Document:

Form of Property Management Agreement

 EXHIBIT 10.2 
 MANAGEMENT AGREEMENT 
 THIS MANAGEMENT AGREEMENT (“Agreement”) is made and entered into as
of the [            ]th day of [                    ], 2009, by and between INDUSTRIAL
INCOME OPERATING PARTNERSHIP LP, a Delaware limited partnership (“Owner”), and DIVIDEND CAPITAL PROPERTY MANAGEMENT LLC., a Colorado limited liability company (“Manager”). 
 WITNESSETH: 
 WHEREAS, Owner intends to raise money from the sale of stock for,
among other things, the acquisition or construction of income-producing properties; and 
 WHEREAS, Owner intends to employ Manager to manage
the properties to be acquired by the Owner; and 
 WHEREAS, Owner and Manager are entering into this Agreement to establish the terms and
conditions for such services. 
 NOW, THEREFORE, in consideration of the mutual covenants herein, the parties agree as follows: 

ARTICLE I 
 DEFINITIONS

 Except as otherwise specified or as the context may otherwise require, the following terms have the respective meanings set forth
below for all purposes of this Agreement: 
 “Gross Revenues” means all amounts actually collected as rents or other charges
for the use and occupancy of Properties, but shall exclude interest and other investment income of Owner and proceeds received by Owner for a sale, exchange, condemnation, eminent domain taking, casualty or other disposition of assets of Owner.

 “Improvements” means all buildings, structures and equipment from time to time located on Properties and all parking and
common areas located on Properties. 
 “Lease” means, unless the context otherwise requires, any lease or sublease made by
Owner as landlord or by its predecessor. 
 “Management Fee” means the fee payable to Manager for its services hereunder.

 “Properties” means all tracts (including all buildings and other improvements and property of Owner located thereon) as
yet unspecified but to be acquired by Owner, specified in writing by Owner to be managed by Manager, and included in Schedule I hereto, containing income-producing improvements or on which Owner will construct income-producing improvements.

 ARTICLE II 
 APPOINTMENT OF MANAGER; SERVICES TO BE PERFORMED 
 2.1 Appointment of Manager. Owner hereby engages and retains
Manager as its sole and exclusive agent and manager of the Properties, and Manager hereby accepts such appointment on the terms and conditions hereinafter set forth, it being understood that this Agreement shall cause Manager to be, at law,
Owner’s agent upon the terms contained herein. 

 2.2 General Duties. Manager shall devote its best efforts to performing its duties hereunder to
manage, operate and maintain the Properties in a diligent, careful and vigilant manner. The services of Manager are to be of scope and quality not less than and similar to those generally performed by professional property managers of other similar
properties in the area. Manager shall make available to Owner the full benefit of the judgment, experience and advice of the members of Manager’s organization and staff with respect to the policies to be pursued by Owner relating to the
operation of the Properties. 
 2.3 Specific Duties. Manager’s duties include the following: 
 (a) Lease Obligations. Manager shall perform all duties of the landlord under all Leases insofar as such duties relate to
operation, maintenance, and day-to-day management. Manager shall also provide or cause to be provided, at Owner’s expense, all services normally provided to tenants of like premises, including where applicable and without limitation, gas,
electricity or other utilities required to be furnished to tenants under Leases, normal repairs and maintenance, and cleaning, and janitorial service. Manager shall arrange for and supervise the performance of all installations and improvements in
space leased to any tenant which are either expressly required under the terms of the Lease of such space or which are customarily provided to tenants. 
 (b) Maintenance. Manager shall cause the Properties to be maintained in the same manner as similar properties in the area. Manager’s duties and supervision in this respect shall include, without
limitation, cleaning of the interior and the exterior of the Improvements and the public common areas on the Properties and the making and supervision of repair, alterations, and decoration of the Improvements, subject to and in strict compliance
with this Agreement and the Leases. Non-budgeted expenses for any individual item of work which are not reimbursed by a tenant shall not exceed the sum of $1,000 unless specifically authorized in advance by Owner, provided that emergency repairs
which are immediately necessary for the preservation or safety of the Properties, or for the safety of occupant or other persons, or required to avoid the suspension of any necessary service of the Properties may be made by Manager without prior
approval of Owner if under the circumstances Owner cannot be conveniently notified before the required emergency repairs must be done. 
 (c) Notice of Violations. Manager shall forward to Owner promptly upon receipt all notices of violation or other notices from any governmental authority, and board of fire underwriters or any insurance company,
and shall make such recommendations regarding compliance with such notice as shall be appropriate. 
 (d) Personnel. In
the event Owner notifies Manager of the necessity of Manager employing additional personnel to manage the Properties, Manager shall cause to be hired personnel to maintain and operate the Properties. The persons so hired shall be the employees or
independent contractors of Manager and not of Owner. Manager shall be responsible for the preparation of and shall timely file all payroll tax reports and timely make payments of all withholding and other payroll taxes with respect to each employee.

 (e) Utilities and Supplies. Manager shall, on behalf of Owner, enter into or renew contracts for electricity, gas,
steam, landscaping, fuel, oil, maintenance and other services as are customarily furnished or rendered in connection with the operation of similar rental property in the area, or as it, in its reasonable judgment, shall deem prudent, provided that
Manager shall submit to Owner for its approval such contracts for items of expense which are not reimbursable by tenants. Unless Owner notifies Manager of its disapproval of any such contract within 10 days after receipt thereof, Owner shall be
deemed to have approved such contract. Manager shall also purchase all supplies which Manager shall deem necessary to maintain and operate the Properties, provided that no such purchase which is not in the ordinary course of business or which is of
a nature not reimbursed by tenants shall be made by Manager without the prior consent of Owner. 
 (f) Expenses.
Manager shall analyze all bills received for services, work and supplies in connection with the maintaining and operating the Properties, pay all such bills, and, if requested by Owner, pay, when due, utility and water charges, sewer rent and
assessments, and any other amount payable in respect to the Properties. All bills shall be paid by Manager within the time required to obtain discounts, if any. Owner 

  

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may from time to time request that Manager forward certain bills to Owner promptly after receipt, and Manager shall comply with any such request. It is
understood that the payment of real property taxes and assessment and insurance premiums will be paid out of the Account (as hereinafter defined) by Manager at the direction of Owner. All expenses shall be billed at net cost (i.e., less all rebates,
commissions, discounts and allowances, however designed). 
 (g) Monies Collected. Manager shall collect all rent and
other monies from tenants and any sums otherwise due Owner with respect to the Owner in the ordinary course of business. In collecting such monies, Manager shall inform tenants of the Owner that all remittances are to be in the form of a check, wire
transfer or money order. Owner authorizes Manager to request, demand, collect and receipt for all such rent and other monies and to institute legal proceedings in the name of Owner for the collection thereof and for the dispossession of any tenant
in default under its Lease. Manager shall not, however, compromise with any tenant or waive Owner’s rights under any Lease without Owner’s consent. 
 (h) Banking Account. Manager shall establish and maintain a separate checking account (the “Account”). All monies
deposited from time to time in the Account shall be deemed to be trust funds and shall be and remain the property of Owner and shall be withdrawn and disbursed by Manager for the account of Owner only as expressly permitted by this Agreement for the
purposes of performing the obligations of Manager hereunder. No monies collected by Manager on Owner’s behalf shall be commingled with funds of Manager. The Account shall be maintained, and monies shall be deposited therein and withdrawn
therefrom, in accordance with the following: 
 (i) All sums received from rents and other income from the Owner shall be
promptly deposited by Manager in the Account. Manager shall have the right to designate two or more persons who shall be authorized to draw against the Account, but only for purposes authorized by this Agreement. 
 (ii) All sums due to Manager hereunder, whether for compensation, reimbursement for expenditures, or otherwise, as herein provided, shall
be a charge against the operating revenues of the Properties and shall be paid and/or withdrawn by Manager from the Account prior to the making of any other disbursements therefrom. 
 (iii) By the 20th day of each month, Manager shall forward to Owner net operating proceeds from the preceding month, retaining at all
times, however, a reserve of $5,000. 
 (i) Tenant Complaints. Manager shall maintain business-like relations with the
tenants of the Properties. 
 (j) Signs. Manager shall place and remove, or cause to be placed and removed, such signs
upon the Properties as Manager deems appropriate, subject, however, to the terms and conditions of the Leases and to any applicable ordinances and regulations. 
 (k) Other Services. Manager shall recommend from time to time to Owner such procedures with respect to the Properties as Manager
may deem advisable for the most efficient and economic management services which normally are performed in connection with the operation of first-class office and commercial buildings, residential buildings or other buildings, as applicable, and
perform all services normally provided to similar premises, without additional charges to Owner. 
 2.4 Approval of Leases, Contracts,
Etc. Manager shall not approve the execution of or otherwise enter into or bind Owner with respect to Leases or any contract or agreement without the prior consent of Owner; provided that without such consent, except to the extent required under
Section 2.3(e), Manager may enter into any contracts or agreements (excluding Leases of space in the Properties) on behalf of Owner in the ordinary course of the management, operation and maintenance of the Properties for the obtaining of
utility, maintenance or other services to the Properties; and further provided that without such consent, Manager may enter into any contracts or agreements on behalf of Owner, in the case of casualty, breakdown in machinery or other similar
emergency, if in the opinion of Manager emergency action or immediate approval for the commencement of repairs is 

  

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necessary to prevent additional damage or greater total expenditure or to protect the Properties from damage or prevent default on the part of Owner under
any of the Leases, in which event such action taken shall be taken concurrently with prompt notice to Owner. 
 2.5 Accounting, Records
and Reports. 
 (a) Records. Manager shall maintain all office records and books of account and shall record
therein, and keep copies of, each invoice received from services, work and supplies ordered in connection with the maintenance and operation of the Properties. Such records shall be maintained on a double entry basis. Owner and persons designated by
Owner shall at all reasonable time have access to and the right to audit and make independent examinations of such records, books and accounts and all vouchers, files and all other material pertaining to the Owner and this Agreement, all of which
Manager agrees to keep safe, available and separate from any records not pertaining to Owner, at a place recommended by Manager and approved by Owner. 
 (b) Monthly Reports. On or before the 15th day of each month following the month for which such report or statement is prepared and during the term of this Agreement, Manager shall prepare and submit to Owner
the following reports and statements: 
 (i) Rental collection record in a form to be agreed upon by Manager and Owner;

 (ii) Monthly operating statement in a form to be agreed upon by Manager and Owner; 
 (iii) Copy of cash disbursements ledger entries for such month; 
 (iv) Copy of cash receipts ledger entries for such month; 
 (v) The original copies of all contracts entered into by Manager on behalf of Owner during such month; and 
 (vi) Copy of ledger entries for such month relating to security deposits maintained by Manager. 
 (c) Budgets and Leasing Plans. Not later than 30 days before the anniversary of this Agreement and any extensions thereof, Manager
shall prepare and submit to Owner for its approval an operating budget and a marketing and leasing plan on the Properties for the calendar year immediately following such submission. The budget and leasing plan shall be in the form of the budget and
plan approved by Owner prior to the date thereof. As often as reasonably necessary during the period covered by any such budget, Manager may submit to Owner for its approval an updated budget or plan incorporating such changes as shall be necessary
to reflect cost over-runs and the like during such period. If Owner does not disapprove any such budget within 30 days after receipt thereof by Owner, such budget shall be deemed approved. If Owner shall disapprove any such budget or plan, it shall
so notify Manager within said 30-day period and explain the reasons therefor. 
 (d) Returns Required by Law. Managers
shall execute and file when due all forms, reports, and returns required by law relating to the employment of its personnel. 
 (e) Notices. Promptly after receipt, Manager shall deliver to Owner all notices, from any tenant, or any governmental authority, that are not of a routine nature. Manager shall also report expeditiously to Owner notice of any
extensive damage to any part of the Properties. 
 2.6 Delegation of Management Functions. 
 Owner hereby agrees that Manager may engage a third party to perform the daily management functions with respect to each of the Properties. 

 

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 ARTICLE III 
 EXPENSES 
 3.1 Owner’s Expenses. Except as otherwise specifically provided, all costs and
expenses incurred hereunder by Manager shall be for the account of and on behalf of Owner. Such costs and expenses may include salaries and other employee-related expenses, and all legal, travel and other out-of-pocket expenses which are directly
related to the management of specific Properties. All costs and expenses for which Owner is responsible under this Agreement shall be paid by Manager out of the Account. In the event said account does not contain sufficient funds to pay all said
expenses, Owner shall fund all sums necessary to meet such additional costs and expenses. 
 3.2 Manager’s Expenses. Managers
shall, out of its own funds, pay all of its general overhead and administrative expenses. 
 ARTICLE IV 
 MANAGER’S COMPENSATION 
 4.1
Management Fee. Commencing on the date hereof, Owner shall pay Manager, as compensation for its services hereunder an amount equal to a market based percentage of the annual gross revenues of each of the Owner’s Properties managed by the
Manager (“Management Fee”), as specified in Schedule I hereto. The actual percentage will be variable and is dependent upon geographic location and product type (such as office, industrial, retail, multifamily and other property types). In
addition, Owner may pay the Manager a separate fee for the one-time rent-up or lease-up of newly constructed properties, for leasing vacant space in the Owner’s real properties and for renewing or extending current leases on the Owner’s
real properties in an amount not to exceed the fee customarily charged in arm’s length transactions by others rendering similar services in the same geographic area for similar properties, as determined by a survey of brokers and agents in such
area (customarily equal to the first month’s rent). 
 4.2 Audit Adjustment. If any audit of the records, books or accounts
relating to the Properties discloses an underpayment of Management Fees, Owner shall promptly pay to Manager the amount of such underpayment, and if such audit discloses an overpayment of management fees, the next payment due by Owner hereunder
shall be reduced by the amount of such overpayment. If such audit discloses an overpayment of Management Fees for any fiscal year, Manager shall bear the cost of such audit. 
 ARTICLE V 
 INSURANCE AND INDEMNIFICATION 
 5.1 Insurance to be Carried. 
 (a) The Properties shall be insured by Owner against such hazards as Owner shall deem appropriate. All liability policies shall provide sufficient insurance satisfactory to both Owner and Manager and shall contain waivers of subrogation for
the benefit of Manager. 
 (b) Manager shall obtain and keep in full force and effect, in accordance with the laws of the
state in which each Property is located, employer’s liability insurance applicable to and covering all employees of Manager located in such state and all persons engaged in the performance of any work required hereunder, and Manager shall
furnish Owner certificates of insurers naming Owner as a co-insured and evidencing that such insurance is in effect. If any work under this Agreement is subcontracted as permitted herein, Manager shall include in each subcontract a provision that
the subcontractor shall also furnish Owner with such a certificate. 
  

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 5.2 Cooperation with Insurers. Manager shall cooperate with and provide reasonable access to the
Owner to representatives of insurance companies and insurance brokers or agents with respect to insurance which is in effect or for which application has been made. Manager shall use its best efforts to comply with all requirements of insurers.

 5.3 Accidents and Claims. Manager shall promptly investigate and shall report in detail to Owner all accidents, claims for damage
relating to the Properties, operation or maintenance of the Properties, and any damage or destruction to the Properties and the estimated costs of repair thereof, and shall prepare for approval by Owner all reports required by an insurance company
in connection with any such accident, claim, damage, or destruction. Such reports shall be given to Owner promptly and any report not so given within 10 days after the occurrence of any such accident, claim, damage or destruction shall be noted in
the monthly report delivered to Owner pursuant to section 2.5(b). Manager is authorized to settle any claim against an insurance company not exceeding $500 arising out of any policy and, in connection with such claim, to execute proofs of loss and
adjustments of loss and to collect and receipt for loss proceeds. If a claim against an insurance company exceeds $500, Manager shall take no action specified in the immediately preceding sentence with respect thereto without the approval of Owner.

 5.4 Indemnification. The Owner shall not provide for indemnification of the Manager for any loss or liability suffered by the
Manager, nor shall it provide that the Manager be held harmless for any loss or liability suffered by the Owner, unless all of the following conditions are met: 
 (a) The Manager has determined, in good faith, that the course of conduct which caused the loss or liability was in the best interest of
the Owner; 
 (b) The Manager was acting on behalf of or performing services for the Owner; 
 (c) Such liability or loss was not the result of negligence or misconduct by the Manager; and 
 (d) Such indemnification or agreement to hold harmless is recoverable only out of the Owner’s net assets and not from its
shareholders. 
 Notwithstanding the foregoing, the Manager shall not be indemnified by the Owner for any losses, liabilities or expenses
arising from or out of an alleged violation of federal or state securities laws by the Manager unless one or more of the following conditions are met: 
 (a) There has been a successful adjudication on the merits of each count involving alleged securities law violations as to the Manager; 
 (b) Such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Manager; or 
 (c) A court of competent jurisdiction approves a settlement of the claims against the Manager and finds that indemnification of the
settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory
authority in which securities of the Owner were offered or sold as to indemnification for violation of securities laws. 
 The advancement of
the Owner’s funds to the Manager for legal expenses and other costs incurred as a result of any legal action for which indemnification is being sought is permissible only if all of the following conditions are satisfied: 
 (a) The legal action relates to acts or omissions with respect to the performance of duties or services on behalf of the Owner;

 (b) The legal action is initiated by a third party who is not a shareholder or the legal action is initiated by a
shareholder acting in his or her capacity as such and a court of competent jurisdiction specifically approves such advancement; and 
  

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 (c) The Manager undertakes to repay the advanced funds to the Owner, together with the
applicable legal rate of interest thereon, in cases in which the Manager is found not to be entitled to indemnification. 
 ARTICLE VI 

 TERM 
 6.1 Term.
This Agreement shall commence on the date first above written and shall continue until terminated in accordance with the earliest to occur of the following: 
 (a) One year from the date of the commencement of the term hereof. However, this Agreement will be automatically extended for an
additional one year period at the end of each year unless Owner or Manager gives sixty (60) days written notice of its intention to terminate the Agreement; 
 (b) Sixty (60) days after prior written notice of intention to terminate the Agreement given by Owner or Manager; 
 (c) Upon any change in control of Manager, unless Owner consents to such change; or 
 (d) Immediately upon the occurrence of any of the following: 
 (i) A decree or order is rendered by a court having jurisdiction 
 (1) adjudging Manager as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, readjustment,
arrangement, composition or similar relief for Manager under the federal bankruptcy laws or any similar applicable law or practice, or 
 (2) appointing a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of Manager or a substantial part of the property of Manager, or for the winding up or liquidation of its affairs, or

 (ii) Manager (A) institutes proceedings to be adjudicated a voluntary bankrupt or an insolvent, (B) consents to
the filing of a bankruptcy proceeding against it, (C) files a petition or answer or consent seeking reorganization, readjustment, arrangement, composition or relief under any similar applicable law or practice, (D) consents to the filing
of any such petition, or to the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency for it or for a substantial part of its property, (E) makes an assignment for the benefit of creditors, (F), is unable to
or admits in writing its inability to pay its debts generally as they become due unless such inability shall be the fault of Owner, or (G) takes corporate or other action in furtherance of any of the aforesaid purposes. 
 Upon termination, the obligations of the parties hereto shall cease, provided that Manager shall comply with the provisions hereof applicable in the
event of termination and shall be entitled to receive all compensation which may be due Manager hereunder up to the date of such termination, and provided, further, that if this Agreement terminates pursuant to clause (d) above, Owner shall
have other remedies as may be available at law or in equity. 
 6.2 Manager’s Obligations after Termination. Upon the termination
of this Agreement, Manager shall have the following duties: 
 (a) Manager shall deliver to Owner, or its designee, all books
and records with respect to the Properties and/or the Owner. 
 (b) Manager shall transfer and assign to Owner, or its
designee, all service contracts and personal property relating to or used in the operation and maintenance of the Properties, except personal property paid for and owned by Manager. Manager shall also, for a period of sixty (60) days
immediately following the date of such termination, make itself available to consult with and advise Owner, or its designee, regarding the operation and maintenance of the Properties. 
  

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 (c) Manager shall render to Owner an accounting of all funds of Owner in its possession
and shall deliver to Owner a statement of Management Fees claimed to be due Manager and shall cause funds of Owner held by Manager relating to the Properties to be paid to Owner or its designee. 
 ARTICLE VII 
 MISCELLANEOUS 

 7.1 Notices. All notices, approvals, consents and other communications hereunder shall be in writing, and, except when receipt is
required to start the running of a period of time, shall be deemed given when delivered in person or on the fifth day after its mailing by either party by registered or certified United States mail, postage prepaid and return receipt requested, to
the other party, at the addresses set forth after their respective name below or at such different addresses as either party shall have theretofore advised the other party in writing in accordance with this Section 7.1. 
  

	 	Owner:	Industrial Income Operating Partnership LP 

	 	  	 518 17th Street, 17th Floor 

	 	  	Denver, Colorado 80202 

  

	 	Manager:	Dividend Capital Property Management LLC 

	 	  	518 17th Street 

	 	  	Suite 1700 

	 	  	Denver, Colorado 80202 

 7.2 Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of the State of Colorado. 
 7.3 Assignment. Manager may
delegate partially or in full its duties and rights under this Agreement but only with the prior written consent of Owner. Except as provided in the immediately preceding sentence, this Agreement shall be binding upon and shall inure to the benefit
of the parties and their respective successors and assigns. 
 7.4 No Waiver. The failure of Owner to seek redress for violation or to
insist upon the strict performance of any covenant or condition of this Agreement, shall not constitute a waiver thereof for the future. 
 7.5 Amendments. This Agreement may be amended only by an instrument in writing signed by the party against whom enforcement of the amendment is sought. 
 7.6 Headings. The headings of the various subdivisions of this Agreement are for reference only and shall not define or limit any of the terms or provisions hereof. 
 7.7 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed 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
parties reflected thereon as the signatories. 
 7.8 Entire Agreement. This Agreement contains the entire understanding and all
agreements between Owner and Manager respecting the management of the Properties. There are no representations, agreements, arrangements or understandings, oral or written, between Owner and Manager relating to the management of the Properties that
are not fully expressed herein. 
  

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 7.9 Disputes. If there shall be a dispute between Owner and Manager relating to this Agreement
resulting in litigation, the prevailing party in such litigation shall be entitled to recover from the other party to such litigation such amount as the court shall fix as reasonable attorneys’ fees. 
 7.10 Activities of Manager. The obligations of Manager pursuant to the terms and provisions of this Agreement shall not be construed to preclude
Manager from engaging in other activities or business ventures, whether or not such other activities or ventures are in competition with the Properties or the business of Owner. 
 7.11 Independent Contractor. Manager and Owner shall not be construed as joint venturers or owners of each other pursuant to this Agreement, and
neither shall have the power to bind or obligate the other except as set forth herein. In all respects, the status of Manager to Owner under this Agreement is that of an independent contractor. 
 [Signature page follows.] 
  

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

  

			
	 INDUSTRIAL INCOME OPERATING PARTNERSHIP LP,
 a Delaware limited partnership

	  
 By: INDUSTRIAL INCOME TRUST INC.,
its general
partner

		
	By:	 	 
	Name:	 	
	Title:	 	
	  
 DIVIDEND CAPITAL PROPERTY MANAGEMENT LLC

		
	By:	 	 
	Name:	 	
	Title:	 	

  

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 SCHEDULE I 
  

			
	 Property
	  	Management Fee

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

 11Form of Equity Incentive Plan of Industrial Income Trust Inc.

 EXHIBIT 10.4 
 INDUSTRIAL INCOME TRUST INC. 
 EQUITY INCENTIVE PLAN 
 INDUSTRIAL INCOME TRUST INC., a Maryland corporation (the “Company”), adopted this Equity Incentive Plan (the “Plan”)
effective [            ], 2009, for the benefit of the eligible non-employee directors, officers, other employees, advisors and consultants providing services to the Company and the
other Employers. 
 The purpose of the Plan is to enable the Company and the other Employers to obtain and retain the
services of eligible individuals considered essential to the long range success of the Company, by offering such individuals an opportunity to participate in the Company’s growth through the ownership of stock in the Company. 
 ARTICLE I 
 DEFINITIONS

 Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context
clearly indicates otherwise. 
 “Administrator” shall mean the Board or, if the Board so delegates its authority,
the Compensation Committee. 
 “Advisor” shall mean Industrial Income Advisors LLC, a Delaware limited liability
company. 
 “Affiliate” or “Affiliated” means, as to any individual, corporation, partnership, trust,
limited liability company or other legal entity (i) any person or entity directly or indirectly through one or more intermediaries controlling, controlled by or under common control with another person or entity; (ii) any person or entity
directly or indirectly owning, controlling, or holding with power to vote ten percent (10%) or more of the outstanding voting securities of another person or entity; (iii) any officer, director, general partner or trustee of such person or
entity; (iv) any person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with power to vote, by such other person; and (v) if such other person or entity is an
officer, director, general partner or trustee of a person or entity, the person or entity for which such person or entity acts in any such capacity. 
 “Award” shall mean any grant of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Dividend Equivalents, or Other Share-Based Awards under the Plan. 
 “Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange Act. 
 “Board” shall mean the Board of Directors of the Company. 
 “Cause,” for purposes of all awards, and unless otherwise defined in a Participant’s employment or severance agreement
with the Participant’s Employer or the Company, shall mean (i) gross negligence or willful misconduct in connection with the performance of the 

 
Participant’s duties to the Company or the Participant’s Employer, (ii) an uncured breach of any of the Participant’s material duties to
the Company or the Participant’s Employer, (iii) fraud or other conduct against the material best interests of the Company or the Participant’s Employer, or (iv) a conviction of a felony, if such conviction has a material adverse
effect on the Company or an Affiliate of the Company. 
 “Change in Control” shall mean any of the following
transactions: 
 (a)         any Person is or becomes the Beneficial Owner, directly
or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its affiliates) representing 50% or more of the combined voting power of the
Company’s then outstanding securities (a “Controlling Interest”), excluding (i) any acquisition by any Person that on the Effective Date is the Beneficial Owner of a Controlling Interest; (ii) any acquisition by any employee
benefit plan (or related trust) sponsored or maintained by the Company, or (iii) any Person who becomes such a Beneficial Owner in connection with a transaction described in clause (i) of paragraph (c) below; or 
 (b)         a change in the composition of the Board over a period of 36 consecutive months (or
less) such that a majority of the Board members (rounded up to the nearest whole number) ceases, by reason of one or more proxy contests for the election of Board members, to be comprised of individuals who either (i) have been Board members
continuously since the beginning of such period or (ii) have been elected or nominated for election as Board members during such period by at least two-thirds (2/3) of the Board members described in clause (i) who were still in office
at the time such election or nomination was approved by the Board; or 
 (c)
        there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other entity, other than (i) a merger or consolidation which would result
in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent
thereof) at least 50% of the combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (ii) a merger or consolidation effected to
implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities Beneficially Owned by such Person any
securities acquired directly from the Company or its Affiliates) representing 50% or more of the combined voting power of the Company’s then outstanding securities; or 
 (d)         the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for
the sale or disposition by the Company of all or substantially all of the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 50% of the combined
voting power of the voting securities of which are owned by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale. 
  

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 Notwithstanding the foregoing, a Change of Control shall not be deemed to have occurred (i) solely
as the result of a Public Offering or (ii) by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the common stock of the Company immediately prior to such
transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions.

 “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 “Common Stock” shall mean the common stock of the Company, par value $0.01 per share, issued or authorized to be issued in the
future, but excluding any preferred stock and any warrants, options or other rights to purchase Common Stock. 
 “Company” shall mean Industrial Income Trust Inc., a Maryland corporation. 
 “Compensation
Committee” shall mean the compensation committee of the Board, which shall at all times consist of two or more persons who are (i) “non-employee directors” within the meaning of Rule 16b(3), (ii) Independent Directors and
(iii) “outside directors” within the meaning of Section 162(m) of the Code. 
 “Director Restricted
Stock” shall mean an Award of Shares granted pursuant to Article VII. 
 “Dividend Equivalent” shall mean a
right to receive cash, Shares, other Awards or other property equal in value to dividends paid with respect to a specified number of Shares. 
 “Eligible Individual” shall mean any director, officer or other employee of an Employer, or any consultant or advisor of any Employer who is a natural person. 
 “Employer” shall mean either the Company, the Advisor or the Manager as the context may require. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
 “Fair Market Value” on any date shall mean the Closing Price (as defined below) per Share on such date if such date is a
Trading Day or, if such date is not a Trading Day, the Trading Day immediately prior to such date. The “Closing Price” on any date shall mean the last sale price, regular way (as defined below), or, in case no such sale takes place on such
day, the average of the closing bid and asked prices, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the principal national securities
exchange on which the Shares are listed or admitted to trading or, if the Shares are not listed or admitted to trading on any national securities exchange, the last quoted price, or if not so quoted, the average of the high bid and low asked prices
in the over-the-counter market, as reported by The Nasdaq Stock Market, Inc. (“NASDAQ”) or, if NASDAQ is no longer in use, the principal automated quotation system that may then be in use or, if the Shares are not quoted by any such
organization, the average of the closing bid and asked prices as furnished by a professional market-maker authorized to make a market in the 

  

 3 

 
Shares selected by the Board or, if there is no professional market maker making a market in the Shares, the price at which the Company is then offering
Shares to the public if the Company is then engaged in a public offering of Shares, or if the Company is not then offering Shares to the public, the fair market value of a Share as determined by the Board, in its absolute discretion. “Trading
Day” shall mean a day on which the principal national securities exchange or national automated quotation system on which the Shares are listed or admitted to trading is open for the transaction of business or, if the Shares are not listed or
admitted to trading on any national securities exchange or national automated quotation system, shall mean any day other than a Saturday, a Sunday or a day on which banking institutions in the State of Colorado are authorized or obligated by law or
executive order to close. The term “regular way” means a trade that is effected in a recognized securities market for clearance and settlement pursuant to the rules and procedures of the National Securities Clearing Corporation, as opposed
to a trade effected “ex-clearing” for same day or next day settlement. 
 “Incentive Stock Option” shall
mean an Option that is intended to qualify as an “incentive stock option” within the meaning of Section 422 of the Code. 
 “Independent Director” shall mean a member of the Board who is not, and within the last two years has not been, directly or indirectly, associated with the Advisor or the Manager or any of their Affiliates
by virtue of (i) ownership of an interest in the Advisor or the Manager or any of their Affiliates, (ii) employment by the Advisor or the Manager or any of their Affiliates, (iii) service as an officer or director of the Advisor or
the Manager or any of their Affiliates, (iv) performance of services, other than as a director, for the Company, (v) service as a director or trustee of more than three real estate investment trusts advised by the Advisor or its
Affiliates, or (vi) maintenance of a material business or professional relationship with the Advisor or the Manager or any of their Affiliates. An indirect relationship shall include circumstances in which a director’s spouse, parents,
children, siblings, mother- or father-in-law, sons- or daughters-in-law or brothers- or sisters-in-law is or has been associated with the Advisors or the Manager or any of their Affiliates. A business or a professional relationship is considered
material if gross income derived by the director from the Advisor or the Manager or Affiliates thereof exceeds five percent (5%) of either the director’s annual gross income during either of the last two years or the director’s net
worth determined on a fair market value basis. 
 “Liquidity Event” shall have the meaning ascribed to such term in
the Company’s prospectus contained in the Form S-11 Registration Statement (file no. 333-159445), as declared effective on
[                    ], 2009. 
 “Manager” shall mean Dividend Capital Property Management LLC, a Colorado limited liability company. 
 “Non-Employee Director” shall have the meaning ascribed to such term in Section 7.1. 
 “Non-Qualified Stock Option” shall mean an Option which is not intended to be an Incentive Stock Option. 
 “Option” shall mean a stock option granted under Article IV or V. 
 “Other Share-Based Award”
shall mean an Award granted under Article IX. 
  

 4 

 “Participant” shall mean an eligible person who is granted an Award.

 “Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in
Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any of its Affiliates, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its
Affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as
their ownership of stock of the Company. 
 “Plan” shall mean this Equity Incentive Plan of Industrial Income Trust
Inc. 
 “Related Corporation” shall mean a parent or subsidiary corporation of the Company, as those terms are
defined in Sections 424(e) and (f) of the Code. 
 “Restricted Stock” shall mean an Award of Shares granted
under Article VI. 
 “Restricted Stock Unit” shall mean an Award of a Unit granted under Article VIII. 

“Rule 16b-3” shall mean that certain Rule 16b-3 under the Exchange Act, as such Rule may be amended from time to time.

 “Securities Act” shall mean the Securities Act of 1933, as amended. 
 “Shares” shall mean shares of Common Stock issuable upon the grant, vesting and/or exercise of Awards under the Plan.

 “Stock Appreciation Right” or “SAR” shall mean an Award granted under Article V. 
 “Termination of Service” shall mean the time when the service provider/service recipient relationship between a Participant and
the Employer is terminated for any reason, with or without Cause, including, but not by way of limitation, a termination by resignation, discharge, death, disability or retirement; but excluding (i) termination where there is a simultaneous
reemployment or continuing employment of a Participant by another Employer or, in the absolute discretion of the Administrator, an Affiliate of another Employer, (ii) at the absolute discretion of the Administrator, terminations which result in
a temporary severance of the service provider/service recipient relationship, and (iii) at the absolute discretion of the Administrator, terminations which are followed by the simultaneous establishment of a consulting relationship with the
Participant by an Employer. The Administrator, in its absolute discretion, shall determine the effect of all matters and questions relating to Termination of Service, including, but not by way of limitation, the question of whether a Termination of
Service resulted from a discharge for Cause, and all questions or whether a particular leave of absence constitutes a Termination of Service. 
 “Unit” shall mean a unit, the value of which shall always be equal to the value of one Share. 
  

 5 

 ARTICLE II 
 SHARES SUBJECT TO PLAN 
 2.1         Shares
Subject to Plan. The aggregate number of Shares which may be issued upon grant, vesting or exercise of Awards under the Plan shall not exceed [            ]
([            ]), subject to adjustment as provided herein; provided, however, that in no event may the aggregate number of Shares which may be issued upon grant, vesting or exercise
of Awards under the plan exceed ten percent (10%) of the Company’s outstanding Shares on a fully diluted basis. The Shares issuable under the Plan may be either previously authorized but unissued shares or treasury shares. 
 2.2         Individual Limitations. 
 (a)         No more than two hundred thousand (200,000) Shares may be made subject to
Options or SARs to a single individual in a single calendar year, subject to adjustment as provided herein, and no more than two hundred thousand (200,000) Shares may be made subject to stock-based awards other than Options or SARs (including
Restricted Stock and Restricted Stock Units or Other Stock-Based Awards) to a single individual in a single calendar year, in either case, subject to adjustment as provided herein. Determinations made in respect of the limitations set forth in the
immediately preceding sentence shall be made in a manner consistent with Section 162(m) of the Code. 
 (b)
        The maximum aggregate number of Shares that may be issued under the Plan as a result of the exercise of Incentive Stock Options shall be
[            ] Shares, subject to adjustment as provided herein. Incentive Stock Options only may be granted to employees of the Company or any Related Corporation. To the extent that the
aggregate Fair Market Value of Shares with respect to which Incentive Stock Options first become exercisable by a Participant in any calendar year exceeds $100,000, taking into account Incentive Stock Options granted under this Plan and any other
plan of the Company or any Related Corporation, the Options covering such additional Shares becoming exercisable in that year shall cease to be Incentive Stock Options and thereafter be Non-Qualified Stock Options. For this purpose, the Fair Market
Value of Shares subject to Options shall be determined as of the date the Options were granted. In reducing the number of Options treated as Incentive Stock Options to meet this $100,000 limit, the most recently granted Options shall be reduced
first. 
 2.3         Expired Awards and Other Rights. If any shares subject to an
Award are forfeited, cancelled, exchanged or surrendered or if an Award terminates or expires without a distribution of shares to the Participant, or if Shares are surrendered or withheld as payment of either the exercise price of an Award and/or
withholding taxes in respect of an Award, the Shares with respect to such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender, withholding, termination or expiration, again be available for Awards under the Plan.
Upon the exercise of any Award granted in tandem with any other Award, such related Award shall be cancelled to the extent of the number of Shares as to which the Award is exercised and, notwithstanding the foregoing, such number of Shares shall no
longer be available for Awards under the Plan. 
  

 6 

 2.4         Adjustments to Shares, Awards. In the
event that the Administrator shall determine that any dividend or other distribution (whether in the form of cash, Shares, or other property), recapitalization, stock split, reverse split, reorganization, merger, consolidation, spin-off,
combination, repurchase, or share exchange, or other similar corporate transaction or event, affects the Shares the Administrator shall make such equitable changes or adjustments as it deems necessary or appropriate to prevent dilution or
enlargement of Participants under the Plan to any or all of (i) the number and kind of Shares or other property (including cash) that may thereafter be issued in connection with Awards, (ii) the number and kind of Shares or other property
(including cash) issued or issuable in respect of outstanding Awards, (iii) the exercise price, grant price, or purchase price relating to any Award; provided, that, with respect to Incentive Stock Options, such adjustment shall be made
in accordance with Section 424(h) of the Code; and (iv) the performance goals applicable to outstanding Awards. 
 ARTICLE III

 GRANTING OF AWARDS 
 3.1         Eligibility. Any Eligible Individual selected by the Administrator pursuant to Section 3.2(a)(i) shall be eligible to receive an Award. 
 3.2         Granting of Awards. 
 (a)         The Administrator shall from time to time, in its absolute discretion, and subject to
applicable limitations of the Plan: 
      (i)
          determine which Eligible Individuals should be granted Awards; 
      (ii)          determine the number of Shares to be subject to such Awards; and 
      (iii)         determine the terms and conditions of such Awards, consistent with the Plan. 
 (b)         Upon the selection of a Participant to be granted an Award, the Administrator shall
instruct the Secretary of the Company to issue the Award and may impose such conditions on the grant of the Option as it deems appropriate. 
 (c)         Notwithstanding Section 3.1(a) and (b), no Award shall be granted to any Participant to the extent that the grant of such Award could, at the time of grant or
afterwards, impair the Company’s status as a real estate investment trust within the meaning of the Code or result in a violation of any of the stock ownership and transfer restrictions imposed under the Company’s Articles of
Incorporation, as amended. 
 ARTICLE IV 
 STOCK OPTIONS 
 4.1         Option Agreement.
Each Option shall be evidenced by a written Stock Option Agreement, which shall be executed by the Participant and an authorized officer of the Company and which shall contain such terms and conditions as the Administrator shall determine consistent
with the Plan. 
  

 7 

 4.2         Exercise Price. The exercise price
per Share of the Shares subject to each Option shall be set by the Administrator; provided, however, that such exercise price shall not be less than the Fair Market Value of a Share on the date the Option is granted. 
 4.3         Option Term. The term of an Option shall be set by the Administrator in its absolute
discretion; provided, however, that no Option shall be granted with a term greater than the later of (i) five years from the date of a Liquidity Event or (ii) ten years from the date the Option is granted; provided,
further, that no Option shall have a term of more than ten years from the date the Option is granted. The Administrator may extend the term of any outstanding Option in connection with any Termination of Service of the Participant, or amend any
other term or condition of such Option relating to such a termination. 
 4.4
        Option Vesting. 
 (a)         The
period during which the right to exercise an Option in whole or in part vests in the Participant shall be set by the Administrator and the Administrator may determine that an Option may not be exercised in whole or in part for a specified period
after it is granted; provided, however, that, unless the Administrator otherwise provides in the terms of the Stock Option Agreement or otherwise, no Option shall be exercisable by any Participant who is then subject to Section 16
of the Exchange Act within the period ending six months and one day after the date the Option is granted. The vesting of an Option may be made subject to the attainment of one or more performance goals. 
 (b)         No portion of an Option which is unexercisable at Termination of Service shall
thereafter become exercisable, except as may be otherwise provided by the Administrator in any Stock Option Agreement or by action of the Administrator following the grant of the Option. 
 4.5         Partial Exercise. An Option may be exercised in whole or in part; however, an Option
shall not be exercisable with respect to fractional Shares and the Administrator may require that, by the terms of the Stock Option Agreement, a partial exercise be allowed only with respect to a minimum number of Shares. 
 4.6         Manner of Exercise. All or a portion of an Option shall be deemed exercised upon
delivery of all of the following to the Secretary of the Company (or such other officer as identified in the applicable Stock Option Agreement) with a copy of such documents delivered concurrently to the Secretary of the Participant’s Employer:

 (a)         a written notice complying with the applicable rules established by
the Administrator stating that the Option, or a portion thereof, is exercised, and such notice shall be signed by the Participant or other person then entitled to exercise the Option or such portion of the Option; 
 (b)         such representations and documents as the Administrator, in its absolute
discretion, deems necessary or advisable to effect compliance with all applicable provisions of the Securities Act of 1933, as amended, and any other federal or state securities laws or regulations; provided, the Administrator may, in its
absolute discretion, also take whatever additional actions it deems appropriate to effect such compliance including, without limitation, placing legends on share certificates and issuing stop-transfer notices to agents and registrars; 
  

 8 

 (c)         in the event that the Option shall be
exercised by any person or persons other than the Participant, as determined pursuant to Section 12.2, appropriate proof of the right of such person or persons to exercise the Option; and 
 (d)         full satisfaction of the exercise price for the Shares with respect to which the
Option, or portion thereof, is exercised; provided, that the in the discretion of the Administrator and subject to the terms set forth in the applicable Award Agreement, the exercise price for Shares subject to an Option may be paid
(i) in cash or cash equivalents, (ii) by an exchange of Shares previously owned by the Participant, (iii) through a “broker cashless exercise” procedure approved by the Administrator (to the extent permitted by law),
(iv) by having Shares with an aggregate Fair Market Value on the date of exercise equal to the aggregate exercise price withheld by the Company or (v) a combination of the above, in any case in an amount having a combined value equal to
such exercise price. 
 ARTICLE V 
 STOCK APPRECIATION RIGHTS 
 5.1         In General. An SAR may be
granted as a stand-alone Award or in tandem with an Option. An SAR (i) granted in tandem with an Option may be granted at the time of grant of the related Option or at any time thereafter or (ii) granted in tandem with an Incentive Stock
Option may only be granted at the time of grant of the related Incentive Stock Option. A SAR granted in tandem with an Option shall be exercisable only to the extent the underlying Option is exercisable. Payment of a SAR may be made in cash, Shares,
or other property as specified in the Award Agreement or determined by the Administrator. 
 5.2
        SAR Agreement. Each SAR shall be evidenced by a written SAR Agreement, which shall be executed by the Participant and an authorized officer of the Company and which shall contain such terms and
conditions as the Administrator shall determine consistent with the Plan. 
 5.3
        Right Conferred. An SAR shall confer on the Participant a right to receive an amount with respect to each Share subject thereto, upon exercise thereof, equal to the excess of (i) the Fair Market
Value of one Share on the date of exercise over (ii) the grant price of the SAR (which in the case of an SAR granted in tandem with an Option shall be equal to the exercise price of the underlying Option). 
 5.4         Grant Price. The grant price per share of the Shares subject to each SAR shall be set
by the Administrator; provided, however, that such grant price shall not be less than the Fair Market Value of a Share on the date the SAR is granted. 
 5.5         SAR Term. The term of an SAR shall be set by the Administrator in its absolute discretion; provided, however, that no SAR shall
be granted with a term of more than the later of (i) five years from the date of a Liquidity Event, or (ii) ten years from the date the SAR is granted; provided, further, that no SAR shall have a term of more than ten years from the
date the SAR is granted. The Administrator may extend the term of any outstanding SAR in connection with any Termination of Service of the Participant, or amend any other term or condition of such SAR relating to such a termination. 
  

 9 

 5.6         SAR Vesting. 
 (a)         The period during which the right to exercise an SAR in whole or in part vests in the
Participant shall be set by the Administrator and the Administrator may determine that an SAR may not be exercised in whole or in part for a specified period after it is granted; provided, however, that, unless the Administrator
otherwise provides in the terms of the SAR Agreement or otherwise, no SAR shall be exercisable by any Participant who is then subject to Section 16 of the Exchange Act within the period ending six months and one day after the date the SAR is
granted. The vesting of an SAR may be made subject to the attainment of one or more performance goals. 
 (b)
        No portion of an SAR which is unexercisable at Termination of Service shall thereafter become exercisable, except as may be otherwise provided by the Administrator in any SAR Agreement or by action of
the Administrator following the grant of the SAR. 
 5.7         Partial Exercise. An
SAR may be exercised in whole or in part; however, an SAR shall not be exercisable with respect to fractional Shares and the Administrator may require that, by the terms of the SAR Agreement, a partial exercise be allowed only with respect to a
minimum number of Shares. 
 5.8         Manner of Exercise. All or a portion of an
SAR shall be deemed exercised upon delivery of all of the following to the Secretary of the Company (or such other officer as identified in the applicable SAR Agreement) with a copy of such documents delivered concurrently to the Secretary of the
Company: 
 (a)         a written notice complying with the applicable rules
established by the Administrator stating that the SAR, or a portion thereof, is exercised, and such notice shall be signed by the Participant or other person then entitled to exercise the SAR or such portion of the SAR; 
 (b)         such representations and documents as the Administrator, in its absolute discretion,
deems necessary or advisable to effect compliance with all applicable provisions of the Securities Act of 1933, as amended, and any other federal or state securities laws or regulations; provided, the Administrator may, in its absolute
discretion, also take whatever additional actions it deems appropriate to effect such compliance including, without limitation, placing legends on share certificates and issuing stop-transfer notices to agents and registrars; and 
 (c)         in the event that the SAR shall be exercised by any person or persons other than the
Participant, as determined pursuant to Section 12.2, appropriate proof of the right of such person or persons to exercise the SAR. 
 ARTICLE VI 
 RESTRICTED STOCK 
 6.1        Restricted Stock. The Administrator is authorized to grant Restricted Stock to Eligible Individuals on the following terms and conditions:

  

 10 

 6.2         Restricted Stock Agreement. Each
Restricted Stock Award shall be evidenced by a written Restricted Stock Agreement, which shall be executed by the Participant and an authorized officer of the Company and which shall contain such terms and conditions as the Administrator shall
determine consistent with the Plan. 
 6.3         Issuance and Restrictions.
Restricted Stock shall be subject to such restrictions on transferability and other restrictions, if any, as the Administrator may impose at the date of grant or thereafter, which restrictions may lapse separately or in combination at such times,
under such circumstances, in such installments, or otherwise, as the Administrator may determine. The Administrator may place restrictions on Restricted Stock that shall lapse, in whole or in part, only upon the attainment of performance goals.
Except to the extent restricted under the Award Agreement relating to the Restricted Stock, a Participant granted Restricted Stock shall have all of the rights of a stockholder including, without limitation, the right to vote Restricted Stock and
the right to receive dividends thereon. 
 6.4         Forfeiture. Upon Termination
of Service during the applicable restriction period, Restricted Stock and any accrued but unpaid dividends that are then subject to restrictions shall be forfeited; provided, that the Administrator may provide, by rule or regulation or in any
Award Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to Restricted Stock will be waived in whole or in part in the event of terminations resulting from specified causes, and the Administrator
may in other cases waive in whole or in part the forfeiture of Restricted Stock. 
 6.5
        Certificates for Stock. Certificates representing Restricted Stock granted under the Plan may be evidenced in such manner as the Administrator shall determine. If certificates representing Restricted
Stock are registered in the name of the Participant, such certificates shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock, and the Company shall retain physical possession of the
certificate. 
 6.6         Dividends. Dividends paid on Restricted Stock shall be
either paid at the dividend payment date, or deferred for payment to such date as determined by the Administrator, in cash or in unrestricted Shares having a Fair Market Value equal to the amount of such dividends. Shares distributed in connection
with a stock split or stock dividend, and other property distributed as a dividend, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such Shares or other property has been
distributed. 
 ARTICLE VII 
 DIRECTOR RESTRICTED STOCK 
 7.1         Eligibility. Only directors
of the Company who at the time Director Restricted Stock is granted under this Article VII are “non-employee directors” within the meaning of Rule 16b-3 or any similar rule which may subsequently be in effect (“Non-Employee
Directors”) shall be eligible to receive Director Restricted Stock under this Article VII. 
  

 11 

 7.2 Award of Restricted Stock. 
 (a)         Effective on the later of (i) the date on which a Non-Employee Director becomes
a member of the Board or (ii) the date the Plan is adopted by the Company, or (iii) the date on which the Company closes on the sale of at least two hundred thousand (200,000) shares of its common stock pursuant to its Form S-11
Registration Statement (file no. 333-159445), then each Non-Employee Director who satisfies the conditions set forth in Section 7.1 will automatically be awarded [            ]
([            ]) Shares of Director Restricted Stock (subject to adjustment pursuant to Section 2.4) (“Initial Restricted Stock”). Effective on the date of each Annual
Meeting of Stockholders of the Company (an “Annual Meeting”), commencing with the Company’s Annual Meeting in 20[__], each Non-Employee Director then in office will automatically be awarded, unless otherwise determined by the
Administrator, [            ] ([            ]) Shares of Director Restricted Stock (subject to adjustment pursuant
to Section 2.4) (“Subsequent Restricted Stock”). The Director Restricted Stock shall fully vest if the Non-Employee Director completes the term or partial term for which he or she was elected. 
 (b)         Notwithstanding any other provision of the Plan, the number of Shares of Director
Restricted Stock to be issued pursuant to this Article VII shall be reduced or eliminated to the extent that the issuance of such Shares of Director Restricted Stock would otherwise (i) enable the Independent Directors as a group to hold more
than 10% of the outstanding Shares if such Shares of Director Restricted Stock were fully vested; (ii) result in the Company being “closely-held” within the meaning of Section 856(h) of the Code; (iii) cause the Company to
own, directly or constructively, 10% or more of the ownership interests in a tenant of the property of the Company (or of the property of one or more partnerships in which the Company is a partner), within the meaning of Section 856(d)(2)(B) of
the Code; (iv) result in a violation of any of the stock ownership and transfer restrictions imposed under the Company’s Articles of Incorporation, as amended; or (v) cause, in the opinion of counsel to the Company, the Company to
fail to qualify (or create, in the opinion of counsel to the Company, a risk that the Company would no longer qualify) as a real estate investment trust within the meaning of the Code. To the extent that the issuance of Shares of Director Restricted
Stock pursuant to Section 7.2(a) would violate any of these limitations, the number of Shares of Director Restricted Stock to be issued to each of the Non-Employee Directors shall be reduced pro rata (with those Shares of Director Restricted
Stock not granted pursuant to this Section 7.2(b) referred to as the “Excess Director Restricted Stock”). To the extent that the number of Shares of Director Restricted Stock issued to a Non-Employee Director is reduced in any year as
a result of the application of these limitations, the Excess Director Restricted Stock shall be issued to the Non-Employee Director in any subsequent year in which issuance of such Excess Director Restricted Stock, after taking into account the
Shares of Director Restricted Stock to be issued to the Non-Employee Directors in such subsequent year under Section 7.2(a), would not violate the limitations imposed by this Section 7.2(b). To the extent that the issuance of Excess
Director Restricted Stock is delayed until a subsequent year under this Section 7.2, the Excess Director Restricted Stock shall be treated for all purposes under the Plan as having been issued in such subsequent year. 
 (c)         Except as provided otherwise in this Plan, the Director Restricted Stock shall be
subject to the same terms and conditions as are applicable to the Restricted Stock. 
  

 12 

 ARTICLE VIII 
 RESTRICTED STOCK UNITS 
 8.1
        Restricted Stock Units. The Administrator is authorized to grant Restricted Stock Units to Eligible Individuals, subject to the terms and conditions contained in the Plan and the applicable Award
Agreement. 
 8.2         Restricted Stock Agreement. Each Restricted Stock Unit
Award shall be evidenced by a written Restricted Stock Unit Agreement, which shall be executed by the Participant and an authorized officer of the Company and which shall contain such terms and conditions as the Administrator shall determine
consistent with the Plan. 
 8.3         Award and Restrictions. Delivery of Shares
or cash, as determined by the Administrator, will occur upon expiration of the deferral period specified for Restricted Stock Units by the Administrator. The Administrator may place restrictions on Restricted Stock Units that shall lapse, in whole
or in part, upon the attainment of performance goals. 
 8.4         Forfeiture. Upon
Termination of Service during the applicable deferral period or portion thereof to which forfeiture conditions apply, or upon failure to satisfy any other conditions precedent to the delivery of Shares or cash to which such Restricted Stock Units
relate, all Restricted Stock Units shall be forfeited; provided, that the Administrator may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating
to Restricted Stock Units will be waived in whole or in part in the event of termination resulting from specified causes, and the Administrator may in other cases waive in whole or in part the forfeiture of Restricted Stock Units. 
 8.5         Dividend Equivalents. Unless otherwise determined by the Administrator at the date of
grant, any Dividend Equivalents that are granted with respect to any Restricted Stock Unit shall be either (A) paid with respect to such Restricted Stock Unit at the dividend payment date in cash or in Shares of unrestricted Common Stock having
a Fair Market Value equal to the amount of such dividends, or (B) deferred with respect to such Restricted Stock Unit and the amount or value thereof automatically deemed reinvested in additional Restricted Stock Units, other Awards or other
investment vehicles, as the Administrator shall determine or permit the Participant to elect. The applicable Award Agreement shall specify whether any Dividend Equivalents shall be paid at the dividend payment date, deferred or deferred at the
election of the Participant (subject to the requirements of Section 409A of the Code). 
  
 ARTICLE IX 
 OTHER AWARDS 
 9.1         Other Share-Based Awards. The Administrator shall have the authority to grant Awards
to Eligible Individuals in the form of Other Share-Based Awards, as deemed by the Administrator to be consistent with the purposes of the Plan. Each Other Share-Based Award shall be evidenced by a written Award Agreement, which shall be executed by
the Participant and an authorized officer of the Company and which shall contain such terms and conditions as the Administrator shall determine. Awards granted pursuant to this Article IX may be granted 
  

 13 

 
with value and payment contingent upon the attainment of one or more performance goals. The Administrator shall determine the terms and conditions of such
Awards at the date of grant or thereafter. 
 ARTICLE X 
 CONDITIONS TO ISSUANCE OF SHARES 
 10.1      Issuance. The
Company shall not be required to issue or deliver any Shares purchased upon the grant, vesting and/or exercise of any Award, or portion thereof, prior to fulfillment of all of the following conditions: 
 (a)         the registration of such Shares for listing on all stock exchanges on which the
Shares are then listed; 
 (b)         the completion of any registration or other
qualification of such Shares under any state or federal law, or under the rulings of regulations of the Securities and Exchange Commission or any other governmental regulatory body which the Administrator shall, in its absolute discretion, deem
necessary or advisable; 
 (c)         the obtaining of any approval or other
clearance from any state or federal governmental agency which the Administrator shall, in its absolute discretion, determine to be necessary or advisable; 
 (d)         the lapse of such reasonable period of time following the grant, vesting and/or exercise of the Award as the Administrator may establish from time to time for
reasons of administrative convenience; and 
 (e)         full satisfaction of the
exercise or purchase price for such Shares, plus satisfaction of any Company applicable withholding tax obligations, in either case, in accordance with the terms of the Plan and the applicable Award Agreement. 
 ARTICLE XI 
 ADMINISTRATION

 11.1       Administration. The Plan shall be administered by the Board or, if the Board
so delegates its authority, by the Compensation Committee. If the Board administers the Plan, all references herein to the “Administrator” shall be references to the Board. If the Compensation Committee is appointed to administer the Plan,
all references herein to the “Administrator” shall be references to the Compensation Committee. The Administrator shall have the authority in its absolute discretion, subject to and not inconsistent with the express provisions of the Plan,
to administer the Plan and to exercise all the powers and authorities either specifically granted to it under the Plan or necessary or advisable in the administration of the Plan, including, without limitation, the authority to grant Awards; to
determine the Eligible Individuals to whom and the time or times at which Awards shall be granted; to determine the type and number of Awards to be granted, the number of Shares to which an Award may relate and the terms, conditions, restrictions
and performance criteria relating to any Award; to accelerate the vesting of any Award at any time; and to determine whether, to what extent, and under what circumstances an Award may be settled, cancelled, forfeited, exchanged, or surrendered; to
make adjustments in 
  

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the terms and conditions of, and the performance goals (if any) included in, Awards; to construe and interpret the Plan and any Award; to prescribe, amend
and rescind rules and regulations relating to the Plan; to determine the terms and provisions of the Award Agreements (which need not be identical for each Participant); and to make all other determinations deemed necessary or advisable for the
administration of the Plan. 
 Notwithstanding the foregoing, neither the Board, the Compensation Committee nor their
respective delegates shall have the authority to reprice (or cancel and regrant) any Option or, if applicable, other Award at a lower exercise, grant or purchase price without first obtaining the approval of the Company’s stockholders.

 In addition, an Award shall not be granted, become vested, be exercised or paid if, in the sole and absolute discretion of
the Administrator, the grant, vesting, exercise or payment of such Award could result in any of the following: 
 (a)
        the Participant’s or any other person’s ownership of Shares being in violation of any of the stock ownership and transfer restrictions imposed under the Company’s Articles of
Incorporation, as amended; 
 (b)         the Shares shall be deemed not to be
transferable within the meaning of Section 856 of the Code; 
 (c)
        income to the Company or any other result that could impair the Company’s status as a real estate investment trust within the meaning of the Code. 
 11.2       Duties and Powers of Administrator. The Administrator may appoint a chairperson and a secretary
and may make such rules and regulations for the conduct of its business as it shall deem advisable, and shall keep minutes of its meetings. All determinations of the Administrator shall be made by a majority of its members either present in person
or participating by conference telephone at a meeting or by written consent. The Administrator may delegate to one or more of its members or to one or more agents such administrative duties as it may deem advisable, and the Administrator or any
person to whom it has delegated duties as aforesaid may employ one or more persons to render advice with respect to any responsibility the Administrator or such person may have under the Plan. All decisions, determinations and interpretations of the
Administrator shall be final and binding on all persons, including but not limited to the Company, any Parent or Subsidiary of the Company or any Participant (or any person claiming any rights under the Plan from or through any Participant) and any
stockholder. 
 11.3       Professional Assistance; Good Faith Actions. The Administrator
may employ attorneys, consultants, accountants, appraisers, brokers, or other persons. The Administrator, the Company and the Company’s officers shall be entitled to rely upon the advice, opinions or valuations of any such persons. All actions
taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon all Participants, the Company, stockholders and all other interested persons. No members of the Administrator shall be
personally liable for any action, determination or interpretation made in good faith with respect to the Plan and all members of the Administrator and shall be fully protected by the Company in respect of any such action, determination or
interpretation. 
  

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 11.4       Delegation of Authority to Grant Awards. The
Administrator may, but need not, delegate from time to time to a committee consisting of one or more of the Company’s officers authority to grant Awards under the Plan to Eligible Individuals; provided, however, that each such
Eligible Individual must be an individual other than an “officer,” “director” or “beneficial owner of more than ten per cent of any class of any equity security” of the Company within the meaning of each such term as it
is used under Section 16(b) of the Exchange Act. Any delegation hereunder shall be subject to the restrictions and limits that the Administrator specifies at the time of such delegation of authority and may be rescinded at any time by the
Administrator. At all times, any subcommittee appointed under this Section 11.4 shall serve in such capacity at the pleasure of the Administrator. 
 ARTICLE XII 
 MISCELLANEOUS PROVISIONS 
 12.1       Rights as Stockholders. Except as determined by the Administrator and set forth in an Award
Agreement, the holders of Awards shall not be, nor have any of the rights or privileges of, stockholders of the Company in respect of any Shares subject to an Award unless and until such Shares have been issued by the Company to such holders.

 12.2       Not Transferable. Awards granted under the Plan may not be sold, pledged,
assigned, or transferred in any manner other than by will or applicable laws of descent and distribution. No Award holder shall be liable for the debts, contracts or engagements of the Participant or his or her successors-in-interest or shall be
subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other
legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence. 
 During the lifetime of the Participant, only he or she may exercise an Option or SAR (or any portion thereof) granted to him or her under
the Plan. After the death of the Participant, any exercisable portion of the Option or SAR may, prior to the time when such portion becomes unexercisable under the Plan or the applicable Award Agreement, be exercised by his or her personal
representative or by any person empowered to do so under the deceased Participant’s will or under the then applicable laws of descent and distribution. 
 12.3       No Right to Employment or Other Service Relationship. Nothing in the Plan or in any Award Agreement hereunder shall (i) confer upon any Participant
any right to (a) continue in the employ of his or her Employer or to provide services to the Company, or (b) receive any severance pay from the Company or his or her Employer, or (ii) interfere with or restrict in any way the rights
of the Company or his or her Employer, which are hereby expressly reserved, to terminate the services of any Participant at any time for any reason whatsoever, with or without Cause. 
 12.4       Term of Plan. Unless earlier terminated by the Board, the Plan shall automatically expire and
terminate on the tenth anniversary of the date on which it was adopted 
  

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by the Company. The expiration or other termination of the Plan shall have no adverse affect on any Awards that are outstanding on the date of such
expiration or other termination. 
 12.5       Amendment, Suspension or Termination of the
Plan. The Plan may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Board; provided, however, that unless otherwise determined by the Board, an amendment that
requires stockholder approval in order for the Plan to continue to comply with applicable law, regulation or stock exchange requirement shall not be effective unless approved by the requisite vote of stockholders. Notwithstanding the foregoing, no
amendment, suspension or termination of the Plan shall, without the consent of the holder of an Award, alter or impair any rights or obligations under such Award theretofore granted or awarded unless the Award Agreement itself otherwise expressly so
provides, and no amendment shall be made that could jeopardize the status of the Company as a real estate investment trust under the Code. No Awards may be granted or awarded during any period of suspension or after termination of the Plan.

 12.6       Change in Control and Other Corporate Events. 
 (a)         Subject to Section 12.6(b), in the event of any Change in Control or other
transaction or event described in Section 2.4 or any unusual or nonrecurring transactions or events affecting the Company, any Affiliate of the Company, or the financial statements of the Company or any Affiliate, or of changes in applicable
laws, regulations, or accounting principles, the Administrator is hereby authorized to any action with respect to Awards at such time and on such terms and conditions as the Administrator determines in its absolute direction to be desirable, which
action(s) may include, without limitation: 
      (i)
          a determination that the Company shall pay to the holder of any Award, in consideration for the cancellation of such Award, an amount of cash equal to the amount that could have been
attained upon the vesting or exercise of such Award had such Award been currently exercisable or payable or fully vested, as applicable, or the replacement of such Award with other rights or property selected by the Administrator; 
      (ii)          a determination that Awards cannot vest, be
exercised or become payable after such event; 
      (iii)
        a determination that all or some Awards shall become immediately vested and/or exercisable either prior to or as of such event, or that for a specified period of time prior to transaction or event, an
Option or SAR shall be exercisable as to all Shares covered thereby; 
      (iv)
        a determination that upon such event, such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by similar awards covering the stock
of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of Shares or other property and prices which are the subject of such Award; or 
  

 17 

      (v)
          a determination to make adjustments to Awards consistent with Section 2.4. 
 (b)         With respect to Awards, no adjustment or action described in this Section 12.6 or in any other provision of the Plan shall be authorized to the extent that such
adjustment or action would result in short-swing profits liability under Section 16 of the Exchange Act or violate the exemptive conditions of Rule 16b-3 unless the Administrator determines that the Award is not to comply with such exemptive
conditions. The number of Shares subject to any Option shall always be rounded to the next whole number. 
 12.7
      Approval of Plan by Stockholders. This Plan will be submitted for the approval of the Company’s stockholders following the Board’s initial adoption of the Plan. Awards may be granted prior to such
stockholder approval, provided, that no Award shall become vested or exercisable prior to the time when the Plan is approved by the stockholders and, provided further, that, if such approval has not been obtained within 12 months
following the date of adoption of the Plan, all Awards previously granted under the Plan shall thereupon be cancelled and shall automatically become null and void. 
 12.8       Tax Withholding. The Company shall be entitled to require of each Participant satisfaction of the Company’s withholding obligations under federal,
state or local tax law with respect to the issuance, vesting, exercise or payment of any Award, and the Company may defer such issuance, vesting, exercise or payment unless indemnified to its satisfaction. The Administrator shall provide in the
applicable Award Agreement the acceptable methods of satisfying such withholding obligations, which may include: (i) deducting such amounts from other compensation otherwise payable to the Participant; (ii) having Shares otherwise issuable
hereunder withheld, the Fair Market Value of which is sufficient to satisfy the Participant’s minimum estimated tax obligations associated with the transaction; (iii) tendering back to the Company previously acquired Shares or (iv) a
combination of the foregoing. 
 12.9       Forfeiture Provisions. Pursuant to its general
authority to determine the terms and conditions applicable to Awards granted under the Plan, the Administrator shall have the right to provide, in the terms of an Award Agreement, or by separate written instrument, that (i) any proceeds, gains
or other economic benefit actually or constructively received by an Participant upon the receipt or exercise of the Option, or upon the receipt or resale of any Shares underlying such Award, must be paid to the Company, and (ii) the Award shall
terminate and any outstanding portion of such Award (whether or not vested) shall be forfeited, if (a) a Termination of Service occurs prior to a specified date, or within a specified time period following receipt or exercise of the Award, or
(b) the Participant, at any time, or during a specified time period, engages in any activity in competition with his or her Employer or the Company, or which is inimical, contrary or harmful to the interests of his or her Employer or the
Company, as may be further defined from time to time by the Administrator. 
 12.10     Limitations
Applicable to Section 16. Notwithstanding any other provision of the Plan, the Plan, and any Award granted to any individual who is then subject to Section 16 of the Exchange Act, shall be subject to any additional limitations set forth in
any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3) that are requirements for the application of such exemptive rule. To the extent permitted by applicable 
  

 18 

 
law, the Plan shall be deemed amended to the extent necessary to conform to such applicable exemptive rule. 
 12.11     Effect of Plan Upon Other Equity and Compensation Plans. The adoption of the Plan shall not affect any
other equity- or cash-based compensation or incentive plans in effect for the Company from time to time. Nothing in the Plan shall be construed to limit the right of the Company (i) to establish any other forms of incentives or compensation for
employees of the Company, the Manager or the Advisor, or (ii) to grant or assume options or other rights or awards otherwise than under the Plan in connection with any proper corporate purpose including, but not by way of limitation, the grant
or assumption of options in connection with the acquisition by purchase, lease, merger, consolidation or otherwise of the business, stock or assets of any corporation, partnership, limited liability company, firm or association. 
 12.12     Section 83(b) Election Prohibited. No Participant may make an election under Section 83(b) of the
Code with respect to any Award granted under the Plan without the Company’s consent. 
 12.13
    Compliance with Laws. This Plan, the granting and vesting of Awards under the Plan, the issuance and delivery of Shares, and the payment of money or other consideration allowable under the Plan or under Awards granted
hereunder are subject to compliance with all applicable federal and state laws, rules and regulations (including, but not limited to, state and federal securities laws and federal margin requirements) and to such approvals by any listing, regulatory
or governmental authority as may, in the opinion of counsel for the Board, the Compensation Committee or the Company, be necessary or advisable in connection therewith. Any securities delivered under the Plan shall be subject to such restrictions,
and the person acquiring such securities shall, if requested by the Company, provide such assurances and representations to the Company as the Board, the Compensation Committee or the Company may deem necessary or desirable to assure compliance with
all applicable legal requirements. To the extent permitted by applicable law, the Plan shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. 
 12.14     Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation
or construction of the Plan. 
 12.15     Governing Law. This Plan and any agreements hereunder shall be
administered, interpreted and enforced under the internal laws of the State of Colorado without regard to conflicts of laws provisions thereof. 
 12.16     Code Section 409A. 
 (a)
        The Award Agreement for any Award that the Administrator reasonably determines to constitute a “nonqualified deferred compensation plan” under Section 409A of the Code (a “Section
409A Plan”), and the provisions of the Plan applicable to that Award, shall be construed in a manner consistent with the applicable requirements of Section 409A of the Code, and the Administrator, in its sole discretion and without the
consent of any Participant, may amend any Award Agreement (and the provisions of the Plan applicable thereto) if and to the 

  

 19 

 
extent that the Administrator determines that such amendment is necessary or appropriate to comply with the requirements of Section 409A of the Code.

 (b)         If any Award constitutes a Section 409A Plan, then the Award
shall be subject to the following additional requirements, if and to the extent required to comply with Section 409A of the Code: 
     (i)           Payments under the Section 409A Plan may not be made earlier than the first to occur of (u) the Participant’s
“separation from service”, (v) the date the Participant becomes “disabled”, (w) the Participant’s death, (x) a “specified time (or pursuant to a fixed schedule)” specified in the Award Agreement at
the date of the deferral of such compensation, (y) a “change in the ownership or effective control of the corporation, or in the ownership of a substantial portion of the assets” of the Company, or (z) the occurrence of an
“unforeseeble emergency”; 
     (ii)          The
time or schedule for any payment of the deferred compensation may not be accelerated, except to the extent provided in applicable Treasury Regulations or other applicable guidance issued by the Internal Revenue Service; 
     (iii)         Any elections with respect to the deferral of such
compensation or the time and form of distribution of such deferred compensation shall comply with the requirements of Section 409A(a)(4) of the Code; and 
     (iv)         In the case of any Participant who is “specified employee”, a distribution on account of a “separation
from service” may not be made before the date which is six months after the date of the Participant’s “separation from service” (or, if earlier, the date of the Participant’s death). 
 For purposes of the foregoing, the terms in quotations shall have the same meanings as those terms have for purposes of Section 409A of the Code,
and the limitations set forth herein shall be applied in such manner (and only to the extent) as shall be necessary to comply with any requirements of Section 409A of the Code that are applicable to the Award. 
 (c)         Notwithstanding the foregoing, the Company does not make any representation to any
Participant or Beneficiary that any Awards made pursuant to this Plan are exempt from, or satisfy, the requirements of Section 409A of the Code, and the Company shall have no liability or other obligation to indemnify or hold harmless the
Participant or any Beneficiary for any tax, additional tax, interest or penalties that the Participant or any Beneficiary may incur in the event that any provision of this Plan, or any Award Agreement, or any amendment or modification thereof, or
any other action taken with respect thereto, is deemed to violate any of the requirements of Section 409A. 
  

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