Exhibit 10.4





 


EMPLOYEE AND DIRECTOR


 


INCENTIVE RESTRICTED SHARE
PLAN


 


OF


 


AMERICAN REALTY CAPITAL
GLOBAL DAILY NET ASSET VALUE TRUST, INC.


 


SECTION 1.  
PURPOSES OF THE PLAN AND DEFINITIONS


 


1.1  Purposes
..  The purposes of the Employee and Director Incentive Restricted Share Plan (this “Plan”)
of American Realty Capital Global Daily Net Asset Value Trust, Inc. (the “Company”) are to:


 


(1)   provide
incentives to individuals chosen to receive share-based awards because of their ability to improve operations and increase profits;


 


(2)   encourage
selected persons to accept positions with or continue to provide services to the Company, the Advisor and Affiliates of the Company;
and


 


(3)   increase
the interest of Directors in the Company’s welfare through their participation in the growth in value of the Company’s
Shares.


 


To accomplish these purposes,
this Plan provides a means whereby employees of the Advisor and Affiliates of the Company, officers of the Company, the Advisor
and Affiliates of the Company, Directors and other enumerated persons may receive Awards.


 


1.2    Definitions
..  For purposes of this Plan, the following terms have the following meanings:


 


“Advisor”
means the Person or Persons, if any, appointed, employed or contracted with by the Company to be responsible for directing or performing
the day-to-day business affairs of the Company, including any Person to whom the Advisor subcontracts substantially all such functions.  The
initial Advisor is American Realty Capital Global Advisors, LLC.


 


“Affiliate”
means any Person (other than an Advisor), whose employees, directors or officers are eligible to receive Awards under this Plan.  The
determination of whether a Person is an Affiliate shall be made by the Board acting in its sole and absolute discretion.


 


“Applicable Laws”
means the requirements relating to the administration of Awards under state corporation laws, U.S. federal and state securities
laws, the Code, any stock exchange or quotation system on which the Shares are listed or quoted and the applicable laws of any
foreign country or jurisdiction where Awards are, or will be, granted under this Plan.


 


“Articles of Incorporation”
means the articles of incorporation of the Company, as the same may be amended from time to time.


 


“Award”
means any award of Restricted Shares under this Plan.



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“Award Agreement”
means, with respect to each Award, the written agreement executed by the Company and the Participant or other written document
approved by the Board setting forth the terms and conditions of the Award.


 


“Board”
means the Board of Directors of the Company.


 


“Code”
means the Internal Revenue Code of 1986, as amended from time to time.


 


 “Committee”
means the Board or a duly appointed committee of the Board to which the Board has delegated its powers and functions hereunder.


 


“Company”
means American Realty Capital Global Daily Net Asset Value Trust, Inc.


 


“Director”
means a person elected or appointed and serving as a member of the Board in accordance with the Articles of Incorporation and the
Maryland General Corporation Law.


 


“Director Shares”
means Shares issued under Section 6.


 


“Effective Date”
has the meaning given it in Section 15.


 


“Employment Termination”
means that a Participant has ceased, for any reason and with or without cause, to be an employee or Director of, or a consultant
to, the Company, the Advisor or any Affiliate of the Company.  However, the term “Employment Termination”
shall not include a transfer of a Participant from the Company to the Advisor or any Affiliate of the Company or the Advisor or
vice versa, or from any such Affiliate to another, or a leave of absence duly authorized by the Company
unless the Board has provided otherwise.


 


“Exchange Act”
means the Securities Exchange Act of 1934, as amended from time to time.


 


“Fair Market Value”
means with respect to Shares:


 


(i)   If the Shares
are listed on any established stock exchange or a national market system, their Fair Market Value shall be the closing sales price
for the Shares, or the mean between the high bid and low asked prices if no sales were reported, as quoted on such system or exchange
(or, if the Shares are listed on more than one exchange, then on the largest such exchange) for the date the value is to be determined
(or if there are no sales or bids for such date, then for the last preceding business day on which there were sales or bids), as
reported in The Wall Street Journal .


 


(ii)   If the Shares
are regularly quoted by a recognized securities dealer but selling prices are not reported, or if there is no secondary trading
market for the Shares, their Fair Market Value shall be determined in good faith by the Board.


 


“Grant Date”
has the meaning set forth in Section 5.1(c) .


 


“Non-Employee Director”
means a person who is a Director of the Company, but who is not also an employee or officer of the Company or the Advisor.


 


“Participant”
means an eligible person who is granted an Award.


 


“Person”
means an individual, a corporation, partnership, trust, association, or any other entity.


 


“Plan”
means this Employee and Director Incentive Restricted Share Plan.


 


“Restricted Shares”
means an Award granted under Section 5.2 .



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“Retainer”
has the meaning given it in Section 6.3 .


 


“Rule 16b-3”
means Rule 16b-3 adopted under Section 16(b) or any successor rule, as it may be amended from time to time, and references to paragraphs
or clauses of Rule 16b-3 refer to the corresponding paragraphs or clauses of Rule 16b-3 as it exists at the Effective Date or the
comparable paragraph or clause of Rule 16b-3 or successor rule, as that paragraph or clause may thereafter be amended.


 


“Section 16(b)”
means Section 16(b) of the Exchange Act.


 


“Section 409A
of the Code” means the nonqualified deferred compensation rules under Section 409A of the Code and any applicable
Treasury regulation or other official guidance promulgated thereunder.


 


“Securities Act”
means the Securities Act of 1933, as amended from time to time.


 


“Shares”
means common shares of capital stock of the Company, $0.01 par value per share.


 


SECTION 2.  
ELIGIBLE PERSONS


 


Every person who, at or as
of the Grant Date, is:


 


(a)   a full-time
employee of the Advisor, the Company or any Affiliate of the Company;


 


(b)   an officer
of the Company, the Advisor or any Affiliate of the Company;


 


(c)   a Director
of the Company;


 


(d)   a director
of the Advisor or any Affiliate of the Company; or


 


(e)   someone whom
the Board designates as eligible for an Award because the person:


 


(i)   performs bona
fide consulting or advisory services for the Company, the Advisor or any Affiliate of the Company pursuant to a written agreement
(other than services in connection with the offer or sale of securities in a capital-raising transaction), and


 


(ii)   has a direct
and significant effect on the financial development of the Company or any Affiliate of the Company,


 


shall be eligible to receive
Awards hereunder.


 


Directors of the Company who
are not full-time employees are only eligible to receive Director Shares under Section 6 .







SECTION 3.  
SHARES SUBJECT TO THIS PLAN


 


The total number of Shares
that may be issued under Awards shall not exceed 5.0% of the Company’s outstanding Shares on a fully diluted basis
at any time and in any event will not, exceed 7,500,00 Shares.  The number of Shares reserved for issuance under this
Plan is subject to adjustment in accordance with the provisions for adjustment in Section 5.1 .  If any Shares
awarded under this Plan are forfeited for any reason, the number of forfeited Shares shall again be available for purposes of granting
Awards under this Plan.



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SECTION 4.  ADMINISTRATION


 


4.1  Administration.  This
Plan shall be administered by the Committee.


 


4.2  Committee’s
Powers.  Subject to the express provisions of this Plan, the Committee shall have the authority, in its sole
discretion:


 


(a)   to adopt, amend
and rescind administrative and interpretive rules and regulations relating to this Plan;


 


(b)   to determine
the eligible persons to whom, and the time or times at which, Awards shall be granted;


 


(c)   to determine
the number of Shares that shall be the subject of each Award;


 


(d)   to determine
the terms and provisions of each Award (which need not be identical) and any amendments thereto, including provisions defining
or otherwise relating to:


 


(i)   the extent
to which the transferability of Shares issued or transferred pursuant to any Award is restricted;


 


(ii)   the effect
of Employment Termination on an Award;


 


(iii)   the effect
of approved leaves of absence; and


 


(iv)   to construe
the respective Award Agreements and this Plan.


 


   (e)  
to make determinations of the Fair Market Value of Shares;


 


   (f)  
to waive any provision, condition or limitation set forth in an Award Agreement;


 


   (g)  
to delegate its duties under this Plan to such agents as it may appoint from time to time; and


 


   (h)  
to make all other determinations, perform all other acts and exercise all other powers and authority necessary or advisable for
administering this Plan, including the delegation of those ministerial acts and responsibilities as the Committee deems appropriate.


 


The Committee may correct any
defect, supply any omission or reconcile any inconsistency in this Plan, in any Award or in any Award Agreement in the manner and
to the extent it deems necessary or desirable to implement this Plan, and the Committee shall be the sole and final judge of that
necessity or desirability.  The determinations of the Committee on the matters referred to in this Section 4.2
shall be final and conclusive.  Notwithstanding any provision in this Plan to the contrary, Awards will be made to Non-Employee
Directors only under Section 6 of this Plan.  In addition, except as provided in Section 5.1(b) herein,
the Committee may not in any manner exercise discretion under this Plan with respect to any Awards made to Non-Employee Directors.


 


4.3  Term of Plan.  No
Awards shall be granted under this Plan after 10 years from the Effective Date of this Plan.


 


SECTION 5.  
CERTAIN TERMS AND CONDITIONS OF AWARDS


 


5.1  All Awards.  All
Awards shall be subject to the following terms and conditions:



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(a)   Changes
in Capital Structure.  If the number of outstanding Shares is increased by means of a share dividend payable in Shares,
a share split or other subdivision or by a reclassification of Shares, then, from and after the record date for such dividend,
subdivision or reclassification, the number and class of Shares subject to this Plan shall be increased in proportion to such increase
in outstanding Shares.  If the number of outstanding Shares is decreased by means of a reverse share split or other combination
or by a reclassification of Shares, then, from and after the record date for such combination or reclassification, the number
and class of Shares subject to this Plan shall be decreased in proportion to such decrease in outstanding Shares.


 


(b)   Certain
Corporate Transactions    In the event of any change in the capital structure or business of the Company by
reason of any recapitalization, reorganization, merger, consolidation, split-up, subdivision, combination, exchange of Shares or
any similar change affecting the Company’s capital structure or business, then the aggregate number and kind of Shares which
thereafter may be issued under this Plan shall be appropriately adjusted consistent with such change in such manner as the Committee
or the Board may deem equitable to prevent substantial dilution or enlargement of the rights granted to, or available for, Participants
under this Plan, and any such adjustment determined by the Committee or the Board in good faith shall be binding and conclusive
on the Company and all Participants and employees and their respective heirs, executors, administrators, successors and assigns.


 


(c)   Grant Date.  Each
Award Agreement shall specify the date as of which it shall be effective (the “Grant Date”).


 


(d)   Vesting.  Each
Award shall vest, and any restrictions thereunder shall lapse, as the case may be, at such times and in such amounts as may be
specified by the Committee in the applicable Award Agreement.


 


(e)   Nonassignability
of Rights.  Awards shall not be transferable other than with the consent of the Committee or the Board or by will
or the laws of descent and distribution.


 


(f)   Termination
of Employment from the Company, the Advisor or any Affiliate of the Company.  The Committee shall establish, in respect
of each Award when granted, the effect of an Employment Termination on the rights and benefits thereunder and in so doing may,
but need not, make distinctions based upon the cause of termination (such as retirement, death, disability or other factors) or
which party effected the termination (the employer or the employee).


 


(g)   Minimum
Purchase Price.  Notwithstanding any provision of this Plan to the contrary, if authorized but previously unissued
Shares are issued under this Plan, such Shares shall not be issued for a consideration which is less than as permitted under Applicable
Law, and in no event, shall such consideration be less than the par value per Share multiplied by the number of Shares to be issued.


 


(h)   Other Provisions.  Each
Award Agreement may contain such other terms, provisions and conditions not inconsistent with this Plan, as may be determined by
the Committee.


 


5.2  Restricted
Shares.  Restricted Shares shall be subject to the following terms and conditions:


 


(a)   Grant.  The
Committee may grant one or more Awards of Restricted Shares to any Participant other than Non-Employee Directors.  Each
Award of Restricted Shares shall specify the number of Shares to be issued to the Participant, the date of issuance and the restrictions
imposed on the Shares including the conditions of release or lapse of such restrictions.  Upon the issuance of Restricted
Shares, the Participant may be required to furnish such additional documentation or other assurances as the Committee may require
to enforce restrictions applicable thereto.


 


(b)   Restrictions.  Except
as specifically provided elsewhere in this Plan or the Award Agreement regarding Restricted Shares, Restricted Shares may not be
sold, assigned, transferred, pledged or otherwise disposed of or encumbered, either voluntarily or involuntarily, until the restrictions
have lapsed and the rights to the Shares have vested.  The Committee may in its sole discretion provide for the lapse
of such restrictions in installments and may accelerate or waive such restrictions, in whole or in part, based on service, performance
or such other factors or criteria as the Committee may determine.



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(c)   Dividends.  Unless
otherwise determined by the Committee, cash dividends with respect to Restricted Shares shall be paid to the recipient of the Award
of Restricted Shares on the normal dividend payment dates, and dividends payable in Shares shall be paid in the form of Restricted
Shares having the same terms as the Restricted Shares upon which such dividend is paid.  Each Award Agreement for Awards
of Restricted Shares shall specify whether and, if so, the extent to which the Participant shall be obligated to return to the
Company any cash dividends paid with respect to any Restricted Shares which are subsequently forfeited.


 


(d)   Forfeiture
of Restricted Shares.  Except to the extent otherwise provided in the applicable Award Agreement, when a Participant’s
Employment Termination occurs, the Participant shall automatically forfeit all Restricted Shares still subject to restriction.


 


SECTION 6.  
DIRECTOR SHARES


 


6.1 Automatic Grant.
  Non-Employee Directors shall receive 3,000 Restricted Shares on the date of such Non-Employee Director’s initial election
to the Board and on the date of each annual stockholders’ meeting.


 


6.2 Vesting.  
Notwithstanding the provisions of Section 5.1(d), Awards of Restricted Shares made to Non-Employee Directors shall
vest over a five-year period following the first anniversary of the Grant Date in increments of 20% per annum.


 


6.3  Election.  The
Company shall pay to each individual who is a Non-Employee Director an annual fee in the amount set from time to time by the Board
(the “Retainer”).  Each Non-Employee Director shall be entitled to receive his or her Retainer
exclusively in cash, exclusively in unrestricted Shares (“Director Shares”) or any portion in cash and
Director Shares.  Following the approval of this Plan by the stockholders of the Company, each Non-Employee Director
shall be given the opportunity, during the month in which the Non-Employee Director first becomes a Non-Employee Director, and
during each December thereafter, to elect among these choices for the balance of the calendar year (in the case of the election
made during the month the Non-Employee Director first becomes a Non-Employee Director) and for the ensuing calendar year (in the
case of a subsequent election made during any December).  If the Non-Employee Director chooses to receive at least some
of his or her Retainer in Director Shares, the election shall also indicate the percentage of the Retainer to be paid in Director
Shares.  If a Non-Employee Director makes no election during his or her first opportunity to make an election, the Non-Employee
Director shall be assumed to have elected to receive his or her entire Retainer in cash.


 


6.4  Issuance.  The
Company shall make the first issuance of Director Shares to electing Directors on the first business day following the last day
of the full calendar quarter following the approval of this Plan by the Company’s stockholders.  Subsequent issuances
of Director Shares shall be made on the first business day of each subsequent calendar quarter and shall be made to all persons
who are Non-Employee Directors on that day except any Non-Employee Director whose Retainer is to be paid entirely in cash.  The
number of Shares issuable to those Non-Employee Directors on the relevant date indicated above shall equal:


 


(% x R/4)/P, where:


 


% = the percentage of the Non-Employee
Director’s Retainer that the Non-Employee Director elected or is deemed to have elected to receive in the form of Director
Shares, expressed as a decimal;


 


R = the Non-Employee Director’s
Retainer for the year during which the issuance occurs; and


 


P = the Fair Market Value.


 


Director Shares shall not include
any fractional Shares.  Fractions shall be rounded to the nearest whole Share (with one-half being rounded upward).



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SECTION 7.  
SECURITIES LAWS


 


Nothing in this Plan or in
any Award or Award Agreement shall require the Company to issue any Shares with respect to any Award if, in the opinion of counsel
for the Company, that issuance could constitute a violation of any Applicable Laws.  As a condition to the grant of any
Award, the Company may require the Participant (or, in the event of the Participant’s death, the Participant’s legal
representatives, heirs, legatees or distributees) to provide written representations concerning the Participant’s (or such
other person’s) intentions with regard to the retention or disposition of the Shares covered by the Award and written covenants
as to the manner of disposal of such Shares as may be necessary or useful to ensure that the grant or disposition thereof will
not violate the Securities Act, any other law or any rule of any applicable securities exchange or securities association then
in effect.  The Company shall not be required to register any Shares under the Securities Act or register or qualify
any Shares under any state or other securities laws.


 


SECTION 8.  
EMPLOYMENT OR OTHER RELATIONSHIP


 


Nothing in this Plan or any
Award shall in any way interfere with or limit the right of the Company, the Advisor or any Affiliate of the Company to terminate
any Participant’s employment or status as a consultant or Director at any time, nor confer upon any Participant any right
to continue in the employ of, or as a Director or consultant of, the Company, the Advisor or any Affiliate of the Company.


 


SECTION 9.  
AMENDMENT, SUSPENSION AND TERMINATION OF THIS PLAN


 


The Board may at any time amend,
suspend or discontinue this Plan, provided that such amendment, suspension or discontinuance meets the requirements of Applicable
Laws, including without limitation, any applicable requirements for stockholder approval.  Notwithstanding the above,
an amendment, suspension or discontinuation shall not be made if it would impair the rights of any Participant under any Award
previously granted, without the Participant’s consent, except to conform this Plan and Awards granted to the requirements
of Applicable Laws.  The provisions of this Plan relating to Awards for Non-Employee Directors may not be amended more
than once each six months.  Notwithstanding any provision of the Plan to the contrary, if the Board determines that
any Award may be subject to Section 409A of the Code, the Board may adopt such amendment to the Plan and the applicable Award
Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take
any other actions that the Board determines are necessary or appropriate, without the consent of the Participant, to (a) exempt
the Award from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to
the Award, or (b) comply with the requirements of Section 409A of the Code.


 


SECTION 10.   LIABILITY
AND INDEMNIFICATION OF THE BOARD


 


No person constituting, or
member of the group constituting, the Board shall be liable for any act or omission on such person’s part, including but
not limited to the exercise of any power or discretion given to such member under this Plan, except for those acts or omissions
resulting from such member’s gross negligence or willful misconduct.  The Company shall indemnify each present
and future person constituting, or member of the group constituting, the Board against, and each person or member of the group
constituting the Board shall be entitled without further act on his or her part to indemnity from the Company for, all expenses
(including the amount of judgments and the amount of approved settlements made with a view to the curtailment of costs of litigation)
reasonably incurred by such person in connection with or arising out of any action, suit or proceeding to the fullest extent permitted
by law and by the Articles of Incorporation and Bylaws of the Company.


 


SECTION 11.  
SEVERABILITY


 


If any provision of this Plan
is held to be illegal or invalid for any reason, that illegality or invalidity shall not affect the remaining portions of this
Plan, but such provision shall be fully severable and this Plan shall be construed and enforced as if the illegal or invalid provision
had never been included in this Plan.  Such an illegal or invalid provision shall be replaced by a revised provision
that most nearly comports to the substance of the illegal or invalid provision.  If any of the terms or provisions of
this Plan or any Award Agreement conflict with the requirements of Applicable Laws, those conflicting terms or provisions shall
be deemed inoperative to the extent they conflict with Applicable Law.



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SECTION 12.  
SECTION 409A OF THE CODE


 


Awards granted under the Plan
are intended to be exempt from Section 409A of the Code.  To the extent that the Plan is not exempt from the requirements
of Section 409A of the Code, the Plan is intended to comply with the requirements of Section 409A of the Code and shall be limited,
construed and interpreted in accordance with such intent.  Notwithstanding the foregoing, in no event whatsoever shall
the Company be liable for any additional tax, interest or penalty that may be imposed on a Participant by Section 409A of the Code
or any damages for failing to comply with Section 409A of the Code.


 


SECTION 13.   WITHHOLDING


 


The Company shall have the
right to deduct from any payment to be made to a Participant, or to otherwise require, prior to the issuance or delivery of any
Shares or the payment of any cash hereunder, payment by the Participant of, any federal, state or local taxes required by law to
be withheld.  Upon the vesting of Restricted Shares, or upon making an election under Section 83(b) of the Code, a Participant
shall pay all required withholding to the Company.  The Board may permit any such statutory withholding obligation with
regard to any Participant to be satisfied by reducing the number of Shares otherwise deliverable or by delivering Shares already
owned.


 


SECTION 14.   GOVERNING
LAW


 


This Plan shall be governed
and construed in accordance with the laws of the State of Maryland (regardless of the law that might otherwise govern under applicable
principles of conflict of laws).


 


SECTION 15.   EFFECTIVE
DATE AND PROCEDURAL HISTORY


 


This Plan was originally approved
by the Company’s Board on _________, 2012 (the “ Effective Date”).  It was approved in
that form by the holders of the Company’s voting Shares on _____________, 2012.



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