SEC Contract Filing

Filing Date: 2015-08-14

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>5
<FILENAME>d78908dex103.htm
<DESCRIPTION>EX-10.3
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<TITLE>EX-10.3</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.3 </B></P>
<P STYLE="margin-top:96pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>THIRD AMENDED AND RESTATED WAIVER AND EXPENSE SUPPORT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:11pt; font-family:Times New Roman">This THIRD AMENDED AND RESTATED WAIVER AND EXPENSE SUPPORT AGREEMENT (the &#147;Agreement&#148;) is dated as of August&nbsp;14, 2015
(&#147;Effective Date&#148;) by and between Industrial Property Trust Inc., a Maryland corporation (the &#147;Corporation&#148;), Industrial Property Operating Partnership LP, a Delaware limited partnership (the &#147;Operating Partnership&#148;)
and Industrial Property Advisors LLC, a Delaware limited liability company (the &#147;Advisor&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B><U>WITNESSETH </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:11pt; font-family:Times New Roman"><B>WHEREAS,</B> the Corporation, the Operating Partnership and the Advisor are parties to the Third Amended and Restated Advisory Agreement,
dated as of August&nbsp;14, 2015 (the &#147;Advisory Agreement&#148;), which amended and restated that certain Second Amended and Restated Advisory Agreement, dated as of July&nbsp;16, 2015, and capitalized terms not otherwise defined herein shall
have the meanings given them in the Advisory Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:11pt; font-family:Times New Roman"><B>WHEREAS,</B> pursuant to the Advisory Agreement, the Advisor manages the
day-to-day activities and implements the investment strategy of the Corporation and is paid certain fees for these services; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:11pt; font-family:Times New Roman"><B>WHEREAS,</B> the Corporation and the Operating Partnership have requested that the Advisor help reduce certain of the Corporation&#146;s
expenses in certain circumstances as noted in this Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:11pt; font-family:Times New Roman"><B>WHEREAS, </B>the Advisor, in its pursuit to carry on a viable trade or
business, has agreed to help reduce certain of the Corporation&#146;s expenses, in its ordinary course in certain circumstances as noted in this Agreement, which assistance is similar to assistance provided by other entities engaged in the
Advisor&#146;s business to affect the marketability of the corporate entity which they advise; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:11pt; font-family:Times New Roman"><B>WHEREAS, </B>the parties hereto are
party to that certain Second Amended and Restated Expense Support and Conditional Reimbursement Agreement, effective as of October&nbsp;1, 2014 (the &#147;Second Amended and Restated Expense Support Agreement&#148;), as amended by that certain
Amendment to the Second Amended and Restated Expense Support and Conditional Reimbursement Agreement, effective as of June&nbsp;8, 2015 by and between the parties hereto; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:11pt; font-family:Times New Roman"><B>WHEREAS,</B> the Second Amended and Restated Expense Support Agreement amended and restated that certain Amended and Restated Expense
Support and Conditional Reimbursement Agreement, effective as of July&nbsp;1, 2014 (the &#147;Amended and Restated Expense Support Agreement&#148;), which amended and restated that certain Expense Support and Conditional Reimbursement Agreement,
effective as of October&nbsp;1, 2013 by and between the parties hereto (the &#147;Initial Expense Support Agreement&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:11pt; font-family:Times New Roman"><B>NOW
THEREFORE,</B> in consideration of the covenants and the mutual promises hereinafter set forth, the parties hereto, intending to be legally bound hereby, mutually agree that the Second Amended and Restated Expense Support Agreement shall be and
hereby is amended and restated in its entirety as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>DEFINITIONS</B> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:11pt; font-family:Times New Roman">As used in this Agreement, the following terms have the definitions
hereinafter indicated: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:11pt; font-family:Times New Roman"><U>Baseline Distributions</U>.&nbsp;&nbsp;For the third quarter of 2015 through June&nbsp;30, 2018, &#147;Baseline
Distributions&#148; means the aggregate cash distributions that are declared on shares of the </P>

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Corporation&#146;s common stock in accordance with the quarterly distribution rate as determined by the Board of Directors of the Corporation for such quarter; provided that for purposes of
calculating the amount of payment by the Advisor pursuant to this Agreement such amount will not exceed the amount that would have been declared on shares of the Corporation&#146;s common