SEC Contract Filing

Filing Date: 2019-06-24

Document Content:
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<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>ex10-4.htm
<DESCRIPTION>PLYMOUTH INDUSTRIAL REIT, INC.
<TEXT>
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<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 10pt; text-align: right"><B>Exhibit 10.4</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><U>PLYMOUTH INDUSTRIAL REIT, INC.</U></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><U>Change In Control Severance Agreement</U></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 10pt; text-indent: 0.5in">THIS SEVERANCE AGREEMENT, (the &ldquo;Agreement&rdquo;)
is entered into as of June&nbsp;19, 2019 (the &ldquo;Effective Date&rdquo;), by and between Plymouth Industrial REIT, Inc., a Maryland
corporation (the &ldquo;Company&rdquo;), and the undersigned officer (the &ldquo;Executive&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 10pt; text-align: center">WITNESSETH:</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 10pt; text-indent: 0.5in">WHEREAS, the Executive is employed by the Company,
and the Company desires to provide protection to the Executive in connection with any change in control of the Company.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 10pt; text-indent: 0.5in">NOW, THEREFORE, it is hereby agreed by and between
the parties, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, as follows:</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none"><U>ARTICLE
I</U></FONT></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center; text-indent: 0in"><U>ESTABLISHMENT
AND PURPOSE</U></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 12pt; text-indent: 0.5in">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman,serif"><U>Term
of the Agreement</U></FONT>. Unless expired earlier as provided in Section 1.3 or terminated by the Company pursuant to Section
2.4, this Agreement will commence on the Effective Date and remain in effect for an initial term of three years which will be automatically
extended for one year on each anniversary of the Effective Date. In addition, if a Change in Control occurs while this Agreement
is effective, this Agreement will remain irrevocably in effect for the greater of twenty-four months from the date of the Change
in Control or until all benefits have been paid to the Executive hereunder, and will then expire.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 12pt; text-indent: 0.5in">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman,serif"><U>Purpose
of the Agreement</U></FONT>. The purpose of this Agreement is to advance the interests of the Company by providing the Executive
with an assurance of equitable treatment, in terms of compensation and economic security, in the event of an acquisition or other
Change in Control of the Company. An assurance of equitable treatment will enable the Executive to maintain productivity and focus
during a period of significant uncertainty that is inherent in an acquisition or other Change in Control. Further, the Company
believes that agreements of this kind will aid it in attracting and retaining the highly qualified, high performing professionals
who are essential to its success.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 12pt; text-indent: 0.5in">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman,serif"><U>Contractual
Right to Benefits</U></FONT>. This Agreement establishes and vests in the Executive a contractual right to the benefits to which
he is entitled hereunder, enforceable by the Executive against the Company. However, nothing in this Agreement will require or
be deemed to require the Company to segregate, earmark, or otherwise set aside any funds or other assets to provide for any payments
to be made under it.</P>

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<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 3.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 12pt; text-indent: 0.5in">Subject to Section 3.2, the Company will retain
the right to terminate the Executive&rsquo;s employment at any time prior to a Change in Control of the Company pursuant to the
terms of the Executive&rsquo;s Employment Agreement. If the Executive&rsquo;s employment is terminated prior to a Change in Control
of the Company, this Agreement will no longer be applicable to the Executive, and any and all rights and obligations of the Company
and the Executive under this Agreement will cease. Notwithstanding the foregoing, if the effective date of a Change in Control
occurs within six months following the effective date of an involuntary termination without Cause, the Executive&rsquo;s termination
may be deemed to be a Qualifying Termination pursuant to Section 3.2 of this Agreement as of the date of the Change in Control.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none"><U>ARTICLE
II</U></FONT></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center; text-indent: