Exhibit 10.37


 





INDEMNIFICATION AGREEMENT


 


THIS INDEMNIFICATION AGREEMENT (“Agreement”)
is made and entered into as of the 20th day of March, 2015, by and between American Realty Capital Global Trust, Inc.,
a Maryland corporation (the “Company”), and P. Sue Perrotty (“Indemnitee”).


 


WHEREAS, at the request of the Company,
Indemnitee currently serves as a director, officer or service provider of the Company and may, therefore, be subjected to claims,
suits or proceedings arising as a result of his or her service; and


 


WHEREAS, as an inducement to Indemnitee
to continue to serve as such director, officer or service provider, the Company has agreed to indemnify and to advance expenses
and costs incurred by Indemnitee in connection with any such claims, suits or proceedings; and


 


WHEREAS, the parties by this Agreement desire
to set forth their agreement regarding indemnification and advance of expenses;


 


NOW, THEREFORE, in consideration of the
premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:


 


Section 1.Definitions. For purposes
of this Agreement:


 


(a)“Applicable Legal Rate”
means a fixed rate of interest equal to the applicable federal rate for mid-term debt instruments as of the day that it is determined
that Indemnitee must repay any advanced expenses.


 


(b)“Change in Control” means
a change in control of the Company occurring after the Effective Date of a nature that would be required to be reported in response
to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether or not the Company is then subject
to such reporting requirement; provided, however, that, without limitation, such a Change in Control shall be deemed to have occurred
if, after the Effective Date (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange
Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly,
of securities of the Company representing 15% or more of the combined voting power of all of the Company’s then-outstanding
securities entitled to vote generally in the election of directors without the prior approval of at least two-thirds of the members
of the Board of Directors in office immediately prior to such person’s attaining such percentage interest; (ii) the
Company is a party to a merger, consolidation, sale of assets, plan of liquidation or other reorganization not approved by at least
two-thirds of the members of the Board of Directors then in office, as a consequence of which members of the Board of Directors
in office immediately prior to such transaction or event constitute less than a majority of the Board of Directors thereafter;
or (iii) at any time, a majority of the members of the Board of Directors are not individuals (A) who were directors as of
the Effective Date or (B) whose election by the Board of Directors or nomination for election by the Company’s stockholders
was approved by the affirmative vote of at least two-thirds of the directors then in office who were directors as of the Effective
Date or whose election for nomination for election was previously so approved.


 






    	 



    	 



    

 


(c)“Corporate Status” means
the status of a person as a present or former director, officer, employee or agent of the Company or as a director, trustee, officer,
partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited
liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity
at the request of the Company. As a clarification and without limiting the circumstances in which Indemnitee may be serving at
the request of the Company, service by Indemnitee shall be deemed to be at the request of the Company if Indemnitee serves or served
as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any corporation, partnership,
limited liability company, joint venture, trust, employee benefit plan or other enterprise (i) of which a majority of the voting
power or equity interest is owned directly or indirectly by the Company or (ii) the management of which is controlled directly
or indirectly by the Company.


 


(d)“Disinterested Director”
means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification and/or advance
of Expenses is sought by Indemnitee.


 


(e)“Effective Date” means
the date set forth in the first paragraph of this Agreement.


 


(f)“Expenses” means any and
all reasonable and out-of-pocket attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness
fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, federal,
state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement,
ERISA excise taxes and penalties and any other disbursements or expenses incurred in connection with prosecuting, defending, preparing
to prosecute or defend, investigating, being or preparing to be a witness in or otherwise participating in a Proceeding. Expenses
shall also include Expenses incurred in connection with any appeal resulting from any Proceeding including, without limitation,
the premium for, security for and other costs relating to any cost bond supersedeas bond or other appeal bond or its equivalent.


 


(g)“Independent Counsel” means
a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither is, nor in the past five years
has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with
respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar indemnification agreements),
or (ii) any other party to or participant or witness in the Proceeding giving rise to a claim for indemnification or advance
of Expenses hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who,
under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either
the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.


 






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(h)“Proceeding” means any
threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative
hearing or any other proceeding, whether brought by or in the right of the Company or otherwise and whether of a civil (including
intentional or unintentional tort claims), criminal, administrative or investigative (formal or informal) nature, including any
appeal therefrom, except one pending or completed on or before the Effective Date, unless otherwise specifically agreed in writing
by the Company and Indemnitee. If Indemnitee reasonably believes that a given situation may lead to or culminate in the institution
of a Proceeding, such situation shall also be considered a Proceeding.


 


Section 2.Services by Indemnitee.
Indemnitee will serve as a director, officer or service provider of the Company. However, this Agreement shall not impose any independent
obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company. This Agreement shall not be deemed
an employment contract between the Company (or any other entity) and Indemnitee.


 


Section 3.General. Subject to
the limitations in Section 5, the Company shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement
and (b) as otherwise permitted by Maryland law in effect on the Effective Date and as amended from time to time; provided, however,
that no change in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland
law as in effect on the Effective Date. Subject to the limitations in Section 5, the rights of Indemnitee provided in this Section
3 shall include, without limitation, the rights set forth in the other sections of this Agreement, including any additional indemnification
permitted by Section 2-418(g) of the Maryland General Corporation Law (the “MGCL”).


 


Section 4.Standard for Indemnification.
Subject to the limitations in Section 5, if, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened
to be, made a party to any Proceeding, the Company shall indemnify Indemnitee against all judgments, penalties, fines and amounts
paid in settlement and all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
with any such Proceeding unless it is established by clear and convincing evidence that (a) the act or omission of Indemnitee
was material to the matter giving rise to the Proceeding and (i) was committed in bad faith or (ii) was the result of
active and deliberate dishonesty, (b) Indemnitee actually received an improper personal benefit in money, property or services
or (c) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that his or her conduct was unlawful.


 


Section 5.Certain Limits on Indemnification.
Notwithstanding any other provision of this Agreement (other than Section 6), Indemnitee shall not be entitled to:


 


(a)indemnification for any loss
or liability unless all of the following conditions are met: (i) Indemnitee has determined, in good faith, that the course of conduct
that caused the loss or liability was in the best interests of the Company; (ii) Indemnitee was acting on behalf of or performing
services for the Company; (iii) such loss or liability was not the result of (A) gross negligence or willful misconduct, in the
case that the Indemnitee is an independent director of the Company or (B) negligence or misconduct, in the case that the Indemnitee
is not an independent director of the Company; and (iv) such indemnification is recoverable only out of the Company’s net
assets and not from the Company’s stockholders;


 






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(b)indemnification for any loss
or liability arising from an alleged violation of federal or state securities laws unless one or more of the following conditions
are met: (i) there has been a successful adjudication on the merits of each count involving alleged material securities law violations
as to Indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to
Indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against Indemnitee and finds that indemnification
of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised
of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority
in which securities of the Company were offered or sold as to indemnification for violations of securities laws;


 


(c)indemnification hereunder if the
Proceeding was one by or in the right of the Company and Indemnitee is adjudged to be liable to the Company;


 


(d)indemnification hereunder if Indemnitee
is adjudged to be liable on the basis that personal benefit was improperly received in any Proceeding charging improper personal
benefit to Indemnitee, whether or not involving action in the Indemnitee’s Corporate Status; or


 


(e)indemnification or advance of Expenses
hereunder if the Proceeding was brought by Indemnitee, unless: (i) the Proceeding was brought to enforce indemnification under
this Agreement, and then only to the extent in accordance with and as authorized by Section 12 of this Agreement, or (ii) the Company’s
charter or Bylaws, a resolution of the stockholders entitled to vote generally in the election of directors or of the Board of
Directors or an agreement approved by the Board of Directors to which the Company is a party expressly provide otherwise.


 


Section 6.Court-Ordered Indemnification.
Subject to the limitations in Section 5(a) and (b), a court of appropriate jurisdiction, upon application of Indemnitee and such
notice as the court shall require, may order indemnification of Indemnitee by the Company in the following circumstances:


 


(a)if such determines that Indemnitee
is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order indemnification, in which case Indemnitee
shall be entitled to recover the Expenses of securing such reimbursement; or


 


(b)if such court determines that Indemnitee
is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not Indemnitee (i) has
met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of an
improper personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification as the court shall deem
proper. However, indemnification with respect to any Proceeding by or in the right of the Company or in which liability shall have
been adjudged in the circumstances described in Section 2-418(c) of the MGCL shall be limited to Expenses.


 






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Section 7.Indemnification for Expenses
of an Indemnitee Who is Wholly or Partly Successful. Subject to the limitations in Section 5, to the extent that Indemnitee
was or is, by reason of his or her Corporate Status, made a party to (or otherwise becomes a participant in) any Proceeding and
is successful, on the merits or otherwise, in the defense of such Proceeding, Indemnitee shall be indemnified for all Expenses
actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. If Indemnitee is not wholly
successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues
or matters in such Proceeding, the Company shall indemnify Indemnitee under this Section 7 for all Expenses actually and reasonably
incurred by Indemnitee or on Indemnitee’s behalf in connection with each such claim, issue or matter, allocated on a reasonable
and proportionate basis. For purposes of this Section 7, and without limitation, the termination of any claim, issue or matter
in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue
or matter.


 


Section 8.Advance of Expenses for
an Indemnitee. If, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party to
any Proceeding, the Company shall, without requiring a preliminary determination of Indemnitee’s ultimate entitlement to
indemnification hereunder, advance all reasonable Expenses incurred by or on behalf of Indemnitee in connection with (a) such Proceeding
which is initiated by a third party who is not a stockholder of the Company, or (b) such Proceeding which is initiated by a stockholder
of the Company acting in his or her capacity as such and for which a court of competent jurisdiction specifically approves such
advancement, and which relates to acts or omissions with respect to the performance of duties or services on behalf of the Company,
within ten days after the receipt by the Company of a statement or statements requesting such advance or advances from time to
time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the
Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee of Indemnitee’s
good faith belief that the standard of conduct necessary for indemnification by the Company as authorized by law and by this Agreement
has been met and a written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A
or in such form as may be required under applicable law as in effect at the time of the execution thereof, to reimburse the portion
of any Expenses advanced to Indemnitee, together with the Applicable Legal Rate of interest thereon, relating to claims, issues
or matters in the Proceeding as to which it shall ultimately be established, by clear and convincing evidence, that the standard
of conduct has not been met by Indemnitee and which have not been successfully resolved as described in Section 7 of this Agreement.
To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses
shall be allocated on a reasonable and proportionate basis. The undertaking required by this Section 8 shall be an unlimited general
obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s financial ability to repay
such advanced Expenses and without any requirement to post security therefor. 


 


Section 9.Indemnification and Advance
of Expenses as a Witness or Other Participant. Subject to the limitations in Section 5, to the extent that Indemnitee is or
may be, by reason of Indemnitee’s Corporate Status, made a witness or otherwise asked to participate in any Proceeding, whether
instituted by the Company or any other party, and to which Indemnitee is not a party, Indemnitee shall be advanced all reasonable
Expenses and indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in
connection therewith within ten days after the receipt by the Company of a statement or statements requesting any such advance
or indemnification from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements
shall reasonably evidence the Expenses incurred by Indemnitee.


 






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Section 10.Procedure for Determination
of Entitlement to Indemnification.


 


(a)To obtain indemnification under this
Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information
as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled
to indemnification. Indemnitee may submit one or more such requests from time to time and at such time(s) as Indemnitee deems appropriate
in Indemnitee’s sole discretion. The officer of the Company receiving any such request from Indemnitee shall, promptly upon
receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification.


 


(b)Upon written request by Indemnitee
for indemnification pursuant to Section 10(a) above, a determination, if required by applicable law, with respect to Indemnitee’s
entitlement thereto shall promptly be made in the specific case: (i) if a Change in Control shall have occurred, by Independent
Counsel, in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, which Independent Counsel
shall be selected by Indemnitee and approved by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL,
which approval shall not be unreasonably withheld; or (ii) if a Change in Control shall not have occurred, (A) by the Board
of Directors by a majority vote of a quorum consisting of Disinterested Directors or, if such a quorum cannot be obtained, then
by a majority vote of a duly authorized committee of the Board of Directors consisting solely of one or more Disinterested Directors,
(B) if Independent Counsel has been selected by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL and
approved by Indemnitee, which approval shall not be unreasonably withheld, by Independent Counsel, in a written opinion to the
Board of Directors, a copy of which shall be delivered to Indemnitee or (C) if so directed by a majority of the members of the
Board of Directors, by the stockholders of the Company. If it is so determined that Indemnitee is entitled to indemnification,
payment to Indemnitee shall be made within ten days after such determination. Indemnitee shall cooperate with the person, persons
or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such
person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise
protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination in the
discretion of the Board of Directors or Independent Counsel if retained pursuant to clause (ii)(B) of this Section 10(b). Any Expenses
incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company
(irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company shall indemnify and
hold Indemnitee harmless therefrom.


 


(c)The Company shall pay the reasonable
fees and expenses of Independent Counsel, if one is appointed.


 






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Section 11.Presumptions and Effect
of Certain Proceedings.


 


(a)In making any determination with respect
to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee
is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with
Section 10(a) of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection
with the making of any determination contrary to that presumption.


 


(b)The termination of any Proceeding or
of any claim, issue or matter therein, by judgment, order, settlement or conviction, upon a plea of nolo contendere
or its equivalent, or entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet
the requisite standard of conduct described herein for indemnification.


 


(c)The knowledge and/or actions, or failure
to act, of any other director, officer, employee or agent of the Company or any other director, trustee, officer, partner, manager,
managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company,
joint venture, trust, employee benefit plan or other enterprise shall not be imputed to Indemnitee for purposes of determining
any other right to indemnification under this Agreement.


 


Section 12.Remedies of Indemnitee.


 


(a)If (i) a determination is made pursuant
to Section 10(b) of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advance of
Expenses is not timely made pursuant to Sections 8 or 9 of this Agreement, (iii) no determination of entitlement to indemnification
shall have been made pursuant to Section 10(b) of this Agreement within 60 days after receipt by the Company of the request for
indemnification, (iv) payment of indemnification is not made pursuant to Sections 7 or 9 of this Agreement within ten days
after receipt by the Company of a written request therefor, or (v) payment of indemnification pursuant to any other section
of this Agreement or the charter or Bylaws of the Company is not made within ten days after a determination has been made that
Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court located in the
State of Maryland, or in any other court of competent jurisdiction, of Indemnitee’s entitlement to such indemnification or
advance of Expenses. Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration to be conducted
by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence
a proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has
the right to commence such proceeding pursuant to this Section 12(a); provided, however, that the foregoing clause shall not
apply to a proceeding brought by Indemnitee to enforce his or her rights under Section 7 of this Agreement. Except as set forth
herein, the provisions of Maryland law (without regard to its conflicts of laws rules) shall apply to any such arbitration. The
Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.


 






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(b)In any judicial proceeding or arbitration
commenced pursuant to this Section 12, Indemnitee shall be presumed to be entitled to indemnification or advance of Expenses,
as the case may be, under this Agreement and the Company shall have the burden of proving that Indemnitee is not entitled to indemnification
or advance of Expenses, as the case may be. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 12,
Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 8 of this Agreement until a final
determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have
been exhausted or lapsed). The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial
proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are
not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound
by all of the provisions of this Agreement.


 


(c)If a determination shall have been
made pursuant to Section 10(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound
by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent a misstatement by
Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially
misleading, in connection with the request for indemnification.


 


(d)In the event that Indemnitee is successful
in seeking, pursuant to this Section 12, a judicial adjudication of or an award in arbitration to enforce Indemnitee’s rights
under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall
be indemnified by the Company for, any and all Expenses actually and reasonably incurred by him or her in such judicial adjudication
or arbitration. If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part
but not all of the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial
adjudication or arbitration shall be appropriately prorated.


 


(e)Interest shall be paid by the Company
to Indemnitee at the maximum rate allowed to be charged for judgments under the Courts and Judicial Proceedings Article of the
Annotated Code of Maryland for amounts which the Company pays or is obligated to pay for the period (i) commencing with either
the tenth day after the date on which the Company was requested to advance Expenses in accordance with Sections 8 or 9 of this
Agreement or the 60th day after the date on which the Company was requested to make the determination of entitlement
to indemnification under Section 10(b) of this Agreement, as applicable, and (ii) and ending on the date such payment is made to
Indemnitee by the Company.


 


Section 13.Defense of the Underlying
Proceeding.


 


(a)Indemnitee shall notify the Company
promptly in writing upon being served with any summons, citation, subpoena, complaint, indictment, request or other document relating
to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder and shall include with
such notice a description of the nature of the Proceeding and a summary of the facts underlying the Proceeding. The failure to
give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee,
to indemnification or the advance of Expenses under this Agreement unless the Company’s ability to defend in such Proceeding
or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the
Company is thereby actually so prejudiced.


 






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(b)Subject to the provisions of the last
sentence of this Section 13(b) and of Section 13(c) below, the Company shall have the right to defend Indemnitee in any
Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any
such decision to defend within 15 calendar days following receipt of notice of any such Proceeding under Section 13(a) above.
The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent
to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes an admission
of fault of Indemnitee, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability
in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee, or (iii) would
impose any Expense, judgment, fine, penalty or limitation on Indemnitee. This Section 13(b) shall not apply to a Proceeding
brought by Indemnitee under Section 12 of this Agreement.


 


(c)Notwithstanding the provisions of Section
13(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s Corporate Status, (i) Indemnitee
reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld,
that Indemnitee may have separate defenses or counterclaims to assert with respect to any issue which may not be consistent with
other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the
Company, which approval shall not be unreasonably withheld, that an actual or apparent conflict of interest or potential conflict
of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such Proceeding
in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice, subject
to the prior approval of the Company, which approval shall not be unreasonably withheld, at the expense of the Company. In addition,
if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person
takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover from Indemnitee
the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s
choice, subject to the prior approval of the Company, which approval shall not be unreasonably withheld, at the expense of the
Company (subject to Section 12(d) of this Agreement), to represent Indemnitee in connection with any such matter.


 


Section 14.Non-Exclusivity; Survival
of Rights; Subrogation.


 


(a)The rights of indemnification and advance
of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time
be entitled under applicable law, the charter or Bylaws of the Company, any agreement or a resolution of the stockholders entitled
to vote generally in the election of directors or of the Board of Directors, or otherwise. Unless consented to in writing by Indemnitee,
no amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee
under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such
amendment, alteration or repeal, regardless of whether a claim with respect to such action or inaction is raised prior or subsequent
to such amendment, alteration or repeal. No right or remedy herein conferred is intended to be exclusive of any other right or
remedy, and every other right or remedy shall be cumulative and in addition to every other right or remedy given hereunder or now
or hereafter existing at law or in equity or otherwise. The assertion of any right or remedy hereunder, or otherwise, shall not
prohibit the concurrent assertion or employment of any other right or remedy.


 






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(b)In the event of any payment under this
Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall
execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary
to enable the Company to bring suit to enforce such rights.


 


Section 15.Insurance. The Company
will use its reasonable best efforts to acquire directors and officers liability insurance, on terms and conditions deemed appropriate
by the Board of Directors, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee by reason of his
or her Corporate Status and covering the Company for any indemnification or advance of Expenses made by the Company to Indemnitee
for any claims made against Indemnitee by reason of his or her Corporate Status. Without in any way limiting any other obligation
under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee arising out of the amount of any deductible
or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses incurred
by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in the previous sentence. The purchase,
establishment and maintenance of any such insurance shall not in any way limit or affect the rights or obligations of the Company
or Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the
Company and Indemnitee shall not in any way limit or affect the rights or obligations of the Company under any such insurance policies.
If, at the time the Company receives notice from any source of a Proceeding to which Indemnitee is a party or a participant (as
a witness or otherwise), the Company has director and officer liability insurance in effect, the Company shall give prompt notice
of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies.


 


Section 16.Coordination of Payments.
The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable
as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy,
contract, agreement or otherwise.


 


Section 17.Reports to Stockholders.
To the extent required by the MGCL, the Company shall report in writing to its stockholders the payment of any amounts for indemnification
of, or advance of Expenses to, Indemnitee under this Agreement arising out of a Proceeding by or in the right of the Company with
the notice of the meeting of stockholders of the Company next following the date of the payment of any such indemnification or
advance of Expenses or prior to such meeting.


 






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Section 18.Duration of Agreement;
Binding Effect.


 


(a)This Agreement shall continue until
and terminate on the later of (i) the date that Indemnitee shall have ceased to serve as a director, officer, employee or agent
of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other
foreign or domestic corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee
benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company and (ii) the
date that Indemnitee is no longer subject to any actual or possible Proceeding (including any rights of appeal thereto and any
Proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement).


 


(b)The indemnification and advance of
Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable by the parties hereto and
their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise
to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased to be
a director, officer, employee or agent of the Company or a director, trustee, officer, partner, manager, managing member, fiduciary,
employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee
benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company, and shall inure
to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal
representatives.


 


(c)The Company shall require and cause
any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial
part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly
to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform
if no such succession had taken place.


 


(d)The Company and Indemnitee agree that
a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and
further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may
enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity of showing actual
damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded
from seeking or obtaining any other relief to which Indemnitee may be entitled. Indemnitee shall further be entitled to such specific
performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without
the necessity of posting bonds or other undertakings in connection therewith. The Company acknowledges that, in the absence of
a waiver, a bond or undertaking may be required of Indemnitee by a court, and the Company hereby waives any such requirement of
such a bond or undertaking.


 






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Section 19.Severability. If any
provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the
validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion
of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable
that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable
to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary
to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent
possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of
this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal
or unenforceable) shall be construed so as to give effect to the intent manifested thereby.


 


Section 20.Identical Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but
all of which together shall constitute one and the same Agreement. One such counterpart signed by the party against whom enforceability
is sought shall be sufficient to evidence the existence of this Agreement.


 


Section 21.Headings. The headings
of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement
or to affect the construction thereof.


 


Section 22.Modification and Waiver.
No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto.
No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof
(whether or not similar) nor shall such waiver constitute a continuing waiver.


 


Section 23.Notices. All notices,
requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered
by hand and receipted for by the party to whom said notice or other communication shall have been directed, on the day of such
delivery, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on
which it is so mailed:


 


(a)If to Indemnitee, to the address set
forth on the signature page hereto.


 


(b)If to the Company, to:


 


American Realty Capital Global Trust, Inc.


405 Park Avenue, 14th Floor


New York, NY 10022


Attn: General Counsel


 


or to such other address as may have been furnished in writing
to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.


 






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Section 24.Governing Law. This
Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Maryland, without regard
to its conflicts of laws rules.


 


 


 


 


 


 


 


 


 


 


 


 


 


[SIGNATURE PAGE FOLLOWS]


 






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


 


 


 


 


American
Realty Capital Global trust, Inc.


 


 


By:
 /s/ Scott J. Bowman                               


Name: Scott J. Bowman


Title: Chief Executive Officer


 





 


INDEMNITEE


 


 


 


/s/ P. Sue Perrotty                        


Name: P. Sue Perrotty


 






    	-14-



    	 



    

 











EXHIBIT A


 


AFFIRMATION
AND UNDERTAKING TO REPAY EXPENSES ADVANCED


 


To: The Board of Directors of American Realty Capital Global
Trust, Inc.


 


Re: Affirmation and Undertaking


 


Ladies and Gentlemen:


 


This Affirmation and Undertaking is being
provided pursuant to that certain Indemnification Agreement, dated the 13th day of March, 2015, by and between American Realty
Capital Global Trust, Inc., a Maryland corporation (the “Company”), and the undersigned Indemnitee (the “Indemnification
Agreement”), pursuant to which I am entitled to advance of Expenses in connection with [Description of Proceeding]
(the “Proceeding”).


 


Terms used herein and not otherwise defined
shall have the meanings specified in the Indemnification Agreement.


 


I am subject to the Proceeding by reason
of my Corporate Status or by reason of alleged actions or omissions by me in such capacity. I hereby affirm my good faith belief
that at all times, insofar as I was involved as a director of the Company, in any of the facts or events giving rise to the Proceeding,
I (1) did not act with bad faith or active or deliberate dishonesty, (2) did not receive any improper personal benefit
in money, property or services and (3) in the case of any criminal proceeding, had no reasonable cause to believe that any
act or omission by me was unlawful.


 


In consideration of the advance of Expenses
by the Company for reasonable attorneys’ fees and related Expenses incurred by me in connection with the Proceeding (the
“Advanced Expenses”), I hereby agree that if, in connection with the Proceeding, it is established that (1) an
act or omission by me was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was
the result of active and deliberate dishonesty or (2) I actually received an improper personal benefit in money, property
or services or (3) in the case of any criminal proceeding, I had reasonable cause to believe that the act or omission was
unlawful, then I shall promptly reimburse the portion of the Advanced Expenses, together with the Applicable Legal Rate of interest
thereon, relating to the claims, issues or matters in the Proceeding as to which the foregoing findings have been established.


 


IN WITNESS WHEREOF, I have executed this
Affirmation and Undertaking on this _____ day of _______________, 20____.


 


 


 


_____________________________


Name: