SEC Contract Filing

Filing Date: 2017-06-23

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>ex10-3.htm
<DESCRIPTION>EXCHANGE AGREEMENT
<TEXT>
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<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: right">EXHIBIT 10.3</P>

<P STYLE="font: bold 12pt Times New Roman,serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman,serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">EXCHANGE AGREEMENT</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Exchange Agreement
(this &ldquo;<U>Agreement</U>&rdquo;) is made and entered into as of June 8, 2017 by and among DOF IV REIT Holdings, LLC, a Delaware
limited liability company (&ldquo;<U>Lender</U>&rdquo;), Plymouth Industrial 20 LLC, a Delaware limited liability company (&ldquo;<U>Borrower</U>&rdquo;),
Plymouth Industrial 20 Financial LLC, a Delaware limited liability company (&ldquo;<U>Plymouth Member</U>&rdquo;), and Plymouth
Industrial REIT, Inc., a Maryland corporation (&ldquo;<U>Plymouth REIT</U>&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, Lender, Borrower
and Plymouth Member are parties to that certain TL Participation Agreement, dated as of October 17, 2016 (the &ldquo;<U>Participation
Agreement</U>&rdquo;);</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, Plymouth REIT,
the indirect parent of Borrower and Plymouth Member, is engaging in a public offering of its common stock pursuant to a registration
statement (the &ldquo;<U>Registration Statement</U>&rdquo;) on Form S-11 (SEC File No. 333-196798) (the &ldquo;<U>Offering</U>&rdquo;);
and</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, concurrently with
the closing of the Offering, the parties hereto wish to exchange the TL Participation for the right to receive warrants to acquire
shares of the common stock of Plymouth REIT, upon the terms and subject to the conditions contained herein.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the foregoing, the covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which
are hereby agreed and acknowledged, the parties hereto agree as follows:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 12pt; text-indent: 0.5in">Section 1.&#9;<U>Definitions</U>.&nbsp; Capitalized
terms used by not defined herein shall have the respective meanings given to such terms in the Participation Agreement.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.&#9;<U>Exchange</U>.&nbsp;
In accordance with the terms and subject to the conditions hereof, on the Closing Date (as defined below), the Participation Agreement
shall, subject to and conditioned upon the delivery of the Warrant Agreement (described below), be terminated and in exchange therefor
Plymouth REIT shall issue and deliver warrants to acquire 250,000 shares of the common stock, par value $0.01 per share, of Plymouth
REIT (as defined below) to Lender pursuant to the terms of that certain Warrant Agreement, dated the date hereof, by and between
Plymouth REIT and Lender and in the form attached hereto as <U>Exhibit A</U>.&nbsp; For purposes of this Agreement, the term &ldquo;<U>Closing
Date</U>&rdquo; shall have the meaning set forth in the Underwriting Agreement (as such term is defined in the Registration Statement</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 12pt; text-indent: 0.5in">Section 3.&#9;T<U>ermination of Participation
Agreement</U>.&nbsp; Effective as of the Effective Time, subject to the conditions set forth in <U>Section 3</U> hereof, Lender,
Borrower and Borrower Member hereby agree to terminate the Participation Agreement, such that the Participation Agreement shall
have no further force and effect, prospectively, subject to and conditioned upon, the simultaneous delivery to Lender of the Warrant
Agreement.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 12pt; text-indent: 0.5in">Section 4.&#9;<U>Entire Agreement</U>. This Agreement
contains the entire agreement among the parties in respect of the subject matter hereof and supersedes all prior agreements, written
or oral, in respect thereof.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 12pt; text-indent: 0.5in">Section 5.&#9;<U>Amendments and Waiver.</U> This
Agreement may be amended, modified, superseded or canceled and the terms and conditions hereof may be waived and consent to any
departure by Borrower or Plymouth Member therefrom may be given, only by a written instrument signed by the parties hereto or,
in the case of a waiver, by the party waiving compliance, and then such waiver or consent shall be effective only in the specific
instance and for the specific purposes for which given. No delay on the part of Lender in exercising any right, power or privilege
hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any right, power or privilege hereunder, nor any
single or partial exercise of any right, power or privilege hereunder, preclude any other or further exercise thereof or the exercise
of any other right, power or privilege hereunder.</P>

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