Document:

Advisory Agreement

 EXHIBIT 10.3 
 ADVISORY AGREEMENT 
 among 
 INDUSTRIAL INCOME TRUST INC., 
 INDUSTRIAL INCOME OPERATING PARTNERSHIP LP 
 and 
 INDUSTRIAL INCOME ADVISORS LLC 

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

 ADVISORY AGREEMENT 
 THIS ADVISORY AGREEMENT, dated as of December 16, 2009, is among Industrial Income Trust Inc., a Maryland corporation (the
“Corporation”), Industrial Income Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”), and Industrial Income Advisors LLC, a Delaware limited liability company. 
 W I T N E S S E T H 
 WHEREAS, the Corporation intends to qualify as a REIT (as defined below), and to invest its funds in investments permitted by the terms of
Sections 856 through 860 of the Code (as defined below); 
 WHEREAS, the Corporation is the general partner of the Operating
Partnership and intends to conduct all its business and make all investments in Assets through the Operating Partnership; 
 WHEREAS, the Corporation and the Operating Partnership desire to avail themselves of the experience, sources of information, advice, assistance and certain facilities of the Advisor and to have the Advisor undertake the duties and
responsibilities hereinafter set forth, on behalf of, and subject to the supervision, of the Board of Directors of the Corporation, all as provided herein; and 
 WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board of Directors, on the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as
follows: 
 1. DEFINITIONS. As used in this Advisory Agreement (the “Agreement”), the following terms have the
definitions hereinafter indicated: 
 Acquisition Expenses. Any and all expenses, exclusive of Acquisition Fees, incurred
by the Corporation, the Operating Partnership, the Advisor, or any of their Affiliates in connection with the selection, acquisition, development or origination of any Asset, whether or not acquired, including, without limitation, legal fees and
expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, title insurance, and the costs of performing due diligence. 
 Acquisition Fees. Any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person to any other Person
(including any fees or commissions paid by or to any Affiliate of the Corporation, the Operating Partnership or the Advisor) in connection with (i) the acquisition, development or construction of a Property, (ii) the acquisition of
interests in a real estate related entity or (iii) making or investing in Mortgages or the origination or acquisition of other debt or other investments, including real estate commissions, selection fees, Development Fees, Construction Fees,
nonrecurring management fees, loan fees, points or any other fees of a similar nature. Excluded shall be development fees and construction fees paid to any Person not affiliated with the Sponsor in connection with the actual development and
construction of a project. 
 Advisor. Industrial Income Advisors LLC, a Delaware limited liability company, any
successor advisor to the Corporation, the Operating Partnership or any person or entity to which Industrial Income Advisors LLC or any successor advisor subcontracts substantially all of its functions. Notwithstanding the forgoing, a Person hired or
retained by Industrial Income Advisors LLC to perform property and securities management and related services for the Corporation or the Operating Partnership that is not hired or retained to perform substantially all of the functions of Industrial
Income Advisors LLC with respect to the Corporation or the Operating Partnership as a whole shall not be deemed to be an Advisor. 
  

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 Affiliate or Affiliated. With respect to any Person, (i) any Person directly or
indirectly owning, controlling or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of such other Person; (ii) any Person ten percent (10%) or more of whose outstanding voting securities
are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any executive
officer, director, trustee or general partner of such other Person; and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. 
 Asset. Any Property, Mortgage, other debt or other investment (other than investments in bank accounts, money market funds or other
current assets) owned by the Corporation, directly or indirectly through one or more of its Affiliates. 
 Asset Management
Fee. A fee paid to the Advisor as compensation for services rendered in connection with the management and disposition of the Corporation’s Assets. 
 Average Invested Assets. For a specified period, the average of the aggregate book value of the Assets invested, directly or indirectly, in equity interests in and loans secured by or related to
real estate (including, without limitation, equity interests in REITs, mortgage pools, commercial mortgage-backed securities, mezzanine loans and residential mortgage-backed securities), before deducting depreciation, bad debts or other non-cash
reserves, computed by taking the average of such values at the end of each month during such period. 
 Board of Directors or
Board. The persons holding such office, as of any particular time, under the Charter of the Corporation, whether they be the Directors named therein or additional or successor Directors. 
 Bylaws. The bylaws of the Corporation, as the same are in effect from time to time. 
 Cause. With respect to the termination of this Agreement, fraud, criminal conduct or willful misconduct by the Advisor, or a material
breach of this Agreement by the Advisor, which has not been cured within 30 days of such breach. 
 Charter. The amended
and restated articles of incorporation of the Corporation, as amended from time to time. 
 Code. Internal Revenue Code
of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted
by any applicable regulations as in effect from time to time. 
 Competitive Real Estate Commission. A real estate or
brokerage commission for the purchase or sale of property which is reasonable, customary, and competitive in light of the size, type, and location of the property. 
 Contract Purchase Price. The term “Contract Purchase Price” shall mean (i) the amount actually paid or allocated in respect of the acquisition of a Property, (ii) the
Corporation’s proportionate share of the amount actually paid or allocated in respect of the Real Property owned by any real estate related entity in which the Corporation acquires a majority economic interest or which the Corporation
consolidates for

  

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financial reporting purposes in accordance with generally accepted accounting principals, (iii) the amount actually paid or allocated in respect of an investment in any other real estate
related entity or (iv) the amount actually paid or allocated in respect of the origination or acquisition of Mortgages, other debt investments or other investments; in each case including any third party expenses, debt, whether borrowed or
assumed, and exclusive of Acquisition Fees and Acquisition Expenses. 
 Contract Sales Price. The total consideration
received by the Corporation for the sale of Assets. 
 Corporation. Corporation shall have the meaning set forth in the
preamble of this Agreement. 
 Dealer Manager. Dividend Capital Securities LLC, an Affiliate of the Advisor, or such
other Person or entity selected by the Board of Directors to act as the dealer manager for the Offering. Dividend Capital Securities LLC is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). 
 Dealer Manager Fee. Up to 2.5% of Gross Proceeds from the sale of primary shares in the Offering (not including Shares sold pursuant
to the Corporation’s distribution reinvestment plan) payable to the Dealer Manager for serving as the dealer manager of the Offering. 
 Director. A member of the Board of Directors of the Corporation. 
 Distributions. Any distributions of money or other property by the Corporation to owners of Shares, including distributions that may constitute a return of capital for federal income tax purposes. 
 Equity Shares. Transferable shares of beneficial interest of the Corporation of any class or series, including common shares or
preferred shares. 
 FINRA. Financial Industry Regulatory Authority, Inc. 
 GAAP. Generally accepted accounting principles as in effect in the United States of America from time to time. 
 Good Reason. With respect to the termination of this Agreement, (i) any failure to obtain a satisfactory agreement from any
successor to the Corporation and/or the Operating Partnership to assume and agree to perform the Corporation’s and/or the Operating Partnership’s obligations under this Agreement; or (ii) any material breach of this Agreement of any
nature whatsoever by the Corporation and/or the Operating Partnership. 
 Gross Proceeds. The aggregate purchase price of
all Shares sold for the account of the Corporation through all Offerings, without deduction for Sales Commissions, Dealer Manager Fees, volume discounts, any marketing support and due diligence expense reimbursement or Organization and Offering
Expenses. For the purpose of computing Gross Proceeds, the purchase price of any Share for which reduced Sales Commissions or a Dealer Manager Fee are paid to the Dealer Manager or a Soliciting Dealer (where net proceeds to the Corporation are not
reduced) shall be deemed to be the full amount of the offering price per Share pursuant to the Prospectus for such Offering without reduction. 
 Independent Director. Independent Director shall have the meaning set forth in the Charter. 
 Independent Expert. A person or entity with no material current or prior business or personal relationship with the Advisor or the Directors and who is engaged to a substantial extent in the
business of rendering opinions regarding the value of assets of the type held by the Corporation. 
  

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 Joint Ventures. The joint venture, co-investment, co-ownership or partnership
arrangements in which the Corporation or any of its subsidiaries is a co-venturer, co-owner or general partner which are established to acquire or hold Assets. 
 Liquidity Event. The term “Liquidity Event” shall include, but shall not be limited to, (i) a Listing, (ii) a sale, merger or other transaction in which the Stockholders either
receive, or have the option to receive, cash, securities redeemable for cash, and/or securities of a publicly traded company, and (iii) the sale of all or substantially all of the Corporation’s Assets where Stockholders either receive, or
have the option to receive, cash or other consideration. 
 Listing. The listing of the Shares on a national securities
exchange or the receipt by the Corporation’s stockholders of securities that are listed on a national securities exchange in exchange for the Corporation’s common stock. Upon such Listing, the Shares shall be deemed Listed.

 Mortgages. In connection with mortgage financing provided, invested in, participated in or purchased by the
Corporation, all of the notes, deeds of trust, security interests or other evidences of indebtedness or obligations, which are secured or collateralized by Real Property owned by the borrowers under such notes, deeds of trust, security interests or
other evidences of indebtedness or obligations. 
 NASAA REIT Guidelines. The Statement of Policy Regarding Real Estate
Investment Trusts as adopted by the members of the North American Securities Administrators Association, Inc. on May 7, 2007. 
 Net Income. For any period, the Corporation’s total revenues applicable to such period, less the total expenses applicable to such period other than additions to reserves for depreciation, bad debts or other similar non-cash
reserves and excluding any gain from the sale of the Corporation’s Assets. 
 Offering. The public offering of
Shares pursuant to a Prospectus. 
 Operating Partnership. Operating Partnership shall have the meaning set forth in the
preamble of this Agreement. 
 Operating Partnership Agreement. The Operating Partnership Agreement among the
Corporation, the Advisor, and Industrial Income Advisors Group LLC. 
 OP Unit. Units of limited partnership interest in
the Operating Partnership. 
 Organization and Offering Expenses. Any and all costs and expenses, other than the Sales
Commission and the Dealer Manager Fee, incurred in connection with the formation of the Corporation and the qualification and registration of an Offering, and the marketing and distribution of Shares, including, without limitation, total
underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys), expenses for printing and amending registration statements or supplementing prospectuses, mailing and distributing costs, salaries of
employees while engaged in sales activity, telephone and other telecommunications costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings), charges of transfer agents, registrars,
trustees, escrow holders, depositories and experts and fees, expenses and taxes related to the filing, registration and qualification of the sale of the Shares under federal and state laws, including accountants’ and attorneys’ fees. The
Organization and Offering Expense reimbursement paid by the Corporation in connection with its formation will not exceed 2.0% of Gross Proceeds from the sale of Shares in the primary offering and the Corporation’s distribution reinvestment
plan. 
  

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 Person. An individual, corporation, partnership, trust, joint venture, limited
liability company or other entity. 
 Property or Properties. All or a portion of the Real Property or Real Properties
acquired by the Corporation, directly or indirectly through joint venture or co-ownership arrangements or other partnership or investment entities. 
 Prospectus. Prospectus shall have the meaning set forth in Section 2(10) of the Securities Act of 1933, as amended (the “Securities Act”), including a preliminary Prospectus, an
offering circular as described in Rule 256 of the General Rules and Regulations under the Securities Act or, in the case of an intrastate offering, any document by whatever name known, utilized for the purpose of offering and selling securities to
the public. 
 Real Estate Asset Value. The amount actually paid or allocated to the purchase, development, construction
or improvement of a Real Property, exclusive of Acquisition Fees and Acquisition Expenses. 
 Real Property. Land, rights
in land (including leasehold interests), and any buildings, structures, improvements, furnishings, fixtures and equipment located on or used in connection with land and rights or interests in land. Properties sold by the Corporation or any Affiliate
to investors in tenancy-in-common interests, beneficial interests in Delaware statutory trusts, and or similar interests shall be deemed Real Property for the purposes of this definition so long as (i) such properties are being leased by the
Corporation or any Affiliate from the tenancy-in-common investors, and (ii) such properties are reflected as Assets of the Corporation in accordance with GAAP. 
 REIT. A “real estate investment trust” under Sections 856 through 860 of the Code or as may be amended. 
 Sale or Sales. Any transaction or series of transactions whereby: (A) the Corporation or the Operating Partnership directly or indirectly (except as described in other subsections of this
definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting of a building only, and including any event with respect to any Property which gives rise
to a significant amount of insurance proceeds or condemnation awards; (B) the Corporation or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or
relinquishes its ownership of all or substantially all of the interest of the Corporation or the Operating Partnership in any Joint Venture in which it is a co-venturer or partner; (C) any Joint Venture directly or indirectly (except as
described in other subsections of this definition) in which the Corporation or the Operating Partnership as a co-venturer or partner sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including any
event with respect to any Property which gives rise to insurance claims or condemnation awards; (D) the Corporation or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants,
conveys or relinquishes its interest in any Mortgage or portion thereof (including with respect to any Mortgage, all payments thereunder or in satisfaction thereof other than regularly scheduled interest payments) of amounts owed pursuant to such
Mortgage and any event which gives rise to a significant amount of insurance proceeds or similar awards; or (E) the Corporation or the Operating Partnership directly or indirectly (except as described in other subsections of this definition)
sells, grants, transfers, conveys, or relinquishes its ownership of any other Asset not previously described in this definition or any portion thereof, but (ii) not including any transaction or series of transactions specified in clause
(i) (A) through (E) above in which the proceeds of such transaction or series of transactions are reinvested by the Corporation in one or more Assets within 180 days thereafter. 
  

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 Sales Commission. Up to 7.0% of Gross Proceeds from the sale of primary shares in the
Offering (not including Shares sold pursuant to the Corporation’s distribution reinvestment plan) payable to the Dealer Manager and reallowable to Soliciting Dealers with respect to Shares sold by them. 
 Securities. The term “Securities” shall mean any of the following issued by the Corporation, as the text requires: Equity
Shares, any other stock, shares or other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or
in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to,
purchase or acquire, any of the foregoing. 
 Shares. The shares of the common stock of the Corporation sold in the
Offering. 
 Soliciting Dealers. Broker-dealers who are members of FINRA, or that are exempt from broker-dealer
registration, and who, in either case, have executed selected dealer or other agreements with the Dealer Manager to sell Shares. 
 Special OP Units. The separate series of limited partnership interests to be issued in accordance with Paragraph 9(d). 
 Sponsor. Any Person which (i) is directly or indirectly instrumental in organizing, wholly or in part, the Corporation, (ii) will control, manage or participate in the management of the Corporation, and any Affiliate of any
such Person, (iii) takes the initiative, directly or indirectly, in founding or organizing the Corporation, either alone or in conjunction with one or more other Persons, (iv) receives a material participation in the Corporation in
connection with the founding or organizing of the business of the Corporation, in consideration of services or property, or both services and property, (v) has a substantial number of relationships and contacts with the Corporation,
(vi) possesses significant rights to control Properties, (vii) receives fees for providing services to the Corporation which are paid on a basis that is not customary in the industry, or (viii) provides goods or services to the
Corporation on a basis which was not negotiated at arm’s-length with the Corporation. “Sponsor” does not include any Person whose only relationship with the Corporation is that of an independent property manager and whose only
compensation is as such, or wholly independent third parties such as attorneys, accountants and underwriters whose only compensation is for professional services. 
 Stockholders. The registered holders of the Corporation’s Shares. 
 Termination Date. The date of termination of this Agreement. 
 Termination Event. The termination or
nonrenewal of this Agreement (i) in connection with a merger, sale of Assets or transaction involving the Corporation pursuant to which a majority of the Directors then in office are replaced or removed, (ii) by the Advisor for Good Reason
or (iii) by the Corporation and the Operating Partnership other than for Cause. 
 Total Operating Expenses. All
costs and expenses paid or incurred by the Corporation, as determined under generally accepted accounting principles, that are in any way related to the operation of the Corporation or to corporate business, including Asset Management Fees and other
operating fees paid to the Advisor, but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization
and bad debt reserves, (v) incentive fees, (vi) Acquisition Fees and Acquisition Expenses, (vii) real estate commissions on the Sale of Property, (viii) distributions made with respect to interests in the Operating

  

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Partnership, and (ix) other fees and expenses connected with the acquisition, disposition, management and ownership of real estate interests, mortgage loans or other property (including the
costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property). Notwithstanding the definition set forth above, any expense of the Corporation which is not part of Total Operating Expenses under the NASAA
REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof. 
 Total Project Cost. With
regard to any Real Property acquired prior to or during the development, construction, improvement or acquisition stages, all hard and soft costs and expenses paid or incurred by the Corporation that are in any way related to the development of such
Real Property, including, but not limited to, any debt, whether borrowed or assumed, land and construction costs. 
 2%/25%
Guidelines. For any year in which the Corporation qualifies as a REIT, the requirement pursuant to the NASAA REIT Guidelines that, in any 12 month period, Total Operating Expenses not exceed the greater of 2% of the Corporation’s Average
Invested Assets during such 12 month period or 25% of the Corporation’s Net Income over the same 12 month period. 
 2. APPOINTMENT. The Corporation and the Operating Partnership hereby appoint the Advisor to serve as their advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 
 3. DUTIES OF THE ADVISOR. The Advisor undertakes to use its reasonable efforts to present to the Corporation and the Operating
Partnership potential investment opportunities and to provide a continuing and suitable investment program consistent with the investment objectives and policies of the Corporation as determined and adopted from time to time by the Board of
Directors. In performance of this undertaking, subject to the supervision of the Board of Directors and consistent with the provisions of the Charter and Bylaws of the Corporation and the Operating Partnership Agreement, the Advisor shall, either
directly or by engaging an Affiliate: 
 (a) serve as the Corporation’s and the Operating Partnership’s investment and
financial advisor and provide research and economic and statistical data in connection with the Corporation’s assets and investment policies; 
 (b) manage and supervise the Offering process, including, without limitation: (i) develop the product offering, including the determination of the specific terms of the Securities to be offered by
the Corporation, prepare all offering and related documents, and obtain all required regulatory approvals; (ii) along with the Dealer Manager, approve the participating broker dealers and negotiate the related selling agreements;
(iii) coordinate the due diligence process for participating broker dealers and their review of any Prospectus and other Offering and Corporation documents; (iv) assist in the preparation and approval of all marketing materials
contemplated to be used by the Dealer Manager or others in the Offering of the Corporation’s Securities; (v) along with the Dealer Manager, negotiate and coordinate with the transfer agent for the receipt, collection, processing and
acceptance of subscription agreements and other administrative support functions; and (vi) manage and supervise all other services related to the organization of the Corporation, the Operating Partnership or the Offering; 
 (c) provide the daily management for the Corporation and the Operating Partnership and perform and supervise the various administrative
functions reasonably necessary for the management of the Corporation and the Operating Partnership, including, without limitation: (i) provide or arrange for administrative services and items, legal and other services, office space, office
furnishings, personnel and other items necessary and incidental to the Corporation’s business and operations; (ii) maintain accounting data and any other information requested concerning the activities of the Corporation and the Operating

  

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Partnership as shall be required to prepare and to file all periodic financial reports with the Securities and Exchange Commission and any other regulatory agency, including annual financial
statements; (iii) oversee tax and compliance services and risk management services and coordinate with appropriate third parties, including independent accountants and other consultants, on related tax matters; (iv) manage and coordinate
with the transfer agent the quarterly dividend process and payments to Stockholders; (v) consult with and assist the Board of Directors in evaluating and obtaining adequate insurance coverage based upon risk management determinations;
(vi) provide the Board of Directors with updates related to the overall regulatory environment affecting the Corporation and the Operating Partnership, as well as managing compliance with such matters; (vii) consult with the Board of
Directors with respect to the corporate governance structure and appropriate policies and procedures related thereto; (viii) oversee all reporting, record keeping, internal controls and similar matters in a manner to allow the Corporation and
the Operating Partnership to comply with applicable law, including the Sarbanes-Oxley Act; (ix) manage communications with Stockholders, including answering phone calls, preparing and sending written and electronic reports and other
communications; and (x) establish technology infrastructure to assist in providing Stockholder support and service; 
 (d)
investigate, select, and, on behalf of the Corporation and the Operating Partnership, engage and conduct business with such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to
consultants, accountants, correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers,
property owners, real estate management companies, real estate operating companies, securities investment advisors, mortgagors, and any and all agents for any of the foregoing, including Affiliates of the Advisor, and Persons acting in any other
capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services, including but not limited to entering into contracts in the name of the Corporation and the Operating Partnership with any of the foregoing;

 (e) consult with the officers and Board of Directors of the Corporation and assist the Board of Directors in the formulation
and implementation of the Corporation’s financial policies, and, as necessary, furnish the Board of Directors with advice and recommendations with respect to the making of investments consistent with the investment objectives and policies of
the Corporation and in connection with any borrowings proposed to be undertaken by the Corporation and/or the Operating Partnership; 
 (f) subject to the provisions of Paragraphs 3(h) and 4 hereof, (i) locate, analyze and select potential investments, (ii) structure and negotiate the terms and conditions of transactions pursuant to which investments will be made;
(iii) make investments on behalf of the Corporation and the Operating Partnership in compliance with the investment objectives and policies of the Corporation; (iv) oversee the due diligence process; (v) arrange for financing and
refinancing and make other changes in the asset or capital structure of, and dispose of, reinvest the proceeds from the sale of, or otherwise deal with, investments; and (vi) enter into leases and service contracts for Properties and, to the
extent necessary, perform all other operational functions for the maintenance and administration of such Properties; 
 (g) upon
request, provide the Board of Directors with periodic reports regarding prospective investments; 
 (h) obtain the prior
approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may be, for any and all investments in and dispositions of Real Properties; 
 (i) make investments in and dispositions of Assets within the discretionary limits and authority as granted by the Board; 
  

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 (j) negotiate on behalf of the Corporation and the Operating Partnership with banks or
lenders for loans to be made to the Corporation and the Operating Partnership, and negotiate on behalf of the Corporation and the Operating Partnership with investment banking firms and broker-dealers or negotiate private sales of Shares and
Securities or obtain loans for the Corporation and the Operating Partnership, but in no event in such a way so that the Advisor shall be acting as broker-dealer or underwriter; and provided, further, that any fees and costs payable to third parties
incurred by the Advisor in connection with the foregoing shall be the responsibility of the Corporation or the Operating Partnership; 
 (k) obtain reports (which may but are not required to be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of investments or contemplated investments of the Corporation and/or the Operating Partnership in
Assets; 
 (l) from time to time, or at any time reasonably requested by the Board of Directors, make reports to the Board of
Directors of its performance of services to the Corporation and the Operating Partnership under this Agreement, including reports with respect to potential conflicts of interest involving the Advisor or any of its affiliates; 
 (m) provide the Corporation and the Operating Partnership with all necessary cash management services; 
 (n) do all things necessary to assure its ability to render the services described in this Agreement; 
 (o) deliver to or maintain on behalf of the Corporation copies of all appraisals obtained in connection with the investments in Real
Properties and all valuations of other Assets as may be required to be obtained by the Board; 
 (p) notify and obtain the
approval of the Corporation’s investment committee for all non-affiliated transactions that have a Contract Purchase Price, Total Project Cost or Contract Sales Price of $30 million or less before such transactions are completed; 
 (q) notify and obtain the approval of the Board for all proposed transactions that have a Contract Purchase Price, Total Project Cost or
Contract Sales Price of more than $30 million before such transactions are completed; 
 (r) notify and obtain the approval of a
majority of the Board of Directors (including a majority of the Independent Directors) for all affiliated transactions before such transactions are completed; and 
 (s) effect any private placement of OP Units, tenancy-in-common, Delaware statutory trust, or other interests in Real Properties as may be approved by the Board. 
 Notwithstanding the foregoing, the Advisor may delegate any or all of the foregoing duties to any Person so long as the Advisor or any
Affiliate remains responsible for the performance of the duties set forth in this Paragraph 3, subject to the prior consent of the Corporation if all or substantially all of such duties are delegated to a Person that is not an Affiliate. 

4. AUTHORITY OF ADVISOR. 
 (a) Pursuant to the terms of this Agreement (including the restrictions included in this Paragraph 4 and in Paragraph 7), and subject to the continuing and exclusive authority of the Board of

  

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Directors over the management of the Corporation, the Board of Directors hereby delegates to the Advisor the authority to (1) locate, analyze and select investment opportunities,
(2) manage and supervise the offering process, (3) structure the terms and conditions of transactions pursuant to which investments will be made, acquired or disposed of for the Corporation and the Operating Partnership, (4) acquire
and dispose of investments in compliance with the investment objectives and policies of the Corporation, (5) arrange for financing or refinancing for Assets, (6) enter into leases and service contracts for Properties, (7) oversee
Affiliated and non-Affiliated property managers who perform services for the Corporation or the Operating Partnership, (8) oversee Affiliated and non-Affiliated Persons with whom the Advisor contracts to perform certain of the services required
to be performed under this Agreement, (9) manage communications with Stockholders, and (10) manage public reporting, internal controls, accounting and other record-keeping functions and general corporate services for the Corporation and
the Operating Partnership. 
 (b) Notwithstanding the foregoing, any investment in Real Properties, including any acquisition of
Real Property by the Corporation or the Operating Partnership (including any financing of such acquisition), will require the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may
be. 
 (c) In connection with a proposed transaction, the Advisor will deliver to the Board or to any delegated committee of the
board or other group of directors, as the case may be, all documents and other information required by them to properly evaluate the proposed transaction. 
 The prior approval of a majority of the Board of Directors (including a majority of the Independent Directors) will be required for each transaction to which the Advisor or its Affiliates is a party. The
Board of Directors may, at any time upon the giving of notice to the Advisor, modify or revoke the authority set forth in this Paragraph 4. If and to the extent the Board so modifies or revokes the authority contained herein, the Advisor shall
henceforth submit to the Board for prior approval such proposed transactions involving investments in Assets as thereafter require prior approval, provided however, that such modification or revocation shall be effective upon receipt by the Advisor
and shall not be applicable to investment transactions to which the Advisor has committed the Corporation prior to the date of receipt by the Advisor of such notification. 
 5. BANK ACCOUNTS. The Advisor may establish and maintain one or more bank accounts in its own name for the account of the Corporation
and/or the Operating Partnership or in the name of the Corporation and the Operating Partnership and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Corporation
and/or the Operating Partnership, under such terms and conditions as the Board of Directors may approve, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render appropriate accountings
of such collections and payments to the Board of Directors and to the auditors of the Corporation. 
 6. RECORDS; ACCESS.
The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for inspection by the Board of Directors and by counsel, auditors and authorized agents of the Corporation, at any time or from time to
time during normal business hours. The Advisor shall at all reasonable times have access to the books and records of the Corporation and the Operating Partnership. 
 7. LIMITATIONS ON ACTIVITIES. Anything else in this Agreement to the contrary notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment made in good faith, would
(a) adversely affect the status of the Corporation as a REIT, (b) subject the Corporation to regulation under the Investment Corporation Act of 1940, as amended, or (c) violate any law, rule, regulation or statement of policy of any
governmental body or agency having jurisdiction over the

  

 10 

 
Corporation, its Shares or its Securities, or otherwise not be permitted by the Charter or Bylaws of the Corporation, except if such action shall be ordered by the Board of Directors, in which
case the Advisor shall notify promptly the Board of Directors of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board of
Directors. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of the Board of Directors so given. Notwithstanding the foregoing, the Advisor, its members, managers, directors, officers,
employees and stockholders, and members, managers, stockholders, directors and officers of the Advisor’s Affiliates, shall not be liable to the Corporation or to the Board of Directors or stockholders for any act or omission by the Advisor, its
members, managers, directors, officers or employees, or stockholders, members, managers, directors or officers of the Advisor’s Affiliates taken or omitted to be taken in the performance of their duties under this Agreement except as provided
in Paragraphs 19 of this Agreement. 
 8. RELATIONSHIP WITH DIRECTORS. Subject to Paragraph 7 of this Agreement and to
restrictions advisable with respect to the qualification of the Corporation as a REIT, members, managers, directors, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parents of an Affiliate, may serve as a
Director and as officers of the Corporation, except that no member, manager, director, officer or employee of the Advisor or its Affiliates who also is a Director or officer of the Corporation shall receive any compensation from the Corporation for
serving as a Director or officer of the Corporation other than reasonable reimbursement for travel and related expenses incurred in attending meetings of the Board of Directors and no such Director shall be deemed an Independent Director for
purposes of satisfying the Director independence requirement set forth in the Charter. 
 9. FEES. 
 (a) Acquisition Fees. The Advisor shall receive Acquisition Fees in connection with each Asset acquired on the Corporation’s
behalf. For investments in Real Property, the Acquisition Fee will vary depending on whether the Real Property acquired is in the operational, development or construction stage. For each Real Property acquired in the operational stage, the
Acquisition Fee is an amount equal to 2.0% of the Contract Purchase Price of the property (or the Corporation’s proportional interest therein) for the first $500,000,000 of Real Property acquired, and 1.0% thereafter (or the Corporation’s
proportional interest therein), including Real Property held in Joint Ventures or other entities that are co-owned. For each Real Property acquired prior to or during the development or construction stage, the Acquisition Fee will be an amount that
will equal up to 4.0% of Total Project Cost; provided, however, that the Corporation will only pay such a fee to the Advisor if the Advisor provides, directly or indirectly, the development services. The Advisor is also entitled to receive
Acquisition Fees of (i) 1.0% of the Corporation’s proportionate share of the Contract Purchase Price of the Real Property owned by any real estate related entity in which the Corporation acquires a majority economic interest or that the
Corporation consolidates for financial reporting purposes in accordance with GAAP and (ii) 1.0% of the Contract Purchase Price in connection with the acquisition of an interest in any other real estate related entity. Additionally, in
connection with the acquisition or origination of any Mortgage, any other type of debt investment or other investment, the Advisor is entitled to receive an Acquisition Fee of 1.0% of the Contract Purchase Price and any third-party expenses related
to such investment. Acquisition Fees associated with a given Asset shall be calculated in the currency used to acquire such Asset and payable in U.S. dollars. Acquisition Fees shall be paid at or after the closing of an investment. The total of all
Acquisition Fees and Acquisition Expenses payable with respect to any Asset shall not exceed 6% of the Contract Purchase Price or the Total Project Cost (as applicable) of such Asset unless fees in excess of such amount are approved by a majority of
the Board of Directors, including a majority of the Independent Directors. 
 (b) Real Estate Sales Commissions. If
the Advisor or an Affiliate provides a substantial amount of the services in connection with the Sale of one or more Properties, the Advisor or an Affiliate

  

 11 

 
shall receive a real estate sales commission equal to the lesser of (i) one-half of a Competitive Real Estate Commission or (ii) 3% of the Contract Sales Price of such Property or
Properties. The real estate sales commission may be paid in addition to real estate commissions paid to non-Affiliates, provided that the total real estate commissions paid to all Persons by the Corporation with respect to the sale of such Property
or Properties shall not exceed an amount equal to the lesser of (i) 6% of the Contract Sales Price of the Property or Properties or (ii) the Competitive Real Estate Commission. 
 (c) Asset Management Fee. The Advisor shall receive the Asset Management Fee as partial compensation for services rendered in
connection with the management and disposition of the Corporation’s Assets. The Asset Management Fee shall be payable by the Corporation in cash or in Shares at the option of the Advisor, and may be deferred, in whole or in part, from time to
time, by the Advisor (without interest). The Asset Management Fee shall consist of (i) a monthly fee equal to one-twelfth of 0.80% of the aggregate cost (before non-cash reserves and depreciation) of each Real Property (or the
Corporation’s proportional interest therein with respect to Real Property held in Joint Ventures or real estate entities where the Corporation owns a majority economic interest or that the Corporation consolidates for financial reporting
purposes in accordance with GAAP); provided, that the Asset Management Fee with respect to each Real Property located outside of the United States that the Corporation owns, directly or indirectly, will equal a monthly fee of one-twelfth of 1.20% of
the aggregate cost (before non-cash reserves and depreciation) of each Real Property, (ii) a monthly fee equal to one-twelfth of 0.80% of the aggregate cost or investment with respect to an acquisition of an interest in any other real estate
related entity or an origination or acquisition of any Mortgage, any other type of debt investment or other investment, and (iii) a fee equal to 2.0% of the Contract Sales Price of each Asset upon disposition. With the exception of any portion
of the Asset Management Fee related to the disposition of Assets, which shall be payable at the time of such disposition, the Asset Management Fee shall be payable on the 1st day of each month. 
 (d) Operating Partnership Interests. The Advisor has made a capital contribution of $200,000 to the Operating Partnership in
exchange for OP Units, which it subsequently exchanged for 20,000 shares of common stock of the Corporation. The Sponsor or an Affiliate of the Sponsor has made a capital contribution of $1,000 to the Operating Partnership in exchange for OP Units
constituting a separate series of limited partnership interests (the “Special OP Units”). Upon the earliest to occur of the termination or nonrenewal of this Agreement for Cause, a Termination Event, or a Liquidity Event, all of the
Special OP Units shall be redeemed by the Operating Partnership in accordance with the terms of the Operating Partnership Agreement. 
 (e) Loans from Affiliates. The Advisor or any Affiliate thereof may not make any loan to the Corporation or the Operating Partnership unless a majority of the Board of Directors (including a majority of the Independent
Directors) approve the loan as being fair, competitive, and commercially reasonable and no less favorable to the Corporation or the Operating Partnership than loans between unaffiliated parties under the same circumstances. 
 (f) Exclusion of Certain Transactions. In the event the Corporation or the Operating Partnership shall propose to enter into any
transaction with the Sponsor, the Advisor, a Director or any Affiliate thereof, then such transaction shall be approved by a majority of the Board of Directors (including a majority of the Independent Directors) as fair and reasonable to the
Corporation. 
 10. EXPENSES. 
 (a) In addition to the compensation paid to the Advisor pursuant to Paragraph 9 hereof and subject to the limitations below, the Corporation or the Operating Partnership shall pay directly or reimburse
the Advisor for all of the expenses paid or incurred by the Advisor in connection with the services it provides to the Corporation and the Operating Partnership pursuant to this Agreement, including, but not limited to: 
 (i) Up to 2.0% of Gross Proceeds as an Organization and Offering Expense reimbursement. The Advisor will use all or a portion of this
reimbursement to pay for the Corporation’s Organization and Offering Expenses, including certain distribution-related expenses of the Dealer Manager and Soliciting Dealers. The Advisor or an Affiliate of the Advisor will be responsible for the
cumulative Organization and Offering Expenses (which may include reimbursement of the bona fide due diligence expenses of the Dealer Manager and Soliciting Dealers) that are not deemed by FINRA to be underwriting compensation to the extent that such
expenses exceed the amount remaining from the 2.0% Organization and Offering Expense reimbursement, without recourse against or reimbursement by the Corporation; 
  

 12 

 (ii) Acquisition Expenses; 
 (iii) the actual cost of goods and services used by the Corporation and obtained from entities not affiliated with the Advisor, other
than Acquisition Expenses, including brokerage fees paid in connection with the purchase and sale of any securities; 
 (iv) interest and other costs for borrowed money, including discounts, points and other similar fees; 
 (v) taxes and assessments on income of the Corporation or Assets and any other taxes otherwise imposed on the Corporation; 
 (vi) costs associated with insurance required in connection with the business of the Corporation or by the officers and Directors; 
 (vii) expenses of managing and operating Assets owned by the Corporation, whether payable to an Affiliate of the Corporation or a
non-affiliated Person; 
 (viii) all expenses in connection with payments to the Directors and meetings of the Directors
and Stockholders; 
 (ix) expenses associated with a Listing, if applicable, or with the issuance and distribution of
Shares and Securities, such as sales commissions and fees, advertising expenses, taxes, legal and accounting fees, listing and registration fees, and other Organization and Offering Expenses; 
 (x) expenses connected with payments of Distributions in cash or otherwise made or caused to be made by the Corporation to the
Stockholders; 
 (xi) expenses of organizing, revising, amending, converting, modifying, or terminating the Corporation or
the Charter; 
 (xii) expenses of maintaining communications with Stockholders, including the cost of preparation,
printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 
 (xiii) administrative service expenses (including related personnel costs) relating to, among other things, the services set forth in Section 3(c) hereof); provided, however, that no
reimbursement shall be made for costs of personnel to the extent that such personnel perform services in transactions for which the Advisor receives a separate fee; 
  

 13 

 (xiv) audit, accounting and legal fees and other fees for professional services
relating to the operations of the Corporation and all such fees incurred at the request, or on behalf of, the Independent Directors or any committee of the Board of Directors; 
 (xv) out-of-pocket costs for the Corporation to comply with all applicable laws, regulations and ordinances; and 
 (xvi) all other out-of-pocket costs incurred by the Advisor in performing its duties hereunder. 
 (b) Expenses incurred by the Advisor on behalf of the Corporation and the Operating Partnership and payable pursuant to this Paragraph 10
shall be reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Corporation and the Operating Partnership and the calculation of the Asset Management Fee during each quarter, and shall
deliver such statement to the Corporation and the Operating Partnership within 45 days after the end of each quarter. 
 11.
OTHER SERVICES. Should the Board of Directors request that the Advisor or any director, officer or employee thereof render services for the Corporation and the Operating Partnership other than set forth in Paragraph 3, such services shall be
separately compensated at such rates and in such amounts as are agreed by the Advisor and the Independent Directors of the Corporation, subject to the limitations contained in the Charter, and shall not be deemed to be services pursuant to the terms
of this Agreement. 
 12. REIMBURSEMENT TO THE ADVISOR. For any year in which the Corporation qualifies as a REIT, the
Corporation shall not reimburse the Advisor at the end of any fiscal quarter Total Operating Expenses that, in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of
Average Invested Assets or 25% of Net Income (the “2%/25% Guidelines”) for such year. Any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Corporation or, at the option of the Corporation, subtracted from
the Total Operating Expenses reimbursed during the subsequent fiscal quarter unless a majority of the Independent Directors determine that such excess was justified based on unusual and nonrecurring factors which they deem sufficient, then the
Excess Amount may be paid and within 60 days after the end of such Expense Year there shall be sent to the stockholders a written disclosure of such fact, together with an explanation of the factors the Independent Directors considered in
determining that such excess expenses were justified. Such determination shall be reflected in the minutes of the meetings of the Board of Directors. The Corporation will not reimburse the Advisor or its Affiliates for services for which the Advisor
or its Affiliates are entitled to compensation in the form of a separate fee. All figures used in the foregoing computation shall be determined in accordance with generally accepted accounting principles applied on a consistent basis. 
 13. OTHER ACTIVITIES OF THE ADVISOR. Nothing herein contained shall prevent the Advisor or any of its Affiliates from engaging in or earning
fees from other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this
Agreement limit or restrict the right of any member, manager, director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in or earn fees from any other business or to render services of any kind to any other partnership,
corporation, firm, individual, trust or association and earn fees for rendering such services. The Advisor may, with respect to any investment in which the Corporation is a participant, also render advice and service to each and every other
participant therein, and earn fees for rendering such advice and service. It is contemplated that the Corporation may enter into joint ventures or other similar co-investment arrangements with certain Persons, and pursuant to the agreements
governing such joint ventures or arrangements, the Advisor may be engaged to provide advice and service to such Persons, in which case the

  

 14 

 
Advisor will earn fees for rendering such advice and service. The parties to this Agreement hereby acknowledge that the Advisor may provide advice and render services to Persons that will compete
with the Corporation for investments. 
 The Advisor shall report to the Board the existence of any condition or circumstance,
existing or anticipated, of which it has knowledge, which creates or could create a conflict of interest between the Advisor’s obligations to the Corporation and its obligations to or its interest in any other partnership, corporation, limited
liability company, firm, individual, trust or association. The Advisor or its Affiliates shall promptly disclose to the Board knowledge of such condition or circumstance. If the Advisor, its members, managers, directors, employees or Affiliates
thereof have sponsored other investment programs with similar investment objectives which have investment funds available at the same time as the Corporation, it shall be the duty of the Independent Directors to ensure that the Advisor and its
Affiliates follow the method approved by the Independent Directors, by which investments are to be allocated to the competing investment entities and to use their reasonable efforts to ensure that such method is applied fairly to the Corporation.

 The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program
to the Corporation which is consistent with the investment policies and objectives of the Corporation, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular investment opportunity to the
Corporation even if the opportunity is of character which, if presented to the Corporation, could be taken by the Corporation. In the event an investment opportunity is located, the allocation procedure set forth under the caption “Conflicts of
Interest—Conflict Resolution Procedures” in any Prospectus (as such procedures may be amended from time to time by a majority of the Board, including the Independent Directors) shall govern the allocation of the opportunity among the
Corporation and Affiliates of the Advisor. 
 14. TERM; TERMINATION OF AGREEMENT. This Agreement shall continue in force
for a period of one year from the date hereof, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. It is the duty of the Independent Directors to evaluate the performance of the Advisor annually before
renewing the Agreement, and each such renewal shall be for a term of no more than one year. 
 15. TERMINATION BY THE
PARTIES. This Agreement may be terminated (i) immediately by the Corporation and/or the Operating Partnership for Cause (subject to any applicable cure period), (ii) upon 60 days written notice without Cause and without penalty by a
majority of the Independent Directors of the Corporation or by the Advisor, (iii) upon 60 days written notice with Good Reason by the Advisor or (iv) immediately by the Corporation and/or the Operating Partnership in connection with a
merger, sale of Assets or transaction involving the Corporation pursuant to which a majority of the Directors then in office are replaced or removed. 
 16. ASSIGNMENT TO AN AFFILIATE. This Agreement may be assigned by the Advisor to an Affiliate or Affiliates with the approval of a majority of the Board of Directors (including a majority of the
Independent Directors). The Advisor may assign any rights to receive fees or other payments under this Agreement to any Person without obtaining the approval of the Board of Directors. This Agreement shall not be assigned by the Corporation or the
Operating Partnership without the consent of the Advisor, except in the case of an assignment by the Corporation or the Operating Partnership to a corporation, limited partnership or other organization which is a successor to all of the assets,
rights and obligations of the Corporation or the Operating Partnership, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Corporation and the Operating Partnership are
bound by this Agreement. 
  

 15 

 17. PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION. 
 (a) After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled
to receive from the Corporation or the Operating Partnership within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this
Agreement. 
 (b) The Advisor shall promptly upon termination: 
 (i) pay over to the Corporation and the Operating Partnership all money collected and held for the account of the Corporation and the
Operating Partnership pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 
 (ii) deliver to the Board of Directors a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of
the last accounting furnished to the Board of Directors; 
 (iii) deliver to the Board of Directors all Assets and
documents of the Corporation and the Operating Partnership then in the custody of the Advisor; and 
 (iv) cooperate with
the Corporation and the Operating Partnership to provide an orderly management transition. 
 18. INDEMNIFICATION BY THE
CORPORATION AND THE OPERATING PARTNERSHIP. The Corporation and the Operating Partnership shall indemnify and hold harmless the Advisor and its Affiliates, including their respective members, managers, officers, directors, partners and
employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related
expenses are not fully reimbursed by insurance, subject to any limitations imposed by the laws of the State of Maryland or the Charter. Notwithstanding the foregoing, the Corporation and the Operating Partnership may not indemnify or hold harmless
the Advisor, its Affiliates, or any of their respective members, managers, officers, directors, partners or employees in any manner that would be inconsistent with the provisions of Section II.G of the REIT Guidelines adopted by the North American
Securities Administrators Association. 
 19. INDEMNIFICATION BY ADVISOR. The Advisor shall indemnify and hold harmless the
Corporation and the Operating Partnership from contract or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related
expenses are not fully reimbursed by insurance and are incurred by reason of the Advisor’s bad faith, fraud, willful misfeasance, gross misconduct, gross negligence or reckless disregard of its duties, but the Advisor shall not be held
responsible for any action of the Board of Directors in following or declining to follow any advice or recommendation given by the Advisor. 
 20. NOTICES. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is
required by the Charter, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein: 
  

					
		 	To the Directors and to the Corporation:	  	 Industrial Income Trust Inc.
 518 17 th Street
 17 th Floor Denver, CO 80202

  

 16 

					
		 	To the Operating Partnership:	  	 Industrial Income Operating
 Partnership LP
 518 17 th Street
 17
th Floor
 Denver, CO 80202

			
		 	To the Advisor:	  	 Industrial Income Advisors LLC
 518 17 th Street
 17 th Floor
 Denver, CO 80202

 Any party may at any time give notice in writing to the other parties of a change in
its address for the purposes of this Paragraph 20. 
 21. MODIFICATION. This Agreement shall not be changed, modified,
terminated, or discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or assignees. 
 22. SEVERABILITY. The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for
any reason any other or others of them may be invalid or unenforceable in whole or in part. 
 23. CONSTRUCTION. The provisions
of this Agreement shall be construed and interpreted in accordance with the laws of the State of Colorado. 
 24. ENTIRE
AGREEMENT. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions,
express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof.
This Agreement may not be modified or amended other than by an agreement in writing. 
 25. INDULGENCES, NOT WAIVERS. Neither
the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any
other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege
with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
 26. GENDER. Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine,
feminine or neuter, as the context requires. 
 27. TITLES NOT TO AFFECT INTERPRETATION. The titles of paragraphs and
subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 
  

 17 

 28. EXECUTION IN COUNTERPARTS. This Agreement may be executed in any number of counterparts,
each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof,
individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 
 29.
INITIAL INVESTMENT. The Advisor has made a capital contribution of $200,000 to the Operating Partnership in exchange for OP Units, which it subsequently exchanged for shares of common stock of the Corporation. The Advisor may not sell any of such
shares while the Advisor acts in such advisory capacity to the Corporation, provided, that such shares may be transferred to Affiliates of the Advisor. The restrictions included above shall not apply to any other Securities acquired by the Advisor
or its Affiliates. The Advisor shall not vote any Shares it now owns, or hereafter acquires, in any vote for the election of Directors, the removal of the Advisor, or any vote regarding the approval or termination of any contract with the Advisor or
any of its Affiliates. 
  

 18 

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

			
	INDUSTRIAL INCOME TRUST INC.
		
	By:	 	 /s/ Evan H. Zucker

	Name:	 	Evan H. Zucker
	Title:	 	President
	
	INDUSTRIAL INCOME OPERATING PARTNERSHIP LP
		
	By:	 	Industrial Income Trust Inc., its Sole General Partner
		
	By:	 	 /s/ Evan H. Zucker

	Name:	 	Evan H. Zucker
	Title:	 	President
	
	INDUSTRIAL INCOME ADVISORS LLC
		
	By:	 	Industrial Income Advisors Group LLC, its Sole Member
		
	By:	 	 /s/ John A. Blumberg

	Name:	 	John A. Blumberg
	Title:	 	Manager

  

 19Equity 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 December 16, 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. 
  

 2 

 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. 
  

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 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 five million (5,000,000), 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 five million (5,000,000) 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. 
  

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 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 3.2(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. 
  

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 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 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)         Beginning 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 may be awarded Shares of Director Restricted Stock (subject to adjustment pursuant to
Section 2.4) at the discretion of the Administrator. Effective on the date of each Annual Meeting of Stockholders of the Company (an “Annual Meeting”), commencing with the Company’s Annual Meeting in 2010, each Non-Employee
Director then in office may be awarded, at the discretion of the Administrator, Shares of Director Restricted Stock (subject to adjustment pursuant to Section 2.4). 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 and in which the Shares of Director Restricted Stock were awarded. 
 (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. 
 (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. 
  

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 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 
  

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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

  

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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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