Document:

EXHIBIT 10.3

 

EXCHANGE AGREEMENT

 

This Exchange Agreement
(this “Agreement”) is made and entered into as of June 8, 2017 by and among DOF IV REIT Holdings, LLC, a Delaware
limited liability company (“Lender”), Plymouth Industrial 20 LLC, a Delaware limited liability company (“Borrower”),
Plymouth Industrial 20 Financial LLC, a Delaware limited liability company (“Plymouth Member”), and Plymouth
Industrial REIT, Inc., a Maryland corporation (“Plymouth REIT”).

WHEREAS, Lender, Borrower
and Plymouth Member are parties to that certain TL Participation Agreement, dated as of October 17, 2016 (the “Participation
Agreement”);

WHEREAS, Plymouth REIT,
the indirect parent of Borrower and Plymouth Member, is engaging in a public offering of its common stock pursuant to a registration
statement (the “Registration Statement”) on Form S-11 (SEC File No. 333-196798) (the “Offering”);
and

WHEREAS, concurrently with
the closing of the Offering, the parties hereto wish to exchange the TL Participation for the right to receive warrants to acquire
shares of the common stock of Plymouth REIT, upon the terms and subject to the conditions contained herein.

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

Section 1.Definitions.  Capitalized
terms used by not defined herein shall have the respective meanings given to such terms in the Participation Agreement.

Section 2.Exchange. 
In accordance with the terms and subject to the conditions hereof, on the Closing Date (as defined below), the Participation Agreement
shall, subject to and conditioned upon the delivery of the Warrant Agreement (described below), be terminated and in exchange therefor
Plymouth REIT shall issue and deliver warrants to acquire 250,000 shares of the common stock, par value $0.01 per share, of Plymouth
REIT (as defined below) to Lender pursuant to the terms of that certain Warrant Agreement, dated the date hereof, by and between
Plymouth REIT and Lender and in the form attached hereto as Exhibit A.  For purposes of this Agreement, the term “Closing
Date” shall have the meaning set forth in the Underwriting Agreement (as such term is defined in the Registration Statement

Section 3.Termination of Participation
Agreement.  Effective as of the Effective Time, subject to the conditions set forth in Section 3 hereof, Lender,
Borrower and Borrower Member hereby agree to terminate the Participation Agreement, such that the Participation Agreement shall
have no further force and effect, prospectively, subject to and conditioned upon, the simultaneous delivery to Lender of the Warrant
Agreement. 

Section 4.Entire Agreement. This Agreement
contains the entire agreement among the parties in respect of the subject matter hereof and supersedes all prior agreements, written
or oral, in respect thereof.

Section 5.Amendments and Waiver. This
Agreement may be amended, modified, superseded or canceled and the terms and conditions hereof may be waived and consent to any
departure by Borrower or Plymouth Member therefrom may be given, only by a written instrument signed by the parties hereto or,
in the case of a waiver, by the party waiving compliance, and then such waiver or consent shall be effective only in the specific
instance and for the specific purposes for which given. No delay on the part of Lender in exercising any right, power or privilege
hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any right, power or privilege hereunder, nor any
single or partial exercise of any right, power or privilege hereunder, preclude any other or further exercise thereof or the exercise
of any other right, power or privilege hereunder.

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Section 6.Notices. All notices, demands,
requests, consents, approvals or other communications (any of the foregoing, a “Notice”) required, permitted
or desired to be given hereunder shall be in writing (a) sent by electronic mail, (b) sent by registered or certified mail, postage
prepaid, return receipt requested, (c) delivered by hand or (d) delivered by reputable overnight courier addressed to the party
to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter specify in accordance
with the provisions of this Section 6. Any Notice shall be deemed to have been received: (i) if sent by electronic mail,
on the date of sending the electronic mail if sent during business hours on a Business Day (otherwise on the next Business Day),
provided that a copy of said Notice is also sent within one (1) Business Day by one of the methods provided in (b), (c) or (d)
above, (ii) if sent by registered or certified mail, on the date of delivery or the date of the first attempted delivery, in either
case on a Business Day (otherwise on the next Business Day), (iii) if delivered by hand, on the date of delivery if delivered during
business hours on a Business Day (otherwise on the next Business Day) and (iv) if sent by an overnight commercial courier, on the
next Business Day in each case addressed to the parties as follows:

	If to Lender:	
        DOF IV REIT Holdings, LLC

        475 Fifth Avenue

        New York, New York 10017

        Attention: Abbey Kosakowski and Gianluca Montalti

        E-mail: akosakowski@torchlightinvestors.com

        gmontalti@torchlightinvestors.com

         

	With a copy to:	
        Weil, Gotshal & Manges LLP

        767 5th Avenue

        New York, NY 10153

        Attention: W. Michael Bond

        Email: michael.bond@weil.com

         

	
        If to Borrower:

         
	
        Plymouth Industrial 20 LLC

        260 Franklin Street, 6th Floor

        Boston, Massachusetts 02109

        Attention: Jeffrey E. Witherell

        Email: jeff.witherell@plymouthrei.com

         

	With a copy to:	
        Winston & Strawn LLP

        2501 N. Harwood Street, 17th Floor

        Attention: Kenneth L. Betts

        Email: kbetts@winston.com

         

	If to Plymouth Member:	
        Plymouth Industrial OP, LP

        260 Franklin Street, 6th Floor

        Boston, Massachusetts 02109

        Attention: Jeffrey E. Witherell

        Email: jeff.witherell@plymouthrei.com

         

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	With a copy to:	
        Winston & Strawn LLP

        2501 N. Harwood Street, 17th Floor

        Attention: Kenneth L. Betts

        Email: kbetts@winston.com

         

Any party may change the address to which any such
Notice is to be delivered by furnishing ten (10) days’ written notice of such change to the other parties in accordance with
the provisions of this Section 6. Notices shall be deemed to have been given on the date set forth above, even if there
is an inability to actually deliver any Notice because of a changed address of which no Notice was given or there is a rejection
or refusal to accept any Notice offered for delivery. Notice for any party may be given by its respective counsel. Additionally,
Notice from Lender may also be given by Servicer.

Section 7.Counterparts. This Agreement
may be executed in counterparts and by facsimile or “pdf”, each of which shall be deemed an original but all of which
shall constitute one and the same instrument.

Section 8.Headings. The headings in
this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning of terms contained herein.

Section 9.Severability. If any term,
provision, covenant or restriction of this Agreement, or any part thereof, is held by a court of competent jurisdiction to be invalid,
void, unenforceable or against public policy for any reason, the remainder of the terms, provisions, covenants and restrictions
of this Agreement shall remain in full force and effect and shall in no way be affected or impaired or invalidated.

Section 10.Governing Law; Terms. This
Agreement shall be governed by and construed in accordance with the laws of the State of New York. Each of the parties hereto hereby
submits itself, himself or herself for the sole purpose of this Agreement and any controversy arising hereunder to the exclusive
jurisdiction of the State and Federal Courts of the State of New York, and waive any objection (on the grounds of lack of jurisdiction
or forum non conveniens, or otherwise) to the exercise of such jurisdiction over it by such court.

Section 11.WAIVER OF JURY TRIAL. IN
ANY ENFORCEMENT OF THIS AGREEMENT OR ANY MATTERS RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT EACH OF THE PARTIES HERETO WAIVES
ANY RIGHT TO TRIAL BY JURY.

Section 12.Construction of Agreement.
Each of the parties hereto acknowledges that it has participated in the negotiation of this Agreement, and no provision of this
Agreement shall be construed against or interpreted to the disadvantage of any party hereto by any court or other governmental
or judicial authority by reason of any party hereto having or being deemed to have structured, dictated or drafted such provision;
that each of the parties hereto at all times has had access to an attorney in the negotiation of the terms of and in the preparation
and execution of this Agreement and each of the parties hereto has had the opportunity to review and analyze this Agreement for
a sufficient period of time prior to the execution and delivery thereof; that all of the terms of this Agreement were negotiated
at arm’s-length, and that this Agreement was prepared and executed without fraud, duress, undue influence or coercion of
any kind exerted by any party hereto upon the others; and that the execution and delivery of this Agreement is the free and voluntary
act of each of the parties hereto.

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IN WITNESS WHEREOF,
this Agreement is executed and delivered as of the day and year first above written.

BORROWER:

 

PLYMOUTH INDUSTRIAL 20 LLC,

a Delaware limited liability company

 

 

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

Name: Pendleton P. White, Jr.

Title: President                       

PLYMOUTH MEMBER:

 

PLYMOUTH INDUSTRIAL 20 FINANCIAL LLC,

a Delaware limited liability company

 

 

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

Name: Pendleton P. White, Jr.

Title: President                       

 

 

PLYMOUTH REIT:

 

PLYMOUTH INDUSTRIAL REIT, INC.,

a Maryland corporation

 

 

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

Name: Pendleton P. White, Jr.

Title: President                       

 

 

LENDER: 

 

DOF IV REIT HOLDINGS, LLC,

A Delaware limited liability company

 

 

By: /s/ Sanford Weintraub         

Name: Sanford Weintraub

Title: Authorized Signatory

 

 

Signature Page

 

 

    4EXHIBIT 10.4

 

AMENDMENT TO
LIMITED LIABILITY COMPANY AGREEMENT

This Amendment (this “Amendment”)
to the Limited Liability Company Agreement of Plymouth Industrial 20 LLC, dated as of October 17, 2016 (the “LLC Agreement”),
is made and entered into as of June 8, 2017, by and among, Plymouth Industrial 20 Financial LLC, a Delaware limited liability
company (the “Sponsor Member”), and DOF IV Plymouth PM, LLC, a Delaware limited liability company (the “Preferred
Member”), and Jennifer Schwartz and Ricardo Beausoleil (together, the “Independent Managers”).

RECITALS

WHEREAS, the Sponsor Member,
the Preferred Member and the Independent Managers are parties to the LLC Agreement;

WHEREAS, in contemplation
of the proposed public offering by Plymouth Industrial REIT, Inc. (“Plymouth REIT”), the indirect parent of
the Sponsor Member, Plymouth REIT and Torchlight Investors, LLC, an affiliate of the Preferred Member, entered into that certain
Letter Agreement (the “Letter Agreement”), dated as of March 3, 2017, pursuant to which, among other things,
the parties agreed that the Redemption Date would be extended for a period of 120 days; and

WHEREAS, in order to effect
the applicable terms of the Letter Agreement, the parties hereto wish to amend certain terms of the LLC Agreement as provided for
herein.

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

Section 1.Definitions. 
Capitalized term used by not defined herein shall have the respective meanings given to such terms in the LLC Agreement.

Section 2.Amendments
to LLC Agreement.  The LLC Agreement is hereby amended as follows:

(a)       The
term “Redemption Date”, as set forth in Exhibit A is hereby amended and restated in its entirety to read as
follows:

“Redemption Date means the
date on which each of the Conditions Precedent (as defined in the Private Placement Agreement) have been satisfied, provided, that
if by June 16, 2017 (i) all of the Conditions Precedent have not been satisfied or (ii) the Redemption Price has not been
paid, then this Amendment shall be of no force and effect, all parties shall be restored to the status quo ante and all parties
shall have all rights and obligations as they were prior to the date of this Amendment as if this Amendment had not been executed.”

(b)       The
second sentence in Section 4.2(a)(1) is hereby amended and restated in its entirety to read as follows:

“As used herein, the ‘Redemption
Price’ shall mean $25,000,000, which amount shall be payable as follows: (1) $20,000,000 payable in cash and (2) $5,000,000
in shares (the “Shares”) of common stock, par value $0.01 per share, of Plymouth REIT (the “Common Stock”),
the exact number of Shares shall be determined by dividing $5,000,000 by the price at which the Common Stock is being offered to
the public pursuant to the Public Offering.

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(c)       Exhibit
A is hereby amended to add the following definitions:

“Private Placement Agreement”
means that certain Private Placement Agreement dated as of May 12, 2017 by and among Plymouth Industrial REIT, Inc., the Preferred
Member and DOF IV REIT Holdings, LLC.

“Public Offering” means
the sale by Plymouth Industrial REIT, Inc. of shares of its common stock in an underwritten public offering registered under the
Securities Act of 1933, as amended, made pursuant to the Registration Statement on Form S-11 (SEC File No. 333-196798).

Section 3.Remaining
Terms.  Except as set for this this Amendment, the LLC Agreement is unaffected and shall remain in full force and effect
in accordance with its terms and is ratified by the parties hereto.  If there is conflict between the provisions of this Amendment
and the LLC Agreement, the terms of this Amendment will prevail.

Section 4.Counterparts.
This Agreement may be executed in counterparts and by facsimile or “pdf”, each of which shall be deemed an original
but all of which shall constitute one and the same instrument.

 

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IN WITNESS WHEREOF, this
Agreement is executed and delivered as of the day and year first above written.

 

 

PLYMOUTH INDUSTRIAL 20 FINANCIAL LLC,

A Delaware limited liability company

 

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

Name: Pendleton P. White, Jr.

Title: President                      

 

 

 

DOF IV PLYMOUTH PM, LLC,

A Delaware limited liability company

 

By: /s/ Sanford Weintraub            

Name: Sanford Weintraub

Title: Authorized Signatory

 

 

 

/s/ Jennifer Schwartz                   

Jennifer Schwartz

 

 

 

/s/ Ricardo Beausoleil                  

Ricardo Beausoleil

 

 

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