement from its Board of Directors (“Board Approval”).

The foregoing Due
Diligence Review, Environmental Audit, Tenant Estoppel and Board Approval Contingencies are solely for Buyer’s benefit and
only Buyer may determine such Contingencies to be satisfied or waived in writing. Buyer shall have the Contingency Period in which
to satisfy or waive such Contingencies by delivering written notice to Sellers with a copy to Escrow Holder. A Contingency shall
be deemed not to have been satisfied or waived by Buyer unless prior to the expiration of the Contingency Period, Buyer shall deliver
to Sellers a written notice to such effect (each such notice being herein referred to as an “Approval Notice”).
If, at any time during the Contingency Period, Buyer determines in its sole and absolute discretion that a Phase II Environmental
Site Assessment is necessary to determine whether the Contingencies have been satisfied, Buyer shall have the right to extend the
Contingency Period for an additional thirty (30) days so that the Contingency Period will expire at 5:00 p.m. (Eastern) on the
date which is sixty (60) days after the Effective Date; Buyer may exercise this extension right by delivering written notice to
Sellers on or before 5:00 p.m. (Eastern) on the Scheduled Contingency Expiration Date.

If Buyer provides
an Approval Notice for each of the Contingencies, then the Contingencies shall be deemed satisfied or waived and the parties shall,
subject to the satisfaction of all other terms and conditions applicable to the respective parties’ obligations hereunder,
be obligated to proceed to Closing. If Buyer does not provide an Approval Notice with respect to any or all of the Contingencies
during the Contingency Period, then such Contingency(ies) shall be deemed not satisfied or waived, and this Agreement shall automatically
terminate and be of no further force and effect at the end of the Contingency Period without the further action of either party.
During the Contingency Period Buyer may elect not to purchase the Property for any reason or for no reason whatsoever, all in Buyer's
sole and absolute discretion. Upon any such termination, Escrow Holder shall return the Deposit (if any) to Buyer and, except for
those provisions of this Agreement which expressly survive the termination of this Agreement, the parties hereto shall have no
further obligations hereunder.

Notwithstanding
Sellers’ representation set forth in Section 12(d) of this Agreement, if it is discovered that any Existing Contracts exist,
prior to the expiration of the Contingency Period, Buyer may furnish Sellers with a written notice of the contracts and agreements
(the “Approved Contracts”) which Buyer has elected to assume at the Closing. All Existing Contracts not included
in any such notice shall be excluded from the Property to be conveyed to Buyer, and are herein respectively referred to as the
“Rejected Contracts”, and, if Buyer fails to deliver such notice, all Existing Contracts shall be deemed Rejected
Contracts. Sellers shall at Sellers’ sole cost and expense terminate on or before the Closing Date all Rejected Contracts
and shall deliver to Buyer evidence reasonably satisfactory to Buyer of Sellers’ termination on or prior to Closing of all
Rejected Contracts. Notwithstanding anything contained herein to the contrary, Sellers agree to cause any existing property management
agreements and any leasing listing agreements to be terminated effective as of the Closing Date and Sellers shall be solely responsible
for any fees or payments due thereunder.

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5.      TITLE
COMMITMENT; SURVEY; SEARCHES. Buyer’s obligation to purchase the Property and to consummate the transactions
contemplated hereby shall also be subject to and conditioned upon Buyer’s having approved the condition of title to the Property
and surveys of the Real Property in the manner provided for in this Section 5.

(a)      Title Commitments.
On or before the date which is ten (10) Business Days after the Effective Date, Sellers shall cause the Title Company to deliver
commitments for each of the Parcels (collectively, the “Title Commitments”, and each a “Title Commitment”)
to Buyer for the Title Policies (as defined in Section 6 hereof), issued by the Title Company showing Sellers as the owners
of good and indefeasible fee simple title to the Real Property, together with legible copies of all documents (“Exception
Documents”) referred to in Schedule B of the Title Commitments.

(b)      Surveys.
On or before the date which is five (5) Business Days after the Effective Date, Sellers shall deliver any existing surveys available
of the Real Property to Buyer, and Sellers shall cooperate with Buyer to obtain, at Buyer's sole cost and expense, an update of
Sellers’ existing surveys or, if necessary, new surveys from a surveyor licensed in the State of Indiana, which shall be
certified to Buyer, Title Company and Buyer’s lender (if applicable) with a certification in accordance with the “Minimum
Standard Detail Requirements for ALTA/ACSM Land Title Surveys,” jointly established and adopted by ALTA and NSPS in 2011
and including items 1, 2, 3, 4, 6(a), 6(b), 7(a), 7(b)(1), 7(c), 8, 9, 10, 11(a), 11(b), 13, 14, 16, 17, 18, 20 and 21 ($1,000,000.00
minimum) of Table A (collectively, the “Surveys”, and each a “Survey”).

(c)      Searches.
Buyer may obtain, at its sole cost and expense, current UCC, tax lien and judgment searches with respect to Sellers liens, security
interests and adverse claims affecting Sellers or Sellers’ interest in the Real Property and/or the Personal Property (collectively,
“Searches”).

(d)      Permitted/Unpermitted
Exceptions. Buyer shall have the right, up until on or before seven (7) Business Days before the end of the Contingency Period,
to object in writing (“Buyer’s Exception Notice”) to any title matters that are not Permitted Exceptions
which are disclosed in the Title Commitments or Surveys (herein collectively called “Liens”). Unless Buyer shall
timely object to the Liens, such Liens shall be deemed to constitute additional Permitted Exceptions. Any exceptions which are
timely objected to by Buyer shall be herein collectively called the “Title Objections.” If, on or before two
(2) Business Days before the end of the Contingency Period, Sellers fail to cause or covenant to Buyer in writing to remove or
endorse over any Title Objections prior to the Closing in a manner satisfactory to Buyer in its sole and absolute discretion (Sellers
having no obligation to agree to cure or correct any such Title Objections), Buyer may elect, prior to the expiration of the Contingency
Period to either (a) terminate this Agreement by giving written notice to Sellers and Escrow Holder or by failing to deliver the
Approval Notice in accordance with Section 4, in either of which event the Deposit shall be paid to Buyer and, thereafter,
the parties shall have no further rights or obligations hereunder except for those obligations which expressly survive the termination
of

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this Agreement, or
(b) waive such Title Objections, in which event such Title Objections shall be deemed additional “Permitted Exceptions”
and the Closing shall occur as herein provided without any reduction of or credit against the Purchase Price. Buyer shall have
the right to amend Buyer’s Exception Notice (“Buyer’s Amended Exception Notice”) to object to any
title matters that are not Permitted Exceptions which are disclosed in any supplemental reports or updates to the Title Commitments
or Surveys delivered to Buyer after the end of the Contingency Period (which title matters were not reflected in the Title Commitments
or Surveys provided to Buyer prior to the end of the Contingency Period) provided that Buyer objects to the same within five (5)
days after Buyer’s receipt of the applicable supplemental reports or updates to the Title Commitments or Surveys but in no
event after Closing. If Sellers fail to take the action requested by Buyer in Buyer’s Amended Exception Notice, Buyer may
elect prior to Closing to proceed under either clause (a) or (b) of the sentence which precedes the immediately preceding sentence.
Notwithstanding anything to the contrary contained in this Agreement, any Lien which is a financial encumbrance such as a mortgage,
deed of trust, or other debt security, attachment, judgment, lien for delinquent real estate taxes and delinquent assessments,
mechanic’s or materialmen’s lien, which is outstanding against the Property, or any part thereof, that is revealed
or disclosed by the Title Commitments or any updates thereto and/or the Searches (herein such matters are referred to as “Financial
Encumbrances”) shall in no event be deemed a Permitted Exception, and Sellers hereby covenant to remove all Financial
Encumbrances on or before the Closing Date.

(e)      Approved
Title and Survey. The condition of title as approved by Buyer in accordance with this Section 5 is referred to herein
as the “Approved Title” and the Surveys as approved by Buyer in accordance with this Section 5 is referred
to herein as the “Approved Surveys”.

6.      DEED;
TITLE POLICY. Sellers shall convey the Real Property to Buyer by special warranty deeds substantially in the form
of Exhibit D attached hereto (collectively, the “Deeds”, and each a “Deed”). As a
condition to Buyer’s obligation to consummate the purchase of the Property and other transactions contemplated hereby, as
of Closing the Title Company shall be unconditionally committed to issue to Buyer an ALTA extended coverage Owner’s Policy
of Title Insurance for each of the Parcels in the amount of the Purchase Price allocable to each parcel, dated effective as of
the date the Deeds are recorded and insuring Buyer (or its nominee or assignee, if applicable) as the owner of good and indefeasible
fee simple title to the Real Property, free from all Financial Encumbrances and subject to no exceptions other than Permitted Exceptions,
together with such endorsements as required by Buyer in the Buyer's Exception Notice, all in form and substance satisfactory to
Buyer in its sole discretion (the “Title Policies”). Buyer shall be entitled to request that the Title Company
provide such endorsements (or amendments) to the Title Policy as Buyer may require, provided that (a) such endorsements (or
amendments) shall be at no cost to, and shall impose no additional liability on, Sellers except to the extent agreed to in writing
by Sellers and (b) Buyer's obligations under this Agreement shall not be conditioned upon Buyer's ability to obtain such endorsements
except to the extent the Title Company commits to their issuance prior to the expiration of the Contingency Period. Sellers shall
deliver to the Title Company reasonable and customary instruments, documents, payments, indemnities, releases, evidence of authority
and agreements relating to the issuance of the Title Policies based upon the requirements of Schedule B of the Title Commitments
applicable to Sellers, including without limitation a no lien, gap and possession affidavit in a form reasonably acceptable to
the Title Company (collectively, the “Owner’s Affidavit”).

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7.      PRORATIONS.
The following prorations shall be made between Sellers and Buyer on the Closing Date, computed with income and expenses for the
Closing Date itself being allocated to Buyer:

(a)      Rents Payable
Under Leases. The word “Rents” as used herein shall be deemed to include, without limitation, (i) fixed
monthly rents and other fixed charges payable by the tenants under the Leases, (ii), any amounts payable by the tenants by reason
of provisions of the Leases relating to escalations and pass-throughs of operating expenses and taxes, and adjustments for increases
in the Consumer Price Index and the like, (iii) any percentage rents payable by the tenants under the Leases, if any, and (iv)
rents or other charges payable by the tenants under the Leases for services of any kind provided to them (including, without limitation,
making of repairs and improvements, the furnishing of heat, electricity, gas, water, other utilities and air-conditioning) for
which a separate charge is made.

Sellers shall collect
and retain all Rents due and payable prior to the Closing and Buyer shall receive a credit for all such collected Rents allocable
to the period from and after the Closing Date, in each case, to the extent such Rents are actually received by Sellers prior to
the Closing Date. Rents collected subsequent to the Closing Date, net of costs of collection, if any, shall first be applied to
such tenant’s current Rent obligations and then to past due amounts in the reverse order in which they were due. Subject
to the foregoing, any such Rents collected by Buyer shall, to the extent properly allocable to periods prior to the Closing, be
paid, promptly after receipt, to the Sellers and any portion thereof properly allocable to periods from and after the Closing Date
shall be retained by Buyer. The term “costs of collection” shall mean and include reasonable attorneys’
fees and other reasonable out-of-pocket costs incurred in collecting any Rents.

Sellers shall not
be permitted after the Closing Date to institute proceedings against any tenant to collect any past due Rents for periods prior
to the Closing Date; provided that Buyer agrees for six (6) months after Closing to bill tenants for such Rents and provided further
that in no event shall Buyer be obligated to terminate a Lease or dispossess a tenant after Closing for failure to pay such Rents.
If any past due Rents are not collected from the tenants owing such delinquent amounts, Buyer shall not be liable to Sellers for
any such amounts.

Any advance or prepaid
rental payments or deposits paid by tenants prior to the Closing Date and applicable to the period of time subsequent to the Closing
Date and any security deposits or other amounts paid by tenants, together with any interest on both thereof to the extent such
interest is due to tenants shall be credited to Buyer on the Closing Date. Except in the ordinary course of business, Sellers shall
not apply any security deposits between the Effective Date and Closing.

No credit shall be
given either party for accrued and unpaid Rent or any other non-current sums due from the tenants until said sums are paid.

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(b)      Rent Adjustments.
Pending final adjustments and prorations, as provided in Section 7(a) above, to the extent that any additional rent, adjustment
rent or escalation payments, if any, including, without limitation, insurance, utilities (to the extent not paid directly by tenants),
common area maintenance and other operating costs and expenses (collectively, “Operating Costs”) in connection
with the ownership, operation, maintenance and management of the Real Property, are paid by tenants to the landlord under the Leases
based on an estimated payment basis (monthly, quarterly, or otherwise) for which a future reconciliation of actual Operating Costs
to estimated payments is required to be performed at the end of a reconciliation period, Buyer and Sellers shall make an adjustment
at Closing for the applicable reconciliation period (or periods, if the Leases do not have a common reconciliation period) based
on a comparison of the actual Operating Costs to the estimated payments at and as of Closing. If, as of Closing, Sellers have received
additional rent, adjustment rent or escalation payments in excess of the amount that tenants will be required to pay, based on
the actual Operating Costs as of Closing, Buyer shall receive a credit in the amount of such excess. If, as of Closing, Sellers
have received additional rent, adjustment rent or escalation payments that are less than the amount that tenants would be required
to pay based on the actual Operating Costs as of Closing, Sellers shall receive the same from Buyer following Closing but only
after Buyer collects the same from the applicable tenants. Operating Costs that are not payable by tenants either directly or reimbursable
under the Leases shall be prorated between Sellers and Buyer and shall be reasonably estimated by the parties if final bills are
not available.

(c)      Taxes and
Assessments. Sellers represent that real estate taxes and special assessments, if any, assessed against the Property are the
responsibility of tenants. Based on this representation, real estate taxes and special assessments will not be prorated and
will not be included in rent adjustments for purposes of this Section 7 .

(d)      Utilities.
Sellers represent that all utilities are the responsibility of tenants. Therefore, charges attributable to the Property for utilities
and fuel, including, without limitation, steam, water, electricity, gas and oil shall be only be prorated to the extent such charges
are not directly paid by tenants, and, if so prorated, shall be prorated as of the Closing Date.

(e)      Other Prorations.
Charges payable under the Approved Contracts (if any) assigned to Buyer pursuant to this Agreement shall be prorated as of the
Closing Date. Buyer shall also receive a credit equal to any past due payments (including interest or penalties due) from Sellers
to any of the other parties to the Approved Contracts (if any).

Sellers represent
that all insurance costs are the responsibility of tenants, and Sellers and Buyer agree that (1) none of the insurance policies
relating to the Property will be assigned to Buyer (and Sellers shall pay any cancellation fees resulting from the termination
of such policies) and (2) no employees of Sellers performing services at the Property shall be employed by Buyer. Accordingly,
there will be no prorations for insurance premiums or payroll, and Sellers shall be liable for all premiums and payroll expenses
in connection with the foregoing.

If Sellers have made
any deposit with any utility company or local authority in connection with services to be provided to the Property, such deposits
shall, if Buyer so requests and if assignable, be assigned to Buyer at the Closing and Sellers shall receive a credit equal to
the amounts so assigned. Sellers shall cooperate with Buyer to transfer all utility services to Buyer at Closing.

In no event shall
any costs of the operation or maintenance of the Property applicable to the period prior to the Closing be borne by Buyer.

Buyer shall be responsible
for all Tenant Inducement Costs for or related to all new Leases (i.e., including, without limitation, any amendment to an existing
Lease) signed after the Effective Date with Buyer's prior written consent pursuant to Section 14(c). Sellers shall have
no responsibility, whatsoever, with respect to any Tenant Inducement Costs for which Buyer is expressly responsible under this
paragraph (and to the extent Sellers have paid, or is otherwise responsible for, any such Tenant Inducement Costs described in
this paragraph at any time following the Effective Date of this Agreement and prior to Closing, Sellers shall receive a proration
credit therefor at Closing). Except for the specific Tenant Inducement Costs for which Buyer is responsible under this paragraph,
Buyer shall receive at the Closing a credit toward the Purchase Price equal to all unpaid and outstanding Tenant Inducement Costs
under all Leases.

The prorations and
credits provided for in this Section 7 shall be made on the basis of a written statement prepared by Escrow Holder and approved
by both parties. At least five (5) Business Days prior to the Closing Date, Escrow Holder, using information provided by Sellers,
shall provide Buyer with a preliminary proration and closing statement, together with backup documentation and substantiating the
prorations provided for and the calculations performed, in order that Buyer may verify Sellers’ methods and calculations.
In the event any prorations made pursuant hereto shall prove incorrect for any reason whatsoever, either party shall be entitled
to an adjustment to correct the same provided that it makes written demand on the other within six (6) months after the Closing
Date. The provisions of this Section 7 shall survive the Closing.

8.      CLOSING.

(a)      Closing
Requirements. The consummation of the sale and purchase of the Property (the “Closing”) shall be effected
through a closing escrow which shall be established by Sellers and Buyer with the Escrow Holder utilizing a so-called “New
York Style Closing” (i.e., meaning a Closing which has, on the Closing Date, the concurrent delivery of the documents of
title, transfer of interests, delivery of the Title Policy or “marked-up” title commitment as described herein and
the payment of the Purchase Price). Sellers shall provide any customary affidavits or undertakings to the Title Company necessary
for the afore-described “New York Style” type of Closing to occur. All documents to be delivered at the Closing and
all payments to be made shall be delivered on or before the Closing Date as provided herein.

(b)      Additional
Conditions to Closing. It is a condition to Buyer’s obligation to proceed to Closing and to consummate the transactions
contemplated hereby, that, as of the Closing Date, (i) all of the Sellers’ representations and warranties hereunder shall
be true and correct in all material respects and Seller’s Closing Certificate delivered pursuant to Section 9 hereof
shall not disclose any material qualifications or material changes in Sellers’ representations and warranties set forth in
Section 12 hereof; (ii) each of Sellers shall have performed in all material respects all of its covenants hereunder; (iii)
this Agreement shall not

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have terminated during
the Contingency Period; (iv) the Title Company shall be unconditionally committed to issue the Title Policy at Closing; and (v)
each Seller shall have delivered all other documents and other deliveries listed in Section 9 hereof. If any condition to
Buyer’s obligations hereunder is not fulfilled, including any condition not set forth in this Section 8(b), then Buyer
shall have the right to terminate this Agreement by written notice to Sellers delivered on or before the Closing Date, in which
event the Deposit shall be returned to Buyer, all obligations of the parties hereto shall thereupon cease (except for those which
survive the early termination of this Agreement as expressly provided herein) and this Agreement shall thereafter be of no further
force and effect, unless such failure of condition constitutes a default on the part of Sellers under any other provision of this
Agreement, in which case the terms of Section 11(b) shall also apply.

(c)      Sellers’
Conditions to Closing. It is a condition to Sellers’ obligation to proceed to Closing and to consummate the transactions
contemplated hereby, that, as of the Closing Date, (i) all of the Buyer’s representations and warranties hereunder shall
be true and correct in all material respects; (ii) Buyer shall have performed in all material respects all of its covenants hereunder;
(iii) this Agreement shall not have terminated during the Contingency Period; and (iv) Buyer shall have delivered all other documents
and other deliveries required of it under Section 9 hereof. If any condition to Seller’s obligations set forth in
this Section 8(c) hereunder is not fulfilled, including any condition not, then Sellers shall have the right to terminate
this Agreement by written notice to Buyer, in which event all obligations of the parties hereto shall thereupon cease (except for
those which survive the early termination of this Agreement as expressly set forth herein) and this Agreement shall thereafter
be of no further force and effect, and Sellers shall be entitled to the Deposit in accordance with Section 11(a) of this
Agreement if Buyer failed to consummate the Closing when required with all Buyer’s conditions precedent to Closing having
been satisfied, but otherwise the Deposit shall be returned to Buyer.

(d)      Buyer’s
Extension Right. Buyer shall have the right to extend the Closing Date for up to sixty (60) days for any reason (the "First
Extension Period") by (i) giving Sellers written notice of such election on or before 5:00 p.m. (Eastern) on the date
that is two (2) Business Days prior to the then-scheduled Closing Date and (ii) depositing the First Extension Deposit in immediately
available funds with the Escrow Holder on or before such time. In addition, in the event that Buyer requires an additional extension
in order to address its or its affiliated parties' filing and disclosure requirements as a real estate investment trust and/or
the requirements of the Securities and Exchange Commission, Buyer shall have the right to further extend the Closing Date for up
to an additional ninety (90) days (the "Second Extension Period") by (i) giving Sellers written notice of such
election on or before 5:00 p.m. (Eastern) on the date that is two (2) Business Days prior to the then-scheduled Closing Date (as
previously extended), and (ii) depositing the Second Extension Deposit in immediately available funds with the Escrow Holder on
or before such time. Sellers agree that Buyer shall have the option to close at any time during the First Extension Period or the
Second Extension Period upon five (5) Business Days prior notice to Sellers. Notwithstanding the foregoing, in no event shall Buyer
have the right to extend the Closing Date to a date later than March 30, 2015.

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9.      ESCROW.

(a)      Sellers’
Closing Deliveries. On or prior to the Closing Date, each Seller shall deliver to Escrow Holder the following documents and
materials for each of the Parcels owned by it, all of which shall be in such form and substance as required hereunder:

(i)      Deed;
Transfer Declarations. A Deed, duly executed, acknowledged and in recordable form, accompanied by any necessary transfer tax
declarations of Seller as may be required under applicable law in order to permit the recording of the Deed.

(ii)      Bill
of Sale. A duly executed and acknowledged bill of sale for the Personal Property and Intangible Property, conveying to Buyer
all of the Personal Property and Intangible Property in the form of Exhibit E attached hereto (the “Bill of Sale”).

(iii)      Assignment
of Leases. Two (2) originals of an assignment of the Leases and all guaranties thereof, duly executed and acknowledged by Seller
in the form of Exhibit F attached hereto (the “Assignment of Leases”).

(iv)      Assignment
of Contracts. If any Approved Contracts exist, two (2) originals of an assignment of the Approved Contracts, duly executed
and acknowledged by Seller and to the extent required under the terms of any Approved Contract, consented to by the other party
to such Contract in the form of Exhibit G attached hereto (the “Assignment of Contracts”).

(v)      Title
Clearance Documents. An Owner’s Affidavit and a “gap” undertaking duly executed by Seller in a form reasonably
acceptable to the Title Company.

(vi)      FIRPTA
Affidavit. A non-foreign certification, duly executed by Seller under penalty of perjury, certifying that Seller is not a “foreign
person”, pursuant to Section 1445 (as may be amended) of the Internal Revenue Code of 1986, as amended in the form of Exhibit
H attached hereto (“Section 1445”) (the “FIRPTA Affidavit”). If Seller shall fail or
be unable to deliver the same, then Buyer shall have the right to withhold such portion of the Purchase Price as may be necessary,
in the reasonable opinion of Buyer and its counsel, to comply with Section 1445 and applicable law.

(vii)      Authority
Documents. Such other documents as the Title Company may reasonably require including evidence confirming the due authorization,
execution and delivery of this Agreement and the other documents to be executed in connection herewith by Seller.

(viii)      Seller’s
Closing Certificate. A certificate duly executed by Seller in the form of Exhibit J attached hereto (the “Seller’s
Closing Certificate”).

(ix)      Non-Poaching
Agreement. An agreement limiting Sellers' and their affiliates’ rights to enter into agreements with tenants of the Property
in the form attached hereto as Exhibit Q (the “Anti-Poaching Agreement”), duly executed by Sellers and
its applicable affiliates and acknowledged.

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(x)      Right
of First Refusal. An agreement granting Buyer a right of first refusal in the form attached hereto as Exhibit R (the
“ROFR Agreement”) with regard to the properties identified on Exhibit S, duly executed by Sellers and/or
its applicable affiliates, acknowledged and otherwise in recordable form.

(xi)      Audit
Letter. Two (2) originals of the Audit Letter contemplated by Section 32 of this Agreement, duly executed by Seller.

(xii)      Other
Instruments. Such other documents and instruments as are contemplated under the terms of this Agreement.

On or prior to the
Closing Date, each Seller shall deliver to Buyer the following documents and materials, all of which shall be in form and substance
reasonably acceptable to Buyer:

(1)      Documents.
Originals of all Documents to the extent in Seller's possession or control, if not already delivered, or copies of same to the
extent originals do not exist and all books and records (including those in electronic format) reasonably required in connection
with the maintenance and operation of the Property.

(2)      Keys;
Manuals. Keys to all entrance doors in the Improvements, properly tagged for identification, and, to the extent in Seller's
possession or control, all operating manuals relating to operation of the equipment and systems which are part of the Property.

(3)      Letters
of Credit. With respect to any security deposits under Leases which are in the form of letters of credit, such letters of credit
(including all amendments) together with a duly executed assignment of such letters of credit, in form required by the issuer of
such letters of credit, which cites Buyer as the beneficiary thereof, along with the fees, if any, required to transfer such letters
of credit to Buyer.

(4)      Notices
to Tenants. Notice to each of the tenants and any guarantors under the Leases, notifying them of the sale of the Property and
directing them to pay all future rent as Buyer may direct.

(5)      Notices
to Parties Under Approved Contracts. If any Approved Contracts exist, notices to each of the parties (other than Seller) under
the Approved Contracts, notifying them of the sale of the Property and directing them to address all matters relating to the Approved
Contracts as Buyer may direct.

(6)      Closing
Statement. A duplicate counterpart of a closing statement (the “Closing Statement”) prepared by Escrow Holder,
and signed by Seller, setting forth all prorations and credits required hereunder, signed by Seller.

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(b)      Buyer’s
Deliveries at Closing. On or before the Closing Date, Buyer shall deliver to Escrow Holder the Purchase Price for the Property
as provided in Section 2. On or prior to the Closing Date, Buyer shall deliver to Escrow Holder two (2) duly executed counterparts
of each Assignment of Leases, each Assignment of Contracts (if any Approved Contracts exist), the ROFR Agreement, the Anti-Poaching
Agreement and the Closing Statement and such other documents as the Title Company may reasonably require including evidence confirming
the due authorization, execution and delivery of this Agreement and the other documents to be executed in connection herewith by
Buyer.

(c)      Closing
Instructions. This Agreement shall constitute both an agreement between Buyer and Sellers and escrow instructions for Escrow
Holder. If Escrow Holder requires separate or additional escrow instructions which it reasonably deems necessary for its protection,
Sellers and Buyer hereby agree promptly upon request by Escrow Holder to execute and deliver to Escrow Holder such separate or
additional standard escrow instructions of Escrow Holder (the “Additional Instructions”). In the event of any
conflict or inconsistency between this Agreement and the Additional Instructions, this Agreement shall prevail and govern, and
the Additional Instructions shall so provide. The Additional Instructions shall not modify or amend the provisions of this Agreement
or impose any additional obligations upon either Sellers or Buyer, unless otherwise agreed to in writing by Sellers and Buyer.

(d)      Procedures
Upon Failure of Condition. Except as otherwise expressly provided herein, if any of the conditions set forth in this Agreement
is not timely satisfied or waived for a reason other than the default of Buyer or Sellers in the performance of their respective
obligations under this Agreement:

(i)      This
Agreement, the escrow and the respective rights and obligations of Sellers and Buyer hereunder shall terminate, subject to the
survival of such obligations hereunder as survive such termination;

(ii)      Escrow
Holder shall promptly return to Buyer all funds of Buyer in its possession, including the Deposit, and to Sellers and Buyer all
documents deposited by them respectively, which are then held by Escrow Holder; and

(iii)      Any
escrow cancellation and title charges shall be shared equally by Buyer and Sellers.

(e)      Actions
of Escrow Holder. On the Closing Date, provided Buyer and Sellers have satisfied (or waived in writing) the conditions set
forth in this Agreement, Escrow Holder shall take the following actions:

(i)      Cause
each of the Deeds to be recorded in the Recording Location;

(ii)      Deliver
to Buyer the closing documents required to be delivered to Buyer under this Agreement and any supplemental instructions provided
by Buyer;

(iii)      Deliver
to Sellers in cash or current funds, all sums due Sellers pursuant to this Agreement and any documents required to be delivered
to Sellers under this Agreement and any supplemental instructions provided by Sellers;

(iv)      Cause
the Title Company to issue and deliver the Title Policy to Buyer; and

(v)      Deliver
to Sellers and Buyer the Closing Statement which has been certified by Escrow Holder to be true and correct.

10.      CLOSING
COSTS; PROPERTY COSTS. Sellers shall pay: (a) all title charges and premiums incurred for the Title Policies (but
excluding Buyer's endorsements); (b) 1⁄2 of the escrow fees and other charges owing to Escrow Holder; and (c) all of the Sellers’
legal fees and expenses and the cost of all performances by Sellers of their obligations hereunder.

Buyer shall pay:
(a) for all endorsements to the Title Policies requested by Buyer and all charges and premiums incurred for any lender’s
policy and endorsements thereto; (b) 1⁄2 of the escrow fees and other charges owing to Escrow Holder; (c) transfer taxes,
if any, payable in connection with the transfer of the Property to Buyer and the recording of the Deeds and the recording of any
mortgages or other Buyer financing documents; (d) the cost of updating the Surveys; and (e) all of Buyer’s legal fees and
expenses and the cost of all performances by Buyer of its obligations hereunder (including costs associated with its Due Diligence
Review except as otherwise provided herein).

All other closing
costs shall be allocated between Buyer and Sellers in accordance with local custom.

11.      REMEDIES.

(a)      LIQUIDATED
DAMAGES ON BUYER’S DEFAULT. BUYER AND SELLERS HEREBY ACKNOWLEDGE AND AGREE THAT, IN THE EVENT THE CLOSING FAILS TO OCCUR
DUE TO A BUYER DEFAULT (ALL OF THE CONDITIONS TO BUYER’S OBLIGATIONS TO CLOSE HAVING BEEN SATISFIED OR WAIVED), SELLERS WILL
SUFFER DAMAGES IN AN AMOUNT WHICH WILL, DUE TO THE SPECIAL NATURE OF THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT AND THE SPECIAL
NATURE OF THE NEGOTIATIONS WHICH PRECEDED THIS AGREEMENT, BE IMPRACTICAL OR EXTREMELY DIFFICULT TO ASCERTAIN. IN ADDITION, BUYER
WISHES TO HAVE A LIMITATION PLACED UPON THE POTENTIAL LIABILITY OF BUYER TO SELLERS IN THE EVENT THE CLOSING FAILS TO OCCUR DUE
TO A BUYER DEFAULT, AND WISHES TO INDUCE SELLERS TO WAIVE OTHER REMEDIES WHICH SELLERS MAY HAVE IN THE EVENT OF SUCH A BUYER DEFAULT.
BUYER AND SELLERS, AFTER DUE NEGOTIATION, HEREBY ACKNOWLEDGE AND AGREE THAT THE AMOUNT OF THE DEPOSIT REPRESENTS A REASONABLE ESTIMATE
OF THE DAMAGES WHICH SELLERS WILL SUSTAIN IN THE EVENT OF SUCH BUYER DEFAULT. BUYER AND SELLERS HEREBY AGREE THAT SELLERS MAY,
IN THE EVENT THE CLOSING FAILS TO OCCUR DUE TO A BUYER DEFAULT (ALL OF THE CONDITIONS TO BUYER’S OBLIGATIONS TO CLOSE HAVING
BEEN SATISFIED OR WAIVED), AS ITS SOLE AND EXCLUSIVE REMEDY TERMINATE THIS AGREEMENT AND CANCEL THE ESCROW BY WRITTEN NOTICE TO
BUYER AND ESCROW HOLDER, WHEREUPON ESCROW HOLDER SHALL DELIVER THE DEPOSIT TO SELLERS AND SELLERS SHALL RECEIVE THE DEPOSIT

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AS LIQUIDATED DAMAGES
FOR SUCH DEFAULT AND SELLERS WAIVE ALL OTHER REMEDIES. SUCH RETENTION OF THE DEPOSIT BY SELLERS IS INTENDED TO CONSTITUTE LIQUIDATED
DAMAGES TO SELLERS AND SHALL NOT BE DEEMED TO CONSTITUTE A FORFEITURE OR PENALTY. FOLLOWING TERMINATION OF THIS AGREEMENT, CANCELLATION
OF THE ESCROW AND THE DELIVERY TO AND RETENTION OF THE DEPOSIT BY SELLERS AS LIQUIDATED DAMAGES PURSUANT TO THIS SECTION 11(a),
ALL OF THE RIGHTS AND OBLIGATIONS OF BUYER AND SELLERS UNDER THIS AGREEMENT SHALL BE TERMINATED SUBJECT TO SURVIVAL OF SUCH OBLIGATIONS
HEREUNDER AS SURVIVE SUCH TERMINATION.

(b)      Buyer’s
Remedies. In the event of a default by Sellers under this Agreement, Buyer may, at its option, (i) terminate this Agreement
in which case the Deposit shall be immediately returned to Buyer and Buyer shall be entitled to reimbursement from Sellers for
all of Buyer’s out-of-pocket third party costs and expenses incurred in connection with this Agreement and Due Diligence
Review, subject to a cap of Fifty Thousand Dollars ($50,000.00), or (ii) specifically enforce the terms and conditions of this
Agreement.

(c)      Aggregate
Liability. Without limiting Buyer's specific performance remedy under Section 11(b), Sellers’ aggregate liability
to Buyer under this Agreement after the Closing as a result of a breach of any representation or warranty or any other covenant
or indemnity made by Sellers shall in no event collectively exceed Seven Hundred Fifty Thousand and 00/100 Dollars ($750,000.00)
(the “Liability Cap”), in the aggregate. Notwithstanding the foregoing, the limitation of Sellers’ liability
set forth in this Section 11(c) shall not apply to any liabilities or obligations of Sellers under Sections 7, 10,
21 and 28, or any Seller liability for claims brought under applicable law based on fraud or intentional misrepresentation.

(d)      Limitation
on Sellers’ Liability. In addition to the limitation set forth in Section 16 below, in the event that Buyer has
knowledge, through its Due Diligence Review or otherwise, that any of the representations or warranties made by Sellers under this
Agreement were not true or correct when made or that any Seller has breached a covenant hereunder, and if Buyer nevertheless closes
the transaction contemplated by this Agreement, then Buyer shall be deemed to have waived any such representation and warranty
or covenant breach (as applicable) and shall have no further claim against Sellers with respect thereto.

(e)      Net Worth
Covenant. Sellers covenant and agree that (a) at Closing, Sellers shall deposit, from the proceeds of the Purchase Price, an
amount equal to the Liability Cap in an account established by Sellers with a bank or other financial institution and (b) during
the Survival Period (as defined in Section 16 below) (and, in the event Buyer has made a timely claim(s) against Sellers
pursuant to this Section 11, thereafter until the claim(s) have been fully resolved): (i) Sellers shall keep and maintain
cash or cash equivalents in such account in an amount equal to the Liability Cap, (ii) Sellers shall not pledge, encumber or otherwise
grant a security interest in such account or such cash or equivalents and (iii) Sellers shall not distribute or pay any such cash
or cash equivalents to its members, partners, affiliates or any other third party.

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12.      SELLER’S
REPRESENTATIONS AND WARRANTIES. As a material inducement to the execution and delivery of this Agreement by Buyer
and the performance by Buyer of its duties and obligations hereunder, each Seller does hereby acknowledge, warrant, represent and
agree to and with Buyer that as of the Effective Date and as of the Closing Date:

(a)      Delivery
of Written Materials. Seller has not made to Buyer any misstatement of any material fact relating to the Property, or this
Agreement, nor failed to deliver to Buyer any written materials in Seller’s possession or of which Seller has knowledge which
contain information that would have a material adverse impact on Buyer’s ability to use and operate the Property as it is
currently being used and operated or the value of the Property.

(b)      Compliance
With Laws. Except as disclosed on Exhibit M, Seller has received no written notice of, and to Seller’s knowledge
there are no violations of, any legal requirement affecting the Property which have not been entirely corrected.

(c)      Litigation.
Except as disclosed on Exhibit M, Seller has not received written notice of any pending or to Seller’s knowledge threatened
litigation or governmental proceeding affecting Seller, or the Property, that relates to the Property, the validity or enforceability
of this Agreement or any instrument or document to be delivered by Seller in connection with the transactions contemplated hereby.

(d)      Existing
Contracts. Seller is not a party to, and the Property is not subject to, any contract or agreement of any kind whatsoever,
written or oral, with respect to the Property that would be binding upon the Property or Buyer after Closing, other than the Permitted
Exceptions and the Leases.

(e)      Proceedings.
Except as disclosed on Exhibit M, there is no pending, or to Seller's knowledge, threatened litigation or other proceeding
against Seller related to the Property, or which may affect Seller's ability to convey the Property (including without limitation
any condemnation action).

(f)      Due Authorization.
Seller is a limited liability company organized, validly existing and in good standing under the laws of the State of Indiana.
Seller has full power to execute, deliver and carry out the terms and provisions of this Agreement and each of the other agreements,
instruments and documents herein required to be made or delivered by Seller pursuant hereto, and has taken all necessary action
in connection with the execution, delivery and performance of this Agreement and such other agreements, instruments and documents.
The individuals executing this Agreement and all other agreements, instruments and documents herein required to be made or delivered
by Seller pursuant hereto on behalf of Seller are and shall be duly authorized to sign the same on Seller’s behalf and to
bind Seller thereto.

(g)      Enforceability.
This Agreement has been, and each and all of the other agreements, instruments and documents herein required to be made or delivered
by Seller pursuant hereto have been, or on the Closing Date will have been, executed by Seller and when so executed, are and shall
be legal, valid, and binding obligations of Seller enforceable against Seller in accordance with their respective terms, subject
to applicable bankruptcy, insolvency, reorganization, moratorium, and other similar laws affecting the rights of creditors generally
and, as to enforceability, the general principles of equity (regardless of whether enforcement is sought in a proceeding in equity
or at law).

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(h)      No Conflict.
The execution and delivery of, and consummation of the transactions contemplated by, this Agreement by Seller are not prohibited
by, and will not conflict with, constitute grounds for termination of, or result in the breach of any agreement or instrument to
which Seller is now a party or by which it or the Property is bound, or, to the knowledge of Seller, any order, rule or regulation
of any court or other governmental agency or official.

(i)      Environmental
Matters. To Seller's knowledge and except as may be disclosed in the Documents none of the Property, including subsurface soil
and groundwater, contains any Hazardous Materials. As used in this Agreement, “Hazardous Materials” shall mean
any asbestos, flammable substances, explosives, radioactive materials, mold, PCB laden oil, hazardous waste, pollutants, contaminates,
toxic substances, pollution or related materials specified as such in, or regulated under any federal, state or local laws, ordinances,
rules, regulations or policies governing use, storage, treatment, transportation, manufacture, refinement, handling, production
or disposal of such materials but excluding office supplies, cleaning materials, personal grooming items or other items that are
sold for consumer or commercial use and typically used in other similar buildings or space.

(j)      Leases.
There are no other leases, licenses, subleases, occupancy agreements or other agreements for the use, possession or occupancy of
any portions of the Real Property, other than those listed on Exhibit L attached to this Agreement. Exhibit L contains
a true, correct and complete list of all currently existing Leases at the Property to which any Seller is a party; full, true and
complete copies of all Leases and all amendments and guarantees relating thereto have heretofore been delivered to Buyer (or made
available to Buyer as part of the Documents). To Seller's knowledge, each Lease is in full force and effect, and except as shown
on Exhibit L, to Seller's knowledge, no rent or other amounts payable under the Leases is more than one (1) month in arrears
or has been paid more than one (1) month in advance. Exhibit L sets forth a true and correct listing of all security deposits
(indicating cash or letter of credit) or prepaid rentals made or paid by the tenants under the Leases. Except as shown in Exhibit
L, Seller has not delivered any written notices of tenant default to any tenants under Leases which remain uncured, nor has
Seller received any written notices of a landlord default from any tenants under Leases which remain uncured. None of Seller's
interest in any Lease or of Seller's right to receive the rentals payable by the tenant thereunder has been assigned, conveyed,
pledged or in any manner encumbered by Seller, except in connection with any existing financing encumbering the Property, which
is to be repaid by Seller and released as of the Closing. Except as described on Exhibit L, no tenant has given written
notice to Seller of any default or offsets, claims or defenses available to it. The only Tenant Inducement Costs in the nature
of tenant improvement costs for space currently being leased under any Leases in effect as of the date hereof (whether in the form
of direct payments therefor required of Seller or in the form of tenant improvement allowances payable by Seller) or for leasing
commissions for leased premises currently being leased under any such Leases, in any such case which may hereafter be payable under
or with respect to the Leases (and excluding, in any event any such Tenant Inducement Costs which may arise in connection with
expansions or lease renewals/extensions hereafter occurring under or with respect to any such Leases) are identified in Exhibit
L hereto.

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(k)      Bankruptcy
Matters. Seller has not made a general assignment for the benefit of creditors, filed any voluntary petition in bankruptcy
or suffered the filing of an involuntary petition by its creditors, suffered the appointment of a receiver to take possession of
substantially all of its assets, suffered the attachment or other judicial seizure of substantially all of its assets, admitted
its inability to pay its debts as they come due, or made an offer of settlement, extension or composition to its creditors generally.

(l)      Approvals.
Seller has heretofore delivered to Buyer (or will make available to Buyer as part of the Documents) true, full and complete copies,
in all material respects, of all currently existing Approvals. Seller has not received any currently effective notice in writing
of any uncured material breach or default under any of the Approvals.

(m)      OFAC.
Seller is not, nor will it become, a person or entity with whom U.S. persons or entities are restricted from doing business under
regulations of the Office of Foreign Asset Control of the Department of the Treasury (including those named on OFAC's Specially
Designated and Blocked Persons List) or under any statute, executive order (including the September 24, 2001, Executive Order Blocking
Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental
action.

(n)      Licenses,
Permits and Approvals. To Seller’s knowledge, Corporate Services, Inc. (“Corporate Services”), a tenant
at the Property, held certain licenses, permits or approvals, which, among other things, grant Corporate Services the right to
distribute pharmaceutical samples to practitioners and pharmaceutical company representatives in all 50 states as of the original
date of sale which was March 3, 2011. Such licenses, permits and approvals are related to the property at 5681 Cleveland Road.

As used herein, phrases
such as “to Seller’s knowledge” or like phrases mean the actual present and conscious awareness or knowledge
of Robert E. Wozny (who is the managing member of Sellers), without any duty of inquiry or investigation; provided that so qualifying
Seller’s knowledge shall in no event give rise to any personal liability on the part of such individual, or any other partner,
member, officer or employee of Seller, on account of any breach of any representation or warranty made by Seller herein. Said terms
do not include constructive knowledge, imputed knowledge, or knowledge Seller or such persons do not have but could have obtained
through further investigation or inquiry. No broker, agent, or party other than Seller is authorized to make any representation
or warranty for or on behalf of Seller.

13.      BUYER’S
REPRESENTATIONS AND WARRANTIES. As a material inducement to the execution and delivery of this Agreement by Sellers
and the performance by Sellers of their duties and obligations hereunder, Buyer does hereby acknowledge, warrant, represent and
agree to and with Sellers that as of the Effective Date and as of the Closing Date:

(a)      Due Authorization.
Buyer is a corporation organized, validly existing and in good standing under the laws of the State of Maryland. Buyer has or will
have full power to execute, deliver and carry out the terms and provisions of this Agreement and each of the other agreements,
instruments and documents herein required to be made or delivered by Buyer pursuant hereto, and, subject to Section 4(d)
above, has or will have taken all necessary action to authorize the execution, delivery and performance of this Agreement and such
other agreements, instruments and documents. The individuals executing this Agreement and all other agreements, instruments and
documents herein required to be made or delivered by Buyer pursuant hereto on behalf of Buyer are or will be duly authorized to
sign the same on Buyer’s behalf and to bind Buyer thereto.

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(b)      Enforceability.
This Agreement has been, and each and all of the other agreements, instruments and documents herein required to be made or delivered
by Buyer pursuant hereto have been, or on the Closing Date will have been, executed by Buyer or on behalf of Buyer, and when so
executed, are and shall be legal, valid, and binding obligations of Buyer enforceable against Buyer in accordance with their respective
terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium, and other similar laws affecting the rights of
creditors generally and, as to enforceability, the general principles of equity (regardless of whether enforcement is sought in
a proceeding in equity or at law).

(c)      No Conflict.
The execution and delivery of, and consummation of the transactions contemplated by, this Agreement by Buyer are not prohibited
by, and will not conflict with, constitute grounds for termination of, or result in the breach of any agreement or instrument to
which Buyer is now a party or by which it is bound, or any order, rule or regulation of any court or other governmental agency
or official, which prohibition or conflict would have an adverse effect on Buyer’s ability to perform its obligations under
this Agreement or the documents to be executed by Buyer in connection with this Agreement.

(d)      OFAC.
Buyer is not, nor will it become, a person or entity with whom U.S. persons or entities are restricted from doing business under
regulations of the Office of Foreign Asset Control of the Department of the Treasury (including those named on OFAC's Specially
Designated and Blocked Persons List) or under any statute, executive order (including the September 24, 2001, Executive Order Blocking
Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental
action.

(e)      AS-IS.
EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT AND/OR THE DOCUMENTS DELIVERED AT CLOSING, SELLERS MAKE NO REPRESENTATIONS OR WARRANTIES,
AND BUYER HEREBY ACKNOWLEDGES THAT NO REPRESENTATIONS HAVE BEEN MADE. EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT AND/OR THE
DOCUMENTS DELIVERED AT CLOSING, SELLERS SPECIFICALLY DISCLAIM, AND NEITHER SELLERS NOR ANY OTHER PERSON IS MAKING, ANY REPRESENTATION,
WARRANTY OR ASSURANCE WHATSOEVER TO BUYER AND NO WARRANTIES OR REPRESENTATIONS OF ANY KIND OR CHARACTER, EITHER EXPRESS OR IMPLIED,
ARE MADE BY SELLERS OR RELIED UPON BY BUYER WITH RESPECT TO THE STATUS OF TITLE TO OR THE MAINTENANCE, REPAIR, CONDITION, DESIGN
OR MARKETABILITY OF THE PROPERTY, OR ANY PORTION THEREOF, INCLUDING BUT NOT LIMITED TO (A) ANY IMPLIED OR EXPRESS WARRANTY
OF MERCHANTABILITY, (B) ANY IMPLIED OR EXPRESS WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE, (C) ANY IMPLIED OR EXPRESS
WARRANTY OF CONFORMITY TO MODELS OR SAMPLES OF MATERIALS, (D) ANY RIGHTS OF BUYER UNDER APPLICABLE

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STATUTES TO CLAIM
DIMINUTION OF CONSIDERATION, (E) ANY CLAIM BY BUYER FOR DAMAGES BECAUSE OF DEFECTS, WHETHER KNOWN OR UNKNOWN, LATENT OR PATENT,
WITH RESPECT TO THE IMPROVEMENTS OR THE PERSONAL PROPERTY, (F) THE FINANCIAL CONDITION OR PROSPECTS OF THE PROPERTY AND (G) THE
COMPLIANCE OR LACK THEREOF OF THE REAL PROPERTY OR THE IMPROVEMENTS WITH GOVERNMENTAL REGULATIONS, IT BEING THE EXPRESS INTENTION
OF SELLERS AND BUYER THAT, EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT AND THE DOCUMENTS TO BE DELIVERED AT THE CLOSING, THE
PROPERTY WILL BE CONVEYED AND TRANSFERRED TO BUYER IN ITS PRESENT CONDITION AND STATE OF REPAIR, "AS IS" AND "WHERE
IS", WITH ALL FAULTS. BUYER REPRESENTS THAT IT IS A KNOWLEDGEABLE, EXPERIENCED AND SOPHISTICATED BUYER OF REAL ESTATE, AND
THAT IT IS RELYING SOLELY ON ITS OWN EXPERTISE AND THAT OF BUYER'S CONSULTANTS IN PURCHASING THE PROPERTY. EXCEPT FOR SELLERS’
REPRESENTATIONS AND WARRANTIES CONTAINED IN THIS AGREEMENT, BUYER ACKNOWLEDGES AND AGREES THAT IT WILL HAVE THE OPPORTUNITY TO
CONDUCT SUCH INSPECTIONS, INVESTIGATIONS AND OTHER INDEPENDENT EXAMINATIONS OF THE PROPERTY AND RELATED MATTERS, INCLUDING BUT
NOT LIMITED TO THE PHYSICAL AND ENVIRONMENTAL CONDITIONS THEREOF, DURING THE CONTINGENCY PERIOD AND WILL RELY UPON SAME AND NOT
UPON ANY STATEMENTS OF SELLERS OR OF ANY MEMBER, MANAGER, OFFICER, DIRECTOR, AGENT OR ATTORNEY OF SELLERS. BUYER ACKNOWLEDGES THAT
ALL INFORMATION OBTAINED BY BUYER WILL BE OBTAINED FROM A VARIETY OF SOURCES AND, EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT,
SELLERS WILL NOT BE DEEMED TO HAVE REPRESENTED OR WARRANTED THE COMPLETENESS, ADEQUACY, TRUTH OR ACCURACY OF ANY OF THE DUE DILIGENCE
ITEMS OR OTHER SUCH INFORMATION HERETOFORE OR HEREAFTER FURNISHED TO BUYER. UPON CLOSING, BUYER ACKNOWLEDGES THE RISK THAT ADVERSE
MATTERS, INCLUDING, BUT NOT LIMITED TO, ADVERSE PHYSICAL AND ENVIRONMENTAL CONDITIONS, MAY NOT HAVE BEEN REVEALED BY BUYER'S INSPECTIONS
AND INVESTIGATIONS. BUYER ACKNOWLEDGES AND AGREES THAT UPON CLOSING, EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT
AND DOCUMENTS DELIVERED AT CLOSING, SELLERS WILL SELL AND CONVEY TO BUYER, AND BUYER WILL ACCEPT THE PROPERTY, "AS IS, WHERE
IS," WITH ALL FAULTS. BUYER FURTHER ACKNOWLEDGES AND AGREES THAT THERE ARE NO ORAL AGREEMENTS, WARRANTIES OR REPRESENTATIONS,
COLLATERAL TO OR AFFECTING THE PROPERTY, BY SELLERS, ANY AGENT OF SELLERS OR ANY THIRD PARTY. SELLERS ARE NOT LIABLE OR BOUND IN
ANY MANNER BY ANY ORAL OR WRITTEN STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE PROPERTY FURNISHED BY ANY REAL ESTATE
BROKER, AGENT, EMPLOYEE, SERVANT OR OTHER PERSON, UNLESS THE SAME ARE SPECIFICALLY SET FORTH OR REFERRED TO HEREIN. BUYER ACKNOWLEDGES
THAT THE PURCHASE PRICE REFLECTS THE "AS IS, WHERE IS" NATURE OF THIS SALE AND ANY FAULTS, LIABILITIES, DEFECTS OR OTHER
ADVERSE MATTERS THAT MAY BE ASSOCIATED WITH THE PROPERTY. BUYER, WITH BUYER'S COUNSEL, HAS FULLY REVIEWED THE DISCLAIMERS AND WAIVERS
SET FORTH

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IN THIS AGREEMENT,
AND UNDERSTANDS THE SIGNIFICANCE AND EFFECT THEREOF. BUYER ACKNOWLEDGES AND AGREES THAT THE DISCLAIMERS AND OTHER AGREEMENTS SET
FORTH HEREIN ARE AN INTEGRAL PART OF THIS AGREEMENT, AND THAT SELLERS WOULD NOT HAVE AGREED TO SELL THE PROPERTY TO BUYER FOR THE
PURCHASE PRICE WITHOUT THE DISCLAIMER AND OTHER AGREEMENTS SET FORTH IN THIS AGREEMENT. THE TERMS AND CONDITIONS OF THIS PARAGRAPH
WILL EXPRESSLY SURVIVE THE CLOSING.

14.      ACTIONS
AFTER THE EFFECTIVE DATE. The parties covenant to do the following through the Closing Date:

(a)      Title.
Except as otherwise specifically contemplated in this Agreement or as may be required by legal requirements, and without limiting
any rights that tenants may have under their Leases, from and after the Effective Date, Sellers shall not make or permit any changes
to the Property or to the condition of title to the Property that would change the Approved Title or the Approved Survey except
with Buyer’s advance written consent, which consent shall not be unreasonably withheld prior to the expiration of the Contingency
Period but may be withheld in Buyer's sole and absolute discretion after the expiration of the Contingency Period.

(b)      Maintenance
and Operation of Property. Sellers represent that insurance policies are maintained by the tenant and not the Sellers. Sellers
shall not make any material alterations to or upon the Property or remove any of the Personal Property therefrom, except with Buyer's
advance written consent, which consent shall not be unreasonably withheld. Sellers shall promptly advise Buyer in writing of any
significant repair or improvement required to keep in the Property in such condition.

(c)      Leases and
Agreements. From and after the Effective Date, Sellers shall not enter into any new leases or other occupancy agreements for
the Property without first obtaining Buyer's advance written consent which shall not be unreasonably withheld prior to the expiration
of the Contingency Period but may be withheld in Buyer's sole and absolute discretion after the expiration of the Contingency Period.
From and after the Effective Date, Sellers shall not terminate or amend any of the Leases or Approved Contracts (if any) or any
other agreement concerning the Property, without Buyer’s advance written consent, which consent shall not be unreasonably
withheld prior to the expiration of the Contingency Period but may be withheld in Buyer's sole and absolute discretion after the
expiration of the Contingency Period, and Sellers shall continue to perform all of their obligations under the Leases and Approved
Contracts (if any).

If Sellers request
Buyer’s consent to any new lease or other occupancy agreement or amendment to any existing Lease, Sellers shall be required
to provide Buyer with a reasonably detailed written summary of all of the material terms the proposed transaction along with an
itemized list of all Tenant Inducement Costs which will be incurred in connection with the proposed transaction. Buyer shall give
Sellers written notice of approval or disapproval of a proposed new lease or other occupancy agreement or amendment to any existing
Lease within ten (10) days after Buyer’s receipt of the items described above. If Buyer does not respond to Sellers’
request within such time period, then Buyer will be deemed to have disapproved such new lease or other occupancy agreement or amendment
to any existing Lease.

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(d)      Representations
and Warranties. Each party shall use reasonable efforts to prevent any act or omission that would render any of its representations
and warranties herein untrue or misleading, and shall promptly notify the other party in writing if such act or omission occurs.

(e)      Entry.
As of the Effective Date, during normal business hours prior to the Closing, and subject to the rights of tenants under the Leases,
Buyer and its agents, employees and contractors (collectively, “Permittees”) shall have reasonable access to
the Property and the right to interview tenants at agreed upon times for agreed upon purposes on at least forty-eight (48) hours
prior written notice to Sellers. Sellers shall have the right to have a representative present during any visits to or inspections
of the Property by Buyer or any Permittees. Buyer will conduct its Due Diligence Review in a manner which is not disruptive to
tenants or the normal operation of the Property. In the event Buyer desires to conduct any physically intrusive inspections, such
as sampling of soils, other media, building materials, or the like, Buyer will identify in writing exactly what procedures Buyer
desires to perform and request Sellers’ advance written consent, which consent may be withheld in Sellers’ reasonable
discretion. Buyer will: (a) maintain comprehensive general liability (occurrence) insurance (at least $2,000,000), and deliver
a certificate of insurance, which names the applicable Seller as an additional insured thereunder verifying such coverage to Sellers
promptly upon Sellers’ request; (b) promptly pay when due the costs of all entry and inspections and examinations done
with regard to the Property; and (c) to the extent damaged by Buyer or its Permittees, restore the Property and Improvements
to substantially the condition in which the same were found before any such entry upon the Property and inspection or examination
was undertaken.

In addition,
Buyer shall defend, indemnify and hold harmless Sellers from and against all losses, costs, damages, claims and liabilities arising
out of injury or death to persons, damage to the Property or mechanics' liens arising out of or in connection with Buyer's Due
Diligence Review, Buyer's breach of its obligations under this Section 15(e) or Buyer's or any Permittees entry upon the
Property unless arising from any pre-existing conditions on the Property or the negligence or willful misconduct of Sellers, Sellers’
managers, officers, partners, shareholders or members, as applicable. The provisions of this Section 15(e) shall survive
the earlier of the termination of this Agreement or Closing for a period of 6 months.

(f)      Applications.
Following the Effective Date, Sellers shall not make application to any governmental entity for any Approvals or any change in
the zoning, affecting the Real Property, except in each case with Buyer’s advance written consent.

15.      DAMAGE
TO PROPERTY; TAKING.

(a)      Taking.
If the Property or any part thereof is taken or is the subject of a notice of taking by eminent domain prior to the Closing Date,
Sellers shall promptly notify Buyer. Within ten (10) Business Days after such notice, Buyer shall give notice to Sellers (with
a copy to Escrow Holder) that it elects to (a) terminate this Agreement, in which event Escrow Holder shall, upon receipt of Buyer’s
Notice to terminate this Agreement, return the Deposit to Buyer and the parties shall have no further obligations hereunder, or
(b) proceed to Closing, in which event Sellers shall pay over and assign to Buyer all awards recovered or recoverable on account
of such taking, net of any reasonable costs incurred by Sellers in connection therewith. If Buyer elects to proceed under clause
(b) above, Sellers shall not compromise, settle, or adjust any claims to such awards without Buyer’s prior written consent.

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(b)      Damage.
Risk of loss up to and including the Closing Date shall be borne by Sellers except as expressly set forth herein. In the event
of any material damage to or destruction of the Property or any portion thereof, Buyer may, at its option, by notice to Sellers
(with a copy to Escrow Holder) given within ten (10) Business Days after Sellers notify Buyer in writing of such damage or destruction
(and if necessary the Closing Date shall be extended to give Buyer the full 10-day period to make such election): (i) terminate
this Agreement, in which event Escrow Holder shall, upon receipt of Buyer’s notice to terminate this Agreement, return the
Deposit to Buyer and the parties shall have no further obligations hereunder (except the indemnity obligations of each party, which
shall survive indefinitely and any other obligations set forth herein which expressly survive the termination of this Agreement),
or (ii) proceed under this Agreement with no adjustment of the Purchase Price, receive any insurance proceeds (including any
rent loss insurance applicable to any period on and after the Closing Date) due Sellers as a result of such damage or destruction
and assume responsibility for such repair, and Buyer shall receive a credit at Closing for any deductible amount under said insurance
policies and any uninsured or underinsured loss. If Buyer elects (ii) above, Sellers will cooperate with Buyer in obtaining the
insurance proceeds and such agreements from Sellers’ insurers. If the Property is not materially damaged, then the parties
shall proceed to Closing as provided in clause (ii) above. “Material damage” and “Materially damaged”
means damage (w) resulting in the Property not complying with all legal requirements applicable to the Property, (x) reasonably
exceeding $300,000 or (y) that entitles any tenant of the Property to terminate its Lease, or (z) which, in Buyer’s
or Sellers’ reasonable estimation, will take longer than 120 days to repair.

(c)      Waiver.
Failure of Buyer to timely provide a notice of election in accordance with this Section 15, shall be deemed an election
by Buyer to terminate this Agreement. Sellers and Buyer each hereby agree that the provisions of this Section 15 shall
govern the parties’ obligations in the event of any damage or destruction to the Property or the taking of all or any part
of the Real Property and expressly waive any provision of applicable law to the contrary.

16.      SURVIVAL.
All covenants, obligations, representations and warranties and indemnities by the respective parties contained herein are intended
to and shall remain true and correct as of the Closing, shall be deemed to be material, and shall, unless otherwise provided herein,
survive the recordation of the Deed for a period of nine (9) months (the “Survival Period”). Any covenants and
conditions herein that must be operative after recordation of the Deed to be effective shall be so operative and shall not be deemed
to have been merged in the Deed.

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17.      SUCCESSORS
AND ASSIGNS. The terms, covenants and conditions herein contained shall be binding upon and inure to the benefit
of the successors and assigns of the parties hereto. Sellers shall not have the right, power, or authority to assign, pledge or
mortgage this Agreement or any portion of this Agreement, or to delegate any duties or obligations arising under this Agreement,
voluntarily, involuntarily, or by operation of law. This Agreement and all rights of Buyer hereunder may be assigned or transferred
by Buyer to any one or more of its affiliates, in which event all instruments, documents and agreements required to be delivered
to the Buyer hereunder shall be delivered to, and run for the benefit of such entity, and such entity(ies) (rather than Buyer)
shall execute and deliver any instruments, documents or agreements required to be executed and delivered by Buyer hereunder; provided,
however, that in the event of any such assignment to an affiliate(s), the original Buyer hereunder shall remain fully liable and
responsible for the performance of Buyer’s obligations hereunder prior to Closing or if this Agreement terminates following
such termination.

18.      NO
THIRD PARTY BENEFITS. This Agreement is made for the sole benefit of the Buyer and Sellers and their respective
successors and assigns, and no other person shall have any right or remedy or other legal interest of any kind under or by reason
of this Agreement.

19.      COUNTERPARTS.
This Agreement may be executed in multiple counterparts and shall be valid and binding with the same force and effect as if all
parties had executed the same Agreement. The parties hereby agree that a PDF copy of each party's original signature to this Agreement
delivered by electronic mail shall be effective as such party's signature to this Agreement.

20.      ENTIRE
AGREEMENT; FURTHER ASSURANCES. This Agreement contains all of the covenants, conditions and agreements between the
parties and shall supersede all prior correspondence, agreements and understandings, both verbal and written. The parties intend
that this Agreement constitutes the complete and exclusive statement of its terms and that no extrinsic evidence may be introduced
in any proceeding involving this Agreement.

The parties each
agree to do, execute, acknowledge and deliver all such further acts, instruments and assurances and to take all such further action
before or after the Closing as shall be necessary or desirable to fully carry out this Agreement and to fully consummate and effect
the transactions contemplated hereby.

21.      ATTORNEYS’
FEES. In the event of any litigation regarding the rights and obligations under this Agreement, the prevailing party
shall be entitled to reasonable attorneys’ fees and court costs, and the right to such fees and costs shall not be limited
by the provisions of Section 11. As used herein, the term "prevailing party" shall mean the party that
has succeeded upon a significant issue in the litigation and achieved a benefit with respect to the claims at issue, taken as a
whole, whether or not damages are actually awarded to such party.

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22.      NOTICES.
All notices required or permitted to be given pursuant to the terms hereof shall be in writing and shall be delivered to the applicable
addresses set forth in Section 1 of this Agreement either by (a) certified mail, return receipt requested, in which case
notice shall be deemed delivered three (3) Business Days after deposit, postage prepaid in the U.S. mail, (b) a nationally recognized
and reputable messenger service or overnight courier, in which case notice shall be deemed delivered one (1) Business Day after
deposit with such messenger or courier on or prior to 5:00 p.m., Eastern (if deposited after such time, notice shall be deemed
given upon receipt of the notice by the addressee), (c) electronic mail, in which case notice shall be deemed delivered as of the
date and time of entrance of such electronic mail into the information processing system designated by the recipient’s electronic
mail address or (d) personal delivery with receipt acknowledged in writing, in which case notice shall be deemed delivered when
received. The notice address for any party may be changed by written notice to the other party as provided herein.

23.      CONSTRUCTION
OF AGREEMENT. In construing this Agreement, all headings and titles are for the convenience of the parties only
and shall not be considered a part of this Agreement. Whenever required by the context, the singular shall include the plural and
the masculine shall include the feminine and vice versa. This Agreement shall not be construed as if prepared by one of the parties,
but rather according to its fair meaning as a whole, as if both parties had prepared it. All Exhibits attached hereto are incorporated
in this Agreement by reference thereto.

24.      TIME.
Time is of the essence of every provision herein contained. Whenever the date or deadline for any action to be taken is not a Business
Day, the relevant date or deadline shall be the next Business Day.

25.      APPLICABLE
LAW. This Agreement shall be governed by the internal laws of the state in which the Real Property is located.

26.      NO
ORAL MODIFICATION OR WAIVER. This Agreement may not be changed or amended orally, but only by an agreement in writing.
No waiver shall be effective hereunder unless given in writing, and waiver shall not be inferred from any conduct of either party.

27.      MARKETING
OF PROPERTY. Unless and until this Agreement is duly terminated pursuant to the terms hereof, Sellers shall not
enter into any binding agreements with any party other than Buyer relating to the sale, transfer or other disposition of the Property
or any portion thereof.

28.      BROKERAGE
COMMISSION. Buyer and Sellers each represents and warrants to the other that it has not dealt with any third party
(other than Broker) in a manner which would obligate the other to pay any brokerage commission, finder’s fee or other compensation
due or payable with respect to the transaction contemplated hereby other than a commission to be paid to Broker pursuant to a separate
agreement, which shall be paid by Sellers only upon the Closing of the purchase and sale contemplated hereby. Buyer shall indemnify,
defend, and hold Sellers harmless from and against any losses, damages, costs and expenses (including, but not limited to, reasonable
attorneys’ fees and costs) incurred by Sellers by reason of any actual or alleged breach or inaccuracy of the Buyer’s
representations and warranties contained in this Section 28. Sellers shall indemnify, defend, and hold Buyer harmless
from and against any losses, damages, costs and expenses (including, but not limited to, reasonable attorneys’ fees and costs)
incurred by Buyer by reason of any actual or alleged breach or inaccuracy of any Seller’s representations and warranties
contained in this Section 28. The provisions of this Section 28 shall survive the Closing.

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29.      INDEMNITY.
Sellers hereby agree to indemnify Buyer and its successors, assigns, and the affiliates, directors, officers, employees and partners
of any of them, and hold each of them harmless from any and all claims, liabilities, damages, and penalties and any and all loss,
cost, or expense incurred by Buyer incident to, resulting from, or in any way arising out of any tort claim or breach of contract
claim or other claim for money due and owing in connection with the ownership or operation of the Property but only to the extent
that such claim arises from circumstances, acts or omissions which occurred prior to the Closing and not caused by Buyer or its
agents. The indemnity set forth herein shall be deemed to be material and shall survive the delivery of the Deed and transfer of
title for the survival period specified in Section 16 hereof.

30.      RECORDATION
NOT PERMITTED. In no event shall this Agreement or any memorandum hereof be recorded in the official or public records
where the Property is located, and any such recordation or attempted recordation shall constitute a default under this Agreement
by the party responsible for such recordation or attempted recordation.

31.      CONFIDENTIALITY.
The parties acknowledge that the terms of this Agreement and the transaction described herein are of a confidential nature and
shall not be disclosed except (a) to Buyer’s or Seller’s respective affiliates, officers, directors, principals, members,
employees, agents, attorneys, partners, accountants, lenders, agents, advisors; (b) underwriters, lenders and other sources of
financing and their agents; and (c) to the United States Securities and Exchange Commission (the “SEC”) in connection
with any of Buyer’s requirements under federal securities law or regulations, including but not limited to a Form S-11 registration,
or any similar or related filing made by Buyer or (c) as otherwise required by law (including SEC regulations and NYSE requirements)
((a), (b) and (c) together, collectively, the “Permitted Outside Parties”). In connection with the negotiation
of this Agreement and the preparation for the consummation of the transactions contemplated hereby, each party acknowledges that
it will have access to confidential information relating to the other party. Each party shall treat such information as confidential,
preserve the confidentiality thereof, and not duplicate or use such information, except to Permitted Outside Parties. Except as
required by applicable law, neither party shall issue any press release or make any statement to the media without the other party’s
consent, which consent shall not be unreasonably withheld or delayed. The provisions of this Section shall survive any termination
of this Agreement.

32.      INFORMATION
AND AUDIT COOPERATION. Sellers shall, at Buyer’s expense, reasonably cooperate with Buyer, Buyer’s designated
representative and/or Buyer’s independent auditor and provide each access to the books and records of the Property and all
related information regarding the Property, including, without limitation, three (3) calendar years of audited books and records
of the Property that qualify, comply with, and can be used in a public offering. Should three (3) calendar years of audited books
and records not be available, then Sellers shall supply as many years of audited books and records that exist, but in no event
shall Sellers provide less than one (1) year of audited books and records. If audited financial statements are not available, Sellers
shall provide un-audited operating statements in lieu of audited ones and provide supporting documentation as requested in order
for Buyer to conduct its own audit. At Closing, Sellers shall provide to Buyer a representation letter regarding the books and
records of the Property, in substantially the form of Exhibit I attached hereto (a “Audit Letter”), in
connection with auditing the Property in accordance with generally accepted auditing standards. At Buyer’s request, at any
time within one (1) year after the Closing, Sellers shall

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provide Buyer with
such additional books, records, representation letters and such other matters reasonably determined by Buyer as necessary to satisfy
its or its affiliated parties' obligations as a real estate investment trust and/or the requirements (including, without limitations,
any regulations) of the Securities and Exchange Commission. Notwithstanding the foregoing, in the event that Buyer requests that
Sellers provide a Audit Letter, Buyer agrees to indemnify, defend and hold harmless Sellers and their affiliates from and
against all claims, losses, or liabilities arising out of any error or omission, but excluding any intentional misrepresentation,
made by either Seller in such Audit Letter. The provisions of this Section 32 shall survive the Closing.

33.      SUBORDINATION
AGREEMENTS. Sellers shall cooperate with Buyer in delivering subordination agreements in a form requested by Buyer’s
lender for each Lease to the tenants of the Property. After such delivery to the tenants, Sellers shall use commercially reasonable
efforts to assist Buyer in obtaining executed subordination agreements for each Lease prior to Closing.

34.      JOINT
AND SEVERAL LIABILITY OF SELLERS. Each Seller shall be jointly and severally liable for the rights, covenants, obligations,
warranties and representations of each other Seller as contained herein and the actions of any person (including another Seller)
or third party shall in no way affect such joint and several liability.

35.      WAIVER
OF JURY TRIAL. TO THE EXTENT PERMITTED BY LAW, SELLERS AND BUYER HEREBY EXPRESSLY WAIVE THEIR RIGHT TO A TRIAL BY JURY
OF ANY CLAIM (I) ARISING UNDER ANY OF THE DOCUMENTS TO BE EXECUTED AND DELIVERED AT CLOSING, OR (II) CONNECTED WITH OR RELATED
TO THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT, WHETHER NOW EXISTING OR HEREAFTER ARISING. SELLERS OR BUYER MAY FILE AN ORIGINAL
OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE FOREGOING WAIVER.

36.      NON-WAIVER.
No waiver of any provision of this Agreement shall be deemed to have been made unless it is expressed in writing and signed by
the party charged with making the waiver. No delay or omission in the exercise of any right or remedy accruing upon a breach of
this Agreement shall impair such right or remedy or be construed as a waiver of such breach. The waiver of any breach of this Agreement
shall not be deemed to be a waiver of any other breach hereof.

 

 

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IN WITNESS WHEREOF,
the parties hereto have executed one or more copies of this Agreement as a sealed instrument the day and year first above written.

 

	SELLERS:	REW, L.L.C., an Indiana limited liability company 
	 	 
	 	By: /s/ Robert E. Wozny            
	 	Name:  Robert E. Wozny
	 	Title:  Managing Member
	 	 
	 	 
	 	W Partners, LLC, an Indiana limited liability company
	 	 
	 	 
	 	By: /s/ Robert E. Wozny           
	 	Name:  Robert E. Wozny
	 	Title:  Managing Member
	 	 
	BUYER:	PLYMOUTH INDUSTRIAL REIT, INC., a Maryland corporation.
	 	 
	 	 
	 	By: /s/ Pendleton P. White, Jr.           
	 	Name:  Pendleton P. White, Jr.
	 	Title: President

 

 

 

 

 

[Signature Page to Purchase and Sale Agreement
and Escrow Instructions]

    	 

    	 

    

The undersigned Escrow Holder hereby joins
in to this Agreement to acknowledge its consent to the terms and provisions of this Agreement.

 

MERIDIAN TITLE CORPORATION, Escrow
Holder

 

By:       /s/
Mark Myers         

Name:  Mark Myers

Title:    President

Date:    October
2, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Escrow Holder Signature Page to Purchase
and Sale Agreement and Escrow Instructions]

    	 

    	 

    

 

EXHIBIT A-1

LEGAL DESCRIPTION
OF THE WEST CLEVELAND PARCEL

 

Lot Numbered One (1) as shown on the recorded
Plat of Crossroads Industrial Complex Brick Road Minor Subdivision recorded April 14, 1999 as Document Number 9916679 and re-recorded
July 2, 1999 as Document Number 9930735 in the Office of the Recorder of St. Joseph County, Indiana

 

Address: 5681 Cleveland Road, South Bend, Indiana

 

 

 

    	A-1

    	 

    

EXHIBIT A-2

 

LEGAL DESCRIPTION
OF THE WEST BRICK 1 PARCEL

 

Lot Numbered Four (4) as shown on the recorded
Plat of Crossroads Industrial Complex Phase II, Section 1, recorded December 6, 1991 as Document Number 9135181 and re-recorded
January 20, 1992 as Document Number 9201847 on the Office of the Recorder of St. Joseph County, Indiana.

 

Address: 5502 W. Brick Road

 

 

 

 

 

    	A-2

    	 

    

EXHIBIT A-3

 

LEGAL DESCRIPTION
OF THE NORTH MAYFLOWER PARCEL

 

Lot Numbered Three AA (3AA) as shown on the
recorded Plat of Corporate Services 2nd Replat, recorded June 2, 2011 as Instrument Number 1114343 in the Office of the Recorder
of Saint Joseph County, Indiana

 

Address: 4491 Mayflower Road, South Bend, Indiana

 

 

 

 

    	A-3

    	 

    

EXHIBIT A-4

 

LEGAL DESCRIPTION
OF THE WEST CARBONMILL PARCEL

 

Lot Numbered One (1) as shown on the recorded
Plat of U.S. 31 INDUSTRIAL PARK, PHASE II, recorded October 9, 2001 as Document Number 0150153 in the Office of the Recorder of
St. Joseph County, Indiana

 

Address: 5855 Carbonmill Drive, South Bend,
Indiana

 

 

 

    	A-4

    	 

    

EXHIBIT A-5

 

LEGAL DESCRIPTION
OF THE AMERITECH PARCEL

 

Lot Numbered Nine B (9B)and Thirteen B (13B)
of U.S. 31 Industrial Park, Sections Two & Four, Second Replat recorded March 21, 2003 as Document Number 0317057 in the Office
of the Recorder of St. Joseph County, Indiana.

 

Excepting therefrom the following: The East
60 feet of Lot 13B of the U.S. Industrial Park, Sections Two (2) and Four (4), Second Replat, as recorded under Instrument No.
0317057 In the Office of the Recorder of St. Joseph County, Indiana.

 

Address: 4955 Ameritech Drive, South Bend,
Indiana

 

 

    	A-5

    	 

    

EXHIBIT B

DOCUMENTS

		1.	Operating Statements. Operating statements of the Property for the 3 years preceding the
date of this Agreement and the current year-to-date (“Operating Statements”). Copies of all of Sellers’
books and records with respect to the Property.

		2.	Management and/or Leasing Agreements. Copies of any management and/or leasing agreements
under which the Property is managed and/or leased.

		3.	Tax Statements. Copies or a summary of ad valorem tax statements for the current or most
recently available tax period and for the prior 36 months including the Property’s tax identification number(s); and latest
value renditions.

		4.	Insurance. Copies of Sellers’ certificates of insurance for the Property, all insurance
policies, a loss history, a list of any current claims relating to the Property, and any notices received by Seller from insurance
carriers within the last 12 months.

		5.	Budget. If applicable, Sellers’ most recent budget(s) for the Property, including
the forthcoming year.

		6.	Service Contracts. A list together with copies of all management, leasing, security, maintenance,
service, supply, equipment rental and other contracts related to the operation of the Property (“Service Contracts”).

		7.	Proceedings. Copies of any documents or materials relating to any current litigation, investigation,
condemnation, or other proceeding pending or threatened against Sellers or affecting the Property.

		8.	Tangible Personal Property. A current inventory of all tangible personal property and fixtures
owned by Sellers (if any).

		9.	Maintenance Records. All maintenance work orders for the prior 12 months.

		10.	List of Capital Improvements. A list of all capital improvements performed on the Property
within the prior 24 months.

		11.	Reports. Any environmental, geotechnical, soil, engineering and drainage reports, assessments,
audits and surveys.

		12.	As-Built Survey; Title Policy. All existing as-built surveys of the Property; and all existing
title policies related to the Property.

		13.	Site Plans. All site plans relating to the Property.

    	B-1

    	 

    

 

		14.	As-Built Plans and Specifications. All as-built construction, architectural, mechanical,
electrical, plumbing, landscaping and grading plans and specifications relating to the Property.

		15.	Permits and Warranties. Copies of all warranties and guaranties (including without limitation
any roof warranty), permits, certificates of occupancy, licenses and other approvals related to the Property, including, without
limitation, all licenses, permits and approvals held by Seller and/or tenants in connection with the storage, handling and distribution
pharmaceutical drugs and samples, controlled substances and other substances and materials.

		16.	Financial Statements. Copies of financial statements reflecting the operation of the Property
for the prior 2 calendar years, including statements of cash flow and year-end balance sheets, and statements of income, expense,
accounts payable and accounts receivable for each such year, each prepared in accordance with generally accepted accounting principles
consistently applied, and fairly presenting the financial position of Seller with respect to the Property at the end of each such
year and the results of the operations thereof for such year.

		17.	Leases. Copies of all Leases and any amendments thereto.

		18.	Commission Schedule and Agreements. A schedule (“Commission Schedule”)
and copies of all commission agreements related to the Leases or the Property.

		19.	Financial Statements for Tenant. Copies of financial statements for Corporate Services,
Inc. and any of its affiliates that are tenants or guarantors for the prior year.

 

    	B-2

    	 

    

EXHIBIT C

FORM
OF TENANT ESTOPPEL CERTIFICATE

___________, 2014

The undersigned (“Tenant”),
hereby states, certifies and affirms the following with respect to the possible sale of the Property (as defined below) to _________________,
a __________________, and its successors and assigns (the “Buyer”), with the knowledge and intent that the Buyer shall
rely hereon:

1.      The Tenant, as the tenant, and
____________ (“Landlord”), as the landlord, are parties to that certain lease dated ________________ __, ____ (“Original
Lease”), whereby the Tenant leased approximately ________ square feet of space (the “Leased Premises”) in a portion
of the Property known as ___________________________________, and more particularly described in the Original Lease (the “Property”).

2.      The Original Lease has not been
amended or modified in any respect whatsoever except for the amendments or modifications listed on Exhibit A attached hereto,
if any (collectively with the Original Lease, hereinafter referred to as the “Lease”) and constitutes the complete
agreement between the Landlord and the Tenant with respect to the Leased Premises.

3.      The minimum rent currently payable
under the Lease is in the amount of $___________ per month which has been paid through ___________, 2014; and except for the current
month, no rent has been paid in advance. Excluding electricity charges, Tenant’s pro rata share of operating expenses, real
estate taxes and other “pass-through” charges [in excess for the amount of such charges during the base year] is
__________% and is currently paying $______ per month in additional rent for estimated “pass through” charges.

4.      Tenant has no current known claims,
counterclaims, defenses or setoffs against Landlord or to the payment of rent or other charges arising from the Lease or otherwise,
nor is Tenant entitled to any tenant improvement allowance or other concession payment from Landlord or any free rent for any period
after the date of this certification except as follows: (state none, if applicable) _______________.

5.      The Tenant has accepted and is
in possession of the Leased Premises. All improvements, alterations and space required to be furnished by Landlord pursuant to
the Lease have been completed, all sums required to be paid by Landlord to Tenant in connection with the improvements (including,
without limitation, any tenant allowance or rebate) have been paid in full, and all other conditions precedent to the commencement
of the term of the Lease have been satisfied.

The term of the Lease commenced on _____________,
____, and the current term is scheduled to expire on _____________, 20__. Except as set forth in the Lease, the Tenant does not
have (i) a right to renew the Lease, or (ii) any option to expand the Leased Premises. Tenant has no right or option to purchase
any part of the Leased Premises or the Property.

    	C-1

    	 

    

 

6.      To Tenant’s knowledge, there
is no event of default nor any fact or circumstance that, with the giving of notice or the passage of time or both, would constitute
an event of default under the Lease by Landlord or Tenant.

7.      Tenant has paid to Landlord, and
Landlord is holding on behalf of Tenant, a security deposit in the amount of $__________________ and in the form of ____________.

8.      No actions, whether voluntary
or otherwise, are pending against Tenant under the bankruptcy laws of the United States or any state thereof.

9.      The address of Tenant for receipt
of notices is as set forth in the Lease.

10.      Neither the Lease nor the Leased
Premises have been sublet, assigned, mortgaged or encumbered (in whole or in part), except as follows: (state none, if applicable)
____________.

11.      To Tenant’s actual knowledge,
Tenant has not generated, used, stored, spilled, or disposed of, or released any Hazardous Substances at, on or in the Leased Premises
in violation of any applicable law or which requires a cleanup or remediation or reporting to a governmental body under any applicable
law. “Hazardous Substances” shall not include those materials that are technically within the definition provided for
in the Lease but that are contained in prepackaged office supplies, cleaning materials, or personal grooming items or other items
that are sold for consumer or commercial use and typically used in other similar buildings or space.

12.      This certification shall be binding
upon Tenant and shall inure to the benefit of Landlord, Buyer and any lender (“Lender”) to Buyer (or to Buyer’s
owners), each of the respective successors and assigns of Landlord, Buyer and Lender, and all parties claiming through or under
such persons or any such successor or assign; and Tenant acknowledges that Buyer is purchasing the Property in reliance on this
certification.

IN WITNESS WHEREOF,
the undersigned has caused this Certificate to be duly executed as of the ___ day of ____________, 2014.

TENANT:

______________________, a ____________

 

 

By: __________________________

Name:

Title:

[Guarantor statement on following page]

    	C-2

    	 

    

 

Guarantor hereby
expressly ratifies and confirms its obligations under that certain [insert name of guaranty document] dated ____________ __, ________,
as guarantor of the Lease.

GUARANTOR:

______________________, a(n) ____________

 

 

By: __________________________

Name:

Title:

    	C-3

    	 

    

 

EXHIBIT A TO TENANT ESTOPPEL

[LIST OF AMENDMENTS AND MODIFICATIONS]

    	C-4

    	 

    

EXHIBIT D

FORM OF SPECIAL WARRANTY DEED

 

 

 

 

 

 

 

 

 

 

 

 

Tax ID Number(s):

[_______________]

 

SPECIAL WARRANTY DEED

 

THIS INDENTURE WITNESSETH THAT 

 

[W Partners, LLC and/or REW, L.L.C. (as applicable]
(“Grantor”)

 

CONVEYS AND WARRANT(S) TO

 

[_______________________] (“Grantee”),
for Ten Dollars and other valuable consideration the receipt whereof is hereby acknowledged, the following described REAL ESTATE
in Saint Joseph County, in the State of Indiana, to wit:

 

SEE ATTACHED EXHIBIT “A”

 

Subject to Real Estate taxes now due and payable
and thereafter.

 

Subject to covenants, restrictions and easements
of record.

 

It is understood and agreed by the parties hereto
that the title to the real estate herein conveyed is warranted only insofar as it might be affected by any act of the Grantor during
the Grantor’s ownership thereof and not otherwise.

 

The undersigned person executing this deed on
behalf of Grantor represents and certifies that he/she is the duly named __________ of Grantor and has been fully empowered, by
proper resolution of the Grantor, to execute and deliver this deed; that Grantor has full capacity to convey the real estate described
herein; and that all necessary company action for the making of such conveyance has been taken and done.

 

    	D-1

    	 

    

 

[W PARTNERS, LLC AND/OR REW,

L.L.C. (AS APPLICABLE]

 

 

_________________________________

By:______________________________

Title:_____________________________

 

State of _____________________________, County
of _______________________ ss:

 

Before me, the undersigned, a Notary Public in
and for said County and State, personally appeared ________________________________, ___________________________ of [_____________________________],
who acknowledged the execution of the foregoing Deed and who, having been duly sworn, stated that the representations therein contained
are true.

 

WITNESS, my hand and Seal this _______ day of
__________________, _______.

 

	My Commission Expires:________	
        _______________________________________

        Signature of Notary Public

         

	
        _______________________________________

        Printed Name of Notary Public

         

         
	 
	
        _______________________________________

        Notary Public County and State of Residence

         

         
	 
	
        This instrument was prepared by:

         

        [__________________________________]

         

         
	 
	
        Property Address:

         

         

        [______________________________________]

        [______________________________________]
	
        Grantee’s Address and Mail Tax Statements
        to:

         

        _______________________________________

         

        _______________________________________

         

	 	 

 

I affirm, under the penalties for perjury, that
I have taken reasonable care to redact each social security number in this document, unless required by law.

 

 

	 	 	 	 
	Signature	 	Printed Name	 

 

    	D-2

    	 

    

 

EXHIBIT A TO SPECIAL WARRANTY DEED

 

 

 

[_________________________________]

 

 

 

 

 

 

 

 

 

 

    	D-3

    	 

    

EXHIBIT E

FORM
OF BILL OF SALE AND ASSIGNMENT

FOR VALUABLE CONSIDERATION,
the receipt and sufficiency of which are hereby acknowledged, effective as of the Closing Date, [________________], a [________________]
limited liability company (“Seller”), does hereby bargain, sell, grant, assign, transfer, set over and
deliver unto [________________________], a [________________________] (“Buyer”), all of Seller’s
right, title and interest in and to all of the Personal Property and the Intangible Property. Seller warrants and represents that
it has good title to the property conveyed hereby, and it has not been pledged, transferred or assigned to any other person, and
Seller is duly authorized to sell and convey the property to Buyer.

Seller shall, at
any time and from time to time, upon the request of Buyer, execute, acknowledge and deliver all such further acts, deeds, assignments,
transfers, conveyances and assurances, and take all such further actions, as shall be necessary or desirable to give effect to
the transactions hereby consummated and to collect and reduce to the possession of Buyer any and all of the interests and assets
hereby transferred to Buyer.

SELLER MAKES NO REPRESENTATIONS
OR WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE PERSONAL PROPERTY AND THE INTANGIBLE PROPERTY, INCLUDING, WITHOUT LIMITATION,
THE HABITABILITY, CONDITION OR FITNESS THEREOF FOR ANY PARTICULAR USE OR PURPOSE. BUYER AGREES THAT THE PERSONAL PROPERTY
AND INTANGIBLE PROPERTY ARE CONVEYED BY SELLER AND ACCEPTED BY BUYER IN AN "AS IS, WHERE IS" CONDITION,
AND SELLER SPECIFICALLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR OF FITNESS FOR A PARTICULAR PURPOSE.

 

As used herein,
all initially capitalized terms not defined herein shall have the meanings assigned to such terms in that certain Purchase and
Sale Agreement and Escrow Instructions dated as of _______________ __, 2014 between Buyer and Seller (the “Purchase Agreement”).

IN WITNESS WHEREOF,
Seller has executed this Bill of Sale and Assignment as of Closing Date.

[________________________],
a [________________________]

 

 

 

By:__________________________________________

Name: _______________________________________

Title: ________________________________________

 

    	E-1

    	 

    

EXHIBIT F

FORM
OF ASSIGNMENT AND ASSUMPTION OF LEASES

FOR VALUABLE CONSIDERATION,
the receipt and sufficiency of which are hereby acknowledged, effective as of the Closing Date (as hereinafter defined), [________________________],
a [________________________] (“Assignor”), does hereby assign, sell, transfer, set over and deliver to
___________ (“Assignee”), all of the landlord’s right, title and interest in and to the leases and/or
licenses more particularly described on Exhibit A attached hereto and incorporated herein, all of which are in full force
and effect (the “Leases”), together with all guaranties of the Leases and all unapplied security deposits, prepaid
rentals, unapplied cleaning fees and other unapplied deposits paid or deposited by any tenant thereunder to Assignor, as landlord,
or any other person on Assignor’s behalf pursuant to the Leases (together with any interest which has accrued for the account
of the respective tenant). The Leases affect the real property described on Exhibit B attached hereto and made a part hereof
(the “Real Property”).

Assignee hereby
accepts the foregoing assignment and assumes and agrees to perform and observe all of the obligations, covenants, terms and conditions
to be performed or observed by Assignor under the Leases arising from and after the Closing Date.

Assignor hereby
acknowledges that Assignor has retained, and Assignee shall not assume or be responsible for, any of the obligations, covenants,
terms and conditions of the Leases, with respect to obligations to be performed or observed by the landlord thereunder arising
at any time prior to the Closing Date or rights accruing to landlord prior to the Closing Date.

Assignee hereby
acknowledges that Assignee has assumed, and Assignor shall not be responsible for, any of the obligations, covenants, terms and
conditions of the Leases, with respect to obligations to be performed or observed by the landlord thereunder arising at any time
after to the Closing Date or rights accruing to landlord after the Closing Date.

Assignor hereby
agrees to protect, defend, indemnify Assignee and its successors, assigns, affiliates, directors, officers, employees and partners
of any of them, and hold each of them harmless from any and all claims, liabilities, damages, and penalties and any and all loss,
cost, or expense (including, without limitation, reasonable attorneys’ fees and costs and court costs) incurred by Assignee
incident to, resulting from, or in any way arising out of any failure by Assignor to perform and observe the obligations, covenants,
terms and conditions retained by Assignor hereunder. Assignee hereby agrees to protect, defend, indemnify Assignor and its successors,
assigns, affiliates, directors, officers, employees and partners of any of them and hold each of them harmless from any and all
claims, liabilities, damages, and penalties and any and all loss, costs, or expense (including, without limitation, reasonable
attorneys’ fees and costs and court costs) incurred by the Assignor incident to, resulting from, or in any way arising out
of any failure by Assignee to perform and observe the obligations, covenants, terms and conditions assumed by Assignee hereunder;
provided, however, that to the extent Assignor has delivered tenant security deposits to Assignee and complied with applicable
law, Assignor shall have no further liability for the return of such delivered tenant security deposits. Each of the parties hereto
further agrees, upon notice from the other, to contest any demand, claim, suit, or action against which each party has hereinabove
agreed to indemnify and hold the other and all such other parties harmless, and to defend any action that may be brought in connection
with any such demand, claim, suit, or action, or with respect to which each party has hereinabove agreed to hold the other and
all such other parties harmless, and to bear all costs and expenses of such contest and defense. The indemnities set forth herein
shall be deemed to be material and shall survive the Closing Date.

    	F-1

    	 

    

 

Assignor and Assignee
shall, at any time and from time to time, upon the reasonable request of the other, execute, acknowledge and deliver all such further
acts, deeds, assignments, transfers, conveyances, powers of attorney and assurances, and take all such further actions, as shall
be necessary or desirable to give effect to the transactions hereby consummated and to collect and reduce to the possession of
Assignee any and all of the interests and assets hereby transferred to Assignee.

As used herein,
“Closing Date” shall have the meaning assigned to that term in that certain Purchase and Sale Agreement and
Escrow Instructions dated as of _____________ __, 2014 between Assignor and Assignee.

This Assignment
and Assumption of Leases may be executed in counterparts with the same effect as if all parties hereto had executed the same document.
All counterparts shall be construed together and shall constitute a single Assignment and Assumption of Leases.

    	F-2

    	 

    

IN WITNESS WHEREOF,
this Assignment and Assumption of Leases has been executed by Assignor and Assignee and is effective as of the Closing Date.

ASSIGNOR:

[________________________],
a

[________________________]

 

 

 

By:__________________________________________

Name: _______________________________________

Title: ________________________________________

ASSIGNEE:

__________________________ LLC,

a Delaware limited
liability company

By: ______________________________________

______________________________________

______________________________________

 

    	F-3

    	 

    

Exhibit A to Assignment and Assumption
of Leases

Leases

    	F-4

    	 

    

Exhibit B to Assignment and Assumption
of Leases

Legal Description

 

 

    	F-5

    	 

    

EXHIBIT G

FORM
OF ASSIGNMENT AND ASSUMPTION OF CONTRACTS

FOR VALUABLE CONSIDERATION,
the receipt and sufficiency of which are hereby acknowledged, effective as of the Closing Date (as hereinafter defined), [________________________],
a [________________________] (“Assignor”), does hereby assign, sell, transfer, set over and deliver to
_____________________________, LLC, a [________________________] (“Assignee”), all of Assignor’s
right, title and interest in and to the contracts described on Exhibit A attached hereto and made a part hereof (the “Approved
Contracts”).

Assignee hereby
accepts the foregoing assignment and assumes and agrees to perform and observe all of the obligations, covenants, terms and conditions
to be performed or observed by Assignor under the Approved Contracts arising from and after the Closing Date.

Assignor hereby
acknowledges that Assignor has retained and Assignee shall not assume or be responsible for any of the obligations, covenants,
terms and conditions of the Approved Contracts to be performed or observed by Assignor thereunder arising at any time prior to
the Closing Date.

Assignee hereby
acknowledges that Assignee has assumed and Assignor shall not retain or be responsible for any of the obligations, covenants, terms
and conditions of the Approved Contracts to be performed or observed by Assignee thereunder arising at any time after the Closing
Date.

Assignor hereby
agrees to protect, defend, indemnify Assignee and its successors, assigns, affiliates, directors, officers, employees and partners
of any of them, and hold each of them harmless from any and all claims, liabilities, damages, and penalties and any and all loss,
cost or expense (including, without limitation, reasonable attorneys’ fees and court costs) incurred by Assignee incident
to, resulting from, or in any way arising out of any failure by Assignor to perform and observe the obligations, covenants, terms
and conditions retained by Assignor hereunder. Assignee hereby agrees to protect, defend, indemnify Assignor and its successors,
assigns, affiliates, directors, officers, employees and partners of any of them and hold each of them harmless from any and all
claims, liabilities, damages, and penalties and any and all loss, costs, or expense (including, without limitation, reasonable
attorneys’ fees and court costs) incurred by the Assignor incident to, resulting from, or in any way arising out of any failure
by Assignee to perform and observe the obligations, covenants, terms and conditions assumed by Assignee hereunder. Each of the
parties hereto further agrees, upon notice from the other, to contest any demand, claim, suit, or action against which each party
has hereinabove agreed to indemnify and hold the other and all such other parties harmless, and to defend any action that may be
brought in connection with any such demand, claim, suit, or action, or with respect to which each party has hereinabove agreed
to hold the other and all such other parties harmless, and to bear all costs and expenses of such contest and defense. The indemnities
set forth herein shall be deemed to be material and shall survive the Closing Date.

    	G-1

    	 

    

 

Assignor shall,
at any time and from time to time, upon the reasonable request of Assignee, execute, acknowledge and deliver all such further acts,
deeds, assignments, transfers, conveyances, powers of attorney and assurances, and take all such further actions, as shall be reasonably
necessary to give effect to the transactions hereby consummated and to collect and reduce to the possession of Assignee any and
all of the interests and assets hereby transferred to Assignee.

As used herein,
“Closing Date” shall have the meaning assigned to that term in that certain Purchase and Sale Agreement and Escrow
Instructions dated as of ________________________ __, 2014 between Assignor, Assignee and the other parties named therein.

This Assignment
and Assumption of Contracts may be executed in counterparts with the same effect as if all parties hereto had executed the same
document. All counterparts shall be construed together and shall constitute a single Assignment and Assumption of Contracts.

    	G-2

    	 

    

IN WITNESS WHEREOF,
this Assignment and Assumption of Contracts has been executed by Assignor and Assignee and is effective as of the Closing Date.

ASSIGNOR

[________________________], 
a

[________________________]

 

 

 

By: __________________________________________

Name:________________________________________

Title:_________________________________________

 

 

ASSIGNEE:

__________________________ LLC,

a Delaware limited
liability company

By: ______________________________________

______________________________________

______________________________________

 

    	G-3

    	 

    

Exhibit A to Assignment and Assumption of Contracts

 

Approved Contracts

    	G-4

    	 

    

EXHIBIT H

FORM
OF SELLER’S FIRPTA CERTIFICATE

 

To inform [___________________________]
(the “Transferee”) that withholding of tax under Section 1445 of the Internal Revenue Code of 1986, as amended
(“Code”) will not be required by [________________________], a [________________________] (the
“Transferor”), the undersigned hereby certifies the following on behalf of the Transferor:

1.      The Transferor
is not a foreign corporation, foreign partnership, foreign trust, foreign estate or foreign person (as those terms are defined
in the Code and the Income Tax Regulations promulgated thereunder);

2.      The Transferor
is not a disregarded entity as defined in Section 1.1445-2(b)(2)(iii);

3.      The Transferor’s
U.S. employer or tax (social security) identification number is __________________; and

4.      The Transferor’s
address is [____________________________].

The Transferor understands
that this Certification may be disclosed to the Internal Revenue Service by the Transferee and that any false statement contained
herein could be punished by fine, imprisonment, or both.

Under penalty of perjury
I declare that I have examined this Certification and to the best of my knowledge and belief it is true, correct and complete,
and I further declare that I have authority to sign this document on behalf of the Transferor.

	Dated:  _______________, 2014	
        [________________________], a

        [________________________]

         

         

         

        By:____________________________________

        Name:__________________________________

        Title:___________________________________

         

         

	 	 

 

    	H-1

    	 

    

EXHIBIT I

FORM
OF AUDIT LETTER

Marcum LLP

117 Kendrick Street, Suite 800

Needham, MA 02494

[Current Date]

Ladies and Gentlemen:

We are
providing this letter in connection with your audit of the Statement of Revenue over Certain Operating Expenses (“Statement”)
of [________________________] (the “Property”) for the [year/month/quarter
ended ______________, 201__] for the purpose of expressing an opinion as to whether the Statement presents fairly, in all material
respects, the revenue and certain operating expenses in conformity with the accrual method of accounting. 

Certain representations in this letter
are described as being limited to matters that are material. Items are considered material, regardless of size, if they involve
an omission or misstatement of accounting information that, in the light of surrounding circumstances, makes it probable that the
judgment of a reasonable person relying on the information would be changed or influenced by the omission or misstatement.

We confirm, to the best of our knowledge
and belief, the following representations made to you during your audit:

		1.	We have made available to you all financial records and related data.

		2.	There are no:

		a.	Violations or possible violations of laws or regulations, whose effects should be considered for disclosure
in the Statement or as a basis for recording a loss contingency.

		b.	Unasserted claims or assessments that our lawyers have advised us are probable of assertion and must
be disclosed in accordance with FASB Accounting Standards Codification (ASC) 450, Contingencies.

		c.	Other liabilities or gain or loss contingencies that are required to be accrued or disclosed by FASB
ASC 450, Contingencies.

		d.	Material transactions that have not been properly recorded in the accounting records underlying the
Statement.

		e.	Events that have occurred subsequent to the Statement date and through the date of this letter that
would require adjustment to or disclosure in the Statement.

    	I-1

    	 

    

 

		3.	We acknowledge our responsibility for the design and implementation of programs and controls to prevent,
deter and detect fraud. We understand that the term “fraud” includes misstatements arising from fraudulent financial
reporting and misstatements arising from misappropriation of assets.

		4.	We have no knowledge of any fraud or suspected fraud affecting the entity involving:

		a.	Management,

		b.	Employees who have significant roles in internal control over financial reporting, or

		c.	Others where the fraud could have a material effect on the Statement.

		5.	We have no knowledge of any allegations of fraud or suspected fraud affecting the entity received
in communications from employees, former employees, or others.

		6.	We have no knowledge of any officer or director of the Property, or any other person acting under
the direction thereof, having taken any action to fraudulently influence, coerce, manipulate or mislead you during your audit.

		7.	The Property has complied with all aspects of contractual agreements that would have a material effect
on the Statement in the event of noncompliance.

		8.	All income from operating leases is included as revenue in the Statement. No other forms of revenue
are included in the Statement.

Further, we confirm that we are
responsible for the fair presentation in the Statement of the results of revenue over certain operating expenses for the [year/month/quarter
ended ______________, 201__] in conformity with the accrual method of accounting.

Very truly yours,

[________________________],
a [________________________]

 

 

 

By: ____________________________________

Name:___________________________________

Title: ___________________________________

 

and

By: ____________________________________

Name:___________________________________

Title: ___________________________________

(Primary accounting decision maker)

 

    	I-2

    	 

    

EXHIBIT
J

FORM
OF SELLER’S CLOSING CERTIFICATE

This Certificate
(“Certificate”) is furnished pursuant to __________ of that certain Purchase and Sale Agreement dated as of
________________ ___, 2014 (the “Agreement”) by and between [_________________], a [__________________]
(“Seller”), and [_____________________], , a [__________________](“Buyer”).

Unless otherwise
defined herein, all capitalized terms used herein shall have the meanings ascribed thereto in the Agreement.

The undersigned
hereby certifies that they are familiar with the Agreement, have made such investigations as they have deemed necessary to enable
them to deliver this Certificate and, based thereon, further certifies on behalf of Seller that:

All of the representations
and warranties made by Seller in the Agreement are true and correct in all material respects as of the Closing Date as if made
on and as of the Closing Date.

The foregoing certifications
are made and delivered this ___ day of _________, 2014.

SELLER:

[_________ _________]a
[_________ _________]

 

 

By: ________________________________________

Name:_______________________________________

Title: _______________________________________

 

 

Date: _____________________

 

    	J-1

    	 

    

EXHIBIT
K

EXISTING
CONTRACTS

 

None.

    	K-1

    	 

    

EXHIBIT
L

leaseS

 

		a.	List of all lease documents including all dates:

		·	Lease between REW, LLC and Corporate Services Inc., dated March 3, 2011 with a termination date
of March 2, 2021 (the “REW Lease”); and

		·	Lease between W. Partners, LLC and Corporate Services, Inc., dated March 3, 2011 with a termination
date of March 2, 2021 (the “W. Partners Lease”).

		b.	Amount of the space leased to Corporate Services, Inc.:

		·	REW Lease: 469,000 square feet

		·	W. Partners Lease: 198,000 square feet

		c.	Term of Lease with commencement and expiration dates:

Each of the REW Lease and W. Partners
Lease have a 10 year term expiring on March 3, 2021.

		d.	Annual rental:

		·	REW Lease: $1,611,000 annually.

		·	W. Partners Lease: $792,000 annually.

		e.	Annual reimbursements for taxes, CAM, merchants’ association, and other expenses:

		·	REW Lease: NONE.

		·	W. Partners Lease: NONE.

		f.	Unapplied free rent or other concessions:

		·	REW Lease: NONE.

		·	W. Partners Lease: NONE.

		g.	All Tenant Inducement Costs:

		·	REW Lease: NONE.

		·	W. Partners Lease: NONE.

    	L-1

    	 

    

 

		h.	Dates through which rental has been paid:

		·	REW Lease: CURRENT THROUGH SEPTEMBER, 2014.

		·	W. Partners Lease: CURRENT THROUGH SEPTEMBER, 2014.

		i.	Rental collected in advance:

		·	REW Lease: RENT FOR EACH MONTH IS PAID IN ADVANCE.

		·	W. Partners Lease: RENT FOR EACH MONTH IS PAID IN ADVANCE.

		j.	Security deposit and interest accrued thereon:

		·	REW Lease: $63,756

		·	W. Partners Lease: $46,500

    	L-2

    	 

    

EXHIBIT
M

 

DISCLOSURES

 

None.

    	M-1

    	 

    

EXHIBIT
N

 

INTENTIONALLY
OMITTED

 

    	N-1

    	 

    

EXHIBIT
O

 

INTENTIONALLY OMITTED

 

    	O-1

    	 

    

EXHIBIT
P

 

INTENTIONALLY
OMITTED

 

 

 

    	P-1

    	 

    

 

EXHIBIT
q

 

FORM OF NON-POACHING AGREEMENT

 

	
         

         

 

ANTI-POACHING AGREEMENT

 

This ANTI-POACHING AGREEMENT
(this “Agreement”) is made and entered into as of ________, 2014, by REW, L.L.C., an Indiana limited
liability companies [and ___________] (“REW”) and Plymouth Industrial REIT, Inc., a Maryland corporation
[and/or its successor or designee] (“Plymouth” and together with REW, collectively, the “Parties”).

 

BACKGROUND INFORMATION

 

A.      REW is the owner
of certain real property located in South Bend, St. Joseph County, Indiana, and more particularly described on Exhibit A
(the “Burdened Parcel”).

 

B.      Plymouth is the owner
of certain real property adjacent to and/or in the vicinity of the Burdened Parcel and more particularly described on Exhibit
B (the “Benefitted Parcel”). The Burdened Parcel, the Benefitted Parcel, or any portion of either of them
which is, or at any time in the future shall be, a separate legal parcel is referred to as a “Parcel”.

 

C.      The Parties desire
to impose certain restrictions on the Burdened Parcel to enhance the operation of the Benefitted Parcel, and the purpose of this
Agreement is to set forth such restrictions and bind the Burdened Parcel accordingly.

 

AGREEMENT

 

As so described in the
foregoing Background Information, and in consideration of the benefits to be derived by the Parties from the operation and development
of the Benefitted Parcel, receipt of which is hereby acknowledged, the Parties hereby establish the following restrictions against
the Burdened Parcel:

 

		1.	None of REW, any of its affiliates or any agents of any of the foregoing (all of the foregoing, individually
or collectively, as the context may require, a “Restricted Lessor”) shall directly or indirectly, as lessor,
agent, owner or principal, without the prior written consent of Plymouth, which consent may be granted or denied in the sole discretion
of Plymouth, enter or offer to enter into, or solicit or approach a Restricted Party (hereinafter defined) or its agent or representative
regarding the entering into or the offering to enter into a Restricted Transaction (hereinafter defined) with respect to any portion
of the Burdened Parcel with any party that is, or is an affiliate of, a tenant, licensee or other occupant of the Benefitted Parcel

    	Q-1

    	 

    

 

		 	(any of the foregoing, a “Restricted Party”). For purposes of determining whether
any party is a Restricted Party, any such tenant, occupant or licensee of the Benefitted Parcel is considered to be a Restricted
Party if such person or entity is a tenant, occupant or licensee pursuant to an agreement with Plymouth until such time as both
(i) the term of the applicable lease, license or occupancy agreement has expired (including all renewals thereof) and (ii) such
tenant, occupant or licensee has actually vacated and surrendered possession of its leased, occupied or licensed premises at the
Benefitted Parcel. A “Restricted Transaction” means any transaction pursuant to which a Restricted Lessor enters
into a lease, license or other occupancy agreement with a Restricted Party at the Burdened Parcel for the purpose of relocating
from any Benefitted Parcel without first notifying Plymouth and allowing Plymouth to provide such Restricted Party an offer to
remain in the space owned by Plymouth.

 

		2.	If any Restricted Party shall solicit or approach a Restricted Lessor regarding entering into or offering
to enter into a Restricted Transaction, such Restricted Lessor shall promptly notify the fee owner of the Benefitted Parcel thereof,
and unless the fee owner of the Benefitted Parcel shall consent in writing, which consent may be granted or denied in its sole
and absolute discretion, such Restricted Lessor shall not engage in discussions with or otherwise pursue any Restricted Transaction
with such Restricted Party prior to the date on which such Restricted Party ceases to be a Restricted Party pursuant to this Agreement.

 

		3.	This Agreement may only be modified or released by written agreement entered into by both Plymouth
and REW.

 

		4.	In the event of any litigation between the fee owner(s) and/or the lessee(s) of the Burdened Parcel
and the fee owner(s) of the Benefitted Parcel with respect to this Agreement, the losing party(ies) shall pay all costs and expenses
incurred by the prevailing party(ies) in connection with such litigation, including, but not limited to, reasonable attorneys’
fees and disbursements. Any such attorneys’ fees and other expenses incurred by either party in enforcing a judgment in its
favor under this Agreement shall be recoverable separately from and in addition to any other amount included in such judgment,
and such attorneys’ fees obligation is intended to be severable from the other provisions of this Agreement and to survive
and not be merged into any such judgment.

 

		5.	This Agreement shall be binding upon the Parties and each of their respective successors and assigns.

 

		6.	This Agreement shall be governed by and construed in accordance with the laws of the State of Indiana.

 

		7.	No waiver of any provision or condition of this Agreement by any fee owner of the Benefitted Parcel
(or any portion thereof) shall be valid unless in writing and signed by such party. No such waiver shall be taken as a waiver of
any other or similar provision or of any future event, act, or default under this Agreement.

 

    	Q-2

    	 

    

 

		8.	In no event shall this Agreement or any Memorandum hereof be recorded in the official records where
the Property is located and any such recordation shall constuitute a default under this Agreement by the party responsible for
such recordation or attempted recordation. .

 

[SIGNATURE PAGE FOLLOWS]

 

 

 

    	Q-3

    	 

    

IN WITNESS WHEREOF, the
Parties have caused this Agreement to be executed as of the date first above written.

 

PARTIES:

 

REW

REW, L.L.C., an Indiana
limited liability company

By: _______________________________

Name:

Title:

 

 

[__________, a _________]

By: _______________________________

Name:

Title:

 

 

PLYMOUTH

 

Plymouth Industrial REIT, Inc.,
a Maryland corporation [or is successor or designee]

 

 

By: _______________________________

Name:

Title:

 

    	Q-4

    	 

    

EXHIBIT A

 

The Burdened Parcel

 

 

 

 

 

 

    	Q-5

    	 

    

EXHIBIT B

 

The Benefitted Parcel

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	Q-6

    	 

    

EXHIBIT
r

 

FORM OF RIGHT OF FIRST REFUSAL

RIGHT OF FIRST REFUSAL TO PURCHASE REAL ESTATE

 

THIS RIGHT
OF FIRST REFUSAL TO PURCHASE REAL ESTATE (this “Agreement”) is entered into this ___ day of _______, 201___
by and between REW, L.L.C. and W. Partners, LLC, each an Indiana limited liability company, hereinafter referred to collectively
as “Seller” and Plymouth Industrial REIT, Inc. a Maryland Corporation [and/or its assignee and/or designee],
hereinafter referred to as “Buyer”.

WHEREAS, Seller
is the owner of the real property identified as Parcels B, C, D, E, F, G and H on Exhibit “A” appended hereto (the
“Property”) in the City of South Bend, State of Indiana;

WHEREAS, Buyer
acquired certain real property in the general vicinity of the Property pursuant to the terms of that certain Purchase and Sale
Agreement and Escrow Instructions dated as of September ____, 2014 (the “Purchase Agreement”); and

WHEREAS, the
parties desire, in accordance with the terms of the Purchase Agreement, that Buyer be granted a right of first refusal to purchase
the Property on the terms and conditions hereinafter set forth;

NOW THEREFORE,
in consideration of the foregoing, for Ten Dollars ($10.00) and for other good and valuable consideration the receipt and sufficiency
of which are hereby acknowledged, Buyer and Seller hereby agree as follows:

		1.	Right of First Refusal. Seller hereby grants to Buyer the right of first refusal, exercisable
on the terms and conditions hereinafter set forth (this “Right of First Refusal”), to purchase the Property.

		2.	Terms of Right of First Refusal.

		a.	If within twenty (20) years of the date first set forth above, Seller receives a bona fide offer from
an unaffiliated third party to purchase all of the Property or any portion of the Property that contains 6 or more acres of continguous
land, in writing, and signed by the third party, Seller shall give Buyer written notice of such offer (an “Offering Notice”),
which Offering Notice shall be accompanied by a copy of the bona fide offer (an “Original Offer”) and shall
set forth all of the terms and conditions of the Original Offer, including the total purchase price.

    	R-1

    	 

    

 

		b.	Buyer shall have fifteen (15) days from receipt of an Offering Notice and Original Offer (the “Acceptance
Period”) to (a) give notice to Seller (an “Acceptance Notice”) that Buyer intends to purchase the
Property or portion thereof, as applicable (an “Offered Parcel”), at the price and on the terms specified in
the applicable Original Offer (and in any event in accordance with the terms of this Agreement) and (b) deliver evidence that Buyer
has deposited an amount equal to 10% of the offered purchase price into escrow with Meridian Title Corporation. An Acceptance Notice
from Buyer shall specify a date and time for Seller’s delivery of a deed (the “Closing”), which shall
be not later than ninety (90) days after the date of such Acceptance Notice, unless applicable Original Offer provides for a later
date and time for Closing. As contemplated by Section 2.a, in no event shall and Offered Parcel consist of less than 6 acres of
land.

		c.	If Buyer delivers an Acceptance Notice within the applicable Acceptance Period, then Buyer and Seller
agree to negotiate in good faith and enter into a mutually-acceptable purchase agreement with regard to the Offered Parcel identified
in such Acceptance Notice within fifteen (15) days of Buyer’s delivery of such Acceptance Notice, which purchase agreement
shall (a) be consistent with the terms of the Original Offer, (b) provide that the Closing will occur no later than ninety (90)
days after the date of the Acceptance Notice (unless the Original Offer provides for a later date and time for the Closing), (c)
allow Buyer a period of time to inspect the Offered Parcel and perform other customary due diligence to determine in its sole and
absolute discretion whether the Offered Parcel is acceptable, which period of time shall be the lesser of (i) 30 days from the
date of execution of the purchase agreement and (ii) the period of time (if any) set forth in the Original Offer for due diligence
on the Offered Parcel, (d) require the deposit previously deposited by Buyer pursuant to the foregoing subsection 2.b to be held
in escrow during the due diligence period, refundable to Buyer in the event that Buyer terminates the purchase agreement for any
reason prior to expiration of the due diligence period and (e) have such other terms and conditions as Buyer and Seller may negotiate
in good faith.

		d.	With regard to any Offered Parcel, each of the following shall constitute a “Failure Event”
under this Agreement: (i) Buyer’s failure to give Seller an Acceptance Notice within the Acceptance Period, (ii) Buyer’s
failure to enter into a purchase agreement in accordance with Section 2.b above after giving an Acceptance Notice or (iii) Buyer’s
failure to purchase the Offered Parcel after entering into a purchase agreement. After any Failure Event with respect to an Offered
Parcel, (a) Seller may sell such Offered Parcel to the party identified in the Offering Notice, but only upon the terms and conditions
as are set forth in the Original Offer and (b) with respect to such Offered Parcel, this Agreement shall be of no further force
and effect. If (a) after a Failure Event, Seller, through no fault of its own, is unable to sell and convey the Offered Parcel
to the party identified in the Offering Notice or (b) two consecutive Failure Events with regard to any two distinct Offered Parcels
occur, then, in either case, this Agreement shall be of no further force and effect with respect to the entire Property.

    	R-2

    	 

    

 

		e.	The terms “sell” and “sale” as used in this Agreement shall include (i) any
sale, transfer, assignment or conveyance, directly or indirectly, of fifty percent (50%) or more of the legal or beneficial interests
in Seller in any one or a series of transactions and (ii) any arrangement (including, without limitation, corporate mergers or
consolidations) for the purpose, or having the effect, of depriving Buyer of this Right of First Refusal.

		f.	Any sale made without compliance with the terms of this Right of First Refusal shall, at Buyer’s
sole election, be void and of no force of effect. Buyer shall have the right, in addition to any other remedy available hereunder
or at law or in equity, to enjoin any sale of the Property made or attempted to be made other than in compliance with the terms
and conditions of this Agreement.

		3.	Transactions Excepted from ROFR. Notwithstanding the foregoing, the Right of First Refusal
herein granted shall not apply to the bona fide sale of a portion of the Property to a third party as part of a “build to
suit” or “sale/leaseback” transaction if such “build to suit” or “sale/leaseback”
transaction does not involve the transfer of any interest to (a) Corporate Services, Inc., Archway Marketing Services Inc.
and/or their respective successors and assigns (collectively the “Companies”) and/or (b) any party that is affiliated
with the any of the Companies in any manner (whether directly or indirectly or otherwise).

		4.	Recording of this Agreement.  Seller and Buyer agree that this Agreement or any Memorandum
thereof may not be recorded in the official records where this Property is located.

		5.	Assignment. Seller agrees that Buyer cannot assign this Agreement to any person or entity,
except Buyer does have the right to assign this Agreement to a subsidiary which is owned by Buyer and no one else. However, the
assignment of this Agreement by Buyer to a subsidiary as described above, shall not relieve Buyer of liability for any breach of
this Agreement.

		6.	Notice. All notices required or permitted to be given pursuant to the terms hereof shall be
in writing and shall be delivered to the applicable addresses set forth in the Purchase Agreement.

    	R-3

    	 

    

 

		7.	Attorney Fees. If any action at law or equity, including an action for declaratory judgment
, is brought to enforce or interpret the provisions of this Agreement, the prevailing party shall be entitled to recover reasonable
attorney’s fees from the other party, which fees may be set by the court in the trial or appeal of such action or may be
enforced in a separate action brought for that purpose, and which fees shall be in addition to any other relief that may be awarded.
Buyer also, in addition to any other remedies at law or equity, has the right of specific performance against the Seller and against
any third party which may enter into an agreement to purchase the Property if said purchase by the third party would be a breach
of this agreement by Seller against Buyer.

		8.	Signatures. The individual signing this Agreement on behalf of Seller acknowledges and warrants
that he has the authority to sign this Agreement on behalf of Seller and that this agreement will be binding upon Seller. If approval
is required from the board of directors or member(s) of Seller in order to make this Agreement binding upon Seller, Seller agrees
to provide Buyer, within ten (10) business days after this Agreement is signed, with written evidence that the board of directors
and or member(s) has approved this agreement.

		9.	Time of the Essence. Time is of the essence for the performance of each and every covenant
contained herein.

		10.	Entire Agreement. This written Agreement contains and constitutes the entire Agreement of the
parties regarding the subject matter hereof, and there are no other agreements, written or oral, between the parties effecting
the subject matter hereof. No amendment of this Agreement shall be effective unless the same is made in writing and signed by the
parties hereto.

		11.	Miscellaneous Provisions.

		a.	This Agreement shall be interpreted and enforced according to the laws of the State of Indiana.

		b.	All headings of sections in paragraphs of this agreement are inserted for convenience only, and do
not form part of this Agreement or limit, expand or otherwise alter the meaning of any provision hereof.

		c.	This Agreement may be executed in any number of counter parts, each of which shall be deemed to be
an original and all of which shall constitute one in the same Agreement. The parties hereby agree that a facsimile copy or a PDF
copy of each party's original signature to this Agreement delivered by electronic mail or facsimile (as applicable) shall be effective
as such party's signature to this Agreement.

    	R-4

    	 

    

 

		d.	The terms “hereof”, “herein”, and “hereunder” and words of similar
import, shall be construed to refer to this Agreement as a whole, and not to any particular section, paragraph, or provision, unless
expressly so stated.

		e.	All words or terms used in this Agreement, regardless of the number or gender in which they are used,
shall be deemed to include any other number and any other gender as the context may require.

		f.	The provisions of this Agreement are intended to be for the sole benefit of the parties hereto, and
their respective successors and assigns, and none of the provisions of this Agreement are intended to be, nor shall they be construed
to be, for the benefit of any third party.

		g.	This Agreement shall be construed without regard to any presumption or rule requiring construction
against the party causing the Agreement to be drafted.

		h.	Seller represents and warrants that Seller is not a foreign person and is not subject to the Foreign
Investments in Real Property Tax Act. This covenant shall survive Closing.

		i.	If any condition precedent is for the sole benefit of a particular party, that party may waive the
benefit of such condition precedent and proceed with Closing, if he so desires.

		j.	Any covenant, warranty, or representation by a party to this Agreement shall survive Closing unless
this Agreement specifically states that the particular warranty, covenant, or representation shall not survive Closing.

[signatures and acknowledgments on pages
that follow]

    	R-5

    	 

    

IN WITNESS WHEREOF,
the parties have caused this Agreement to be executed as of the date first above written.

 

	BUYER:___________________________________	 	SELLER:________________________________
	 	 	 
	BY:_______________________________________	 	BY _____________________________________
	 	 	 
	Printed Name_______________________________	 	Printed Name_____________________________

 

 

 

 

 

 

 

 

[acknowledgments on following page]

    	R-6

    	 

    

STATE OF INDIANA          )

 )SS

COUNTY OF __________  )

 

Before me, a Notary Public in and for
said County and State, personally appeared __________________

Who acknowledged the foregoing document
and who, have been duly sworn stated any representations contained therein are true.

 

Witness my hand and notarial seal this
_____day of___________, 201__

 

____________________________________________

, Notary Public

Residing in ____________County,
_______________

My commission expires:________________________

 

	STATE OF ________________	)
	 	)SS
	COUNTY OF ______________	)

 

Before me, a Notary Public in and for
said County and State, personally appeared __________________

Who acknowledged the foregoing document
and who, have been duly sworn stated any representations contained therein are true.

 

Witness my hand and notarial seal this
_____day of___________, 201__

 

____________________________________________

, Notary Public

Residing in ____________County,
_______________

My commission expires:________________________

 

    	R-7

    	 

    

Exhibit “A”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	R-8

    	 

    

EXHIBIT
S

 

DESCRIPTION OF PROPERTY TO BE SUBJECT
TO RIGHT OF FIRST REFUSAL

 

 

 

	Parcel B	Parcel ID - 71-03-17-302-001.000-009

Acreage - 3.26 Acres

Legal Description - Lot 3 U S 31 Industrial Park Phase li 02-03 New Replat 8044 10-9-01
	 	 
	Parcel C	Parcel ID - 71-03-17-302-002.000-009

Acreage - 3.6 Acres

Legal Description - Lot 2 U S 31 Industrial Park Phase li 02-03 New Replat Tr 8044 10-9-01
	 	 
	Parcel D	Parcel ID - 71-03-17-353-001.000-009

Acreage - 7.11 Acres

Legal Description - Lot 6 U S 31 Industrial Park Phase li 02-03 New Replat Tr 8044 10-9-01
	 	 
	Parcel E	Parcel ID - 71-03-17-353-002.000-009

Acreage - 3.72 Acres

Legal Description - Lot 7 U S 31 Industrial Park Phase li 02-03 New Replat Tr 8044 10-9-01
	 	 
	Parcel F	Parcel ID - 71-03-17-353-003.000-009

Acreage - 3.72 Acres

Legal Description - Lot 8 U S 31 Industrial Park Phase li 02-03 New Replat Tr 8044 10-9-01
	 	 
	Parcel G	Parcel ID - 71-03-17-353-004.000-009

Acreage - 3.73 Acres

Legal Description - Lot 9 U S 31 Industrial Park Phase li 02-03 New Replat Tr 8044 10-9-01
	 	 
	Parcel H	Parcel ID - 71-03-17-353-005.000-009

Acreage - 2.45 Acres

Legal Description - Lot 10 U S 31 Industrial Park Phase li 02-03 New Replat Tr 8044 10-9-02

 

 

 

[A depiction of each of the above-described
parcels is shown on the next page.]

    	S-1

    	 

    

 

 

S-2ex4_3.htm

Exhibit 4.3

 

ASHLAND INC.

 

FORM OF INDUCEMENT RESTRICTED STOCK AWARD AGREEMENT

 

 

As an inducement material to the decision by the grantee listed below (the “Grantee”) to accept employment with Ashland Inc., a Kentucky corporation (the “Company”), and pursuant to that certain letter agreement entered into by and between the Grantee and the Company, dated as of November 12, 2014, the Company hereby grants to the Grantee the number of shares of Common Stock set forth below, subject to certain restrictions specified herein (the “Restricted Stock”).  This award of Restricted Stock (the “Award”) is subject to all of the terms and conditions set forth in this Inducement Restricted Stock Award Agreement (the “Agreement”).  This Award is made and granted as a stand-alone award and is not granted under or pursuant to the Amended and Restated 2011 Ashland Inc. Incentive Plan (the “Plan”).

 

	
Grantee:

	
William A. Wulfsohn

 

	
Grant Date:

	
January ___, 2015

 

	
Total Number of Shares

	
50,000

	
of Restricted Stock

	 

 

	
Vesting Schedule:

	
Subject to the terms and conditions of this Agreement and subject to the Grantee’s continuous employment with the Company or an affiliate through the applicable vesting date, the Restricted Stock shall vest in two substantially equal annual installments on the first and second anniversaries of the Grant Date.

 

 

TERMS AND CONDITIONS OF AWARD

 

ARTICLE I.

 

GENERAL

 

 

1.1 Non-Plan Grant; Incorporation of Certain Terms of Plan. The Award is made and granted as a stand-alone award, separate and apart from, and outside of, the Plan, and shall not constitute an award granted under or pursuant to the Plan.  However, capitalized terms used but not defined in the Agreement shall have the meanings given to those terms in the Plan.

 

1.2 Employment Inducement Grant. The Award is intended to constitute an “employment inducement award” under Rule 303A.08 of the New York Stock Exchange Listed Company Manual, and consequently is intended to be exempt from the New York Stock Exchange rules regarding shareholder approval of equity compensation plans. This Agreement and the terms and conditions of the Award shall be interpreted in accordance and consistent with such exemption.

  

ARTICLE II.

 

TERMS AND CONDITIONS OF RESTRICTED STOCK

 

2.1 Grant of Restricted Stock. Upon the terms and conditions set forth in this Agreement, effective as of the Grant Date set forth above, the Company hereby grants to the Grantee an award of Restricted Stock in consideration of the Grantee’s past and/or future services and for other good and valuable consideration. The shares of Restricted Stock shall be fully paid and nonassessable.  In consideration of this Award, the Grantee agrees to render faithful and efficient services to the Company and its affiliates.  This Award will be evidenced by entry on the books of Company’s transfer agent. If any certificate is issued, the Grantee shall be required to execute and deliver to theUpon the terms and conditions set forth in this Agreement, effective as of the Grant Date set forth above, the Company hereby grants to the Grantee an award of Restricted

  

  

  

  

Exhibit 4.3

 

 

Company a stock power provided by the Company relating to the Restricted Stock, as a condition to the receipt of this Award.  Only whole shares of Common Stock will be issued pursuant to this Agreement, and any fractional shares will be cancelled.  Each entry in respect of shares of Restricted Stock shall be designated in the name of the Grantee and shall bear the following legend:

 

“The transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions (including forfeitures) contained in the Inducement Restricted Stock Award Agreement entered into between the registered owner and Ashland Inc.”

 

2.2 Vesting of Restricted Stock. The Restricted Stock shall vest and become nonforfeitable, if at all, in accordance with the vesting schedule set forth above and the terms and conditions of this Agreement.  The Restricted Stock may not be sold, assigned, transferred, pledged, or otherwise encumbered (except to the extent such shares shall have vested) until such vesting dates.  This Award (and any shares of Common Stock that become vested hereunder) will be subject to the requirements of the Company’s stock ownership guidelines.

 

2.3 Forfeiture of Restricted Stock. If the Grantee’s employment with the Company and its affiliates terminates for any reason prior to a vesting date, all shares of Restricted Stock that have not become vested on or prior to the date of such termination of employment will be forfeited automatically and without further action by the Company or the Grantee.  Notwithstanding the foregoing, in the event that the Grantee’s employment with the Company and its affiliates terminates prior to the vesting of the Restricted Stock as a result of the Grantee’s death, disability (within the meaning of the Company’s long-term disability plan in which the Grantee participates) or termination by the Company and its affiliates for reasons other than cause, the Grantee will be paid in cash an amount equal to the Fair Market Value on the Grant Date of the shares of Restricted Stock that are forfeited on the date of such termination of employment, but not including any additional shares of Restricted Stock credited to the Grantee pursuant to Section 2.4 of this Agreement.  Any cash payment pursuant to the immediately preceding sentence will be made within 30 days after the date of termination of the Grantee’s employment.

 

2.4 Dividends on Restricted Stock.

 

(a) While the Restricted Stock granted under this Award remains unvested, on each date that cash dividends are paid to holders of Common Stock, the Company will credit the Grantee with a number of additional whole shares of Restricted Stock on the unvested portion of the Award, determined as (i) the product of the number of unvested shares of Restricted Stock held by the Grantee as of the date of record for such dividend times the per share cash dividend amount, divided by (ii) the Fair Market Value per share on the dividend payment date (with any fractional shares cancelled as provided in Section 2.1 of this Agreement).  Such additional Restricted Stock will be subject to the same vesting conditions and restrictions as the underlying Restricted Stock.

 

(b) Any additional whole shares of Common Stock or other securities that the Grantee may become entitled to receive pursuant to a stock dividend, stock split, combination of shares, recapitalization, merger, consolidation, separation or reorganization or any other change in the capital structure of the Company shall be considered Restricted Stock and shall be subject to the same vesting conditions and restrictions as the Restricted Stock covered by this Agreement (with any fractional shares cancelled as provided in Section 2.1 of this Agreement).

 

2.5 Rights as Shareholder. Except for such restrictions as are provided in this Agreement, the Grantee will have all rights of a shareholder with respect to the shares of Restricted Stock.

 

ARTICLE III.

 

MISCELLANEOUS PROVISIONS

 

3.1 Tax Withholding. The Company shall have the authority and the right to deduct or withhold, or to require the Grantee to remit to the Company, an amount sufficient to satisfy all applicable federal, state and local taxes required by law to be withheld with respect to any taxable event arising in connection with the Restricted Stock.  The Grantee may elect to satisfy all or any portion of any such withholding obligation by surrendering to the Company a portion of the shares of Common Stock that become vested hereunder, and the shares of Common Stock so surrendered by the Grantee shall be credited against any such withholding obligation at the Fair Market Value per share on the date of such surrender.

  

2

  

  

Exhibit 4.3

 

 

3.2 Administration. The P&C Committee shall have full power and authority to take all actions and to make all determinations required or provided for under this Agreement, and shall have full power and authority to take all such other actions and make all such other determinations not inconsistent with the specific terms and provisions of this Agreement that the P&C Committee deems to be necessary or appropriate to the administration of this Agreement. All actions taken and all interpretations and determinations made by the P&C Committee in good faith shall be final and binding upon the Grantee, the Company and all other interested persons.

 

3.3 Grant Not Transferable. Until vested, the Restricted Stock may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution. Neither the Restricted Stock nor any interest or right therein shall be liable for the debts, contracts or engagements of the Grantee or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, 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), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence.

 

3.4 Tax Consultation; Section 83(b) Election Prohibited. The Grantee understands that as the Restricted Stock vests, the Grantee will owe applicable federal, state and local income and employment taxes as of each date that shares of Restricted Stock become vested, and that the amount of taxes due in each instance will be based on the fair market value of the vested Common Stock on the applicable vesting date.  The Grantee represents that the Grantee has consulted with any tax consultants the Grantee deems advisable in connection with this Award and that the Grantee is not relying on the Company for any tax advice.  As a condition to receiving this award, the Grantee acknowledges and agrees that he shall not file an election under Section 83(b) of the Code with respect to all or any portion of the Restricted Stock. 

 

3.5 Grantee’s Representations. The Grantee shall, if required by the Company, concurrently with the issuance of any securities hereunder, make such written representations as are deemed necessary or appropriate by the P&C Committee and/or the Company’s counsel.

 

3.6 Conformity to Securities Laws. The Grantee acknowledges that this Agreement is intended to conform to the extent necessary with all provisions of the Securities Act of 1933, as amended, and the Exchange Act, and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, as well as all applicable state securities laws and regulations. Notwithstanding anything herein to the contrary, this Agreement shall be administered, and the shares of Restricted Stock  are granted, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.

 

3.7 Amendment, Suspension and Termination. This Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the P&C Committee or the Board; provided, however, that no amendment, modification, suspension or termination of this Agreement shall adversely affect the Restricted Stock in any material way without the prior written consent of the Grantee.

 

3.8 Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement shall be binding upon the Grantee and his or her heirs, executors, administrators, successors and assigns.

 

3.9 Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of this Agreement, if the Grantee is subject to Section 16 of the Exchange Act, then the Restricted Stock and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.

 

3.10 Not a Contract of Service Relationship. Nothing in this Agreement shall confer upon the Grantee any right to continue to serve as an Employee or other service provider of the Company or any of its affiliates or shall interfere with or restrict in any way the rights of the Company and its affiliates, which rights are hereby expressly reserved, to

  

3

  

  

Exhibit 4.3

 

 

discharge or terminate the services of the Grantee at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or an affiliate and the Grantee.

3.11 Entire Agreement. This Agreement (including all Exhibits hereto) constitutes the entire agreement of the parties and supersedes in its entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof.

3.12 Severability.  If any portion of this Agreement shall be found to be invalid or unenforceable, the remaining terms and provisions of this Agreement shall be given effect to the maximum extent permitted without considering the void, invalid or unenforceable provision.

 

3.13 Governing Law. The laws of the Commonwealth of Kentucky shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.

 

3.14 Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

 

[SIGNATURE PAGE FOLLOWS]

  

4

  

  

Exhibit 4.3

 

IN WITNESS WHEREOF, the parties have executed this Agreement, effective as of the Grant Date.

 

	 	ASHLAND INC.	 
	 	 	 	 
	 	 	 	 
	 	 	 
	 	 By: 	 	 
	 	 Name:	 	 
	 	 Title: 	 	 
	 	 	 	 

By his signature below, the Grantee agrees to be bound by the terms and conditions of this Agreement. The Grantee has reviewed this Agreement in its entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all provisions of this Agreement. The Grantee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the P&C Committee upon any questions arising under this Agreement or relating to the Award.

 

	 	GRANTEE	 
	 	 	 	 
	 	 	 	 
	 	 	 
	 	 Name:	 William A. Wulfsohn	 
	 	 	 	 

5

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