Document:

EX-10.4

 Exhibit 10.4 

INSURANCE SHARING AGREEMENT 

Dated as of                , 2018 

 TABLE OF CONTENTS 

Page 

									
			
	 1.
	  	 Insurance Procurement
	  	 	1	 
				
		  	1.1  	  	Duty of Manager	  	 	1	 
		  	1.2  	  	Policy Type	  	 	1	 
		  	1.3  	  	Considerations	  	 	2	 
		  	1.4  	  	Binding Effect	  	 	2	 
		  	1.5  	  	Reliance Upon Broker	  	 	2	 
		  	1.6  	  	Presentation of Claims	  	 	2	 
			
	 2.
	  	 Interim Period
	  	 	2	 
			
	 3.
	  	 Allocation of Costs and Proceeds
	  	 	3	 
				
		  	3.1  	  	Cost of Separate Insurance	  	 	3	 
		  	3.2  	  	Cost of Common Benefit Insurance	  	 	3	 
		  	3.3  	  	Remittance of Separate Insurance Proceeds	  	 	3	 
		  	3.4  	  	Remittance of Common Benefit Insurance Proceeds	  	 	3	 
			
	 4.
	  	 Payment of Costs
	  	 	4	 
			
	 5.
	  	 Term; Termination
	  	 	4	 
			
	 6.
	  	 General Provisions
	  	 	5	 
				
		  	6.1  	  	Independent Contractor	  	 	5	 
		  	6.2  	  	Notices	  	 	5	 
		  	6.3  	  	Attorneys’ Fees	  	 	5	 
		  	6.4  	  	Non-Assignability	  	 	5	 
		  	6.5  	  	Amendments	  	 	5	 
		  	6.6  	  	Counterparts	  	 	5	 
		  	6.7  	  	Governing Law	  	 	6	 
		  	6.8  	  	Cooperation	  	 	6	 
		  	6.9  	  	Waiver of Rights	  	 	6	 
		  	6.10	  	Successors and Assigns	  	 	6	 
		  	6.11	  	Subordination	  	 	6	 
		  	6.12	  	Further Assurance	  	 	6	 

  
 i 

 INSURANCE SHARING AGREEMENT 

THIS PROPERTY INSURANCE SHARING AGREEMENT (this “Agreement”) is entered into as
of                , 2018 by and among SPIRIT REALTY, L.P., a Delaware limited partnership (“Manager”), SPIRIT REALTY CAPITAL, INC., a Maryland
corporation (together with its subsidiaries, “Spirit”), and SPIRIT MTA REIT, a Maryland real estate investment trust (together with its subsidiaries, “SMTA”). Spirit and SMTA are each referred to as an
“Insured Entity” and, collectively, as the “Insured Entities”. 
 Recitals 

WHEREAS, in connection with the proposed spin-off by Spirit of certain assets and liabilities to
Spirit’s common stockholders, Manager, Spirit and SMTA will engage in certain restructuring transactions (“Restructuring Transactions”) resulting in each of Spirit and SMTA, directly or indirectly, owning or leasing certain
land and improvements (collectively, the “Projects”) upon the consummation of the Restructuring Transactions,; and 

WHEREAS, subject to, and upon the consummation of, the Restructuring Transactions, the Insured Entities desire to appoint Manager as their
agent and representative in connection with the matters set forth in this Agreement. 
 NOW THEREFORE, in consideration of the mutual
covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Manager and Insured Entities hereby agree as follows: 

1. Insurance Procurement. 

1.1 Duty of Manager. Subject to, and upon the consummation of, the Restructuring Transactions, the Insured Entities hereby
appoint Manager as their agent and representative to procure and continue in force on behalf of the Insured Entities such policies of insurance on the Projects as Manager shall determine to be necessary or appropriate from time to time;
provided, however, that such policies of insurance shall at all times materially comply with any requirements by lenders or lessors of the Insured Entities as set forth in any deeds of trust, mortgages and other secured
loan documents or instruments, security agreements, ground or other leases and other loan, lease or guaranty agreements, documents or instruments as the Insured Entities may enter into with respect to the Projects from time to time, and which will
be provided by the Insured Entities to Manager in accordance with Section 1.3 hereof. The Insured Entities agree that such policies of insurance may include, without limitation, general liability, automobile liability, umbrella liability,
property and environmental liability policies. 
 1.2     Policy Type. Manager has the authority to
procure and maintain on behalf of the Insured Entities or an Insured Entity, as the case may be, (i) separate policies of insurance (“Separate Insurance”) with respect to (A) one or any group of Projects owned or leased,
directly or indirectly, solely by Spirit or SMTA, respectively, and (B) director and officer liability, and (ii) blanket policies of insurance (“Common Benefit Insurance”) with respect to any group of Projects owned or
leased, directly or indirectly, by Spirit and SMTA, in each case in accordance with this Agreement. All insurance policies procured and maintained by Manager hereunder shall be issued by financially sound and responsible insurance companies and
shall insure both the owner or the lessor of the insured Project and Manager, as the case may be. 

  
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 1.3 Considerations. Subject to Section 1.6 below, any
determination to be made by Manager pursuant to Sections 1.1 and 1.2 above shall be based upon, in addition to such other factors and considerations as Manager may deem to be appropriate, (i) the nature and amount of insurance
coverage maintained with respect to similar properties and industries located in the areas in which the Projects are located, (ii) insurance requirements set forth in third-party agreements, including, but not limited to, leases and loan
agreements, documents and instruments entered into with respect to the respective Projects and (iii) the condition of, and limitations imposed by, the insurance underwriting market with respect to the availability of insurance coverage. In
connection with the foregoing, each Insured Entity agrees that it shall provide to Manager promptly upon request a true and complete copy of each mortgage, loan, lease, security agreement and/or other third party agreement, document and instrument
to which such Insured Entity is a party and which contains any insurance requirement with respect to the Projects owned or leased by such Insured Entity. 

1.4 Binding Effect. The exercise in good faith of all discretion conferred upon Manager pursuant to the terms of this Agreement
shall be binding upon each of the Insured Entities. 
 1.5 Reliance Upon Broker. Each Insured Entity authorizes and
directs Manager to employ one or more nationally recognized insurance brokerage firms to assist in the performance of its duties hereunder, and Manager shall be entitled to rely in good faith upon any advice given by such brokerage firms with
respect to availability of coverages, rates, policy terms, allocations of premiums and coverages, the insurable value of each of the Projects and other similar matters. 

1.6 Presentation of Claims. The Insured Entity owning or leasing an affected Project shall inform Manager in writing as soon as
reasonably practicable after an event giving rise to a claim for payment of insured losses. Manager shall then promptly present such claim for payment of insured losses to insurance carriers, pursue such claim until final resolution and take other
similar actions as Manager determines are reasonably necessary. Each Insured Entity authorizes Manager to employ independent insurance adjusters and other independent contractors as may be reasonably necessary or required by the terms of the
applicable insurance policy to effect loss recovery. To the extent the cost thereof is not paid by the insurers, such cost shall be borne as set forth in Section 3.1 below. 

2. Interim Period. 
 Manager shall
use commercially reasonable efforts to add SMTA as a named insured under Spirit’s existing general liability, automobile liability, umbrella liability, property liability and premise environmental liability policies (each, an “Existing
Policy”), effective upon the consummation of the Restructuring Transactions, until the expiration of the current term of each such Existing Policy. SMTA will reimburse Spirit for its pro rata share of the premiums and other costs for each
Existing Policy to which SMTA is added as a named insured in accordance with the methodology shown on Schedule 1 attached hereto. The remittance of insurance proceeds to the Insured Entities under an Existing Policy shall be made at the times
and in the manner set forth in Section 3.4 below. 

  
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 3. Allocation of Costs and Proceeds. 

From and after the expiration of any relevant Existing Policy, the payment of premiums and other costs by, and remittance of insurance proceeds
to, the Insured Entities under Separate Insurance and Common Benefit Insurance shall be made at the times and in the manner set forth in this Section 3. 

3.1 Cost of Separate Insurance. From and after the expiration of any relevant Existing Policy, the premiums and other costs for
Separate Insurance, if any, procured and maintained by Manager hereunder shall be paid by the respective Insured Entity named as the insured under such Separate Insurance. Any costs or expenses incurred by Manager with respect to the presentation or
pursuit of claims under any such Separate Insurance or with respect to Manager’s assistance in the presentation and pursuit of such claims shall be paid by the respective Insured Entity. 

3.2 Cost of Common Benefit Insurance. From and after the expiration of any relevant Existing Policy, the premiums, broker fees
and other costs for Common Benefit Insurance, if any, procured and maintained by Manager hereunder with respect to any Projects owned or leased, directly or indirectly, by Spirit and SMTA shall be paid by the Insured Entities in accordance with the
methodology shown on Schedules 2-6 attached hereto. Any costs or expenses incurred by Manager with respect to the presentation or pursuit of claims under any Common Benefit Insurance shall, if such
claims are pursued for the benefit of only one Insured Entity, be paid by such Insured Entity and, if such claims are pursued for the benefit of more than one Insured Entity, be paid by the relevant Insured Entity (a) if Insurance Proceeds
(defined below) are remitted to the Insured Entities with respect to insured losses or damages from an event or casualty covered by Common Benefit Insurance, in proportion to their respective share of the Insurance Proceeds from Common Benefit
Insurance as set forth in Section 3.4 below and (b) if Insurance Proceeds are not remitted to the Insured Entities with respect to insured losses or damages from an event or casualty covered by Common Benefit
Insurance, in proportion to their respective share of the premium cost for Common Benefit Insurance as set forth in the immediately preceding sentence of this Section 3.2. 

3.3 Remittance of Separate Insurance Proceeds. Insurance proceeds, net of any deductible or exclusion (“Insurance
Proceeds”), with respect to insured losses or damages from an event or casualty covered by Separate Insurance shall be remitted solely to the respective Insured Entity named as the insured under such Separate Insurance. 

3.4 Remittance of Common Benefit Insurance Proceeds. Insurance Proceeds with respect to insured losses or damages from an event
or casualty covered by Common Benefit Insurance shall be remitted to the Insured Entities as follows, subject to adjustment in accordance with Section 3.4(c): 

(a) If one Project sustains insured losses or damages from the same event or casualty covered by Common Benefit Insurance, Insurance Proceeds
with respect to such insured losses or damages shall be remitted to the Insured Entity owning or leasing such Project; 

  
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 (b) If more than one Project sustains insured losses or damages from an event or casualty covered
by Common Benefit Insurance, Insurance Proceeds with respect to such insured losses or damages shall be remitted to the Insured Entities owning or leasing such Projects; provided that such Insurance Proceeds shall be remitted to each
such Insured Entity so that the proportion of such Insurance Proceeds received by each such Insured Entity equals a fraction, the numerator of which is the insured losses or damages sustained by the Projects owned or leased by each such Insured
Entity and the denominator of which is the aggregate insured losses or damages sustained by all Projects owned or leased by both such Insured Entities; and 

(c) If Insurance Proceeds are remitted to the Insured Entities pursuant to Sections 3.4(a) and/or (b) for insured losses or
damages from more than one event or casualty covered by Common Benefit Insurance, at the end of each calendar year during the existence of a Common Benefit Insurance and, in the year of termination of such Common Benefit Insurance, upon termination
of such Common Benefit Insurance, the Insured Entities agree to make or receive payments, without interest, amongst themselves as necessary so that the proportion of such Insurance Proceeds received by each such Insured Entity during the existence
of the Common Benefit Insurance date equals a fraction, the numerator of which is the insured losses or damages sustained by the Projects owned or leased by each such Insured Entity through such date of determination and the denominator of which is
the aggregate insured losses or damages sustained by all Projects owned or leased by all such Insured Entities during the existence of the Common Benefit Insurance through such date of determination. 

4. Payment of Costs. 
 The Insured
Entities each hereby direct Manager, as soon as practicable after the receipt of each premium notice for any policy of insurance procured or maintained by Manager hereunder and the receipt of any invoice for any other item of cost related to such
policy of insurance, to give written notice to the Insured Entities of the amount of such premium or invoice allocable to each such Insured Entity as determined pursuant to Sections 3.1 and 3.2 above. Not less than five
(5) business days prior to the last date for payment without penalty stated in such premium notice or invoice, each Insured Entity shall pay to Manager, or to the insurance broker or insurance company, as directed by Manager, its allocable
share of the amount of such premium or invoice, or the entire premium or invoice, in the case of Separate Insurance. Manager shall be entitled to finance the cost of any Common Benefit Insurance obtained hereunder over the policy period of such
Common Benefit Insurance, in which case the costs thereof for which the Insured Entities are responsible shall include all interest, fees and other costs of such financing. Manager shall notify the Insured Entities of the periodic payments required
under such financing and each Insured Entity shall pay its allocable share thereof not less than five (5) business days prior to the date each such payment is due. 

5. Term; Termination. 
 (a) Unless
the parties hereto agree otherwise, this Agreement shall be effective upon, the consummation of the Restructuring Transactions until the date that is three years after the date hereof (the “Original Term”). At the expiration of the
Original Term, this Agreement shall be deemed renewed automatically each year for an additional one-year period. Each of the Manager and the Insured Entities shall be entitled to withdraw from this Agreement
upon thirty (30) days prior written notice to the other parties. Notwithstanding the foregoing, this Agreement shall terminate automatically upon the termination of the Asset Management Agreement,
dated                , 2018, between SMTA and Manager. 

  
 4 

 (b) At least 30 (thirty) days before the expiration date of each policy of insurance (such
expiration date, the “Reallocation Date”), Manager shall notify each Insured Entity of the premium allocations for the period beginning on the Reallocation Date (the “Following Period”), specifying such allocations
in the form shown on Schedules 2-6 hereto. Such allocations shall replace and supersede in their entirety Schedules 2-6 for such Following Period. 

(c) Upon termination of this Agreement pursuant to Section 5(a), each Insured Entity shall, notwithstanding anything
to the contrary contained herein, negotiate in good faith to equitably separate the policies of insurance on the Projects that constitute Common Benefit Insurance, including the equitable resolution of (i) the payment of premiums and other
costs by the Insured Entities under Common Benefit Insurance pursuant to Sections 3.2 and (ii) the remittance of insurance proceeds to the Insured Entities under Common Benefit Insurance pursuant to Section 3.4.

 6. General Provisions. 

6.1 Independent Contractor. It is expressly understood and agreed that Manager acts as an independent contractor in performance
of its duties as described herein. 
 6.2 Notices. All notices, demands, consents and reports provided for in this
Agreement shall be in writing and shall be personally served or sent by certified or registered mail, return receipt requested, postage prepaid to the Insured Entities at 2727 North Harwood Street, Suite 300, Dallas, Texas 75201, or to such other
address as each Insured Entity may provide to the other by written notice. For purposes of this Agreement, notices will be deemed to have been given upon personal delivery thereof or forty-eight (48) hours after having been deposited in the
United States mail, postage prepaid and properly addressed. 
 6.3 Attorneys’ Fees. If any suit,
action or proceeding is instituted in connection with any controversy arising out of this Agreement, the prevailing party shall be entitled to recover, in addition to costs, such sum as the court may adjudge reasonable as attorneys’ fees in
such suit, action or proceeding and on any appeal from any judgment or decree entered therein. 
 6.4 Non-Assignability. This Agreement and the rights and obligations hereunder, shall be fully assignable by the Manager to an affiliate thereof. This Agreement and the rights and obligations hereunder shall not
be assignable by any other party hereto without the written consent of all of the other parties hereto. Provided, however, that the foregoing shall not extend to assignments required by any insurance carrier in any matter relating to subrogation and
shall not extend to an assignment by any Insured Entity in connection with a sale or financing of a Project or a portion thereof. 

6.5 Amendments. Except as otherwise provided herein all amendments to this Agreement shall be in writing and executed by the
party to be charged. 
 6.6 Counterparts. This Agreement may be executed in one or more counterparts, which, when taken
together, shall constitute one original. 

  
 5 

 6.7 Governing Law. This Agreement and all questions relating to its validity,
interpretation, performance and enforcement shall be governed by and construed, interpreted and enforced in accordance with the laws of the State of New York, notwithstanding any New York or other conflict-of-law provisions to the contrary. 
 6.8 Cooperation. The Insured Entities
shall furnish such information and reasonable assistance in presenting or prosecuting any claim for payment under a policy of insurance procured or maintained by Manager hereunder as may be reasonably requested by Manager. 

6.9 Waiver of Rights. The failure of any Insured Entity to seek redress for violation, or to insist upon the strict performance
of any covenant, agreement, provision or condition of this Agreement, shall not constitute a waiver of the terms of such covenant, agreement, provision or condition at any subsequent time, or of the terms of any other covenant, agreement, provision
or condition contained in this Agreement. 
 6.10 Successors and Assigns. This Agreement and each of the provisions hereof
shall be binding upon and inure to the benefit of the Insured Entities hereto and their respective heirs, executors, administrators, successors and assigns, subject to Section 6.4 above. 

6.11 Subordination. This Agreement shall be and remain absolutely and unconditionally subordinate to any valid recorded deed of
trust on each Project or any part thereof and to any ground lease or other lease of a Project to an Insured Entity whether already or hereafter recorded. 

6.12 Further Assurance. The Insured Entities hereby agree to take such further action and to execute such other and further
documents as may be reasonably necessary to carry out the purposes of this Agreement. 
 [Signature Pages Follow] 

 

  
 6 

 IN WITNESS WHEREOF, the Insured Entities have executed this Insurance Sharing Agreement as of the
day and year first above written. 
  

			
	 SPIRIT REALTY CAPITAL, INC.,
 a
Maryland corporation

			
		
	By:	 	  

			
	
	 SPIRIT MTA REIT,
 a Maryland real
estate investment trust

			
		
	By:	 	  

 [Signature page to Insurance Sharing Agreement] 

 The undersigned hereby agrees to perform and comply with its obligations and duties under the
foregoing Insurance Sharing Agreement. 
 “MANAGER” 

SPIRIT REALTY, L.P., 
 a Delaware limited partnership 

 

					
	By:	 	Spirit General OP Holdings, LLC,
		 	as general partner
			
		 	By:	 	  

 [Signature page to Insurance Sharing Agreement] 

 SCHEDULE 1 

Premium Allocation – Interim Period 

General Liability 
 Total unamortized premium
balance, including all surcharges, taxes, policy fees and broker commissions, multiplied by the percentage that represents SMTA’s square footage to total square footage. 

Example: Assuming an effective date for the spin-off related to the Restructuring Transactions referred to in
the preamble to this Agreement (“Spin-off Effective Date”) of 5/31/18, total unamortized premium balance is $83,739. SMTA’s square footage is 42.44% of total square footage, therefore,
the allocation is $35,539. 
 Automobile Liability 

Neither SMTA nor SRC has any owned autos. The policy premium, including all surcharges, fees, taxes, policy fees and broker commissions, is for Hired and Non-Owned Liability, which is primarily for autos rented for business by employees and for employees using their own autos for business purposes. Since SMTA has no employees, no allocation is needed. 

Umbrella Liability 
 Total unamortized premium
balance, including all surcharges, taxes, policy fees and broker commissions, multiplied by the percentage that represents SMTA’s square footage to total square footage. 

Example: Assuming a Spin-off Effective Date of 5/31/18, total unamortized premium balance is $24,154.
SMTA’s square footage is 42.44% of total square footage, therefore, the allocation is $10,251. 
 Property 

Total unamortized premium balance, including all surcharges, taxes, policy fees and broker commissions, multiplied by the percentage that represents
SMTA’s insured property values to total insured property values. 
 Example: Assuming a Spin-off
Effective Date of 5/31/18, total unamortized premium balance is $211,875. SMTA’s insured property values are 13.53% of total insured property values, therefore, the allocation is $28,666. 

Premises Environmental Liability 
 Total
unamortized premium balance, including all surcharges, taxes, policy fees and broker commissions, multiplied by the percentage that represents SMTA’s proportionate share of the balance, based on a premium by category/industry type, which is
multiplied by the number of locations in each category. 

 Example: Assuming a Spin-off Effective Date of 5/31/18, total
unamortized premium balance is $277,891. SMTA’s proportionate share is 33.6% of the balance, based on the sum of the individual premiums by category. 
  

	 	•	 	Single-tenant retail, grocery or restaurant – 200 at $400 each 

  

	 	•	 	Office or medical – 589 at $500 each 

  

	 	•	 	Carwash, gas station, auto dealership or auto repair shop – 98 at $750 each 

  

	 	•	 	Industrial or manufacturing – 11 at $1,000 each 

 Using this methodology, total SMTA premium for the term
would be $459,000, or 33.6% of the total premium of $1,366,070 paid by Spirit for the full term. Therefore, SMTA will be allocated $93,414 for the interim period. 

 SCHEDULE 2 

Premium Allocation – General Liability Policy 

Total annual policy premium, including all surcharges, taxes, policy fees and broker commissions, multiplied by the percentage that represents the SMTA square
footage to total square footage, based on the schedule provided to carriers in the renewal submission. The remainder is allocated to Spirit. 

Example: Total premium is $335,000. Total square feet insured at time of renewal submission is 44,000,000. SMTA owns 19,800,000 square feet, or 45% of
the total. Total premium of $335,000 multiplied by 45% equals $150,750. The remainder is allocated to Spirit. 

 SCHEDULE 3 

Premium Allocation – Automobile Liability 

Neither SMTA nor Spirit has any owned autos. The policy premium, including all surcharges, fees, taxes, policy fees and broker commissions, is for Hired and Non-Owned Liability, which is primarily for autos rented for business by employees and for employees using their own autos for business purposes. Since SMTA has no employees, the full annual premium will be
allocated to Spirit. 

 SCHEDULE 4 

Premium Allocation – Umbrella Liability 

Total annual policy premium, including all surcharges, taxes, policy fees and broker commissions, multiplied by the percentage that represents the SMTA square
feet to total square feet, based on the schedule provided to carriers in the renewal submission. The remainder is allocated to Spirit. 
 Example:
Total premium is $97,000. Total square feet insured at time of renewal submission is 44,000,000. SMTA owns 19,800,000 square feet, or 45% of the total. Total premium of $97,000 multiplied by 45% equals $43,650. The remainder is allocated to Spirit.

 SCHEDULE 5 

Premium Allocation – Property 
 Total annual
policy premium, including all surcharges, taxes, policy fees and broker commissions, multiplied by the percentage that represents the SMTA property values insured to total property values insured, based on the schedule provided to carriers in the
renewal submission. The remainder is allocated to Spirit. 
 Example: Total premium is $600,000. Total property values insured at time of renewal
submission are $30,000,000. SMTA property values insured are $10,000,000 or 33.3% of total property values insured. Total premium of $600,000 multiplied by 33.3% equals $199,800. The remainder is allocated to Spirit. 

 SCHEDULE 6 

Premium Allocation – Environmental Liability 

Total annual policy premium, including all surcharges, taxes, policy fees and broker commissions, is based on a premium per occupancy type multiplied by the
number of properties that fall within each occupancy category. The SMTA allocation will be the sum of each premium for each property, based on the premium per occupancy. The remainder is allocated to Spirit. 

Example: Total premium is $900,000. The premiums by occupancy type are shown below. 

 

					
	 Single-tenant retail, grocery or restaurant with no historical uses of concern:
	  	$	400	 
	 Single-tenant retail, grocery or restaurant with historical uses of concern:
	  	$	600	 
	 Commercial office or medical office:
	  	$	500	 
	 Industrial or Manufacturing:
	  	$	1,000	 
	 Multi-family residential:
	  	$	30 per unit	 
	 Carwash, gas station, auto dealership or automobile repair shop:
	  	$	750	 
	 Multi-tenant retail shoping center or strip mall:
	  	$	500	 
	 Vacant land with no historical uses of concern:
	  	$	25 per acre	 

 SMTA has 400 single-tenant retail properties with no historical uses of concern, 300 restaurants with no historical uses of
concern, 100 grocery stores with no historical uses of concern and 100 medical offices. 
 The premiums by category are $160,000 (400 X $400); $120,000 (300
X $400); $40,000 (100 X $400); and $50,000 (100 X $500) for a total of $370,000.EX-10.5

 Exhibit 10.5 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT is entered into as of            , 2018 by and
among Spirit MTA REIT, a Maryland real estate investment trust (the “Company”), and Spirit Realty, L.P., a Delaware limited partnership (the “Initial Holder”). 

RECITALS 
 WHEREAS, the
Company, the Initial Holder and one of the Initial Holder’s wholly-owned subsidiaries entered into that certain Contribution Agreement, dated as of            , 2018 (the
“Contribution Agreement”), in connection with the issuance by the Company to the Initial Holder and its wholly-owned subsidiary of a total of 6,000,000 10.0% Series A cumulative redeemable preferred shares of beneficial interest,
par value $0.01 per share, of the Company (the “Series A Preferred Shares”) as consideration for certain equity interests contributed by the Initial Holder (directly or indirectly through its subsidiaries) to the Company; 

WHEREAS, the Series A Preferred Shares shall be issued pursuant to the Articles Supplementary, dated as
of            , 2018 (the “Articles Supplementary”), establishing the terms of the Series A Preferred Shares; 

WHEREAS, in order to induce the Initial Holder to enter into the Contribution Agreement, the Company has agreed to grant to the Initial Holder
and its affiliates and permitted assignees and transferees the registration rights set forth in Article II hereof; and 
 WHEREAS, the
execution and delivery of this Agreement is a condition to the closing of the transactions contemplated by the Contribution Agreement. 

NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows 
 ARTICLE I 

DEFINITIONS 

Section 1.1. Definitions. In addition to the definitions set forth above, the following terms, as used herein, have the following
meanings: 
 “Affiliate” of any Person means any other Person directly or indirectly controlling or controlled by or under
common control with such Person. For the purposes of this definition, “control” when used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of such Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing; provided, that the
Holders shall not be considered Affiliates of the Company or any other subsidiaries of the Company. 
 “Agreement” means
this Registration Rights Agreement, as it may be amended, supplemented or restated from time to time. 
 “Business Day”
means any day except a Saturday, Sunday or other day on which commercial banks in The City of New York, New York or Dallas, Texas are authorized by law to close. 

“Commission” means the Securities and Exchange Commission. 

“Common Shares” means the commons shares of beneficial interest, par value $0.01, of the Company. 

  
 1 

 “Company” shall have the meaning set forth in the Preamble hereto. 

“Company Offering” means an offering pursuant to an effective registration statement in which equity securities of the
Company are sold (whether or not for the account of the Company) (i) to an underwriter on a firm commitment basis for reoffering and resale to the public, (ii) in an offering that is a “bought deal” with one or more investment
banks or (iii) in a block trade with a broker-dealer, but shall, in each case, not include any at-the-market offering programs of the Company. 

“Declaration of Trust” means the declaration of trust of the Company. 

“Demand Registration” shall have the meaning set forth in Section 2.1(a). 

“Demand Registration Statement” shall have the meaning set forth in Section 2.1(a). 

“Effectiveness Period” shall have the meaning set forth in Section 2.2(a). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 “Holder” means (i) the Initial Holder, or (ii) any assignee or transferee of the Initial Holder (including
assignments or transfers of Registrable Securities to such assignees or transferees as a result of the foreclosure on any loans secured by such Registrable Securities) (x) to the extent permitted under, and not in violation of the Declaration
of Trust, and (y) provided such assignee or transferee agrees in writing to be bound by all the provisions hereof. 
 “Holder
Indemnitee” shall have the meaning set forth in Section 2.6. 
 “Indemnified Party”
shall have the meaning set forth in Section 2.8. 
 “Indemnifying Party” shall have the meaning
set forth in Section 2.8. 
 “Initial Holder” shall have the meaning set forth in the
Preamble hereto. 
 “Inspectors” shall have the meaning set forth in Section 2.4(m). 

“Permitted Offering” shall have the meaning set forth in Section 2.12. 

“Person” means an individual or a corporation, partnership, limited liability company, association, trust, or any other
entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 
 “Contribution
Agreement” shall have the meaning set forth in the Recitals hereto. 
 “Qualified Offering” means an
offering pursuant to an effective registration statement in which Registrable Securities are sold (i) to an underwriter on a firm commitment basis for reoffering and resale to the public, (ii) in an offering that is a “bought
deal” with one or more investment banks or (iii) in a block trade with a broker-dealer, but in each case shall not include any at-the-market offering programs
of the Company. 
 “Records” shall have the meaning set forth in Section 2.4(m). 

“Registration Expenses” shall have the meaning set forth in Section 2.5. 

“Registrable Securities” means with respect to any Holder, (a) the Series A Preferred Shares owned, either of record or
beneficially, by such Holder that were received by the Initial Holder and its Affiliates pursuant to the 

  
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Contribution Agreement, and (b) the maximum number of Common Shares issuable upon conversion of the Series A Preferred Shares based on the share cap set forth in the Articles Supplementary,
together with any additional Common Shares issued as a dividend or distribution on, in exchange for, or otherwise in respect of, such securities (including as a result of splits, combinations, recapitalizations, mergers, consolidations,
reorganizations or otherwise). As to any particular Registrable Securities, they shall cease to be Registrable Securities at the earliest time as one of the following shall have occurred: (i) a registration statement (including a Shelf
Registration Statement) covering such shares has been declared effective by the Commission and all such shares have been disposed of pursuant to such effective registration statement or (ii) such shares have been sold in accordance with Rule
144. 
 “Rule 144” means Rule 144 promulgated under the Securities Act, as amended from time to time, or any similar
successor rule thereto that may be promulgated by the Commission. 
 “Securities Act” means the Securities Act of 1933, as
amended, together with the rules and regulations promulgated thereunder. 
 “Selling Holder” means a Holder who is selling
Registrable Securities pursuant to a registration statement under the Securities Act pursuant to the terms hereof. 
 “Series A
Preferred Shares” shall have the meaning set forth in the Recitals hereto. 
 “Shelf Registration
Statement” shall have the meaning set forth in Section 2.2(a). 
 “Suspension Notice”
shall have the meaning set forth in Section 2.12. 
 “Suspension Period” shall have the meaning
set forth in Section 2.12. 
 ARTICLE II 

REGISTRATION RIGHTS 

Section 2.1. Demand Registration. 

(a) Commencing on August 1, 2019 and from time to time so long as there are any Registrable Securities outstanding, if the Company is not
eligible to file a Shelf Registration Statement, if the Company has not caused a Shelf Registration Statement to be declared effective by the Commission in accordance with Section 2.2 or if the Shelf Registration Statement
shall cease to be effective, subject to the minimum size limitations in Section 2.3(a), the Holder(s) holding a majority of Registrable Securities then outstanding may collectively make one or more written requests to the
Company for registration under the Securities Act of all or part of its or their Registrable Securities (a “Demand Registration”). The Holders submitting the request for a Demand Registration shall concurrently provide written
notice of the proposed registration to all other Holders. The Company shall prepare and file with the Commission, within thirty (30) days after such request for a Demand Registration, a registration statement on an appropriate form which the
Company is then eligible to use with respect to any Demand Registration (a “Demand Registration Statement”) as selected by the Company, and shall use its reasonable best efforts to cause any such Demand Registration Statement to be
declared effective by the Commission as promptly as reasonably practicable after the filing thereof. Any request for a Demand Registration will specify the number of shares of Registrable Securities proposed to be sold in the offering thereof;
provided that the requesting Holder(s) may change the number of Registrable Securities proposed to be offered pursuant to any Demand Registration at any time prior to the Demand Registration Statement with respect to the Demand Registration
being declared effective by the Commission, in each case subject to the minimum size limitations in Section 2.3(a). Without the prior written consent of the Holders requesting such Demand Registration, neither the Company
nor any shareholder of the Company (other than the Holders) may include securities in any offering requested under this Section 2.1. 

  
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 (b) Effective Registration. The Company will use its reasonable best efforts to keep any
Demand Registration Statement continuously effective and in compliance with the Securities Act and usable for sale of such Registrable Securities for the period as may be requested by the Selling Holders. 

Section 2.2. Shelf Registration.

(a) The Company shall prepare and file not later than June 1, 2019, a “shelf” registration statement with respect to the resale
of all of the Registrable Securities by the Holders thereof on an appropriate form which the Company is then eligible to use for an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act (the
“Shelf Registration Statement”) and permitting registration of such Registrable Securities for resale by such Holders in accordance with the methods of distribution elected by the Holders and set forth in the Shelf Registration
Statement. Unless the Shelf Registration Statement shall become automatically effective, the Company shall use its reasonable best efforts to cause the Shelf Registration Statement to be declared effective by the Commission prior to July 31,
2019, and, subject to Section 2.12, to keep such Shelf Registration Statement continuously effective for a period ending when all Registrable Securities covered by the Shelf Registration Statement are no longer Registrable
Securities (the “Effectiveness Period”). 
 (b) At the time the Shelf Registration Statement is declared effective, each
Holder shall be named as a selling securityholder in the Shelf Registration Statement and the related prospectus in such a manner as to permit such Holder to deliver such prospectus to purchasers of Registrable Securities in accordance with
applicable law. 
 (c) Subsequent Filings. The Company shall prepare and file such additional registration statements as necessary
and use its reasonable best efforts to cause such registration statements to be declared effective by the Commission so that a Shelf Registration Statement remains continuously effective, subject to Section 2.12, with
respect to resales of all Registrable Securities as and for the periods required under Section 2.2(a) (such subsequent registration statements to constitute a Shelf Registration Statement). 

Section 2.3. Qualified Offerings. 

(a) Requests. Any offering under a Demand Registration Statement or a Shelf Registration Statement shall be by means of a Qualified
Offering if requested in writing by the Holder(s) requesting such Demand Registration or offering of Registrable Securities off of a Shelf Registration Statement, as applicable. Any request for a Qualified Offering hereunder shall be made to the
Company in accordance with the notice provisions of this Agreement. Without the prior written consent of the Holders, neither the Company nor any shareholder of the Company (other than the Holders) may include securities in any Qualified Offering
requested under this Section 2.3. 
 (b) Reduction of Qualified Offering. Notwithstanding anything
contained herein, if the managing underwriter(s) of an offering described in Section 2.3(a) advise in writing the Company and the Holder(s) of the Registrable Securities included in such offering that the size of the
intended offering is such that the success of the offering would be significantly and adversely affected by inclusion of all the Registrable Securities requested to be included, then the amount of securities to be offered for the accounts of the
Holders shall be reduced pro rata among such Holders (according to the Registrable Securities requested for inclusion by them or in such other proportions as mutually agreed by the requesting Holders) to the extent necessary to reduce the
total amount of securities to be included in such offering to the amount recommended by such managing underwriter(s). 
 (c) Managing
Underwriters. The Holders of a majority of the Registrable Securities to be included in a Qualified Offering pursuant to Section 2.3(a) shall select the managing underwriter(s) in connection with any Qualified Offering;
provided that such managing underwriter must be reasonably satisfactory to the Company. 
 (d) Structure. The Holders of a
majority of the Registrable Securities to be included in a Qualified Offering pursuant to Section 2.3(a) shall determine the size, manner of sale, plan of distribution, price, underwriting discounts and other financial
terms for the offering. Each Holder will be permitted to request the removal of any 

  
 4 

 
Registrable Securities held by it from any Qualified Offering pursuant to Section 2.3(a) at any time prior to the pricing of the Qualified Offering or the effective date
of the applicable registration statement (or supplement for a take down in the case of a Shelf Registration Statement), by providing written notice thereof to the Company. 

Section 2.4. Registration Procedures; Filings; Information. Subject to Section 2.12 hereof, in
connection with each registration effected by the Company pursuant to Sections 2.1 or 2.2 or offering pursuant thereto, as applicable: 

(a) The Company will, as promptly as practicable, prepare and file with the Commission such amendments, post-effective amendments and
supplements to such registration statement and the prospectus used in connection therewith as may be necessary to cause or maintain the effectiveness of such registration statement for so long as such registration statement is required to be kept
effective and to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by such registration statement during the period in which such registration statement is required to be kept
effective, and, upon the written request of a Holder, the Company shall as soon as reasonably practicable amend or supplement the prospectus relating to the Shelf Registration Statement to facilitate a “take down” as may be reasonably
requested by such Holder. 
 (b) The Company will, within a reasonable period of time prior (but no later than two (2) Business Days
prior) to filing a registration statement or prospectus or any amendment or supplement thereto, furnish to each Holder of Registrable Securities being registered and each underwriter, if any, of the Registrable Securities covered by such
registration statement copies of such registration statement as proposed to be filed, and thereafter furnish to such Holder and underwriter, if any, such number of conformed copies of such registration statement, each amendment and supplement
thereto (in each case including all exhibits thereto and documents incorporated by reference therein), the prospectus included in such registration statement (including each preliminary prospectus) and such other documents proposed to be filed
including documents that are to be incorporated by reference into the registration statement, amendment or supplement or as such Holder or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities owned
by such Selling Holder. The Company shall consider in good faith such reasonable changes in any such documents prior to the filing thereof as the counsel to the Holders may request and the Company shall make available such of its representatives as
shall be reasonably requested by the Holders or any underwriter available for discussion of such documents. 
 (c) The Company will furnish
to each Holder of Registrable Securities being registered, without charge, such number of conformed copies of such registration statement and of each such amendment and supplement thereto (in each case including all exhibits) other than those which
are being incorporated into such registration statement by reference, such number of copies of the prospectus contained in such registration statements (including each complete prospectus and any summary or preliminary prospectus) and any other
prospectus filed under Rule 424 under the Securities Act in conformity with the requirements of the Securities Act, and such other documents, including documents incorporated by reference, as any Holder or an underwriter in a Qualified Offering may
reasonably request, in each case, including each such amendment and supplement thereto, to the extent such other documents are not available on the Commission’s Electronic Data Gathering Analysis and Retrieval System (or any successor system),
in order to facilitate the disposition of the Registrable Securities by such Holder (it being understood that the Company consents to the use of such prospectus and any amendment or supplement thereto by the Holders and their underwriters, if any,
in connection with the offering and sale of the Registrable Securities thereby). 
 (d) The Company will notify each Holder, as promptly as
practicable after it shall receive notice thereof, of the time when such registration statement, or any post-effective amendments to such registration statement, shall have become effective, or a supplement to any prospectus forming part of such
registration statement has been filed or when any document is filed with the Commission that would be incorporated by reference into the prospectus. 

(e) The Company will deliver as promptly as practicable to Holders’ counsel copies of all correspondence between the Commission and the
Company, its counsel or auditors with respect to any registration statement relating to Registrable Securities. 

  
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 (f) After the filing of a registration statement, the Company will as promptly as practicable
notify each Selling Holder of Registrable Securities covered by such registration statement of (i) any stop order, injunction or other order or requirement of the Commission suspending the effectiveness of such registration statement or the
initiation or threatening of any proceeding for such purpose and use its reasonable best efforts to prevent the issuance or entry of such stop order, injunction or other order or requirement and, if issued or entered, to obtain as soon as
practicable the lifting thereof, and (ii) the removal of any such stop order, injunction or other order or requirement or proceeding or the lifting of any such suspension. 

(g) The Company will use its reasonable best efforts to (i) register or qualify the Registrable Securities under such other securities or
“blue sky” laws of such jurisdictions in the United States (where an exemption does not apply) as any Holder or managing underwriter(s), if any, reasonably (in light of such Holder’s intended plan of distribution) requests,
(ii) keep such registration or qualification in effect for so long as such registration statement is required to be kept effective, (iii) cooperate with the Holders and the underwriter(s), if any, and their respective counsel in connection
with any filings required to be made with the Financial Industry Regulatory Authority and (iv) cause such Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue
of the business and operations of the Company; provided that the Company will not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph (g), (B)
subject itself to any material tax obligation in any such jurisdiction where it is not then so subject or (C) consent to general service of process in any such jurisdiction to which it is not then so subject. The Company will promptly notify
each Selling Holder of (x) the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any Registrable Securities for sale under the securities or “blue sky”
laws of any jurisdiction or the initiation or threat of initiation of any proceeding for such purpose, and the Company will use its reasonable best efforts to prevent the issuance of any such order or suspension and, if issued, will use its
reasonable best efforts to remove any such order or suspension and (y) the removal of any such order or suspension. 
 (h) The Company
will immediately notify each Holder of such Registrable Securities, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the occurrence of an event requiring the preparation of a supplement or
amendment to such registration statement or prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such registration statement or prospectus will not contain an untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading and promptly prepare and file, and furnish to each Selling Holder a
reasonable number of copies of, any such supplement or amendment. 
 (i) The Company will cooperate with the Holders to facilitate the
timely delivery, preparation and delivery of certificates, with requisite CUSIP numbers, representing Registrable Securities to be sold. 

(j) The Company will otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the Commission, and make
available to its securityholders, as soon as reasonably practicable, an earnings statement covering a period of twelve (12) months, beginning after the effective date of the registration statement, which earnings statement shall satisfy the
provisions of Section 11(a) of the Securities Act and Rule 158 of the Commission promulgated thereunder (or any successor rule or regulation hereafter adopted by the Commission). 

(k) Subject to Section 2.3(a), in the case of a Qualified Offering hereunder, the Company will enter into and
perform its obligations under customary agreements (including an underwriting agreement, if any, in customary form and including provisions with respect to indemnification and contribution in customary form and consistent with the provisions
relating to indemnification and contribution contained herein) and take such other actions as are reasonably required and at such times as customarily occur in similar registered offerings in order to expedite or facilitate the disposition of the
Registrable Securities subject to such Qualified Offering, including: 
 (i) making such representations and warranties to
the Selling Holders and the underwriters, if any, in form, substance and scope as are customarily made by issuers in similar offerings; 

  
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 (ii) using its reasonable best efforts to obtain opinions of counsel to the
Company and updates thereof addressed to the underwriters, if any, covering the matters customarily covered in opinions requested in similar offerings; 

(iii) using its reasonable best efforts to obtain “cold comfort” letters and updates thereof from the Company’s
independent certified public accountants addressed to the underwriters, if any, which letters shall be customary in form and shall cover matters of the type customarily covered in “cold comfort” letters to underwriters in connection with
similar offerings; and 
 (iv) to the extent reasonably requested by the lead or managing underwriters, making the
Company’s executive officers available for customary presentations to investors to discuss the affairs of the Company at times that may be mutually and reasonably agreed upon (including, to the extent customary, senior management participation
in due diligence calls with the underwriters and their counsel and, in the case of any marketed Qualified Offering, sending appropriate officers of the Company to attend “road shows” scheduled in reasonable number and at reasonable times
in connection with any such Qualified Offering). 
 (l) In the case of a Qualified Offering, the Company will make available for inspection
by any Selling Holder of Registrable Securities subject to such Qualified Offering, any underwriter participating in any disposition of such Registrable Securities and any attorney, accountant or other professional retained by any such Selling
Holder or underwriter (the “Inspectors”), all financial and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”) as shall be reasonably necessary to enable them to
exercise their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any Inspector in connection with such registration statement, subject to entry by each such
Inspector of a customary confidentiality agreement in a form reasonably acceptable to the Company. 
 (m) The Company will use its
reasonable best efforts to cause all Registrable Securities covered by a registration statement filed by the Company pursuant to Sections 2.1 or 2.2 to be listed on the securities exchange or national quotation system on which the
Common Shares are then listed or quoted, subject to the listing standards of such securities exchange or national quotation system. 
 (n)
The Company will use its reasonable best efforts to facilitate the registration and thereafter to complete the distribution of the Registrable Securities so registered. 

(o) The Company may require each Selling Holder of Registrable Securities to promptly furnish in writing to the Company such information
regarding such Selling Holder, the Registrable Securities held by it and the intended method of distribution of the Registrable Securities as the Company may from time to time reasonably request and such other information as may be legally required
in connection with such registration. No Holder may include Registrable Securities in any registration statement pursuant to this Agreement unless and until such Holder has furnished to the Company such information. Each Holder further agrees to
furnish as soon as reasonably practicable to the Company all information required to be disclosed in order to make information previously furnished to the Company by such Holder not materially misleading. 

(p) Each Selling Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in
Sections 2.4(f) or 2.4(h) or upon receipt of a Suspension Notice, such Selling Holder will forthwith discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities until
such Selling Holder’s receipt of written notice from the Company that such disposition may be made and, in the case of Section 2.4(h) copies of any supplemented or amended prospectus contemplated by
Section 2.4(h) and, if so directed by the Company, such Selling Holder will deliver to the Company all copies, other than permanent file copies then in such Selling Holder’s possession, of the most recent prospectus
covering such Registrable Securities at the time of receipt of such notice. Each Selling Holder of 

  
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Registrable Securities agrees that it will immediately notify the Company at any time when a prospectus relating to the registration of such Registrable Securities is required to be delivered
under the Securities Act of the happening of an event as a result of which information previously furnished by such Selling Holder to the Company in writing for inclusion in such prospectus contains an untrue statement of a material fact or omits to
state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances in which they were made. 

Section 2.5. Registration Expenses. In connection with the registration of Registrable Securities pursuant to this Agreement and
the Company’s performance of its other obligations hereunder, the Company shall pay any and all third party (except with respect to clause (iv) below) registration expenses incurred in connection therewith (the “Registration
Expenses”), regardless whether a registration statement is declared effective by the Commission, including: (i) all registration and filing fees; (ii) all fees and expenses of compliance with securities or “blue sky”
laws (including reasonable fees and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities); (iii) all printing expenses; (iv) all of the Company’s internal expenses (including all salaries and
expenses of its officers and employees performing legal or accounting duties); (v) all fees and expenses incurred in connection with the listing of the Registrable Securities; (vi) all fees and disbursements of counsel for the Company and
customary fees and expenses for independent certified public accountants retained by the Company (including the expenses of any comfort letters or costs associated with the delivery by independent certified public accountants of a comfort letter or
comfort letters); (vii) all fees and disbursements of the Company’s auditors, including in connection with the preparation of comfort letters, and any transfer agent and registrar fees; (viii) all fees and expenses of any special experts
retained by the Company in connection with such registration and (iv) all fees and disbursements of counsel to the Initial Holder; provided, however, that the Company shall have no obligation to pay any underwriting fees,
discounts or commissions attributable to the sale of Registrable Securities or any transfer taxes relating to the registration or sale of the Registrable Securities. 

Section 2.6. Indemnification by the Company. The Company agrees to indemnify and hold harmless each Holder and each Holder’s
officers, directors, agents, partners, members, employees, managers, advisors, sub-advisors, attorneys, representatives and Affiliates, each underwriter (within the meaning of the Securities Act), and each
Person, if any, who controls such Selling Holder or underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (each, a “Holder Indemnitee”) from and against, as incurred, any and
all losses, claims, damages and liabilities (or actions in respect thereof), costs and expenses (including reasonable and documented fees, expenses and disbursements of attorneys and other professionals) that arise out of or are based upon any
untrue statement or alleged untrue statement of a material fact contained in any registration statement, preliminary prospectus, prospectus, or free writing prospectus relating to the Registrable Securities (in each case, as amended or supplemented
if the Company shall have furnished any amendments or supplements thereto), or that arise out of or are based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading, except to the extent such losses, claims, damages, liabilities, costs or expenses arise out of or are based upon any such untrue statement or omission or alleged
untrue statement or omission included in such registration statement or in any such prospectus in reliance upon and in conformity with information regarding such Holder Indemnitee which was furnished in writing to the Company by such Holder
Indemnitee or on such Holder Indemnitee’s behalf expressly for inclusion therein. 
 Section 2.7. Indemnification by Holders of
Registrable Securities. Each Selling Holder agrees, severally but not jointly, to indemnify and hold harmless the Company, its officers, trustees, agents, employees, attorneys, representatives and Affiliates, each underwriter (within the meaning
of the Securities Act), and each Person, if any, who controls the Company or underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the
Company to such Selling Holder, but only with respect to information relating to such Selling Holder that was included in reliance upon and in conformity with information furnished in writing by such Selling Holder or on such Selling Holder’s
behalf expressly for use in any registration statement, preliminary prospectus, prospectus or free writing prospectus relating to the Registrable Securities, or any amendment or supplement thereto; provided, however, that the total
obligations of such Selling Holder under this Agreement (including, but not limited to, obligations arising under 

  
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Section 2.9 herein) will be limited to an amount equal to the net proceeds actually received by such Selling Holder (after deducting any discounts and commissions) from
the disposition of Registrable Securities pursuant to such registration statement. 
 Section 2.8. Conduct of Indemnification
Proceedings. In case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to Section 2.6 or 2.7, such person (an
“Indemnified Party”) shall promptly notify the person against whom such indemnity may be sought (an “Indemnifying Party”) in writing of the commencement thereof, and the Indemnifying Party shall assume the defense
thereof, including the employment of counsel reasonably satisfactory to such Indemnified Party, and shall assume the payment of all fees and expenses (provided, however, that the failure of any Indemnified Party to give such notice
will not relieve such Indemnifying Party of any obligations hereunder, except to the extent such Indemnifying Party is materially prejudiced by such failure). The Indemnifying Party shall not be liable to such Indemnified Party for any legal or
other expenses subsequently incurred by such Indemnified Party in connection with the defense thereof; provided, however, that (i) if the Indemnifying Party fails to take reasonable steps necessary to defend diligently the action
or proceeding within twenty (20) Business Days after receiving notice from such Indemnified Party that the Indemnified Party believes it has failed to do so, or (ii) if such Indemnified Party who is a defendant in any action or proceeding
which is also brought against the Indemnifying Party shall have reasonably concluded, based on the advice of counsel, that there may be one or more legal defenses available to such Indemnified Party which are not available to the Indemnifying Party,
then, in any such proceeding, any Indemnified Party shall have the right to assume or continue its own defense and the Indemnifying Party shall be liable for the expenses therefor subject to the remainder of this
Section 2.8. It is understood that the Indemnifying Party shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees and expenses of more than one
(1) separate firm of attorneys in each jurisdiction at any time for all such Indemnified Parties, and that all such fees and expenses shall be reimbursed as they are incurred upon written request and presentation of invoices. In the case of any
such separate firm for the Indemnified Parties, such firm shall be designated in writing by (i) in the case of Persons indemnified pursuant to Section 2.6 hereof, the Selling Holders which owned a majority of the
Registrable Securities sold under the applicable registration statement and (ii) in the case of Persons indemnified pursuant to Section 2.7, the Company. The Indemnifying Party shall not be liable for any settlement of
any proceeding effected without its written consent, which consent shall not be unreasonably withheld, but if settled with such consent, or if there be a final judgment for the plaintiff, the Indemnifying Party shall indemnify and hold harmless such
Indemnified Parties from and against any loss or liability (to the extent stated above) by reason of such settlement or judgment. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, which consent shall not be
unreasonably withheld, effect any settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or (to the knowledge of the Indemnifying Party) threatened action or claim in respect of which indemnity or
contribution could have been sought hereunder by such Indemnified Party (whether or not the Indemnified Party is an actual or potential party to such action or claim), unless such settlement, compromise or judgment includes an unconditional release
of such Indemnified Party from all liability arising out of such action or claim without any admission of fault, culpability, failure to act or liability by or on behalf of any such Indemnified Party. 

Section 2.9. Contribution. If the indemnification provided for in Section 2.6 or 2.7 hereof is
held by a court of competent jurisdiction to be unavailable to an Indemnified Party or insufficient in respect of any losses, claims, damages, liabilities, costs or expenses that otherwise would have been covered by
Section 2.6 or 2.7 hereof, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses,
claims, damages, liabilities, costs or expenses in such proportion as is appropriate to reflect the relative fault of the Company, on the one hand, and of each Selling Holder, on the other hand, in connection with such statements or omissions which
resulted in such losses, claims, damages, liabilities, costs or expenses, as well as any other relevant equitable considerations. The relative fault of the Company, on the one hand, and of each Selling Holder, on the other, shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by such party. 

The Company and the Selling Holders agree that it would not be just and equitable if contribution pursuant

  
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to this Section 2.9 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to
in the immediately preceding paragraph. The amount paid or payable by an Indemnified Party as a result of the losses, claims, damages, liabilities, costs or expenses referred to in the immediately preceding paragraph shall be deemed to include,
subject to the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this
Section 2.9, no Selling Holder shall be required to contribute any amount which in the aggregate exceeds the amount that such Selling Holder would have been obligated to pay by way of indemnification if indemnification as
provided for under Section 2.7 had been available under the circumstances. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. The Selling Holders’ obligations to contribute pursuant to this Section 2.9, if any, are several in proportion to amount that the proceeds of the
offering actually received by such Selling Holder bears to the total proceeds of the offering received by all the Selling Holders, and not joint. 

Section 2.10. Rule 144. The Company covenants that it will use its reasonable best efforts to comply with all applicable
requirements under the Securities Act and the Exchange Act and with all applicable rules and regulations of the Commission thereunder so as to enable any Holder to sell its Registrable Securities pursuant to Rule 144, including to (a) make and
keep public information regarding the Company available, as those terms are defined in Rule 144(c)(1), (b) file with the Commission in a timely manner any reports and documents required to be filed by the Company under the Securities Act and the
Exchange Act, (c) furnish to any Holder forthwith upon request (i) a written statement by the Company as to its compliance with the reporting requirements of Rule 144, the Securities Act and the Exchange Act, (ii) a copy of the most
recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested by a Holder so as to enable such Holder to sell Registrable
Securities without registration under the Securities Act within the exemptions provided by Rule 144, and (d) take such further action as any Holder may reasonably request, all to the extent required from time to time to enable Holders to sell
Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 (including reasonably cooperating with the Holders to cause the transfer agent to remove any restrictive legend on
certificates evidencing Registrable Securities). This Section 2.10 shall survive the termination of the Agreement so long as any Holder continues to hold Registrable Securities. 

Section 2.11. Participation in Qualified Offerings. 

(a) No Person may participate in any underwritten offerings hereunder unless such Person (i) agrees to sell such Person’s securities
on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements (provided that any underwriting agreements shall be in customary form, and including provisions with respect to
indemnification and contribution in customary form) and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting
arrangements and these registration rights provided for in this Article II. 
 (b) The Company agrees that, if requested by the
managing underwriter(s) in any Qualified Offering contemplated by this Agreement, (i) it will enter into a customary “lock-up” agreement providing that it will not, directly or indirectly, sell,
offer to sell, grant any option for the sale of, or otherwise dispose of any securities that are the same or similar to the Registrable Securities being offered (or securities convertible into or exchangeable or exercisable for such securities)
(subject to customary exceptions) and will not enter into derivative transactions with similar economic effect, and (ii) it will use its reasonable best efforts to obtain agreements from its directors and executive officers regarding the same,
in each case, for a period not to exceed sixty (60) days from the effective date of the registration statement pertaining to such Registrable Securities or from such other date as may be requested by the underwriter(s). 

Section 2.12. Suspension of Use of Registration Statement. If the Board of Trustees of the Company determines in its good faith
judgment that the filing of a registration statement or the use of any related prospectus (I) would be 

  
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materially detrimental to the Company because (x) such action would require the disclosure of material information that the Company has a bona fide business purpose for preserving as
confidential or the disclosure of which would materially impede the Company’s ability to consummate a significant transaction, and that the Company is not otherwise required by applicable securities laws or regulations to disclose or
(y) the Company is actively undertaking an underwritten offering of its equity securities or is in active discussions with underwriters regarding an underwritten offering of its equity securities and it is reasonably likely that such an
underwritten offering will be promptly initiated by the Company, or (II) is prohibited because all reports required to be filed by the Company pursuant to the Exchange Act have not been filed by the required date without regard to any
extension, or if the consummation of any business combination or acquisition or investment by the Company has occurred or is probable for purposes of Rule 3-05, Rule
3-14 or Article 11 of Regulation S-X promulgated under the Securities Act or any similar successor rule, upon written notice thereof by the Company to the Holders, then
upon the delivery of written notice (a “Suspension Notice”) of such determination by the Company to the Holders which shall be signed by the Chief Executive Officer or Chief Financial Officer of the Company certifying thereto, the
rights of the Holders to offer, sell or distribute any Registrable Securities pursuant to a registration statement or to require the Company to take action with respect to the registration or sale of any Registrable Securities pursuant to a
registration statement shall be suspended (a “Suspension Period”) until the earliest of (i) the date upon which the Company notifies the Holders in writing that suspension of such rights for the grounds set forth in this
Section 2.12 is no longer necessary, (ii) the date upon which copies of any applicable supplemented or amended prospectus is distributed to the Holders (in the case of a suspension pursuant to clause (I)(x) above),
(iii) in the case of clause (II), the date upon which the Company has filed such reports or obtained and filed the financial information required by Rule 3-05, Rule 3-14
or Article 11 of Regulation S-X to be included or incorporated by reference, as applicable, in a Shelf Registration Statement, and (iv) the ninetieth (90th) day after delivery of the Suspension Notice;
provided, that the Company shall not be entitled to exercise any such right more than one (1) time in any twelve (12) month period or less than thirty (30) days from the termination of the prior such Suspension Period, as
applicable; and provided further, that in no event shall the number of days covered by one or more Suspension Periods exceed one hundred and fifty-five (155) days in any three hundred and sixty-five
(365)-day period. During any Suspension Period, the Company shall also delay the filing or effectiveness of, and shall not sell or permit a sale under, any registration statement with respect to any equity
securities of the Company to be sold by the Company or by any other shareholders of the Company, other than (x) sales pursuant to a Company Offering for the account of the Company, (y) sales under a Company-sponsored dividend reinvestment
plan or pursuant to a registration statement on Form S-4 or Form S-8 (or any substitute forms that may be adopted by the Commission) or filed in connection with an
exchange offer or offering of securities solely to the Company’s existing securityholders, or (z) in the case of a suspension pursuant to clause (I)(y) above, sales by shareholders of the Company not involving an offering pursuant to an
effective registration statement sold to an underwriter on a firm commitment basis for reoffering and resale to the public and not involving an offering that is a “bought deal” with one or more investment banks and, in each case of this
clause (z), not requiring the Company to undertake any of the types of actions contemplated by clauses (ii), (iii) or (iv) of Section 2.4(k) (as described in this clause (z), a “Permitted Offering”).
The Company agrees to give the notice under (i) above as promptly as practicable following the date that such suspension of rights is no longer necessary. For the avoidance of doubt, in the case of a suspension pursuant to clause (I)(y) above,
the Holders shall be permitted to make a Permitted Offering if other shareholders of the Company are being allowed by the Company to make Permitted Offerings. 

Section 2.13. Additional Shares. The Company, at its option, may register under a Shelf Registration Statement and any filings
with any state securities commissions filed pursuant to this Agreement, any number of unissued Series A Preferred Shares (and the maximum number of Common Shares issuable upon conversion of the series A Preferred Shares based on the share cap set
forth in the Articles Supplementary), or any Series A Preferred Shares (and the maximum number of Common Shares issuable upon conversion of the series A Preferred Shares based on the share cap set forth in the Articles Supplementary) owned by any
other shareholder or shareholders of the Company; provided that in no event shall the inclusion of such shares on a registration statement reduce the amount offered for the account of the Holders in any offering at the request of the Holders
pursuant to Section 2.3. From and after the date hereof, the Company shall not enter into any agreement granting registration rights to any party with respect to the Company’s securities that would cause a violation of
the rights granted to the Holders hereunder. The Company represents and warrants to each Holder that, as of the date of this Agreement, no Person has any registration rights with respect to any securities of the Company. 

  
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 ARTICLE III 

MISCELLANEOUS 

Section 3.1. Remedies. In addition to being entitled to exercise all rights provided herein and granted by law, including recovery
of damages, the Holders shall be entitled to specific performance of the rights under this Agreement. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of
this Agreement and hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate. 

Section 3.2. Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be
amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, in each case without the written consent of the Company and the Holders holding a majority of the then outstanding Registrable
Securities. No failure or delay by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon any breach thereof shall constitute waiver of any
such breach or any other covenant, duty, agreement or condition. 
 Section 3.3. Notices. All notices and other communications
hereunder shall be in writing and shall be deemed given if delivered personally (notice deemed given upon receipt), telecopied (notice deemed given upon confirmation of receipt) or sent by a nationally recognized overnight courier service, such as
Federal Express (notice deemed given upon receipt of proof of delivery), to the parties hereto at the following addresses (or at such other address for a Party as shall be specified by like notice): 

(1) if to any Holder, initially to 2727 North Harwood Street, Suite 300, Dallas, Texas 75201 or to such other address and to such other
Persons as any Holder may hereafter specify in writing; and 
 (2) if to the Company, initially at 2727 North Harwood Street, Suite 300,
Dallas, Texas 75201, Attention: Chief Financial Officer, or to such other address as the Company may hereafter specify in writing. 

Section 3.4. Successors and Assigns; Assignment of Registration Rights. This Agreement shall inure to the benefit of and be
binding upon the successors, assigns and transferees of each of the parties. Any Holder may assign its rights under this Agreement in whole or in part without the consent of the Company in connection with a transfer of such Holder’s Registrable
Securities, but only if the assignment or transfer is permitted by, and not in violation of, the Declaration of Trust, and provided such assignee or transferee agrees in writing to be bound by all the provisions hereof. 

Section 3.5. Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Each party shall become bound by this Agreement immediately upon affixing its signature
hereto. 
 Section 3.6. Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of
the State of New York. 
 Section 3.7. Severability. In the event that any one or more of the provisions contained herein, or
the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or
impaired thereby. 
 Section 3.8. Entire Agreement. This Agreement is intended by the parties as a final expression of their
agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties 

  
 12 

 
hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the
registration rights granted by the Company with respect to the Registrable Securities. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 

Section 3.9. Certain Transactions. In the event that any securities are issued in respect of, or in exchange for, or in
substitution of the Registrable Securities by reason of any reorganization, recapitalization, merger, consolidation, spin-off, partial or complete liquidation, share dividend,
split-up, sale of assets, distribution to shareholders or combination or any other similar change in the Company’s capital structure, the Company agrees that appropriate adjustments shall be made to this
Agreement to ensure that the Holders have, immediately after consummation of such transaction, substantially the same rights with respect to the Company or another issuer of securities, as applicable, as they have immediately prior to the
consummation of such transaction in respect of the Registrable Securities under this Agreement. 
 Section 3.10. Headings;
Interpretation. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. The words “include,” “includes,” and “including” herein shall be
deemed to be followed by “without limitation” whether or not they are in fact followed by such word or words of like import. 

Section 3.11. Termination. The obligations of the parties hereunder shall terminate with respect to a Holder when it no longer
holds Registrable Securities, and with respect to all the parties hereto in the event that (i)(x) the Holders holding Series A Preferred Shares constituting Registrable Securities, in the aggregate, own less than one percent (1%) of the outstanding
Series A Preferred Shares and (ii) all of the Series A Preferred Shares received pursuant to the Purchase Agreement may be sold in one transaction pursuant to Rule 144 (without any volume, manner of sale or other limitations), except, in each
case, for any obligations under Sections 2.5, 2.6, 2.7, 2.8, 2.9, 2.10 and this Article III. 

Section 3.12. Waiver of Jury Trial. The parties hereto (including the Initial Holder and any subsequent Holder) irrevocably waive
any right to trial by jury. 
 [SIGNATURE PAGE FOLLOWS] 

  
 13 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first
written above. 
  

			
	SPIRIT MTA REIT
		
	By:	 	  

		 	Name:
		 	Title:

 INITIAL HOLDER: 

SPIRIT REALTY, L.P. 
 By: Spirit General
OP Holdings, LLC, as 
 sole general partner of Spirit Realty, L.P. 

By: Spirit Realty Capital, Inc., in its 

capacity as sole member of Spirit General 

OP Holdings, LLC 
  

			
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page to
Registration Rights Agreement]

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