Document:

EX-10.1

 EXHIBIT 10.1 

DC INDUSTRIAL LIQUIDATING TRUST 

AMENDED AND RESTATED 

AGREEMENT AND DECLARATION OF TRUST 

THIS AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST is dated as of November 3, 2015 by and among Industrial Income Trust Inc., a
Maryland corporation (the “Company”), and Dwight L. Merriman III, Marshall M. Burton and Stanley A. Moore (collectively, and including any successors thereto, the “Trustees”). 

WHEREAS, the Company’s Board of Directors (the “Board”) and the Company’s stockholders have approved the merger
(the “Merger”) of the Company with and into Western Logistics II LLC (“Merger Sub”), a Delaware limited liability company and wholly-owned subsidiary of Western Logistics LLC, a Delaware limited liability company
(“Parent”), and the other transactions contemplated by the Agreement and Plan of Merger, dated July 28, 2015 by and among the Company, Parent, and Merger Sub (the “Merger Agreement”), which other transactions
include a plan for the liquidation of the assets of Company not disposed of in the Merger in accordance with Maryland law (such plan of liquidation, the “Plan”); 

WHEREAS, the Plan provides, among other things, that prior to consummation of the Merger, the Company will transfer its indirect ownership
interests in the entities that own, directly or indirectly, the Retained Properties (as defined herein) to a limited liability company formed to complete the development, lease-up, sale and distribution of the proceeds of the sale of the Retained
Properties; 
 WHEREAS, the Company has organized DC Liquidating Assets Holdco LLC, a Delaware limited liability company
(“Holdco”), to serve as such limited liability company; 
 WHEREAS, Holdco has previously issued two classes of membership
interests, consisting of (i) units of common membership interests (the “Holdco Common Units”) and (ii) units of special membership interest (“Holdco Special Units”), to its sole member, IIT Real Estate
Holdco LLC, which distributed such membership interests to its sole member, Industrial Income Operating Partnership LP, which in turn distributed such membership interests to its partners, in a partnership division, as follows: 100% of the Holdco
Common Units to the Company and 100% of the Holdco Special Units to the Company’s sponsor or its Affiliates, which units will entitle the Company’s sponsor or its Affiliates to receive 15% of all distributions of net sale proceeds
(including distributions of loan proceeds) from sales of the Retained Properties; 
 WHEREAS, the Plan further provides, among other things,
that prior to consummation of the Merger, the Company will transfer the Holdco Common Units to a liquidating trust for the benefit of the Company’s stockholders (such transfer, the “Grant”); 

WHEREAS, the statutory trust (the “Trust”) created by the filing of a certificate of trust with the State Department of
Assessments and Taxation of the State of Maryland under Section 12-204 of the Maryland Statutory Trust Act (the “Maryland Act”) is intended to be such liquidating trust, with the Trustees serving as the initial trustees; 

  
 1 

 WHEREAS, the Trustees made an initial Agreement and Declaration of Trust, adopted October 5,
2015 (the “Initial Liquidating Trust Agreement”); 
 WHEREAS, in connection with the Grant, the Trustees desire to amend
and restate the Initial Liquidating Trust Agreement in order to provide for the liquidation of the Retained Properties; and 
 WHEREAS,
following the Grant, the Trustees shall administer the Trust pursuant to the terms of this Agreement in order to liquidate the Retained Properties and, upon satisfaction of all related liabilities and obligations, to distribute the residue of the
proceeds of the liquidation in accordance with the terms hereof. 
 NOW THEREFORE, in consideration of the premises and other valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 

NAMES; DEFINITIONS; PRINCIPAL OFFICE; RESIDENT AGENT 

1.1 Name. The Trust shall be known as “DC Industrial Liquidating Trust.” 

1.2 Defined Terms. Terms used but not otherwise defined in this Agreement shall be defined as follows unless the context otherwise
requires: 
 (a) “Affiliate” of any Person means any entity that controls, is controlled by, or is under common control with
such Person. As used herein, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, whether through ownership of voting securities or other
interests, by contract or otherwise. 
 (b) “Advisor” means DC Liquidating Trust Advisor LLC. 

(c) “Agreement” shall mean this instrument as originally executed or as it may from time to time be amended pursuant to the
terms hereof. 
 (d) “Beneficial Interest” shall mean each Beneficiary’s proportionate share of the Trust Assets
determined by the ratio of the number of Units held by such Beneficiary to the total number of Units held by all Beneficiaries. 
 (e)
“Beneficiary” shall mean each holder of Units. 
 (f) “Grant Date” shall mean the date of this Agreement.

  
 2 

 (g) “Holdco Assets” shall mean all the property (real, personal, tangible or
intangible) held from time to time by Holdco, which shall consist of the Holdco Subsidiary Interests, any Retained Property owned directly by Holdco, and all dividends, distributions, rents, royalties, income, payments and recoveries of claims,
proceeds and other receipts of, from, or attributable to such assets, less any of the foregoing utilized by Holdco to pay expenses of the Holdco, the Trust, or the Holdco Subsidiaries, satisfy Liabilities of Holdco, the Trust, or the Holdco
Subsidiaries or to make distributions to the Trust and the Holdco Special Member. 
 (h) “Holdco LLC Agreement” means the
amended and restated operating agreement of Holdco, as it may be amended from time to time. 
 (i) “Holdco Special Member”
shall mean the holder of the Holdco Special Units. 
 (j) “Holdco Subsidiary” means any corporation, partnership, limited
liability company, joint venture, business trust, real estate investment trust or other organization, whether incorporated or unincorporated, or other legal entity directly or indirectly owned by Holdco. 

(k) “Holdco Subsidiary Interests” means the outstanding equity interests in any Holdco Subsidiary. 

(l) “Independent Trustees” means Marshall M. Burton and Stanley A. Moore and any other individual who hereafter becomes a
Trustee and who is not on the date of determination, and within the last two years from the date of determination has not been, directly or indirectly associated with the Holdco Special Member or the Advisor by virtue of (i) ownership of an
interest in the Holdco Special Member, the Advisor or any of their Affiliates, (ii) employment by the Holdco Special Member, the Advisor or any of their Affiliates, (iii) service as an officer or director of the Holdco Special Member, the
Advisor or any of their Affiliates, (iv) performance of services, other than as a Trustee, for the Company, the Trust, Holdco, or any of its Subsidiaries, (v) service as a director or trustee of more than three real estate investment
trusts organized by or advised by any Affiliate of the Advisor, or (vi) maintenance of a material business or professional relationship with Holdco Special Member, the Advisor or any of their Affiliates. A business or professional relationship
is considered “material” if the aggregate gross revenue derived by the Trustee from Holdco Special Member, the Advisor and their Affiliates exceeds five percent of either the Trustee’s annual gross revenue during either of the last
two years or the Trustee’s net worth on a fair market value basis. An indirect association with Holdco Special Member or the Advisor shall include circumstances in which a Trustee’s spouse, parent, child, sibling, mother- or father-in-law,
son- or daughter-in-law or brother- or sister-in-law is or has been associated with the Sponsor, the Advisor, any of their Affiliates or the Company. 

(m) “Liabilities” shall mean all taxes, tax audits and any findings arising from, in connection with or relating thereto,
liens, penalties, interest, costs and expenses, unsatisfied debts, damages, losses, claims, liabilities, commitments, suits and any other obligations, whether contingent or fixed or otherwise. 

  
 3 

 (n) “Person” shall mean an individual, a corporation, a partnership, an
association, a joint stock company, a limited liability company, a trust, a joint venture, any unincorporated organization, or a government or political subdivision thereof. 

(o) “Retained Property” shall mean each real property (including all buildings, structures and other improvements and
fixtures located on or under such real property and all easements, rights and other appurtenances to such real property) set forth on Schedule A hereto. 

(p) “Shares” shall mean the shares of common stock, $0.01 par value per share, of the Company. 

(q) “Stockholders” shall mean the holders of record of the outstanding Shares of the Company immediately prior to the
effective time of the Merger, but before the redemption of the Special Company Partnership Units (as defined in the Merger Agreement) pursuant to Section 3.2 of the Merger Agreement. 

(r) “Trust Assets” shall mean all the property (real, personal, tangible or intangible) held from time to time by the Trust
and administered by the Trustees under this Agreement, which shall consist of the Holdco Common Units and all dividends, distributions, rents, royalties, income, payments and recoveries of claims, proceeds and other receipts of, from, or
attributable to such assets, less any of the foregoing utilized by the Trustees to pay expenses of the Trust, satisfy Liabilities of the Trust or to make distributions to the Beneficiaries pursuant to the terms and conditions hereof. 

(s) “Trust Subsidiary” means each of Holdco and each Holdco Subsidiary. 

(t) “Units” shall have the meaning given to such term in Section 3.1(a). 

1.3 Principal Office in State of Maryland; Resident Agent; Additional Offices. The principal office of the Trust in the State of
Maryland shall be located at such place as the Trustees may designate. The address of the principal office of the Trust in the State of Maryland as of the Grant Date is c/o Corporation Service Company, 7 Saint Paul Street, Baltimore, Maryland 21202.
The name and address of the resident agent of the Trust are Corporation Service Company, 7 Saint Paul Street, Baltimore, Maryland 21202. The resident agent is a Maryland corporation. The Trust may have additional offices, including a principal
executive office, at such places as the Trustees may from time to time determine or the business of the Trust may require. 
 ARTICLE II

 NATURE OF THE TRUST 

2.1 Bill of Sale, Assignment, Acceptance and Assumption Agreement; Instruments of Further Assurance. On the Grant Date, prior to the
effective time of the Merger, the Company and the Trust shall execute a Bill of Sale, Assignment, Acceptance and Assumption Agreement conveying the Holdco Common Units to the Trust, a copy of which is attached as Appendix A hereto
(such conveyance, the “Grant”). The Company or its successor in the Merger will, upon 

  
 4 

 
reasonable request of the Trustees, execute, acknowledge, and deliver such further instruments and do such further acts as may be necessary or proper to carry out effectively the purposes of this
Agreement, to confirm or effectuate the transfer to the Trustees of any property intended to be covered hereby, and to vest in the Trustees and its successors and assigns, the estate, powers, instruments or funds in trust hereunder. 

2.2 Purpose of Trust. 

(a) The Trust is organized for the sole purpose of liquidating the Retained Properties and, in connection therewith, holding the Holdco Common
Units, acting as the managing member of Holdco and causing Holdco and the Holdco Subsidiaries to own, develop, construct, operate, lease-up, finance, administer and realize the value of the Trust Assets and the Holdco Assets for the ultimate purpose
of liquidating the Trust Assets and the Holdco Assets and distributing the net proceeds of the Trust Assets and the Holdco Assets to the Beneficiaries, with no objective to continue or engage in the conduct of a trade or business or cause Holdco or
any Holdco Subsidiary to continue or engage in the conduct of a trade or business, except as necessary for the orderly liquidation of, and preservation or realization of the value of, the Trust Assets and the Holdco Assets. 

(b) In connection with the foregoing, the Trustees will (i) take such actions as they deem necessary or appropriate to carry out the
purpose of the Trust and facilitate such ownership, development, construction, operation, lease-up, financing, administration, realization and liquidation of the Trust Assets and the Holdco Assets, (ii) protect, conserve and manage the Trust
Assets and the Holdco Assets in accordance with the terms and conditions hereof, and (iii) distribute the net proceeds of the Trust Assets and the Holdco Assets in accordance with the terms and conditions hereof. 

(c) It is intended that, for federal, state and local income tax purposes, the Trust shall be treated as a liquidating trust under Treasury
Regulation Section 301.7701-4(d) and any analogous provision of state or local law, and the Beneficiaries shall be treated as the owners of their respective share of the Trust pursuant to Sections 671 through 679 of the Internal Revenue Code of
1986, as amended (the “Code”) and any analogous provision of state or local law, and shall be taxed on their respective share of the Trust’s taxable income (including both ordinary income and capital gains) pursuant to
Section 671 of the Code and any analogous provision of state or local law. The Trustees shall file all tax returns required to be filed with any governmental agency consistent with this position, including, but not limited to, any returns
required of grantor trusts pursuant to Treasury Regulation Section 1.671-4(a). 
 2.3 No Reversion to the Company. In no event
shall any part of the Trust Assets revert to or be distributed to the Company or its successor in the Merger. 
 2.4 Payment of Trustee
Liabilities. If any Liability is asserted against any Trustee as a result of the Grant, the Trustees may use such part of the Trust Assets or the Holdco Assets as may be necessary in contesting any such Liability or in payment thereof, and in no
event shall the Trustees, Beneficiaries, officers of the Trust or any subsidiary of the Trust, manager, Advisor or agents of the Trust be personally liable, nor shall resort be had to the private property of such Persons, in the event that the Trust
Assets and the Holdco Assets are not sufficient to satisfy the Liabilities of the Trust. 

  
 5 

 2.5 Management of Subsidiaries. 

(a) Subject to the terms of any agreements governing the management and operation of any Trust Subsidiary, including without limitation with
respect to obligations of the directors, officers, managers, partners or members of any such entity to act in the best interests of the Trust Subsidiary and the equity holders, partners or members of such Trust Subsidiary, the Trustees shall take
such actions with respect to the Trust’s direct or indirect interest in each Trust Subsidiary (whether in connection with the Trust’s position as direct or indirect equity owner, partner, member or manager, or as a director, officer,
employee or agent of such Trust Subsidiary), and shall, subject to any obligations to any other equity owners, partners or members of a Trust Subsidiary, cause each Trust Subsidiary to take such actions, as are consistent with the purposes and
provisions of the Trust and this Agreement. 
 (b) The Trustees shall, to the extent not done on or prior to the Grant Date, and to the
extent deemed necessary or desirable by the Trustees, amend, or cause to be amended, the operating agreements and other governing documents of each Trust Subsidiary and take such other action to provide that the purpose of such entity is
substantially the same as that set forth in Section 2.2, including no objective to continue or engage in the conduct of a trade or business (other than as necessary to realize or preserve the value of its assets) and the expeditious but
orderly disposition and distribution of its assets; provided that it shall not be inconsistent with the provisions of this paragraph for any Trust Subsidiary to continue to engage in a trade or business following such time as the Trust has
sold all of its interests in such Trust Subsidiary in furtherance of the Plan. 
 (c) The Trustees shall cause each Trust Subsidiary to
distribute to the Trust and to such Trust Subsidiary’s other equity owners, partners or members, if any, in accordance with the governing documents of such Trust Subsidiary, on or before each distribution provided for in Section 5.6
and Section 5.7 such portion of its cash as is deemed necessary by the Trustees to make such distribution pursuant to Section 5.6 or Section 5.7. 

(d) The Trustees may serve as partners, members, directors, officers, employees or agents of a Trust Subsidiary. 

2.6 Management Services Agreement. Concurrently with the Grant, the Trust and Holdco will enter into a management services agreement
with the Advisor to provide asset, development and development oversight and operating management services for the Retained Properties, to assist in the sale of such properties, and to provide administrative services to the Trust and the Trust
Subsidiaries, on such terms and conditions as may be approved by the Trustees. 

  
 6 

 ARTICLE III 

BENEFICIAL INTERESTS 
 3.1
Beneficial Interests. 
 (a) Pursuant to the Plan, immediately prior to the effective time of the Merger, but before the redemption
of the Special Company Partnership Units (as defined in the Merger Agreement) pursuant to Section 3.2 of the Merger Agreement, the Company will distribute to each record owner of outstanding Shares one unit of Beneficial Interest (a
“Unit”) in the Trust for each Share then held of record by such Stockholder. Following this distribution, each Beneficiary shall have a pro rata undivided beneficial interest in the Holdco Common Units and the other Trust Assets
equal to the number of Units held by such Beneficiary divided by the total number of Units held by all Beneficiaries. 
 (b) The rights of
Beneficiaries in, to and under the Trust Assets and the Trust shall not be represented by any form of certificate or other instrument, and no Beneficiary shall be entitled to such a certificate. The Trustees shall maintain, or cause to be
maintained, a record of the name and address of each Beneficiary and the aggregate number of Units held by such Beneficiary. 
 (c) If any
conflicting claims or demands are made or asserted with respect to the ownership of any Units, or if there is any disagreement between the transferees, assignees, heirs, representatives or legatees succeeding to all or part of the interest of any
Beneficiary resulting in adverse claims or demands being made in connection with such Units, then, in any of such events, the Trustees shall be entitled, at their sole election, to refuse to comply with any such conflicting claims or demands. In so
refusing, the Trustees may elect to make no payment or distribution with respect to such Units, or to make such payment to a court of competent jurisdiction or an escrow agent, and in so doing, the Trustees shall not be or become liable to any of
such parties for its failure or refusal to comply with any of such conflicting claims or demands or to take any other action with respect thereto, nor shall the Trustees be liable for interest on any funds which it may so withhold. Notwithstanding
anything to the contrary set forth in this Section 3.1(c), the Trustees shall be entitled to refrain and refuse to act until either (i) the rights of the adverse claimants have been adjudicated by a final judgment of a court of
competent jurisdiction, (ii) all differences have been adjusted by valid written agreement between all of such parties, and the Trustees shall have been furnished with an executed counterpart of such agreement, or (iii) there is furnished
to the Trustees a surety bond or other security satisfactory to the Trustees, as they shall deem appropriate, to fully indemnify them as between all conflicting claims or demands. 

3.2 Rights of Beneficiaries. Each Beneficiary shall be entitled to participate in the rights and benefits due to a Beneficiary
hereunder according to the Beneficiary’s Beneficial Interest. Each Beneficiary shall take and hold the same subject to all the terms and provisions of this Agreement. The interest of each Beneficiary hereunder is declared, and shall be in all
respects, personal property and upon the death of an individual Beneficiary, the Beneficiary’s Beneficial Interest shall pass as personal property to the Beneficiary’s legal representative and

  
 7 

 
such death shall in no way terminate or affect the validity of this Agreement. A Beneficiary shall have no title to, right to, possession of, management of, or control of, any of the Trust Assets
except the right to receive distributions of the net proceeds thereof as, when, and if made as expressly provided herein. No widower, widow, heir or devisee of any person who may be a Beneficiary shall have any right of dower, homestead, or
inheritance, or of partition, or of any other right, statutory or otherwise, in any of the Trust Assets. 
 3.3 Limitations on
Transfer. THE BENEFICIAL INTEREST OF A BENEFICIARY MAY NOT BE TRANSFERRED OTHER THAN BY WILL, INTESTATE SUCCESSION OR OPERATION OF LAW; provided that a Beneficiary shall be allowed to assign or transfer a Beneficial Interest held by a
tax-qualified employee retirement plan or account (including a regular IRA, a Keogh plan or a 401(k) plan) to the plan participant or account owner, but only if and to the extent that (x) a distribution from the plan or account is required to
be made in order to satisfy the required minimum distribution (“RMD”) provisions applicable to such plan or account, and (y) such RMD requirements cannot be satisfied by distributing other assets from such plan or account, or
from other accounts of such account owner; and further provided, that the executor or administrator of the estate of a Beneficiary may mortgage, pledge, grant a security interest in, hypothecate or otherwise encumber, the Beneficial Interest held by
the estate of such Beneficiary if necessary in order to borrow money to pay estate, succession or inheritance taxes or the expenses of administering the estate of the Beneficiary, upon written notice to and upon written consent of the Trustees,
which consent may be withheld in the Trustees’ sole discretion. Furthermore, except as may be otherwise required by law, the Beneficial Interests of the Beneficiaries hereunder shall not be subject to attachment, execution, sequestration or any
order of a court, nor shall such interests be subject to the contracts, debts, obligations, engagements or liabilities of any Beneficiary. The interest of a Beneficiary shall be paid by the Trustees to the Beneficiary free and clear of all
assignments, attachments, anticipations, levies, executions, decrees and sequestrations and shall become the property of the Beneficiary only when actually received by such Beneficiary. 

3.4 Trustees as Beneficiary. The Trustees, either individually or in a representative or fiduciary capacity, may be a Beneficiary to
the same extent as if they were not the Trustees hereunder and shall have all rights of a Beneficiary, including, without limitation, the right to vote and to receive distributions, to the same extent as if they were not the Trustees hereunder. 

ARTICLE IV 
 DURATION AND
TERMINATION OF THE TRUST 
 4.1 Duration. The existence of the Trust shall terminate upon the earliest of (1) the
liquidation and distribution of the net proceeds of all of the Trust Assets and Holdco Assets as provided in Section 5.7, or (2) the expiration of a period of three years from the Grant Date. Notwithstanding the foregoing, the
Trustees may continue the existence of the Trust beyond the three-year term if the Trustees reasonably determine that an extension is necessary to fulfill the purposes of the Trust, provided that the Trustees have requested and obtained additional
no-action assurance from the Division of Corporation Finance of the Securities and Exchange Commission (the “Commission”) regarding relief from registration and reporting requirements under the Securities Exchange Act of 1934, as
amended (the “Exchange Act”) prior to any such extension. 

  
 8 

 4.2 Other Obligations of Trustees upon Termination. Upon termination of the Trust, the
Trustees shall provide for the retention of the books, records, lists of holders of Units, and files which shall have been delivered to or created by the Trustees, the Advisor, or their respective agents. At the Trustees’ discretion, all of
such records and documents may be destroyed at any time after six years following the final distribution with respect to the Holdco Assets. Except as otherwise specifically provided herein, upon the final distribution with respect to the Holdco
Assets, the Trustees shall have no further duties or obligations hereunder; provided, that the Trustees shall execute and deliver such other instruments and agreements as shall be reasonably necessary to effect the termination of the Trust. 

ARTICLE V 

ADMINISTRATION OF TRUST ASSETS 

5.1 Sale of Holdco Assets and Trust Assets. Subject to the terms and conditions of this Agreement and the Holdco LLC Agreement, the
Trustees shall cause Holdco and the Holdco Subsidiaries to continue the development and lease-up of the Retained Properties with the objective of realizing the value of the Retained Properties for the benefit of the members of Holdco and the
Beneficiaries. Subject to the terms and conditions of this Agreement and the Holdco LLC Agreement, the Trustees may, and may cause the Trust, in its capacity as managing member of Holdco to, at such times as they deem appropriate, in their
discretion, collect, liquidate, reduce to cash, transfer, assign, or otherwise dispose of all or any part of the Holdco Assets or the Trust Assets as they deem appropriate at public auction or at private sale for cash, securities or other property,
or upon credit (either secured or unsecured as the Trustee shall determine). The Trustees shall make continuing efforts to dispose of the Holdco Assets and the Trust Assets, make timely distributions and not unduly prolong the duration of the Trust.

 5.2 Efforts to Resolve Claims and Liabilities. Subject to the terms and conditions of this Agreement, the Trustees shall make
appropriate efforts to resolve any contingent or unliquidated claims and outstanding contingent Liabilities for which the Trust or any Trust Subsidiary may be responsible, administer and dispose of the Holdco Assets and the Trust Assets as
contemplated in the Holdco LLC Agreement and this Agreement, make timely distributions to the members of Holdco and the Beneficiaries, and not unduly prolong the duration of the Trust. 

5.3 Continued Collection of Trust Assets. All property that is determined to be a part of the Trust Assets shall continue to be
collected by the Trustees and held as a part of the Trust. The Trustees shall hold the Trust Assets without being obligated to provide for or pay any interest thereon to any Beneficiary, except to the extent of such Beneficiary’s share of
interest actually earned by the Trust after payment of the Trust’s liabilities and expenses as provided in Section 5.5. 

  
 9 

 5.4 Restriction on Trust Assets. The Trust shall not receive, or permit any Trust
Subsidiary to receive, transfers of, and shall cause to be distributed, any assets prohibited by Revenue Procedure 82-58, 1982-2 C.B. 847 (as amplified by Revenue Procedure 91-15, 1991-1 C.B. 484), as the same
may be further amended, supplemented, or modified, including, but not limited to, any listed stocks or securities, any readily-marketable assets, any operating assets of a going business, any unlisted stock of a single issuer that represents 80% or
more of the stock of such issuer, or any general or limited partnership interest, it being understood that the interests in the Trust Subsidiaries do not constitute any such assets. The Trustees shall not retain cash in excess of a reasonable amount
to meet expenses and Liabilities of the Trust and the Trust Assets. 
 5.5 Payment of Expenses and Liabilities. The Trustees shall
pay from the Trust Assets all expenses and Liabilities of the Trust and of the Trust Assets, including, but not limited to, interest, penalties, taxes, assessments, and public charges of any kind or nature and the costs, charges, and expenses
connected with or growing out of the execution or administration of the Trust and such other payments and disbursements as are provided in this Agreement or which may be determined to be a proper charge against the Trust Assets by the Trustees. 

5.6 Interim Distributions. At such times as may be determined in their sole discretion, the Trustees shall cause Holdco to distribute
to its members, and upon receipt of the Trust’s share of such distribution (as the holder of the Holdco Common Units), the Trustees shall distribute, or cause to be distributed, to the Beneficiaries, in proportion to the number of Units held by
each Beneficiary on the record date for such distribution as determined by the Trustees in their sole discretion, such cash or other property comprising a portion the Trust Assets as the Trustees may in their sole discretion determine may be
distributed. 
 5.7 Final Distribution. If the Trustees determine that the Liabilities and all other claims, expenses, charges, and
obligations of the Trust and the Trust Subsidiaries have been paid or discharged, and all Trust Assets have been liquidated, the Trustees shall, as expeditiously as is consistent with the conservation and protection of the Holdco Assets and the
Trust Assets, cause Holdco to distribute to its members the remaining Holdco Assets, if any, and upon receipt of the Trust’s share of such distribution (as the holder of the Holdco Common Units), distribute such share to the Beneficiaries in
proportion to the number of Units held by each Beneficiary. 
 5.8 Reports to Beneficiaries. 

(a) As soon as practicable after the Grant Date, the Trustees will mail to each Beneficiary a notice indicating how many Units such person
beneficially owns and the Trustees’ addresses and other contact information. 
 (b) As soon as practicable after the end of each fiscal
year of the Trust on a timeline as though the Trust were a non-accelerated filer of reports under the Securities Exchange Act of 1934, the Trust shall file an annual report on Form 10-K with the Commission showing the assets and liabilities of the
Trust at the end of the applicable calendar year and the receipts and disbursements of the Trust for such period covered by the report. The annual report also will describe the changes in the assets of the Trust and the actions taken by the Trustees
during such period covered by the report. The financial statements contained within such annual report need not be audited but will be prepared on a liquidation basis in accordance with 

  
 10 

 
generally accepted accounting principles. The Trust also will file interim reports on Form 8-K with the Commission whenever an event occurs for which a Form 8-K is required to be filed for the
Trust or whenever, in the opinion of the Trustees, in their discretion, any other material event relating to the Trust or its assets has occurred. 

(c) The tax year and the fiscal year of the Trust shall end on December 31 of each year. 

5.9 Federal Income Tax Information. As soon as practicable after the close of each tax year, the Trustees shall mail to each Person who
was a Beneficiary during such year, a statement showing, on a per Unit basis, the information necessary to enable a Beneficiary to determine its taxable income (if any) from the Trust as determined for federal income tax purposes. In addition, after
receipt of a request in good faith, the Trustees shall furnish to any Person who has been a Beneficiary at any time during the preceding year, at the expense of such Person and at no cost to the Trust, a statement containing such further tax
information as is reasonably available to the Trustees and reasonably requested by such Person. 
 5.10 Books and Records. The
Trustees shall maintain in respect of the Trust and the holders of Units books and records relating to the Trust Assets and the income and liabilities of the Trust in such detail and for such period of time as may be necessary to enable it to make
full and proper accounting in respect thereof in accordance with this Article V and to comply with applicable law. Such books and records shall be maintained on a basis or bases of accounting necessary to facilitate compliance with the tax
reporting requirements of the Trust and the reporting obligations of the Trustees under Section 5.8. Nothing in this Agreement requires the Trustees to file any accounting or seek approval of any court with respect to the administration
of the Trust or as a condition for making any payment or distribution out of the Trust Assets. Beneficiaries and their agents shall be entitled, upon 30 days’ prior written notice delivered to the Trustees, to inspect and copy (at their own
expense) during normal business hours the following (and only the following) documents, solely to the extent that such documents are not publicly available on the website of the Commission: (i) this Agreement and all amendments hereto;
(ii) minutes of the proceedings (if any) of the Beneficiaries; (iii) an annual statement of affairs (which may be the annual report contemplated by Section 5.8(a)); and (iv) any voting trust agreements on
file at the Trust’s principal office; provided that, if so requested, such Beneficiaries shall have entered into a confidentiality agreement satisfactory in form and substance to the Trustees 

5.11 Appointment of Agents, etc. 

(a) The Trustees shall be responsible for the general policies of the Trust and for the general supervision of the activities of the Trust and
Trust Subsidiaries conducted by all agents, officers, employees, advisors or managers of the Trust or any of the Trust Subsidiaries. The Trustees shall have the power to appoint, employ or contract with any Person or Persons as the Trustees may deem
necessary or proper for the transaction of all or any portion of the activities of the Trust, including appointment of officers of the Trust and the Trust Subsidiaries and the retention of the Advisor under a management services agreement, as
contemplated by Section 2.6. For purposes of this Agreement, the Advisor shall be deemed to be an agent of the Trust. 

  
 11 

 (b) The Trustees shall have the power to determine the terms and compensation of any Person with
whom it may contract pursuant to Section 5.11(a). 
 (c) The Trustees shall not be required to administer the Trust as their
sole and exclusive function and the Trustees may have other business interests and may engage in other activities similar or in addition to those relating to the Trust, including in competitive business interests, including the rendering of advice
or services of any kind to investors or any other Persons and the management of other investments, subject to the Trustees’ obligations under this Agreement and applicable law. 

ARTICLE VI 
 BOARD OF
TRUSTEES 
 6.1 Board of Trustees. The Trust and its affairs shall be governed, managed and administered by a Board of Trustees.
References in this Agreement to the “Trustees” shall constitute references to the Board of Trustees acting as described in this Article VI, unless the context otherwise requires. 

6.2 Number and Qualification of Trustees. 

(a) Subject to the provisions of Section 6.3 relating to the period pending the appointment of a successor Trustee, there shall be
three Trustees of this Trust comprising the Board of Trustees, who shall be citizens and residents of, or a corporation or other entity which is incorporated or formed under the laws of, a state of the United States and, if a corporation, it shall
be authorized to act as a corporate fiduciary under the laws of the State of Maryland or such other jurisdiction as shall be determined by the Trustee in its sole discretion. The number of Trustees may be increased or decreased from time to time by
the Trustees, provided that there shall never be fewer than one Trustee. 
 (b) If a corporate Trustee shall ever change its name, or shall
reorganize or reincorporate, or shall merge with or into or consolidate with any other bank or trust company, such corporate trustee shall be deemed to be a continuing entity and shall continue to act as a trustee hereunder with the same
liabilities, duties, powers, titles, discretions, and privileges as are herein specified for a Trustee. 
 (c) A majority of the Trustees
shall be Independent Trustees; provided that, if one or more Independent Trustees shall resign or be removed, and pending the filling of the vacancy or vacancies created by such resignation or removal less than a majority of the Trustees are
Independent Trustees, the failure of a majority of the Trustees to be Independent Trustees shall not affect the validity of any action taken by the Trustees. 

  
 12 

 6.3 Resignation and Removal. Any Trustee may resign and be discharged from the Trust by
giving written notice to the other Trustees. Such resignation shall become effective on the date specified in such notice. Any Trustee may be removed at any time, with or without cause, by Beneficiaries holding in the aggregate more than two-thirds
of the total Units held by all Beneficiaries at a meeting of the Beneficiaries duly called for such purpose. 
 6.4 Appointment of
Successor. If at any time a Trustee resigns or is removed, dies, becomes mentally incompetent or physically incapable of performing such Trustee’s responsibilities hereunder (as determined by the other Trustees), or is adjudged bankrupt or
insolvent, unless the remaining Trustees (if any) shall decrease the number of Trustees comprising the Board of Trustees pursuant to Section 6.2 hereof, or in the event the number of Trustees comprising the Board of Trustees shall be
increased pursuant to Section 6.2 hereof, a vacancy shall be deemed to exist and a successor shall be appointed by action of a majority of the remaining Trustees (if any). If (i) such a vacancy is not filled by the remaining
Trustees within ninety (90) days, and the remaining Trustees, if any, have notified the Beneficiaries of their inability to fill such vacancy or (ii) there is no remaining Trustee then, the Beneficiaries may, pursuant to Article XII
hereof, call a meeting to appoint a successor Trustee or successor Trustees. At such meeting, holders of a majority of the outstanding Units shall constitute a quorum and a successor Trustee or successor Trustees shall be appointed by Beneficiaries
holding Units representing a majority of the total Units present at the meeting, in person or by proxy, with each Unit being entitled to be voted with respect to each vacancy to be filled at such meeting. Pending the appointment of a successor
Trustee, the remaining Trustee or Trustees then serving may continue to take all actions that may be taken by the Trustees hereunder. 
 6.5
Acceptance of Appointment by Successor Trustee. Any successor Trustee appointed hereunder shall execute an instrument accepting such appointment hereunder and shall file one counterpart with the books and records of the Trust and, in case of
a resignation, deliver one counterpart to the resigning Trustee. Thereupon such successor Trustee shall, without any further act, become vested with all the estates, properties, rights, powers, trusts, and duties of its predecessor in the Trust
hereunder with like effect as if originally named therein. 
 6.6 Required Approval for Action by Trustees. At any time there is more
than one Trustee, all action required or permitted to be taken by the Trustees, in their capacity as Trustees, shall be taken by approval, consent, vote or resolution, including by written consent, authorized by at least a majority of the Trustees.

 6.7 Compensation; Expense Reimbursement. The Independent Trustees shall be entitled to receive compensation for their services as
Trustees comparable to that paid by the Company to its independent directors prior to the Merger, consisting of reasonable meeting fees or quarterly or annual retainer fees or a combination of such fees, as determined by the Trustees. Each Trustee
shall be reimbursed from the Trust Assets or the Holdco Assets for all expenses reasonably incurred, and appropriately documented, by such Trustee in the performance of that Trustee’s duties in accordance with this Agreement. 

  
 13 

 ARTICLE VII 

POWERS OF AND LIMITATIONS ON THE TRUSTEES 

7.1 Limitations on Trustees. The Trustees shall not cause the Trust, and shall not cause any Trust Subsidiary, to enter into or engage
in any trade or business except as necessary to carry out the purposes of the Trust. In no event shall the Trustees take any action which would jeopardize the status of the Trust as a “liquidating trust” for federal, state or local income
tax purposes within the meaning of Treasury Regulation Section 301.7701-4(d) and any analogous provision of state or local law. The Trustees shall not invest any of the cash held as Trust Assets in securities of any other Person, except that
the Trustees may invest in (i) direct obligations of the United States of America or obligations of any agency or instrumentality thereof which mature not later than one year from the date of acquisition thereof, (ii) money market deposit
accounts, checking accounts, savings accounts, or certificates of deposit, or other time deposit accounts which mature not later than one year from the date of acquisition thereof which are issued by a commercial bank or savings institution
organized under the laws of the United States of America or any state thereof, or (iii) other temporary investments not inconsistent with the Trust’s status as a liquidating trust for tax purposes. 

7.2 Specific Powers of Trustees. Subject to the provisions of the terms and conditions of this Agreement, the Trustees shall have the
following specific powers in addition to any and all powers conferred upon them by any other Section or provision of this Agreement or any laws of the State of Maryland; provided that the enumeration of the following powers shall not be considered
in any way to limit or control the power of the Trustees to act as specifically authorized by any other Section or provision of this Agreement and to act in such a manner as the Trustees may deem necessary or appropriate to conserve and protect the
Trust Assets and the Holdco Assets or to confer on the Beneficiaries the benefits intended to be conferred upon them by this Agreement: 

(a) to determine the nature and amount of the consideration to be received with respect to the lease, sale or other disposition of, or the
grant of interest in, the Trust Assets and/or the Holdco Assets; 
 (b) to collect, liquidate, finance or refinance or otherwise convert
into cash, or such other property as it deems appropriate, all property, assets and rights in the Trust Assets and/or the Holdco Assets, and to pay, discharge, and satisfy all other claims, expenses, charges, Liabilities and obligations existing
with respect to the Trust Assets, the Holdco Assets, the Trust or the Trustees; 
 (c) to elect, appoint, engage, retain or employ any
Persons as officers, agents, representatives, employees or independent contractors (including without limitation real estate advisors, investment advisors, accountants, transfer agents, attorneys-at-law, managers, appraisers, brokers, or otherwise)
in one or more capacities, and to pay reasonable compensation from the Trust Assets or the Holdco Assets for services in as many capacities as such Person may be so elected, appointed, engaged, employed or retained, to prescribe the titles, powers
and duties, terms of service and other terms and conditions of the election, appointment, engagement, employment or retention of such Persons and, except as prohibited by law, to delegate any of the powers and duties of the Trustees to officers,
agents, representatives, independent contractors, employees or other Persons, including, without limitation, the retention of Advisor and its 

  
 14 

 
affiliates to provide various services to the Trust and the Subsidiaries owned by it consistent with the types of services and compensation terms previously applicable to the Company prior to the
formation of the Trust, plus a disposition fee with respect to the sale or other disposition of the Trust Assets and/or the Holdco Assets; 

(d) to retain and set aside such funds out of the Trust Assets or the Holdco Assets as the Trustees shall deem necessary or expedient to pay,
or provide for the payment of (i) unpaid claims, expenses, charges, Liabilities and obligations of the Trust or any Trust Subsidiary; and (ii) the expenses of administering the Trust Assets; 

(e) to do and perform any and all acts necessary or appropriate for the conservation, protection and realization of value of the Trust Assets
and the Holdco Assets, including acts or things necessary or appropriate to maintain the Trust Assets and the Holdco Assets held by the Trustees pending sale or disposition thereof or distribution thereof to the Beneficiaries; 

(f) to institute, defend, settle or otherwise resolve actions, judgments or claims for declaratory relief or other actions, judgments or
claims and to take such other action, in the name of the Trust or any Subsidiary owned by it or as otherwise required, as the Trustees may deem necessary or desirable to enforce any instruments, contracts, agreements, causes of action, or rights
relating to or forming a part of the Trust Assets or the Holdco Assets; 
 (g) to determine conclusively from time to time the value of and
to revalue the securities and other property of the Trust, in accordance with independent appraisals or other information as it deems necessary or appropriate; 

(h) to cancel, terminate or amend any instruments, contracts, agreements, obligations, or causes of action relating to or forming a part of
the Trust Assets or the Holdco Assets, and to execute new instruments, contracts, agreements, obligations or causes of action notwithstanding that the terms of any such instruments, contracts, agreements, obligations, or causes of action may extend
beyond the terms of the Trust; 
 (i) in the event any of the property which is or may become a part of the Trust Assets or the Holdco
Assets is situated in any state or other jurisdiction in which the Trustees are not qualified to act as Trustees, to nominate and appoint an individual or corporate trustee qualified to act in such state or other jurisdiction in connection with the
property situated in that state or other jurisdiction as a trustee of such property and require from such trustee such security, if any, as may be designated by the Trustees, which, in the sole discretion of the Trustees may be paid out of the Trust
Assets or the Holdco Assets. The trustee so appointed shall have all the rights, powers, privileges and duties and shall be subject to the conditions and limitations of the Trust, except as limited by the Trustees and except where the same may be
modified by the laws of such state or other jurisdiction (in which case, the laws of the state or other jurisdiction in which such trustee is acting shall prevail to the extent necessary). Such trustee shall be answerable to the Trustees herein
appointed for all monies, assets and other property which may be received by it in connection with the administration of such property. The Trustees hereunder may remove such trustee, with or without cause, and appoint a successor trustee at any
time by the execution by the Trustees of a written instrument declaring such trustee removed from office, and specifying the effective date of removal; 

  
 15 

 (j) to cause any investments of any part of the Trust Assets or the Holdco Assets to be
registered and held in its name or in the names of a nominee or nominees without increase or decrease of liability with respect thereto; 

(k) to (i) terminate and dissolve any entities owned by the Trust or any Trust Subsidiary and (ii) form any new entities to be owned
by the Trust or any Trust Subsidiary, provided that the interests in any such newly formed entities would not constitute assets prohibited by Revenue Procedure 82-58, 1982-2 C.B. 847 (as amplified by Revenue Procedure 91-15, 1991-1 C.B. 484),
as the same may be further amended, supplemented, or modified; 
 (l) to perform any act authorized, permitted, or required under any
instrument, contract, agreement, right, obligation, or cause of action relating to or forming a part of the Trust Assets or the Holdco Assets whether in the nature of an approval, consent, demand, or notice thereunder or otherwise, unless such act
would require the consent of the Beneficiaries in accordance with the express provisions of this Agreement; and 
 (m) adopt By-laws not
inconsistent with this Agreement providing for the conduct of the business of the Trust and to amend and repeal them. 
 7.3 Conflicts of
Interest. 
 (a) Whenever a conflict of interest exists or arises between any Trustee or any of such Trustee’s Affiliates, on the
one hand, and the Trust, on the other hand (a “Conflict of Interest”), any decisions or actions taken by the Trustees with respect to such Conflict of Interest (i) shall be taken only by the Independent Trustees and
(ii) shall not include the conflicted Trustee. Any agreements or arrangements concerning a Conflict of Interest shall be on terms no less favorable to the Trust than those available to the Trust in similar agreements or arrangements with
unaffiliated third parties. 
 (b) Whenever a Conflict of Interest arises or whenever this Agreement or any other agreement contemplated
herein provides that the Trustees shall act in a manner that is, or provide terms that are, fair and reasonable to the Trust, any Beneficiaries or any other Person, the Trustees making such decision or taking such action shall resolve such Conflict
of Interest, take such action or provide such terms, considering in each case the relative interest of each party (including their own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such
interests, any customary or accepted industry practices and any applicable generally accepted accounting practices or principles. 
 (c)
Rights of Trustees, Employees, Independent Contractors and Agents to Own Units or Other Property and to Engage in Other Business. Any Trustee, officer, employee, independent contractor or agent of the Trust, including the Advisor, may own,
hold and dispose of Units for its individual account, and may exercise all rights thereof and thereunder to the same 

  
 16 

 
extent and in the same manner as if it were not a Trustee, officer, employee, independent contractor or agent of the Trust. Any Trustee, officer, employee, independent contractor or agent of the
Trust, including the Advisor, may, in its personal capacity or in the capacity of trustee, manager, officer, director, shareholder, partner, member, advisor, employee of any Person or otherwise, have business interests and holdings similar to or in
addition to those relating to the Trust, including business interests and holdings that are competitive with the Trust. Any Trustee, officer, employee, independent contractor or agent of the Trust, including the Advisor, may be a trustee, manager,
officer, director, shareholder, partner, member, advisor, employee or independent contractor of, or otherwise have a direct or indirect interest in, any Person who may be engaged to render advice or services to the Trust, and may receive
compensation from such Person as well as compensation as Trustee, employee, independent contractor or agent, including as manager or Advisor, or otherwise hereunder so long as such interest is disclosed to the Trustees. None of these activities in
and of themselves shall be deemed to conflict with its duties as Trustee, officer, employee, independent contractor or agent of the Trust, including as Advisor. The doctrine of corporate opportunity, or any analogous doctrine, shall not apply to the
Trustees or officers or other agents of the Trust or the Trust Subsidiaries, including the Advisor. No Trustee or officer who acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the
Trust shall have any duty to communicate or offer such opportunity to the Trust, and such Trustee shall not be liable to the Trust or to the Beneficiaries for breach of any fiduciary or other duty by reason of the fact that such Trustee pursues or
acquires for, or directs such opportunity to another Person or does not communicate such opportunity or information to the Trust. Neither the Trust nor any Beneficiary shall have any rights or obligations by virtue of this Agreement or the trust
relationship created hereby in or to such independent ventures or the income or profits or losses derived therefrom, and the pursuit of such ventures, even if competitive with the activities of the Trust, shall not be deemed wrongful or improper.
Any Trustee may engage or be interested in any financial or other transaction with the Beneficiaries or any Affiliate of the Trust or the Beneficiaries, or may act as depositary for, trustee or agent for, or act on any committee or body of holders
of, securities or other obligations of the Trust or the Beneficiaries or their Affiliates. 
 ARTICLE VIII 

DUTIES AND LIABILITIES OF THE TRUSTEES, BENEFICIARIES AND AGENTS; INDEMNIFICATION 

8.1 Generally. The Trustees accept and undertake to discharge the Trust, upon the terms and conditions hereof, on behalf of the
Beneficiaries. Each Trustee shall exercise such rights and powers vested in the Trustees by this Agreement in good faith, and use the same degree of care and skill in his, her, or its exercise as a prudent man or woman would exercise or use under
the circumstances in the conduct of his or her own affairs, and no Trustee shall have or be deemed to have any fiduciary or other duty to the Trust, any Beneficiary, any Trustee or any other Person, except for such duties as are expressly provided
by this Agreement. The provisions of this Agreement, to the extent that they restrict or otherwise limit the duties and liabilities of the Trustees otherwise existing at law or in equity are agreed by the parties hereto to replace such other duties
and liabilities of the Trustees. To the maximum extent that Maryland law in effect from time to time permits limitation of the liability of trustees or officers of a 

  
 17 

 
Maryland statutory trust, no present or former Trustee or officer or other agent of the Trust or of any Trust Subsidiary, including the Advisor, shall be subject to any personal liability
whatsoever in tort, contract or otherwise, to the Trust, any Beneficiary or any other Person. Neither the amendment nor repeal of this Section 8.1, nor the adoption or amendment of any other provision of this Agreement inconsistent with
this Section 8.1, shall apply to or affect in any respect the applicability of the preceding sentence with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption. In addition, notwithstanding the
foregoing: 
 (a) no successor Trustee shall be responsible for the acts or omissions of a Trustee in office prior to the date on which such
successor becomes a Trustee; 
 (b) the Trustees shall not be required to perform any duties or obligations except for the performance of
such duties and obligations as are specifically set forth in this Agreement, and no implied covenants or obligations shall be read into this Agreement against the Trustees; 

(c) in the absence of bad faith on the part of the Trustees, the Trustees may conclusively rely, as to the truth, accuracy and completeness
thereof, on the statements and certificates or opinions furnished to the Trustees and conforming to the requirements of this Agreement; 

(d) no Trustee shall be liable for any act which such Trustee may do or omit to do hereunder, or for any mistake of fact or law, or for any
error of judgment, or for the misconduct of any employee, agent, representative or attorney appointed by the Trustees, or for anything that it may do or refrain from doing in connection with this Agreement while acting in good faith; and 

(e) no Trustee shall be liable with respect to any action taken or omitted to be taken by such Trustee in accordance with (i) a written
opinion of legal counsel addressed to the Trustees or (ii) the direction of Beneficiaries having aggregate Beneficial Interests of at least a majority of all Beneficial Interests relating to the exercise by the Trustees of any trust or power
conferred upon the Trustees under this Agreement. 
 8.2 Reliance by Trustees. 

(a) The Trustees may consult with legal counsel, auditors or other experts to be selected by them and the advice or opinion of such counsel,
auditors, or other experts shall be full and complete personal protection to the Trustees and agents of the Trust in respect of any action taken or suffered by the Trustees in good faith and in the reliance on, or in accordance with, such advice or
opinion. 
 (b) Persons dealing with the Trustees shall look only to the Trust Assets to satisfy any liability incurred by the Trustees to
such Person in carrying out the terms of the Trust, and the Trustees shall have no personal or individual obligation to satisfy any such liability. 

  
 18 

 (c) As far as reasonably practicable, the Trustees shall cause any written instrument creating an
obligation of the Trust to include a reference to this Agreement and to provide that neither the Beneficiaries, the Trustees nor their agents shall be liable thereunder, and that the other parties to such instrument shall look solely to the Trust
Assets for the payment of any claim thereunder or the performance thereof; provided that the omission of such provision from any such instrument shall not render the Beneficiaries, the Trustees or their agents liable, nor shall the Trustees
be liable to anyone for such omission. 
 8.3 Limitation on Liability to Third Persons. No Beneficiary shall be subject to any
personal liability whatsoever, in tort, contract, or otherwise, to any Person in connection with the Trust Assets, the Holdco Assets or the affairs of the Trust. To the maximum extent that Maryland law in effect from time to time permits limitation
of the liability of trustees or officers of a Maryland statutory trust, no present or former Trustee or officer or other agent of the Trust or of any Trust Subsidiary, including the Advisor, shall be subject to any personal liability whatsoever in
tort, contract or otherwise, to the Trust, any Beneficiary or any other Person. All Persons shall look solely to the Trust Assets for satisfaction of claims of any nature arising in connection with the affairs of the Trust. The Trustees shall, at
all times, at the expense of the Trust, maintain insurance for the protection of the Trust Assets, its Beneficiaries, the Trustees and agents in such amount as the Trustees shall deem adequate, in the exercise of their discretion, to cover all
foreseeable liability to the extent available at reasonable rates. Neither the amendment nor repeal of this Section 8.3, nor the adoption or amendment of any other provision of this Agreement inconsistent with this
Section 8.3, shall apply to or affect in any respect the applicability of the preceding sentences with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption. 

8.4 Recitals. Any written instrument creating an obligation of the Trust shall be conclusively taken to have been executed or done by a
Trustee or agent of the Trust only in its capacity as Trustee under this Agreement, or in its capacity as an agent of the Trust. 
 8.5
Indemnification. The Trustees and each Person appointed or employed by the Trustees pursuant to Section 5.11, including the Advisor, and the directors, officers, employees, managers and agents of each Trustee (each such person an
“Indemnified Person” and collectively the “Indemnified Persons”), shall, to the fullest extent permitted by law, be indemnified out of the Trust Assets and the Holdco Assets against all claims, actions, liabilities
and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees, reasonably incurred by the Indemnified Persons in connection with the defense or disposition of any action, suit or other
proceeding by the Trust, the Advisor or any other Person, whether civil or criminal, in which the Indemnified Person may be involved or with which the Indemnified Person may be threatened: (i) in the case of a Trustee or a Person appointed by
the Trustees pursuant to Section 5.11, including the Advisor, while in office or thereafter, by reason of his being or having been such a Trustee, Advisor, employee or agent including, without limitation, in connection with or arising
out of any action, suit or other proceeding based on any alleged breach of duty, neglect, error, misstatement, misleading statement, omission or act of any such Trustee, Advisor, or Person in such capacity: and (ii) in the case of any director,
officer, employee, manager or agent of any such Person, by reason of any such Person exercising or 

  
 19 

 
failing to exercise any right or power hereunder. The rights accruing to any Indemnified Person under these provisions shall not exclude any other right to which the Indemnified Person may be
lawfully entitled; provided that no Indemnified Person may satisfy any right of indemnity or reimbursement granted herein, or to which the Indemnified Person may be otherwise entitled, except out of the Trust Assets and the Holdco Assets, and
no Beneficiary shall be personally liable to any person with respect to any claim for indemnity or reimbursement or otherwise. The Trustees may make advance payments in connection with indemnification under this Section 8.5, provided
that the Indemnified Person shall have given a written undertaking to repay any amount advanced to the Indemnified Person and to reimburse the Trust in the event that it is subsequently determined that the Indemnified Person is not entitled to such
indemnification. The Trustees shall cause the Trust to purchase such insurance as they believe, in the exercise of their discretion, adequately insures that each Indemnified Person shall be indemnified against any such claims, actions, liabilities
and expenses pursuant to this Section 8.5. Nothing contained herein shall restrict the right of the Trustees to indemnify or reimburse such Indemnified Person in any proper case, even though not specifically provided for herein, nor
shall anything contained herein restrict the right of any such Indemnified Person to contribution under applicable law. 
 8.6 Reliance
on Statements by Trustees. Any Person dealing with the Trustees shall be fully protected in relying upon the Trustees’ certificate, signed by any one or more of the Trustees, with respect to the authority that one or more Trustees, or any
officer or agent of the Trust, has to take any action with respect to the Trust. Any Person dealing with the Trustees shall be fully protected in relying upon the Trustees’ certificate setting forth the facts concerning any action taken by the
Trustees pursuant to this Agreement. 
 ARTICLE IX 

CERTAIN MATTERS CONCERNING THE BENEFICIARIES 

9.1 Evidence of Action by Beneficiaries. Whenever in this Agreement it is provided that the Beneficiaries may take any action
(including the making of any demand or request, the giving of any notice, consent, or waiver, the removal of a Trustee, the appointment of a successor Trustee, or the taking of any other action), the fact that at the time of taking any such action
such Beneficiaries have joined therein may be evidenced: (i) by any instrument or any number of instruments of similar tenor executed by the Beneficiaries in person or by proxy, agent or attorney appointed in writing; or (ii) by the record
of the Beneficiaries voting in person or by proxy in favor thereof at any meeting of Beneficiaries duly called and held in accordance with the provisions of Article X. 

9.2 Limitation on Suits by Beneficiaries. No Beneficiary shall have any right by virtue of any provision of this Agreement to institute
any action or proceeding at law or in equity against any party other than the Trustees upon or under or with respect to the Trust Assets or the Holdco Assets or the agreements relating to or forming part of the Trust Assets or the Holdco Assets, and
the Beneficiaries (by their acceptance of any distribution made to them pursuant to this Agreement) waive any such right. 

  
 20 

 9.3 Requirement of Undertaking. The Trustees may request any court to require, and any
court may in its discretion require, in any suit for the enforcement of any right or remedy under this Agreement, or in any suit against the Trustees for any action taken or omitted to be taken by them as Trustees, the filing by any party litigant
in such suit of an undertaking to pay the costs of such suit, and such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good
faith of the claims or defenses made by such party litigant; provided that the provisions of this Section 9.3 shall not apply to any suit by the Trustees. 

ARTICLE X 
 MEETINGS OF
BENEFICIARIES 
 10.1 Purpose of Meetings. A meeting of the Beneficiaries may be called at any time and from time to time
pursuant to the provisions of this Article for the purposes of taking any action which the terms of this Agreement expressly permit Beneficiaries to take either acting alone or with the Trustees. 

10.2 Meeting Called by Trustees. The Trustees may at any time call a meeting of the Beneficiaries to be held at such time and at such
place as the Trustees shall determine. Written notice of any meeting of the Beneficiaries shall be given by the Trustees (except as provided in Section 10.3), which written notice shall set forth the time and place of such meeting and in
general terms the action proposed to be taken at such meeting, and shall be mailed not more than 60 nor less than 10 days before such meeting is to be held to all of the Beneficiaries of record not more than 60 days before the date of such meeting.
The notice shall be directed to the Beneficiaries at their respective addresses as they appear in the records of the Trust. 
 10.3
Meeting Called on Request of Beneficiaries. Within 30 days after written request to the Trustees by Beneficiaries holding an aggregate of at least 25% of the total Units held by all Beneficiaries to call a meeting of all Beneficiaries (but
only to transact business permitted by Section 10.1 hereof), which written request shall specify in reasonable detail the action proposed to be taken, the Trustees shall proceed under the provisions of Section 10.2 to call a
meeting of the Beneficiaries, and if the Trustees fail to call such meeting within such 30-day period then such meeting may be called by such Beneficiaries, or their designated representatives, requesting such meeting. 

10.4 Persons Entitled to Vote at Meeting of Beneficiaries. Each Beneficiary shall be entitled to vote at a meeting of the Beneficiaries
either in person or by his proxy duly authorized in writing. The signature of the Beneficiary on such written authorization need not be witnessed or notarized. Each Beneficiary shall be entitled to a number of votes equal to the number of Units held
by such Beneficiary as of the applicable record date. 
 10.5 Quorum; Vote Required for Approval. Except as otherwise required by
this Agreement or law, Beneficiaries holding at least the number of Units in the aggregate sufficient to take action on any matter for which such meeting was called shall be necessary to constitute a quorum at any meeting of Beneficiaries for the
transaction of business. If less than a quorum is 

  
 21 

 
present, the Trustees or Beneficiaries having aggregate Units of at least a majority of the total Units held by all Beneficiaries represented at the meeting may adjourn such meeting with the same
effect and for all intents and purposes as though a quorum had been present. Except to the extent a different percentage is specified in this Agreement for a particular matter or is required by law, when a quorum is present, any act requiring the
approval of the Beneficiaries shall be approved by the affirmative vote of a majority of all the votes entitled to be cast on the matter. 

10.6 Adjournment of Meeting. Subject to Section 10.5, meeting of Beneficiaries may be adjourned from time to time and a
meeting may be held at such adjourned time and place without further notice. 
 10.7 Conduct of Meetings. The Trustees shall appoint
the Chairman and the Secretary of the meeting and may adopt such rules for the conduct of such meeting as they shall deem appropriate, provided that such rules shall not be inconsistent with the provisions of this Agreement. The vote upon any
resolution submitted to any meeting of Beneficiaries shall be by written ballot. An Inspector of Votes, appointed by the Chairman of the meeting, shall count all votes cast at the meeting, in person or by proxy, for or against any resolution and
shall make and file with the Secretary of the meeting their verified written report. In the event that a meeting of the Beneficiaries is held when there are no Trustees then in office, the Beneficiaries present or represented by proxy may adopt such
rules for the conduct of such meeting as they shall deem appropriate, provided that such rules shall not be inconsistent with the provisions of this Agreement. 

10.8 Record of Meeting. A record of the proceedings of each meeting of Beneficiaries shall be prepared by the Secretary of the meeting.
The record shall be signed and verified by the Secretary of the meeting and shall be delivered to the Trustees to be preserved by them. Any record so signed and verified shall be conclusive evidence of all of the matters therein stated. 

ARTICLE XI 
 AMENDMENTS

 11.1 Amendments Requiring Consent of Beneficiaries. This Agreement may be amended from time to time by the Trustees, with the
approval of Beneficiaries holding a majority of the total Units outstanding, or such greater or lesser percentage as shall be specified in this Agreement for the taking of an action by the Beneficiaries under the affected provision of this
Agreement, obtained at a meeting of the Beneficiaries duly called for such purpose; provided that no such amendment shall increase the potential liability of the Trustees hereunder without the written consent of the Trustees; provided,
further, that no such amendment shall permit the Trustees to engage in any activity prohibited by Section 7.1 hereof or affect the Beneficiaries’ rights to receive their pro rata shares of the Trust Assets at the time of any
distribution, and no such amendment shall jeopardize the status of the Trust as a “liquidating trust” for federal, state, or local income tax purposes within the meaning of Treasury Regulation Section 301.7701-4(d) and any analogous
provision of state or local law or jeopardize the Beneficiaries treatment as other than the owners of their respective shares of the Trust’s taxable income pursuant to Section 671 through 679 of the Code and any analogous provision of
state or local law. 

  
 22 

 11.2 Amendments Not Requiring Consent of Beneficiaries This Agreement may be amended from
time to time by the Trustees, without the consent of any of the Beneficiaries, (i) to add to the representations, duties or obligations of the Trustees or surrender any right or power granted to the Trustees herein; (ii) to facilitate the
transferability by Beneficiaries of Trust Units, subject to the ability of the liquidating trust to remain eligible for relief from the registration and reporting requirements under the Exchange Act, (iii) to comply with applicable laws,
including tax laws or to satisfy any requirements, conditions, guidelines or opinions contained in any opinion, directive, order, ruling or regulation of the Commission, the Internal Revenue Service or any other U.S. federal or state or non-U.S.
governmental agency, compliance with which the Trustees deem to be in the best interest of the Beneficiaries as a whole, (iv) to enable the Trust to obtain no-action assurances from the staff of the Commission regarding relief from registration
and reporting requirements under the Exchange Act, which relief the Trustees deem to be in the best interest of the Beneficiaries as a whole, (v) to enable the Trust to be treated as a liquidating trust under Treasury Regulation
Section 301.7701-4(d) and any analogous provision of state or local law, if the Trustees deem it to be in the best interests of the Beneficiaries as a whole, or (vi) to cure any ambiguity, to correct or supplement any provision herein
which may be inconsistent with any other provision herein, or to add any other provision with respect to matters or questions arising under this Agreement which will not be inconsistent with the provisions of this Agreement. 

11.3 Notice and Effect of Amendment. Upon the execution of any such declaration of amendment by the Trustees, this Agreement shall be
deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties, and immunities of the Trustees and the Beneficiaries under this Agreement shall thereafter be determined, exercised and
enforced hereunder subject in all respects to such modification and amendments, and all the terms and conditions of any such amendment shall thereby be deemed to be part of the terms and conditions of this Agreement for any and all purposes. 

ARTICLE XII 

MISCELLANEOUS PROVISIONS 

12.1 Filing Documents. This Agreement shall be filed or recorded in such office or offices as the Trustees may determine to be
necessary or desirable. A copy of this Agreement and all amendments thereof shall be maintained in the principal executive office of the Trust and shall be available at all times during regular business hours for inspection by any Beneficiary or
such Beneficiary’s duly authorized representative. The Trustees shall file or record any amendment of this Agreement in the same places where the original Agreement is filed or recorded to the extent the Trustees may determine such filing to be
necessary or desirable. The Trustees shall file or record any instrument which relates to any change in the name or office of a Trustee in the same places where the original Agreement is filed or recorded to the extent the Trustees may determine
such filing to be necessary or desirable. 
 12.2 Intention of Parties to Establish Trust. This Agreement is not intended to create,
and shall not be interpreted as creating, a corporation, association, partnership, or joint venture of any kind for purposes of federal income taxation or for any other purpose. 

  
 23 

 12.3 Laws as to Construction. This Agreement, the internal affairs of the Trust, and the
liability of the Trustees as trustee, and the Beneficiaries as holders of Beneficial Interests, for any debt, obligation, or other liability of the Trust shall be governed by and construed in accordance with the internal laws of the State of
Maryland, except to the extent that the provisions of any applicable law are permitted to be varied by the provisions of the Agreement, in which event the provisions of this Agreement shall govern; provided that the Maryland Act (except as varied
hereby), and not the laws applicable to common law trusts, shall govern the Trust, this Agreement, and the rights and obligations of the Trustees and the Beneficiaries. The Trustees, the Company and the Beneficiaries (by their acceptance of any
distributions made to them pursuant to this Agreement) consent and agree that this Agreement shall be governed by and construed in accordance with such laws. 

12.4 Exclusive Form for Certain Litigation. Unless the Trustees consent in writing to the selection of an alternative forum, the
Circuit Court for Baltimore City, Maryland, or, if that Court does not have jurisdiction, the United States District Court for the District of Maryland, Baltimore Division, shall be the sole and exclusive forum for (a) any action asserting a
claim of breach of any duty owed by any Trustee or any officer, employee, independent contractor or agent of the Trust or any Trust Subsidiary, including the Advisor, to the Trust or any Beneficiary or such Beneficiary’s heirs or devisees or,
if applicable, plan participant or account owner, (b) any action asserting a claim against the Trust or any Trustee or any officer, employee, independent contractor or agent of the Trust or any Trust Subsidiary, including the Advisor, pursuant
to any provision of the Maryland Statutory Trust Act or this Agreement or (c) any action asserting a claim against the Trust or any Trustee or any officer, employee, independent contractor or agent of the Trust or any Trust Subsidiary,
including the Advisor that is governed by the internal affairs doctrine. 
 12.5 Severability. In the event any provision of this
Agreement or the application thereof to any Person or circumstances shall be finally determined by a court of proper jurisdiction to be invalid or unenforceable to any extent, the remainder of this Agreement, or the application of such provision to
persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each provision of this Agreement shall be valid and enforced to the fullest extent permitted by law. 

12.6 Notices. 
 (a) Any
notice or other communication by the Trustees to any Beneficiary shall be in writing and shall be deemed to have been duly given for all purposes when (i) deposited in the mail, postage prepaid, for delivery to, or deposited with a courier
service for delivery to, such Person, or (ii) delivered personally or sent by fax or email to such Person, in each case at his address or fax number as shown in the records of the Trust. 

  
 24 

 (b) All notices and other communications under this Agreement to any party hereto shall be in
writing and shall be deemed to have been duly given for all purposes when (i) deposited in the mail, postage prepaid, for delivery to, or deposited with a courier service for delivery to, such party, or (ii) delivered personally or sent by
fax or email to such party, in each case at the following address or fax number or at such other addresses or numbers as shall be specified by the parties by like notice. 
  

	 	(i)	If to the Trust or the Trustees: 

 DC Industrial Liquidating Trust 

518 Seventeenth Street, 17th Floor 

Denver, CO 80202 
 Attention:
Dwight L. Merriman III 
 Email: dmerriman@industrialincome.com 

Facsimile: 303-869-4602 
  

	 	(ii)	If to the Company: 

 Industrial Income Trust Inc. 

518 Seventeenth Street, 17th Floor 

Denver, CO 80202 
 Attention:
Thomas McGonagle 

                    Josh Widoff 

Email: tmcgonagle@industrialincome.com 

Email: jwidoff@blackcreekcapital.com 

Facsimile: 303-869-4602 
 12.7
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute one and the same instrument. 

[Signature page follows.] 

  
 25 

 IN WITNESS WHEREOF, Industrial Income Trust Inc. has caused this Agreement to be executed by an
authorized officer, and the Trustees herein have executed this Agreement, effective this 3rd day of November, 2015. 
  

			
	 THE COMPANY:
  

INDUSTRIAL INCOME TRUST INC.

		
	By: 	 	/s/ Joshua J. Widoff
		 	 Name: Joshua J. Widoff
 Title: Executive Vice
President, Secretary & General Counsel

  

			
	THE TRUSTEES:
	
	/s/ Dwight L. Merriman III
	Name: Dwight L. Merriman III
	
	/s/ Marshall M. Burton
	Name: Marshall M. Burton
	
	/s/ Stanley A. Moore
	Name: Stanley A. Moore

  
 26 

 Schedule A 

Retained Properties 
  

											
	 Retained Property
	  	 Property Company
	  	 Location
	  	City	  	State	  	Zip
Code
	Bluegrass DC II	  	IIT Bluegrass DC II LLC	  	NW corner of McFarland Parkway and McGinnis Ferry Road	  	Alpharetta	  	GA	  	30005
						
	Redlands Distribution Center	  	IIT Redlands DC LP	  	NE Corner W. Lugonia and California St.	  	Redlands	  	CA	  	92374
						
	Cajon DC	  	IIT Cajon DC LP	  	6207 N. Cajon Boulevard	  	San Bernardino	  	CA	  	92407
						
	Lehigh Valley Crossing DC I	  	IIT Lehigh Valley Crossing DC I LLC	  	2929 Schoeneck Road	  	Macungie	  	PA	  	18062
						
	Lehigh Valley Crossing DC II	  	IIT Lehigh Valley Crossing DC II LLC	  	3100 Alburtis Rd	  	Macungie	  	PA	  	18062
						
	Lehigh Valley Crossing DC III	  	IIT Lehigh Valley Crossing DC III LLC	  	2918 Schoeneck Rd	  	Macungie	  	PA	  	18062
						
	Tamarac Commerce Center II	  	IIT Tamarac Commerce Center II LLC	  	6201 North Nob Hill Rd	  	Tamarac	  	FL	  	33321
						
	Tamarac Commerce Center III	  	IIT Tamarac Commerce Center III LLC	  	6900 Hiatus Rd	  	Tamarac	  	FL	  	33321
						
	Miami DC III	  	IIT Miami DC III LLC	  	11001 NW 124th St	  	Medley	  	FL	  	33178
						
	Miami DC III Land Bank	  	IIT Miami DC III Land LLC	  	10910 NW 124th St	  	Medley	  	FL	  	33178
						
	Miami DC IV	  	IIT Miami DC IV LLC	  	11040 NW 124th St	  	Medley	  	FL	  	33178

 APPENDIX A 

BILL OF SALE, ASSIGNMENT, ACCEPTANCE AND ASSUMPTION AGREEMENT 

This Bill of Sale, Assignment, Acceptance and Assumption Agreement (“Agreement”) is executed as of this
         day of                     , 2015, by Industrial Income Trust Inc., a Maryland
corporation (“Assignor”), and DC Industrial Liquidating Trust, a Maryland statutory trust (“Assignee”). 

WHEREAS, the Agreement and Plan of Merger, dated as of July 28, 2015 (the “Merger Agreement”), by and among
Assignor, Western Logistics LLC, a Delaware limited liability company (“Parent”), and Western Logistics II LLC, a Delaware limited liability company (“Merger Sub”), includes a plan for the liquidation of the assets of
Assignor that will not be disposed of in the merger contemplated by the Merger Agreement (the “Plan”) that provides that, prior to consummation of such merger, the Assignor will transfer its indirect ownership interests in such
assets to a limited liability company formed to complete the development, lease-up, sale and distribution of the proceeds of the sale of such assets and, following such transfer, transfer the interests in such limited liability company to a
liquidating trust for the benefit of the Company’s stockholders; 
 WHEREAS, the Assignor currently holds all of the common
membership units (the “Holdco Common Units”) in DC Liquidating Assets Holdco LLC, a Delaware limited liability company, which Holdco Common Units constitute the limited liability company interests contemplated to be transferred to
the liquidating trust; and 
 WHEREAS, consistent with the Plan, Assignor now desires to assign, transfer, and convey to Assignee all
right, title, interest in and to the Holdco Common Units, to be held and administered by Assignee in accordance with the terms and conditions set forth in the Amended and Restated Declaration of Trust, dated as of the date hereof, entered into among
Assignor, as grantor, and the trustees signatory thereto (the “Trust Agreement”), in exchange for 100% of the units of beneficial interests in the Assignee. 

NOW, THEREFORE, pursuant to the Plan of Liquidation and in consideration of the premises set forth in the Trust Agreement and for good
and valuable consideration as set forth therein, the receipt and sufficiency of which are hereby acknowledged, Assignor and Assignee hereby agree as follows 
  

	 	1.	Assignor does hereby ASSIGN, CONVEY, TRANSFER, SET OVER, and DELIVER to Assignee, its successors and assigns, all right, title, interest in and to the Holdco Common Units (the “Grant”). In exchange for
the Grant, Assignee does hereby issue to Assignor 100% of the units of beneficial interests in the Assignee. 

  

	 	2.	Assignee does hereby accept, assume and become responsible for all liabilities and obligations with respect to, and becomes fully responsible for, the Holdco Common Units and agrees to perform all of the terms,
covenants and conditions in connection with the Holdco Common Units required to be performed by the owner thereof. 

	 	3.	Assignor hereby agrees to perform, execute, and deliver or cause to be performed, executed, and delivered any and all such further acts and assurances as Assignee may reasonably require to perfect Assignee’s
interest in the Holdco Common Units. 

  

	 	4.	This Agreement is governed by and shall be construed in accordance with the laws of the State of Maryland. 

  

	 	5.	This Agreement may be executed in multiple counterparts, each of which shall serve as an original for all purposes, but all counterparts shall be construed together and constitute one and the same Assignment.

 [Signatures appear on the following page.] 

 
			
	 ASSIGNOR:
  

Industrial Income Trust Inc.

		
	By 	 	 
		 	 Name:
 Title:

  

			
	 ASSIGNEE:
  

DC Industrial Liquidating Trust

		
	By 	 	 
		 	 Name:
 Title:EX-10.2

 EXHIBIT 10.2 

MANAGEMENT SERVICES AGREEMENT 

among 
 DC INDUSTRIAL
LIQUIDATING TRUST, 
 DC LIQUIDATING ASSETS HOLDCO LLC 

and 
 DCG LIQUIDATING
ADVISOR LLC 

 TABLE OF CONTENTS 

 

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

 MANAGEMENT SERVICES AGREEMENT 

THIS MANAGEMENT SERVICES AGREEMENT, dated as of November 3, 2015 is among DC Industrial Liquidating Trust, a Maryland statutory trust
(the “Trust”), DC Liquidating Assets Holdco LLC, a Delaware limited liability company (“Holdco”) and DCG Liquidating Advisor LLC, a Delaware limited liability company. 

W I T N E S S E T H 

WHEREAS, the Agreement and Plan of Merger, dated July 28, 2015, by and among Industrial Income Trust Inc. (“IIT”), Western
Logistics LLC, a Delaware limited liability company, and Western Logistics II LLC (the “Merger Agreement”), provides for the liquidation of the assets of IIT and its subsidiaries not disposed of in the merger contemplated by the Merger
Agreement (such plan of liquidation, the “Plan”); 
 WHEREAS, in accordance with the Plan, IIT has transferred its indirect
ownership interests in the Retained Properties (as defined herein) to Holdco, which has been formed to complete the development, lease-up, operation, sale and distribution of the proceeds of the sales of the Retained Properties; 

WHEREAS, in accordance with the Plan, IIT has transferred the common membership interests in Holdco to the Trust for the benefit of IIT’s
stockholders in exchange for units of beneficial interest in the Trust, which IIT has distributed to its stockholders; 
 WHEREAS, the Trust
is the managing member of Holdco and conducts all its business and holds all investments in Assets through Holdco; 
 WHEREAS, the Trust and
Holdco desire to avail themselves of the experience, sources of information, advice, assistance and certain facilities of the Advisor (as defined herein) and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on
behalf of, and subject to the supervision of, the Trustees of the Trust, all as provided herein; 
 WHEREAS, the Advisor is willing to
undertake to render such services, subject to the supervision of the Trustees, on the terms and conditions hereinafter set forth; 
 NOW,
THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows: 
 1.
DEFINITIONS. As used in this Management Services Agreement (the “Agreement”), the following terms have the definitions hereinafter indicated: 

Acquisition Expenses. Any and all expenses, exclusive of Acquisition Fees, incurred by the Trust, Holdco, the Advisor, or any of their
Affiliates in connection with the development or construction of any Asset. 

  
 1 

 Acquisition Fees. Any and all fees and commissions, exclusive of Acquisition Expenses,
paid by any Person to any other Person (including any fees or commissions paid by or to any Affiliate of the Trust, Holdco or the Advisor) in connection with the development or construction of a Property, including Construction Fees, if any,
nonrecurring management fees, loan fees, points or any other fees of a similar nature. Excluded shall be development fees and construction fees paid to any Person not affiliated with the Advisor in connection with the actual development and
construction of a project. 
 Advisor. DCG Liquidating Advisor LLC, a Delaware limited liability company, any successor advisor to
the Trust, Holdco or any person or entity to which DCG Liquidating Advisor LLC or any successor advisor subcontracts substantially all of its functions. Notwithstanding the forgoing, a Person hired or retained by DCG Liquidating Advisor LLC to
perform property and securities management and related services for the Trust or Holdco that is not hired or retained to perform substantially all of the functions of DCG Liquidating Advisor LLC with respect to the Trust or Holdco as a whole shall
not be deemed to be an Advisor. 
 Affiliate or Affiliated. With respect to any Person, (i) any Person directly or indirectly
owning, controlling or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of such other Person; (ii) any Person ten percent (10%) or more of whose outstanding voting securities are directly
or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any executive officer, director,
trustee or general partner of such other Person; and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. 

Asset. Any Property or other investment (other than investments in bank accounts, money market funds or other current assets) owned by
the Trust, directly or indirectly through one or more of its Affiliates. 
 Asset Management Fee. A fee paid to the Advisor as
compensation for services rendered in connection with the management and Disposition of the Trust’s Assets. 
 Board of Trustees or
Board. The persons holding such office, as of any particular time, under the Trust Agreement of the Trust, whether they be Trustees named therein or additional or successor Trustees. 

Cause. With respect to the termination of this Agreement, fraud, criminal conduct or willful misconduct by the Trust and/or Holdco or
the Advisor, as applicable, or a material breach of this Agreement by the Trust and/or Holdco or the Advisor, as applicable, which has not been cured within 30 days of such breach. 

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

  
 2 

 Construction Fees. The term “Construction Fees” shall mean a fee or other
remuneration for acting as general contractor and/or construction manager to construct improvements, supervise and coordinate projects or provide major repairs or rehabilitations on a Property. 

Contract Purchase Price. The term “Contract Purchase Price” shall mean the amount actually paid or allocated in respect of
(i) the acquisition of a Property by the Trust or IIT or (ii) the origination or acquisition of Mortgages, other debt investments or other investments; in each case including any third party expenses, debt, whether borrowed or assumed, and
exclusive of Acquisition Fees and Acquisition Expenses by the Trust or IIT. 
 Contract Sales Price. The total consideration paid in
connection with a Disposition, including without limitation, any debt or other liabilities assumed or taken subject to by an acquirer. Without limiting the generality of the foregoing, in any transaction involving the acquisition of the equity of
the Trust, Holdco or other selling entity, the Contract Sales Price will be deemed to include (whether or not expressed in the net per share price), the value assigned by the applicable buyer to all assets (or the value of such assets implied by
such buyer’s offer) before subtracting liabilities to derive the net per share purchase price. 
 Disposition. The term
“Disposition” shall include (A) a sale of one or more Assets, (B) a sale of one or more Assets effectuated either directly or indirectly through the sale of any entity owning such Assets, including, without limitation, the Trust
or Holdco, or (C) a sale, merger or other transaction in which the Unitholders either receive, or have the option to receive, cash, securities redeemable for cash, and/or securities of a publicly traded company. 

Distributions. Any distributions of money or other property by the Trust to owners of Units, including distributions that may
constitute a return of capital for federal income tax purposes. 
 GAAP. Generally accepted accounting principles as in effect in the
United States of America from time to time. 
 Holdco. The term “Holdco” shall have the meaning set forth in the preamble
of this Agreement. 
 Holdco LLC Agreement. The amended and restated limited liability company agreement among the Trust and
Industrial Income Advisors Group LLC, dated this date, as it may be amended from time to time. 
 IIT. The term “IIT” shall
have the meaning set forth in the recitals to this Agreement. 
 Independent Trustees. The term “Independent Trustees”
shall have the meaning set forth in the Trust Agreement. 
 Liquidity Event. The term “Liquidity Event” shall include, but
shall not be limited to, (i) a sale, merger or other transaction in which the Unitholders either receive, or have the option to receive, cash, securities redeemable for cash, and/or securities of a publicly traded company, and (ii) the
sale of all or substantially all of the Trust’s Assets where Unitholders either receive, or have the option to receive, cash or other consideration. 

  
 3 

 Merger Agreement. The term “Merger Agreement” shall have the meaning ascribed
thereto in the recitals to this Agreement. 
 Mortgages. In connection with mortgage financing provided, invested in, participated in
or purchased by IIT, all of the notes, deeds of trust, security interests or other evidences of indebtedness or obligations, which are secured or collateralized by Real Property owned by the borrowers under such notes, deeds of trust, security
interests or other evidences of indebtedness or obligations. 
 Person. An individual, corporation, partnership, trust, joint
venture, limited liability company or other entity. 
 Plan. The term “Plan” shall have the meaning ascribed thereto in the
recitals to this Agreement. 
 Property or Properties. All or a portion of the Real Property or Real Properties acquired by the
Trust, directly or indirectly through joint venture or co-ownership arrangements or other partnership or investment entities, including the Retained Properties. 

Real Property. Land, rights in land (including leasehold interests), and any buildings, structures, improvements, furnishings, fixtures
and equipment located on or used in connection with land and rights or interests in land. Properties sold by the Trust or any Affiliate to investors in tenancy-in-common interests (or pursuant to a Delaware statutory trust), beneficial interests in
Delaware statutory trusts, and or similar interests shall be deemed Real Property for the purposes of this definition so long as (i) such properties are being leased by the Trust or any Affiliate from the tenancy-in-common (or Delaware
statutory trust) investors, and (ii) such properties are reflected as Assets of the Trust in accordance with GAAP. 
 Retained
Properties. The Real Properties listed on Appendix A to this Agreement. 
 Termination Date. The date of termination of
this Agreement. 
 Total Project Cost. With regard to any Real Property acquired prior to or during the development, construction or
improvement stages, all hard and soft costs and expenses paid or incurred by or on behalf of Holdco, or by or on behalf of IIT or Holdco prior to the contribution of such Real Property to Holdco, that are in any way related to the development,
construction, improvement or stabilization (including tenant improvements) of such Real Property, including, but not limited to, any debt, whether borrowed or assumed, land and construction costs. 

Trust. The term “Trust” shall have the meaning set forth in the preamble of this Agreement. 

Trust Agreement. The Agreement and Declaration of Trust of the Trust, as amended from time to time. 

Trustee. A member of the Board of Trustees of the Trust. 

Units. The units of beneficial interest of the Trust. 

  
 4 

 Unitholders. The holders of the Units. 

2. APPOINTMENT. The Trust and Holdco hereby appoint the Advisor to serve as their advisor on the terms and conditions set forth in this Agreement, and
the Advisor hereby accepts such appointment. 
 3. DUTIES OF THE ADVISOR. The Advisor undertakes to use its reasonable efforts to provide asset,
development, development and construction oversight and operating oversight services for the Assets, to assist in the sale of such Assets, and to provide administrative services to the Trust, Holdco and their subsidiaries, as determined and adopted
from time to time by the Board of Trustees. In performance of this undertaking, subject to the supervision of the Board of Trustees and consistent with the provisions of the Trust Agreement and the Holdco LLC Agreement, and subject to the condition
that any investment advisory services provided with respect to securities shall be provided by a registered investment adviser, the Advisor shall, either directly or by engaging an Affiliated or non-Affiliated Person: 

(a) provide the daily management for the Trust and Holdco and perform and supervise the various administrative functions reasonably necessary
for the management of the Trust and Holdco, including, without limitation: (i) provide or arrange for administrative services and items, legal and other services, office space, office furnishings, personnel and other items necessary and
incidental to the Trust’s business and operations; (ii) maintain accounting data and any other information requested concerning the activities of the Trust and Holdco as shall be required to prepare and to file any required periodic
financial reports with the Securities and Exchange Commission and any other regulatory agency, including annual financial statements; (iii) oversee tax and compliance services and risk management services and coordinate with appropriate third
parties, including independent accountants and other consultants, on related tax matters; (iv) manage and coordinate with the transfer agent the payment of Distributions to Unitholders; (v) consult with and assist the Board of Trustees in
evaluating and obtaining adequate insurance coverage based upon risk management determinations; (vi) provide the Board of Trustees with updates related to the overall regulatory environment affecting the Trust and Holdco, as well as managing
compliance with such matters; (vii) consult with the Board of Trustees with respect to the governance structure and appropriate policies and procedures related thereto; (viii) oversee all reporting, record keeping, internal controls and
similar matters in a manner to allow the Trust and Holdco to comply with applicable law; (ix) manage communications with Unitholders, including answering phone calls, preparing and sending written and electronic reports and other
communications; and (x) establish technology infrastructure to assist in providing Unitholder support and service; 
 (b) investigate,
select, and, on behalf of the Trust and Holdco, engage and conduct business with such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants,
correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, real
estate management companies, real estate operating companies, securities investment advisors, mortgagors, and any and all agents for any of the foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity deemed by the
Advisor necessary or desirable for the performance of any of the foregoing services, including but not limited to entering into contracts in the name of the Trust and Holdco with any of the foregoing; 

  
 5 

 (c) consult with the Board of Trustees and officers of the Trust and its subsidiaries and assist
the Board of Trustees in the formulation and implementation of the Trust’s financial policies, and, as necessary, furnish the Board of Trustees with advice and recommendations with respect to the making of investments consistent with the
purpose, investment objectives and policies of the Trust and in connection with any borrowings proposed to be undertaken by the Trust and/or Holdco; 

(d) subject to the provisions of Paragraphs 3(e) and 4 hereof, (i) arrange for financing and refinancing and make other changes in the
asset or capital structure of, and dispose of, or otherwise deal with, investments; and (ii) enter into leases and service contracts for Properties and, to the extent necessary, perform all other operational functions for the maintenance and
administration of such Properties; 
 (e) obtain the prior approval of the Board, any particular Trustees specified by the Board or any
committee of the Board, as the case may be, for any and all Dispositions of Real Properties; 
 (f) make Dispositions of Assets within the
discretionary limits and authority as granted by the Board; 
 (g) negotiate on behalf of the Trust and Holdco with banks or lenders for
loans to be made to the Trust and Holdco, or obtain loans for the Trust and Holdco, but in no event in such a way so that the Advisor shall be acting as broker-dealer or underwriter; and provided, further, that any fees and costs payable to third
parties incurred by the Advisor in connection with the foregoing shall be the responsibility of the Trust or Holdco; 
 (h) obtain reports
(which may but are not required to be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of investments of the Trust and/or Holdco in Assets; 

(i) from time to time, or at any time reasonably requested by the Board of Trustees, make reports to the Board of Trustees of its performance
of services to the Trust and Holdco under this Agreement, including reports with respect to potential conflicts of interest involving the Advisor or any of its Affiliates; 

(j) provide the Trust and Holdco with all necessary cash management services; 

(k) consult with the Board of Trustees and provide assistance with the evaluation and approval of potential Dispositions or other Liquidity
Events; 
 (l) structure and negotiate the terms and conditions of transactions pursuant to which Dispositions may be made; 

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

  
 6 

 (n) deliver to or maintain on behalf of the Trust copies of all appraisals obtained in connection
with the investments in Real Properties and all valuations of other Assets as may be required to be obtained by the Board; 
 (o) before
such transactions are completed, notify and obtain the approval of a majority of the Board of Trustees (including a majority of the Independent Trustees) for all non-affiliated Dispositions of Properties; and 

(p) before such transactions are completed, notify and obtain the approval of a majority of the Board of Trustees (including a majority of the
Independent Trustees) for all affiliated transactions. 
 Notwithstanding the foregoing, the Advisor may delegate any or all of the
foregoing duties to any Person so long as the Advisor or any Affiliate remains responsible for the performance of the duties set forth in this Paragraph 3, subject to the prior consent of the Trust if all or substantially all of such duties are
delegated to a Person that is not an Affiliate. 
 4. AUTHORITY OF ADVISOR. 

(a) Pursuant to the terms of this Agreement (including the restrictions included in this Paragraph 4 and in Paragraph 7), and subject to the
continuing and exclusive authority of the Board of Trustees over the management of the Trust, the Board of Trustees hereby delegates to the Advisor the authority to (1) structure the terms and conditions of transactions pursuant to which
investments will be made or disposed of for the Trust and Holdco, (2) dispose of investments in compliance with the purpose, investment objectives and policies of the Trust and Holdco, (3) arrange for financing or refinancing for Assets,
(4) enter into leases and service contracts for Properties, (5) oversee Affiliated and non-Affiliated property managers who perform services for the Trust or Holdco, (6) oversee Affiliated and non-Affiliated Persons with whom the
Advisor contracts to perform certain of the services required to be performed under this Agreement, (7) manage communications with Unitholders, and (8) manage public reporting, internal controls, accounting and other record-keeping
functions and general corporate services for the Trust and Holdco. 
 (b) In connection with a proposed transaction, the Advisor will
deliver to the Board or to any delegated committee of the Board or other group of Trustees, as the case may be all documents and other information required by them to properly evaluate the proposed transaction. 

The prior approval of a majority of the Board of Trustees (including a majority of the Independent Trustees) will be required for each transaction to which
the Advisor or its Affiliates is a party. The Board of Trustees may, at any time upon the giving of written notice to the Advisor, modify or revoke the authority set forth in this Paragraph 4. If and to the extent the Board so modifies or revokes
the authority contained herein, the Advisor shall henceforth submit to the Board for prior approval such proposed transactions involving investments in Assets as thereafter require prior approval, provided however, that such modification or
revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Trust prior to the date of receipt by the Advisor of such notification. 

  
 7 

 5. BANK ACCOUNTS. The Advisor may establish and maintain one or more bank accounts in its own name for the
account of the Trust and/or Holdco or in the name of the Trust and Holdco and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Trust and/or Holdco, under such terms
and conditions as the Board of Trustees may approve, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render appropriate accountings of such collections and payments to the Board of
Trustees and to the auditors of the Trust. 
 6. RECORDS; ACCESS. The Advisor shall maintain appropriate records of all its activities hereunder and
make such records available for inspection by the Board of Trustees and by counsel, auditors and authorized agents of the Trust, at any time or from time to time during normal business hours. The Advisor shall at all reasonable times have access to
the books and records of the Trust and Holdco. 
 7. LIMITATIONS ON ACTIVITIES. Anything else in this Agreement to the contrary notwithstanding, the
Advisor shall refrain from taking any action which, in its sole judgment made in good faith, would (a) subject the Trust to regulation under the Investment Company Act of 1940, as amended or (b) violate any law, rule, regulation or
statement of policy of any governmental body or agency having jurisdiction over the Trust or its Units, or otherwise not be permitted by the Trust Agreement of the Trust, except if such action shall be ordered by the Board of Trustees, in which case
the Advisor shall notify promptly the Board of Trustees of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board of
Trustees. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of the Board of Trustees so given. Notwithstanding the foregoing, the Advisor, its members, managers, directors, officers, employees
and stockholders, and members, managers, stockholders, directors and officers of the Advisor’s Affiliates, shall not be liable to the Trust or to the Board of Trustees or Unitholders for any act or omission by the Advisor, its members,
managers, directors, officers or employees, or stockholders, members, managers, directors or officers of the Advisor’s Affiliates taken or omitted to be taken in the performance of their duties under this Agreement except as provided in
Paragraph 19 of this Agreement. 
 8. RELATIONSHIP WITH TRUSTEES. Subject to Paragraph 7 of this Agreement, members, managers, directors, officers
and employees of the Advisor or an Affiliate of the Advisor or any corporate parents of an Affiliate, may serve as a Trustee and as officers of the Trust and its subsidiaries, except that no member, manager, director, officer or employee of the
Advisor or its Affiliates who also is a Trustee or officer of the Trust or its subsidiaries shall receive any compensation from the Trust for serving as a Trustee or officer of the Trust or its subsidiaries other than reasonable reimbursement for
travel and related expenses incurred in attending meetings of the Board of Trustees and no such Trustee shall be deemed an Independent Trustee for purposes of satisfying the Trustee independence requirement set forth in the Trust Agreement. 

  
 8 

 9. FEES. 

(a) Acquisition Fees. The Advisor shall receive Acquisition Fees in connection with each Asset developed on the Trust’s and/or
Holdco’s behalf. In connection with providing services related to the development, construction, improvement or stabilization, including tenant improvements, of Real Properties (collectively, “Development Services”) or overseeing the
provision of these services by third parties on behalf of the Trust (“Development Oversight Services”), the Acquisition Fee (the “Development Acquisition Fee”) will be an amount that will equal up to 4.0% of Total Project Cost of
such Real Property. Any Acquisition Fees payable hereunder shall be cumulative, taking into account amounts of Acquisition Fees paid or incurred by or on behalf of IIT or Holdco to any Affiliate of the “Advisor” prior to the contribution
of such Real Property to Holdco. If the Advisor engages a third party to provide Development Services directly to the Trust, the third party will be compensated directly by the Trust, and the Advisor will receive the Development Acquisition Fee if
it provides the Development Oversight Services. Acquisition Fees associated with a given Asset shall be calculated in the currency used to acquire such Asset and payable in U.S. dollars. Acquisition Fees shall be paid as costs are incurred. The
total of all Acquisition Fees and Acquisition Expenses payable with respect to any Asset, including any Development Acquisition Fees, shall not exceed 6% of the Contract Purchase Price or the Total Project Cost (as applicable) of such Asset unless
fees in excess of such amount are approved by a majority of the Board of Trustees, including a majority of the Independent Trustees. 
 (b)
Asset Management Fee. The Advisor shall receive the Asset Management Fee as partial compensation for services rendered in connection with the management and Disposition of the Trust’s Assets. The Asset Management Fee shall be payable by
the Trust in cash, and may be deferred, in whole or in part, from time to time, by the Advisor (without interest). The Asset Management Fee shall consist of (i) a monthly fee equal to one-twelfth of 0.80% of the aggregate cost (before non-cash
reserves and depreciation) of each Real Property determined on a cumulative basis taking into account amounts paid or incurred by or on behalf of IIT or Holdco prior to the contribution of such Real Property to Holdco and any subsequent investments
by Holdco and (ii) in connection with a Disposition, a fee equal to 2.0% of the Contract Sales Price. With the exception of any portion of the Asset Management Fee related to a Disposition, which shall be payable at the time of such
Disposition, the Asset Management Fee shall be payable on the 1st day of each month. 
 (c) Loans from Affiliates. The Advisor or any
Affiliate thereof may not make any loan to the Trust or Holdco unless a majority of the Board of Trustees (including a majority of the Independent Trustees) approve the loan as being fair, competitive, and commercially reasonable and no less
favorable to the Trust or Holdco than loans between unaffiliated parties under the same circumstances. 
 (d) Exclusion of Certain
Transactions. In the event the Trust or Holdco shall propose to enter into any transaction with the Advisor, a Trustee or any Affiliate thereof, then such transaction shall be approved by a majority of the Board of Trustees (including a majority
of the Independent Trustees) as fair and reasonable to the Trust. 

  
 9 

 10. EXPENSES. 

(a) In addition to the compensation paid to the Advisor pursuant to Paragraph 9 hereof and subject to the limitations below, the Trust or
Holdco shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor in connection with the services it provides to the Trust and Holdco pursuant to this Agreement, including, but not limited to: 

(i) Acquisition Expenses; 
 (ii)
the actual cost of goods and services used by the Trust and obtained from Persons not affiliated with the Advisor, other than Acquisition Expenses, including brokerage fees paid in connection with the purchase and sale of any securities; 

(iii) interest and other costs for borrowed money, including discounts, points and other similar fees; 

(iv) taxes and assessments on income of the Trust or Assets and any other taxes otherwise imposed on the Trust; 

(v) costs associated with insurance required in connection with the business of the Trust or by the officers and Trustees; 

(vi) expenses of managing and operating Assets owned by the Trust, whether payable to an Affiliate of the Trust or a non-affiliated Person;

 (vii) all expenses in connection with payments to the Trustees and meetings of the Trustees and Unitholders; 

(viii) expenses associated with a Disposition or Liquidity Event; 

(ix) expenses connected with payments of Distributions in cash or otherwise made or caused to be made by the Trust to the Unitholders; 

(x) expenses of organizing, revising, amending, converting, modifying, or terminating the Trust or the Trust Agreement; 

(xi) expenses of maintaining communications with Unitholders, including the cost of preparation, printing, and mailing annual reports and
other Unitholder reports, proxy statements and other reports required by governmental entities; 
 (xii) administrative service expenses
(including related personnel costs) relating to, among other things, the services set forth in Paragraph 3(a) hereof); provided, however, that no reimbursement shall be made for costs of personnel to the extent that such personnel perform
services in transactions for which the Advisor receives a separate fee; 
 (xiii) audit, accounting and legal fees and other fees for
professional services relating to the operations of the Trust and all such fees incurred at the request, or on behalf of, the Independent Trustees or any committee of the Board of Trustees; 

  
 10 

 (xiv) out-of-pocket costs for the Trust to comply with all applicable laws, regulations and
ordinances; and 
 (xv) all other costs incurred by the Advisor in performing its duties hereunder. 

(b) Expenses incurred by the Advisor on behalf of the Trust and Holdco and payable pursuant to this Paragraph 10 shall be reimbursed no less
than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Trust and Holdco and the calculation of the Asset Management Fee during each quarter, and shall deliver such statement to the Trust and Holdco within
45 days after the end of each quarter. 
 11. OTHER SERVICES. Should the Board of Trustees request that the Advisor or any director, officer or
employee thereof render services for the Trust and Holdco other than set forth in Paragraph 3, such services shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and the Independent Trustees of the Trust,
subject to the limitations contained in the Trust Agreement, and shall not be deemed to be services pursuant to the terms of this Agreement. 
 12.
[RESERVED] 
 13. OTHER ACTIVITIES OF THE ADVISOR. Nothing herein contained shall prevent the Advisor or any of its Affiliates from engaging
in or earning fees from other activities, including, without limitation, the rendering of advice to other Persons and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this Agreement limit
or restrict the right of any member, manager, director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in or earn fees from any other business or to render services of any kind to any other partnership, corporation,
firm, individual, trust or association and earn fees for rendering such services. 
 14. TERM; TERMINATION OF AGREEMENT. This Agreement shall
continue in force throughout the duration of the existence of the Trust and shall terminate as of the date of termination of the Trust. 
 15.
TERMINATION BY THE PARTIES. This Agreement may be terminated immediately by the Trust and/or Holdco or the Advisor for Cause (subject to any applicable cure period). 

16. ASSIGNMENT TO AN AFFILIATE. This Agreement may be assigned by the Advisor to an Affiliate or Affiliates with the approval of a majority of the
Board of Trustees (including a majority of the Independent Trustees). The Advisor may assign any rights to receive fees or other payments under this Agreement to any Person without obtaining the approval of the Board of Trustees. This Agreement
shall not be assigned by the Trust or Holdco without the consent of the Advisor, except in the case of an assignment by the Trust or Holdco to a corporation, limited partnership or other organization which is a successor to all of the assets, rights
and obligations of the Trust or Holdco, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Trust and Holdco are bound by this Agreement. 

  
 11 

 17. PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION. 

(a) After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to
receive from the Trust or Holdco within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement. 

(b) The Advisor shall promptly upon termination: 

(i) pay over to the Trust and Holdco all money collected and held for the account of the Trust and Holdco pursuant to this Agreement, after
deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 
 (ii) deliver to the Board of Trustees
a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board of Trustees; 

(iii) deliver to the Board of Trustees all Assets and documents of the Trust and Holdco then in the custody of the Advisor; and 

(iv) cooperate with the Trust and Holdco to provide an orderly management transition. 

18. INDEMNIFICATION BY THE TRUST AND HOLDCO. The Advisor and its Affiliates, and the employees, managers and agents of the Advisor and its Affiliates
(each an “Indemnified Person” and collectively the “Indemnified Persons”), shall, to the fullest extent permitted by law, be indemnified out of the Property against all claims, actions, liabilities and expenses, including amounts
paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees, reasonably incurred by the Indemnified Persons in connection with the defense or disposition of any action, suit or other proceeding by the Trust, the
Holdco or any other Person, whether civil or criminal, in which the Indemnified Person may be involved or with which the Indemnified Person may be threatened: (i) in the case of the Advisor or its affiliates, while in office or thereafter, by
reason of such Indemnified Peron being or having been the Advisor or Affiliate of the Advisor, including, without limitation, in connection with or arising out of any action, suit or other proceeding based on any alleged breach of duty, neglect,
error, misstatement, misleading statement, omission or act of any such the Advisor or Affiliate of the Advisor, employee or agent in such capacity; and (ii) in the case of any employees, managers and agents of the Advisor and its Affiliates, by
reason of any such Person exercising or failing to exercise any right or power hereunder. The rights accruing to any Indemnified Person under these provisions shall not exclude any other right to which the Indemnified Person may be lawfully
entitled; provided that no Indemnified Person may satisfy any right of indemnity or reimbursement granted herein, or to which the Indemnified Person may be otherwise entitled, except out of the Property. The Trust or Holdco may make advance payments
in connection with indemnification under this Section 18, provided that the Indemnified Person shall have given a written undertaking to repay any amount advanced to the Indemnified Person and to reimburse the Trust or Holdco, as applicable, in
the event that it is subsequently determined that the Indemnified Person is not entitled to such indemnification. The Trust and Holdco shall purchase such insurance as they believe, in the exercise of their discretion, adequately insures that each
Indemnified Person shall be indemnified against any such claims, actions, liabilities and 

  
 12 

 
expenses pursuant to this Section18. Nothing contained herein shall restrict the right of the Trust or Holdco to indemnify or reimburse such Indemnified Person in any proper case, even though not
specifically provided for herein, nor shall anything contained herein restrict the right of any such Indemnified Person to contribution under applicable law. 

19. [RESERVED] 
 20. NOTICES. Any notice, report or other
communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Trust Agreement or accepted by the party to whom it is given, and shall be
given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein: 
 To the
Trustees and to the Trust: 
 DC Industrial Liquidating Trust 

518 17th Street 
 17th Floor 

Denver, CO 80202 
 To
Holdco: 
 DC Liquidating Assets Holdco LLC 

518 17th Street 
 17th Floor 

Denver, CO 80202 
 To the
Advisor: 
 DCG Liquidating Advisor LLC 

518 17th Street 
 17th Floor 

Denver, CO 80202 
 Any party may at any time give
notice in writing to the other parties of a change in its address for the purposes of this Paragraph 20. 
 21. MODIFICATION. This Agreement shall
not be changed, modified, terminated, or discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or assignees. 

22. SEVERABILITY. The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered
invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

  
 13 

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

25. INDULGENCES, NOT WAIVERS. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this
Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver
of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by
the party asserted to have granted such waiver. 
 26. GENDER. Words used herein regardless of the number and gender specifically used, shall be
deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
 27.
TITLES NOT TO AFFECT INTERPRETATION. The titles of paragraphs and subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation
hereof. 
 28. EXECUTION IN COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an
original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall
bear the signatures of all of the parties reflected hereon as the signatories. 
 [Signature page follows] 

  
 14 

 IN WITNESS WHEREOF, the parties hereto have executed this Management Services Agreement as of the
date and year first above written. 
  

			
	 THE TRUST:
  

DC INDUSTRIAL LIQUIDATING TRUST

		
	By:	 	/s/ Joshua J. Widoff
	Name:	 	Joshua J. Widoff
	Title:	 	Executive Vice President, Secretary & General Counsel
	
	 HOLDCO:
  

DC LIQUIDATING ASSETS HOLDCO LLC
  

By DC Industrial Liquidating Trust, its managing member

		
	By:	 	/s/ Joshua J. Widoff
	Name:	 	Joshua J. Widoff
	Title:	 	Executive Vice President, Secretary & General Counsel
	
	 THE ADVISOR:
  

DCG LIQUIDATING ADVISOR LLC

		
	By:	 	/s/ Gary M. Reiff
	Name:	 	Gary M. Reiff
	Title:	 	Executive Vice President & General Counsel

 [Signature page to Management Services Agreement] 

 APPENDIX A 

RETAINED PROPERTIES 
  

											
	 Retained Property
	  	 Property

Company
	  	 Location
	  	 City
	  	 State
	  	 Zip

Code

	Bluegrass DC II	  	IIT Bluegrass DC II LLC	  	NW corner of McFarland Parkway and McGinnis Ferry Road	  	Alpharetta	  	GA	  	30005
						
	Redlands Distribution Center	  	IIT Redlands DC LP	  	NE Corner W. Lugonia and California St.	  	Redlands	  	CA	  	92374
						
	Cajon DC	  	IIT Cajon DC LP	  	6207 N. Cajon Boulevard	  	San Bernardino	  	CA	  	92407
						
	Lehigh Valley Crossing DC I	  	IIT Lehigh Valley Crossing DC I LLC	  	2929 Schoeneck Road	  	Macungie	  	PA	  	18062
						
	Lehigh Valley Crossing DC II	  	IIT Lehigh Valley Crossing DC II LLC	  	3100 Alburtis Rd	  	Macungie	  	PA	  	18062
						
	Lehigh Valley Crossing DC III	  	IIT Lehigh Valley Crossing DC III LLC	  	2918 Schoeneck Rd	  	Macungie	  	PA	  	18062
						
	Tamarac Commerce Center II	  	IIT Tamarac Commerce Center II LLC	  	6201 North Nob Hill Rd	  	Tamarac	  	FL	  	33321
						
	Tamarac Commerce Center III	  	IIT Tamarac Commerce Center III LLC	  	6900 Hiatus Rd	  	Tamarac	  	FL	  	33321
						
	Miami DC III	  	IIT Miami DC III LLC	  	11001 NW 124th St	  	Medley	  	FL	  	33178
						
	Miami DC III Land Bank	  	IIT Miami DC III Land LLC	  	10910 NW 124th St	  	Medley	  	FL	  	33178
						
	Miami DC IV	  	IIT Miami DC IV LLC	  	11040 NW 124th St	  	Medley	  	FL	  	33178

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00251-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00251-of-00352.parquet"}]]