EXHIBIT 10.15
 
TWELFTH
AMENDMENT
TO THE
MANAGEMENT AGREEMENT
 
This Twelfth Amendment (this “Twelfth Amendment”) to that certain Management
Agreement dated January 25, 2008 as amended by the Amendment to the Management
Agreement, dated April 30, 2008, as further amended by the Second Amendment to
the Management Agreement, dated May 30, 2008, as further amended by the Third
Amendment to the Management Agreement, dated as of September 16, 2008, as
further amended by the Fourth Amendment to the Management Agreement, dated as of
October 23, 2006, as further amended by the Fifth Amendment to the Management
Agreement, dated as of October 23, 2006, as further amended by the Sixth
Amendment to the Management Agreement, dated as of July, 8, 2009, as further
amended by the Seventh Amendment to the Management Agreement, dated as of July
17, 2009, as further amended by the Eighth Amendment to the Management
Agreement, dated as of September 18, 2009, as further amended by the Ninth
Amendment to the Management Agreement, dated as of November 19, 2009, as further
amended by the Tenth Amendment to the Management Agreement, dated as of February
22, 2010, and as further amended by the Eleventh Amendment to Management
Agreement, dated as of April 30, 2010 (collectively, the “Agreement”) is made
and entered into as of the 9th day of June, 2010, by and among AMERICAN REALTY
CAPITAL TRUST, INC., a Maryland corporation (the “Company”), AMERICAN REALTY
CAPITAL OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (the “OP”,
and together with the Company, the “Owner”), and those certain Delaware limited
liability companies listed on Schedule 1 attached hereto (the “Walgreens Byram
Owner”) and AMERICAN REALTY CAPITAL PROPERTIES, LLC, a Delaware limited
liability company (the “Manager”).

WHEREAS, the OP was organized to acquire, own, operate, lease and manage real
estate properties on behalf of the Company;

WHEREAS, the 2010 Owners are each a subsidiary of the OP and each was organized
to acquire, own, operate, lease and manage the respective real estate property,
identified in Exhibit A hereto, on behalf of the OP (the “Walgreens Byram
Property”);

WHEREAS, the Company intends to continue to raise money from the sale of its
common stock to be used, net of payment of certain offering costs and expenses,
for investment in the acquisition or rehabilitation of income-producing real
estate to be acquired and held by the Company, by the OP or by the Subsidiary
Owners on behalf of the Company; and

WHEREAS, Owner and the Subsidiary Owners wish to retain Manager to manage and
coordinate the leasing of the real estate properties acquired by Owner and the
Subsidiary Owners, and the Manager wishes to be so retained, all under the terms
and conditions set forth in this Eleventh Amendment and the Agreement.
 
NOW, THEREFORE, in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto, intending to be legally bound hereby, do hereby agree as
follows:

 
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1. 
Section 1.11 will be replaced in its entirety with the following:

“Properties means all real estate properties owned by Owner or the Subsidiary
Owners, and all tracts as yet unspecified but to be acquired by Owner or the
Subsidiary Owners containing income-producing Improvements or on which Owner or
the Subsidiary Owners will rehabilitate income-producing Improvements, the
Rockland Properties, the National City Property, the Pompano Property, the PNC
Property, the FedEx Property, the Walgreen’s Sealy Property, the CVS 10
Property, the CVS 15 Property, the JIB 4 Property, the 2010 Properties, and the
Walgreens Byram Property.  Properties shall be classified under four categories,
residential, retail, industrial and office properties.”

2. 
Section 1.13 will be amended to add the following at the end thereof:

“Subsidiary Owners” means, collectively, ARC ROCK17MA LLC, a Delaware limited
liability company (the “Rockland Owner”), ARC WBPCFL0001, LLC,  a Delaware
limited liability company (the “National City Owner”), ARC WBPBFL0001, LLC,  a
Delaware limited liability company (the “Pompano Owner”), ARC PANJOH54 LLC, a
Delaware limited liability company (the “PNC1 Owner”), ARC PA-QRS Trust, a
Virginia business trust (the “PNC2 Owner”), ARC FEHOUTX 001 LLC, a Delaware
limited liability company (the “FedEx Owner”), ARC WGSEATX001, LLC, a Delaware
limited liability company (the “Walgreen’s Sealy Owner”), the CVS 10 Owners, the
CVS 15 Owners, the JIB 4 Owners, the 2010 Owners and those certain Delaware
limited liability companies listed on Schedule 1 attached to the Twelfth
Amendment (the “Walgreens Byram Owners”).

3.            With respect to the Walgreens Byram Property alone, all references
to Owner herein shall be deemed to include the Walgreens Byram Owner.

[INTENTIONALLY LEFT BLANK]

 
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IN WITNESS WHEREOF, the parties have executed this Amendment as of the date
first above written.
 

 
AMERICAN REALTY CAPITAL TRUST, INC.
       
By:
/s/ William M. Kahane
   
Name:  William M. Kahane
   
Title:    President
     
AMERICAN REALTY CAPITAL
 
OPERATING PARTNERSHIP, L.P.
       
By:
/s/ William M. Kahane
   
Name:  William M. Kahane
   
Title:    President
     
AMERICAN REALTY CAPITAL PROPERTIES,
 
LLC
     
By:
/s/ William M. Kahane
   
Name:  William M. Kahane
   
Title:   President
       
ARC WGBYRMS001, LLC
       
By:
/s/ William M. Kahane
   
Name:  William M. Kahane
   
Title:  President

 
Signature page to Twelfth Amendment to Management Agreement
 
 
 

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SCHEDULE 1

List of Walgreens Byram Owner
 
ARC WGBYRMS001, LLC

 
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EXHIBIT A

List of Properties
 
Property
No.
 
Address
 
City
 
State
 
Owner
 
1.
 
  
5780 Terry Road
  
Byram
  
MS
  
ARC WGBYRMS001, LLC

 
 
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