Document:

Form of Consent and Acknowledgement and Eighth Amendment to Loan Agreement

 Exhibit 10.28 
 CONSENT AND ACKNOWLEDGMENT AND EIGHTH AMENDMENT TO LOAN 

AGREEMENT 
 (WBCMT 2007-C33, Loan No. 069000011) 
 (84 Lumber) 

THIS CONSENT AND ACKNOWLEDGMENT AGREEMENT AND EIGHTH AMENDMENT TO LOAN AGREEMENT (this
“Agreement”) is entered into as of this          day of                 , 2012 (the
“Effective Date” or the “Offering Date”), by and among U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR THE REGISTERED HOLDERS OF WACHOVIA BANK COMMERCIAL MORTGAGE TRUST, COMMERCIAL MORTGAGE PASS-THROUGH
CERTIFICATES, SERIES 2007-C33, having an address at c/o Wells Fargo Bank, N.A., Wells Fargo Commercial Mortgage Servicing, MAC D 1086-120, 550 S. Tryon Street, 14th Floor, Charlotte, NC 28202, Re: WBCMT 2007-C33, Loan No. 069000011 (“Lender”), SPIRIT SPE
PORTFOLIO 2007-2, LLC, a Delaware limited liability company (“Borrower”), SPIRIT REALTY CAPITAL, INC. (f/k/a Spirit Finance Corporation), a Maryland corporation (“Existing Guarantor”), and SPIRIT
REALTY, L.P., a Delaware limited partnership (“New Guarantor” and, together with Existing Guarantor, individually or collectively, as the context may require, “Guarantor”), each having an address at 14631 North
Scottsdale Road, Suite 200, Scottsdale, Arizona 85254. 
 RECITALS 

A. Pursuant to that certain Loan Agreement (the “Original Loan Agreement”), dated as of April 27, 2007 (the
“Loan Closing Date”), between Borrower and Barclays Capital Real Estate Inc., a Delaware corporation (“Original Lender”), Original Lender made a loan to Borrower in the original principal amount of One Hundred Fifty
Million Seventeen Thousand Nine Hundred Forty Two and No/100 U.S. Dollars ($150,017,942.00) (the “Loan”). The Loan is evidenced by that certain Promissory Note (the “Original Note”), dated as of the Loan Closing
Date, by Borrower in favor of Original Lender in the original principal amount of One Hundred Fifty Million Seventeen Thousand Nine Hundred Forty Two and No/100 U.S. Dollars ($150,017,942.00), which Original Note was split and replaced, pursuant to
the terms of that certain Note Splitter and First Amendment to Loan Agreement and Other Loan Documents dated as of August 22, 2007 (the “Note Splitter Agreement”), by that certain Replacement Promissory Note (Note A-1) (the
“A-Note”) and that certain Replacement Promissory Note (Note A-2) (the “B-Note”, together with the A-Note, individually or collectively sometimes referred to herein as the “Note”), each in the
principal amount of Seventy Five Million Eight Thousand Nine Hundred Seventy One and No/100 U.S. Dollars ($75,008,971.00). 
 B.
The Original Loan Agreement and other loan documents were further modified and amended by that certain Second Amendment to Loan Agreement and Other Loan Documents dated as of June 2, 2008 (the “Second Amendment”), that certain
Third Amendment to Loan Agreement and Other Loan Documents dated as of June 11, 2008 (the “Third Amendment”), that certain Fourth Amendment to Loan Agreement and Other Loan Documents dated as of November 10, 2008 (the
“Fourth Amendment”), that certain Fifth Amendment to Loan Agreement and Other Loan Documents dated as of November 30, 2009 (the “Fifth Amendment”), that certain Sixth Amendment to Loan Agreement and Other Loan
Documents 

 
dated as of October 14, 2010 (the “Sixth Amendment”), and that certain Seventh Amendment to Loan Agreement and other Loan Documents dated as of
                             , 2012 (the “Seventh Amendment”). The Original
Loan Agreement as modified by the Note Splitter Agreement, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, the Sixth Amendment and any subsequent amendments, modifications, consolidations, replacements or
renewals thereof, are collectively referred to herein as the “Loan Agreement.” 
 C. Lender is the current
holder of the A-Note, and LNR Partners, LLC, a Florida limited liability company (“Servicer”) is special servicer and services the Loan for and on behalf of Lender, as the holder of the A-Note and for and on behalf of the current
holder of the B-Note. 
 D. The Loan is secured by, among other things, the Security Instrument encumbering the Property.

 E. Existing Guarantor collectively owns, directly or indirectly, one hundred percent (100%) of the equity interests in
Borrower. 
 F. Existing Guarantor and New Guarantor shall effectuate certain upper-tier restructuring and the merger of certain
entities into New Guarantor in order to allow the current beneficial owners of Existing Guarantor to hold such interests in Existing Guarantor directly instead of through intervening entities and to consolidate the operations of Existing Guarantor
(“Upper Tier Merger”) pursuant to the documents described on Exhibit A attached hereto. 
 G. Pursuant
to that certain Contribution Agreement dated                              , 2012, (the
“Contribution Agreement”), between Existing Guarantor and Spirit General OP Holdings, LLC, a Delaware limited liability company (“OP Holdings”), Existing Guarantor, as the sole member of Spirit Finance Acquisitions,
LLC, a Delaware limited liability company (“SFA”), the sole member of Borrower, desires to contribute (the “Contribution”) to OP Holdings a portion of the limited liability company interests of SFA as more
particularly set forth on Exhibit I to the Contribution Agreement (the “Contributed Interests”). 
 H.
Immediately following the Contribution, SFA shall be converted (the “Conversion”) from a Delaware limited liability company to New Guarantor, a Delaware limited partnership, and OP Holdings shall become the general partner of New
Guarantor and enter into an Agreement of Limited Partnership with Existing Guarantor, as special limited partner, and certain parties to be added at a subsequent time as additional limited partners. 

I. Existing Guarantor desires to cause an equity offering (and potentially a concurrent private placement of up to $40 million to
its current owners (the “Private Placement”)) of the common stock of Existing Guarantor in the gross amount of up to approximately $500 million (the “Offering”) in accordance with the terms of the Form S-11
Registration Statement filed with the Securities and Exchange Commission on March 15, 2012 under Registration No. 333-177904, as amended through the Offering Date (the “Form S-11”). 

J. Existing Guarantor also desires to pay off (the “Term Loan B Payoff”) the Term Loan B (as such term is defined in the
Form S-11) as described in the Form S-11, to convert Term Loan C (as such term is defined in the Form S-11) into public shares of Existing Guarantor in connection with the Offering (the “Term Loan C Conversion”) and to change
its name to “Spirit Realty Capital, Inc.” (the “Name Change”). 

  
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 K. Some or all of the Contribution, the Conversion, the Offering, the Term B Loan Payoff
and/or the Term Loan C Conversion are prohibited by the terms of the Loan Documents (as defined below) without first obtaining Lender’s prior written consent. 
 L. Lender has agreed to consent to (i) Upper Tier Merger, (ii) the Contribution, (iii) the Conversion, (iv) the Offering, (v) the Term Loan B Payoff, (vi) the Term Loan C
Conversion, (vii) the Name Change, and (viii) certain other matters set forth herein (collectively, the “Requested Actions”), under the terms and conditions hereof. 

M. Upon consummation of the Requested Actions, Guarantor will directly and/or indirectly collectively own 100% of the equity interests in
Borrower, and Guarantor will derive substantial benefit from the Requested Actions. 
 N. The Note, the Security Instrument, the
Loan Agreement, the Loan Documents described in the Loan Agreement and all other documents executed by Borrower and/or others in connection with the Loan in effect and as amended prior to the date hereof are hereafter collectively referred to as the
“Original Loan Documents.” The Original Loan Documents, as further amended by this Agreement, and any and all other documents executed in connection with this Agreement, all as same may be further modified, amended, restated,
consolidated, renewed, or replaced are hereafter collectively referred to as the “Loan Documents.” 
 O. All
capitalized terms used herein, but not defined herein, shall have the meanings given such terms in the Loan Agreement. 

NOW, THEREFORE, in consideration of the covenants and agreements set forth herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Consent to the
Requested Actions. Subject to each of the terms and conditions set forth herein, Lender hereby consents to the Requested Actions. Furthermore, the parties hereto agree that Lender’s consent to the Requested Actions is a one time consent
restricted to the Requested Actions, and such consent shall not otherwise constitute a consent, waiver or modification of any right, remedy or power of Lender under any of the Loan Documents or otherwise. 

2. Representations and Warranties. 
 (a) Borrower Organizational Documents. Borrower represents and warrants to Lender that as of the Offering Date, the certificate of formation, the articles of organization, the limited liability
company agreement, and any other organizational documents of Borrower delivered to Lender in connection with the making of the Loan have not been amended, modified or revoked since the Loan Closing Date, other than any such amendment or modification
that was effectuated in accordance with the Loan Documents and is attached as an exhibit to the officer’s certificate delivered to Lender in connection with this 

  
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Agreement. There has not been and will be no change in the Independent Managers of Borrower in connection with the Requested Actions. The Independent Managers of Borrower continue to be Suzanne
M. Hay and William Popeo. Borrower further represents and warrants to Lender that none of Borrower’s organizational documents will be amended, modified or revoked in connection with the Requested Actions. 

(b) Execution, Delivery, Authority, No Violations. Each of Borrower and each Guarantor represents and warrants to
Lender that as of the Offering Date: (i) it is or will be duly formed, validly existing and in good standing as a limited liability company, limited partnership, or corporation, as applicable, under the laws of the state of its formation, with
full power and authority to own its assets and conduct its business, and is duly qualified in all jurisdictions in which the ownership or leasing of its property or the conduct of its business requires such qualification; (ii) this Agreement
and the other documents executed in connection with the Requested Actions by such entity have been duly executed and delivered and constitute the legal, valid and binding obligations of such entity, enforceable against such entity in accordance with
their terms, except as such enforcement may be limited by bankruptcy, insolvency, moratorium or other laws affecting the enforcement of creditors’ rights, or by the application of the rules of equity; (iii) the execution and delivery of
this Agreement and the other documents executed in connection herewith by such entity, and the performance of its respective obligations hereunder and thereunder, and the consummation of the Requested Actions contemplated hereunder, (A) have
been duly authorized by all requisite organizational action on the part of such entity and will not violate any provision of any applicable legal requirements, decree, order, injunction or demand of any court or other governmental authority
applicable to such entity or any organizational document of such entity and (B) do not require any consent, approval, authorization or order of any court, governmental authority or any other Person, other than for those which have already been
obtained by such entity prior to the Offering Date; and (iv) except to the extent modified by this Agreement or as may have been previously modified by written agreement executed by Borrower and Lender or any predecessor of Lender, the terms of
the Original Loan Documents remain unmodified and the respective obligations of Borrower and Guarantor under the Loan Documents remain in full force and effect in accordance with the terms and provisions thereof. 

(c) Property Agreements. Each of Borrower and each Guarantor represents and warrants to Lender that as of the
Offering Date except as listed on Schedule 1 attached hereto, no consent, approval or authorization to the Requested Actions or the execution and delivery of this Agreement and the other documents executed in connection herewith by such
entity, and the performance of its respective obligations hereunder and thereunder, and the consummation of the Requested Actions contemplated hereunder is required pursuant to any material agreement of Borrower. 

(d) Liens. Borrower has not received written notice, and has no actual knowledge of, any mechanics’ liens or
liens for unpaid taxes or assessments encumbering the Property other than those not yet due and payable, the Permitted Encumbrances and any matters reflected on any title commitment, title report or title endorsement delivered to and accepted in
writing by Lender in connection with this Agreement, nor has Borrower received written notice of a Lien or notice of intent to file a 

  
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Lien against all or any portion of the Property that is not expressly permitted under the Loan Documents. Borrower has not filed or caused to be filed or conducted any acts or omitted to perform
any obligations which would cause others to have the right to file a Lien against all or any portion of the Property that is not expressly permitted under the Loan Documents. 

(e) Condemnation Proceedings. Borrower has received no notice of any pending or, to the knowledge of Borrower,
threatened condemnation proceedings or annexation proceedings affecting all or any portion of the Property, nor has Borrower entered into any agreements in connection with any such proceedings to convey any portion of the Property, or any rights
thereto to any person or entity, including, without limitation, any government or governmental agency that is not permitted under the Loan Documents. 
 (f) Transfer of Interests. Except for the Requested Actions, Borrower has not pledged, sold, conveyed or otherwise encumbered or transferred except as may be expressly permitted in Loan Documents,
and will not pledge, sell, convey or otherwise encumber or transfer all or any part of the direct or indirect interests in Borrower or the Property, without first having obtained or without obtaining the prior written consent of Lender except as
expressly permitted in Loan Documents. 
 (g) Legal Proceedings. There are no pending or, to
Borrower’s knowledge, threatened suits, judgments, arbitration proceedings, administrative claims, executions or other legal or equitable actions or proceedings against Borrower or the Property, which have not been disclosed to Lender in
writing and which, if adversely determined, would materially impair either the Property or Borrower’s ability to perform its covenants or obligations hereunder or under the Loan Documents. 

(h) Compliance with Laws. To Borrower’s knowledge, Borrower, the Property and Borrower’s use thereof
and operations thereat comply in all material respects with all applicable Legal Requirements. 
 (i)
Original Loan Document Representations and Warranties. Borrower represents and warrants to Lender that the representations and warranties made by Borrower and set forth in the Loan Agreement or in any of the other Loan Documents (as qualified
or excluded as set forth in Schedule 2 attached hereto) are true and correct in all material respects as if made by Borrower on and as of the Effective Date, except as to matters that relate to a specific date or time or that are
expected by their nature to change or become inapplicable with the passage of time. 
 (j) Financial
Statements. Each of Borrower and each Guarantor represents and warrants to Lender that the financial statements of Borrower and of each Guarantor, and any of their respective affiliates most recently delivered to Lender on or prior to the date
hereof: (i) are true, correct and complete, in all material respects; (ii) accurately present the financial condition of such entities as of the date of such statements; and (iii) have been prepared in accordance with generally
accepted accounting principles consistently applied or other accounting standards expressly approved by Lender in writing, except, in the case of financial statements other than annual audited financial statements, for the absence of footnotes and
normal year-end adjustments. Borrower and each Guarantor further represent 

  
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and warrant to Lender that, since the date of such financial statements, there has been no material adverse change in the financial condition of Borrower, of any Guarantor, or any of their
affiliates. 
 (k) Information. Each of Borrower and each Guarantor represents and warrants to Lender
that no information provided by or on behalf of Borrower or any Guarantor to Lender in connection with the Requested Actions, or the amendments herein, contains any untrue statement of a material fact or omits to state any material fact necessary to
make such information not misleading in any material respect. 
 (l) No Defaults. Borrower and each
Guarantor represent and warrant to Lender that, as of the Offering Date, no Event of Default has occurred and remains uncured under any of the Original Loan Documents. 

(m) Borrower Organizational Chart. Borrower represents and warrants to Lender that (i) the organizational
chart attached hereto as Schedule 3 relating to Borrower, Existing Guarantor and the other named persons and/or entities therein is true, correct and complete immediately prior to the consummation of the Requested Actions, and (ii) the
organizational chart attached hereto as Schedule 4 relating to Borrower, Guarantor and the other named persons and/or entities therein is true, correct and complete upon consummation of the Requested Actions. 

(n) Requested Actions Documents. Borrower represents and warrants that it has delivered to Lender all material
documents executed and/or delivered by Borrower, Existing Guarantor or New Guarantor in connection with the Requested Actions. 
 (o) No Material Adverse Effect. Each of Borrower and each Guarantor represents and warrants to Lender that the consummation of the Requested Actions will not, (i) adversely affect the use,
possession, ownership or operation of the Property in any material way under or with respect to the Loan Documents, (ii) affect any right, privilege, benefit, liability or obligation of the owner of the Property under or with respect to the
Loan Documents, or (iii) deprive Lender of any direct or indirect benefits of, or rights under, any of the Loan Documents except as expressly agreed to by Lender in writing. 

(p) Financial Certification. None of Borrower, any Guarantor, or of any managing member, general partner or
controlling stockholder of Borrower or of any Guarantor is currently a debtor in any bankruptcy, reorganization, insolvency or similar proceeding. As of the date hereof there is no material outstanding litigation affecting the Property or Borrower.
None of Borrower or any Guarantor is presently insolvent, and the proposed Requested Actions will not render Borrower or any Guarantor insolvent. 
 (q) Required Repairs. Borrower has timely and fully completed the Required Repairs described in Section 7.1.1 of and Schedule II to the Loan Agreement, and has provided evidence of such
completion to Lender or to any of Lender’s predecessors-in-interest. 
 (r) No Prohibited Persons or
Embargoed Persons. Each of Borrower and each Guarantor represents and warrants, with respect to itself, to Lender that as 

  
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of the date hereof none of Borrower or any Guarantor is a Prohibited Person (as hereinafter defined), and each of Borrower and each Guarantor, are and have been since their respective dates of
formation in full compliance with all applicable orders, rules, regulations and recommendations of The Office of Foreign Assets Control of the U.S. Department of the Treasury. Each of Borrower and each Guarantor represents and warrants, with respect
to itself, to Lender that, as of the date hereof and at all times throughout the term of the Loan, including after giving effect to any transfers or other conveyances permitted or consented to pursuant to the Loan Documents (including the Requested
Actions), (i) none of the funds or other assets of Borrower or of any Guarantor constitute property of, or are beneficially owned, directly or indirectly, by any person, entity or government subject to trade restrictions under U.S. law,
including but not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated thereunder
with the result that the investment in Borrower (whether directly or indirectly) is prohibited by law or the Loan is in violation of law (any such person, entity or government, an “Embargoed Person”); (ii) no Embargoed Person
has any interest of any nature whatsoever in Borrower or in any Guarantor with the result that the investment in Borrower or in any Guarantor (whether directly or indirectly) is prohibited by law or the Loan is in violation of law; and
(iii) none of the funds of Borrower or of any Guarantor has been derived from any unlawful activity with the result that the investment in Borrower or in any Guarantor (whether directly or indirectly) is prohibited by law or the Loan is in
violation of law. As used herein, the term “Prohibited Person” shall mean any person: (i) listed in the Annex to, or otherwise subject to the provisions of, Executive Order No. 13224 on Terrorist Financing, effective
September 24, 2001, and relating to Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit or Support Terrorism; (ii) that is named as a “specifically designated national (“SDN)” on
the most current list published by the U.S. Treasury Department Office of Foreign Assets Control at its official website (http://www.treasury.gov/ofac/downloads/t11sdn.pdf) or at any replacement website or other replacement official publication of
such list or that is named on any other governmental authority list issued after September 11, 2001; (iii) acting, directly or indirectly, in contravention of any and all money laundering and anti-terrorist legal requirements of the United
States or any applicable foreign jurisdiction, including the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as amended from time to time, and those issued by the U.S. Office
of Foreign Assets Control and the U.S. Department of Treasury, all as amended from time to time, or terrorist organizations or narcotics traffickers, including those persons that are included on any relevant lists maintained by the United Nations,
North Atlantic Treaty Organization, Financial Action Task Force on Money Laundering, U.S. Office of Foreign Assets Control, U.S. Securities and Exchange Commission, U.S. Federal Bureau of Investigation, U.S. Central Intelligence Agency, U.S.
Internal Revenue Service, all as may be amended or superseded from time to time; or (iv) that is owned or controlled by, or acting for or on behalf of, any person described in clause (i), (ii) or (iii) above. The foregoing
representations in this Section 2(r) shall be limited to the knowledge (and, with respect to clause (i), without investigation) of the party making such representation with respect to: (i) any holder of at least ten percent
(10%) of the publicly traded shares of an entity based on applicable SEC filings (a “Ten Percent Holder”), (ii) the holders of limited partnership interests in any

  
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“operating partnership” which holders are not controlled by any Guarantor, and (iii) joint venture partners which are not controlled by Guarantor. The foregoing representations in
this Section 2(r) shall exclude interests in publicly traded companies other than Ten Percent Holders. 
 (s) Deliverables. Neither Borrower nor Existing Guarantor, nor anyone on behalf of Borrower or Existing Guarantor, has obtained any property condition reports or environmental assessments in
connection with the Requested Actions 
 (t) Private Placement. The shares of common stock, if any,
issued pursuant to the Private Placement have no greater value or voting or other rights than the shares issued to the public in the Offering. 
 (u) Credit Facility. On the Offering Date, New Guarantor has available cash or available funds from a revolving credit facility reasonably approved by Lender (the “Credit
Facility”) of not less than $75 million and such Credit Facility is not secured by any direct or indirect interest in Borrower or the Property, other than as expressly permitted by the Loan Documents. All conditions that must have occurred
or must be satisfied, prior to the funds under the Credit Facility being “available” have occurred or have been satisfied or waived by the applicable lender, but such funds have not in fact been disbursed to New Guarantor prior to the
Offering Date. The Credit Facility is not secured by a lien on the property or any portion thereof or any direct or indirect interest in Borrower. 
 3. Conditions Precedent. The following are conditions precedent that must be satisfied on or prior to the consummation of the Requested Actions. If any of the conditions described in this
Section 3 are not satisfied, this Agreement shall be null and void and be without any force or effect, except with respect to Borrower’s obligations to pay those costs and expenses set forth in Section 13 below (which
shall be unconditional and survive notwithstanding termination of this Agreement due to failure to satisfy the conditions of this Section 3): 
 (a) The Offering Date shall occur prior to August 1, 2012 (the “Outside Offering Date”), provided, however, Lender shall not unreasonably withhold its consent to an extension of the
Outside Offering Date to December 31, 2012, provided that (i) no Event of Default has occurred and is continuing, (ii) Borrower requests such extension in writing at least thirty (30) days prior to the Outside Offering Date,
(iii) Borrower can provide satisfactory evidence to Lender, except to the extent Lender otherwise agrees in writing, that there have been no material or adverse changes to (A) to the financial condition of Existing Guarantor, (B) the
financial condition of the tenants occupying the Property, (C) the Property or any portion thereof, or (D) the terms of the Offering as reflected in the Form S-11, and (iv) Lender obtains all third party consents required by Lender.

 (b) Lender’s receipt of all of the costs and expenses set forth in Section 13 below;

 (c) On or simultaneously with the Offering Date, Existing Guarantor shall receive funding proceeds of no
less than $400 million (up to $40 million of which can be through the Private Placement), such that, upon the consummation of the 

  
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Requested Actions, the cash gross proceeds to Existing Guarantor from the sale of its publicly traded (or privately placed) common stock will be at least $400 million (satisfaction of this
condition shall be evidenced by Lender’s receipt of a certificate and/or other evidence in form and substance reasonably approved by Lender confirming such minimum IPO (and private placement) raise of $400 million); 

(d) On or simultaneously with the Offering Date, Lender shall have received satisfactory evidence that Term Loan B has
been paid in full and the Term Loan C has been converted to publicly traded common stock in Existing Guarantor in accordance with and as described in the Form S-11 leaving Existing Guarantor and New Guarantor outstanding indebtedness for borrowed
money in an amount not to exceed the maximum amount available under the Credit Facility; 
 (e) On or
simultaneously with the Offering Date, New Guarantor shall have available cash or available funds from the Credit Facility of not less than $75 million. Funds under the Credit Facility will be deemed to be “available” at the close of
business on the Offering Date only if funds are fully available to be disbursed and lent to New Guarantor pursuant to the terms of the Credit Facility, with all conditions that must have occurred or must be satisfied, prior to such funds being
disbursed having occurred or having been satisfied, or waived by the applicable lender, but such funds have not in fact been disbursed to Existing Guarantor on or prior to the Offering Date; 

(f) Lender’s receipt of reasonably satisfactory written evidence from Borrower that on the Transfer Date all
insurance coverage required under Section 6.1 of the Loan Agreement continues to be in full force and effect notwithstanding the consummation of the Requested Actions; 

(g) Lender’s receipt of satisfactory evidence of the filing of the documents evidencing the Conversion with the
government office that processes, files and maintains records of such conversions in the State of Delaware and of certified copies of the properly filed Conversion documents; 

(h) Lender’s receipt of satisfactory evidence that after consummation of the Requested Actions, (i) New
Guarantor shall be the sole member of Borrower, (ii) OP Holdings is the sole general partner of New Guarantor, (iii) Existing Guarantor is the sole member of OP Holdings, and (iv) no one Person or group of affiliated Persons will own
more than forty-nine percent (49%) of the shares of stock of Existing Guarantor or, except Existing Guarantor, more than forty-nine percent (49%) of the ownership interests in New Guarantor; 

(i) Execution and delivery to Lender of an original non-consolidation opinion issued by Richards, Layton &
Finger, P.A. in the form attached hereto; 
 (j) Execution and delivery to Lender of enforceability and
authority opinion as to Borrower and each Guarantor issued by Latham & Watkins LLP or local counsel, as applicable in a form reasonably acceptable to Lender; 

  
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 (k) Delivery to Lender of the executed agreed upon forms of endorsements to
the Lender’s existing loan title policies and/or title searches (only title searches will be delivered to Lender for the properties located in New York) in the forms that were delivered to and approved by Lender; 

(l) No Event of Default shall have occurred and be continuing; and 

(m) Each of Borrower and each Guarantor shall deliver or cause to be delivered to Lender an officer’s certificate
and an omnibus guarantor’s certificate in forms reasonably acceptable to Lender certifying to Lender that the Requested Actions have been consummated and that all of the foregoing conditions precedent have been satisfied, which certificate
shall include certificates of good standing for Borrower and each Guarantor and all parties signing on behalf of such entities for each State dated no more than 30 days prior to the Offering Date. 

4. Transfer Taxes. Without limiting anything set forth in the Loan Documents, Borrower shall pay any transfer tax now or hereafter
due and payable in connection with the Requested Actions for which Borrower is directly liable. To the extent that Borrower fails to pay such transfer taxes, Guarantor shall pay such taxes within fifteen (15) days of notice from Lender that
such tax has not been timely paid. 
 5. Breach of this Agreement. If (i) any representation or warranty in this
Agreement shall have been false or misleading in any material respect when made and such inaccuracy is not cured within 30 days (except for any intentional misrepresentation which shall not be subject to any cure period), or (ii) there shall be
a default by Borrower or by any Guarantor of a covenant in this Agreement, at Lender’s option, an Event of Default shall exist. 
 6. Intentionally Deleted. 
 7. Amendments to Loan Documents.
Borrower, each Guarantor and Lender agree (or to the extent they are not a party thereto, acknowledge) that the Loan Documents are hereby amended as of the Offering Date as follows: 

(a) The following definitions are added to Section 1.1 of the Loan Agreement in the appropriate alphabetical order:

 “Consent Agreement” shall mean that certain Consent and Acknowledgment
Agreement dated as of                         , 2012, by and among Lender, Borrower, Existing Guarantor, and New
Guarantor.” 
 (b) The Borrower organizational chart attached to the Loan Agreement as Schedule III is
hereby replaced and substituted with the Borrower organizational chart attached hereto as Schedule 4. 
 (c)
The definition of “Guarantor” as set forth in Sections 1.1 of the Loan Agreement is hereby deleted in its entirety and the following is inserted in its place: 

  
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 “Guarantor” shall mean jointly and
severally Spirit Realty Capital, Inc., a Maryland corporation and Spirit Realty, L.P., a Delaware limited partnership and any other entity guaranteeing any payment or performance obligation of Borrower and executing and delivering the Guaranty or
any guaranty of the Loan.” 
 (d) The following is hereby added as Section 5.2.10(f) of the Loan
Agreement: 
 “Notwithstanding any provision in any Loan Document, the following
transfers shall constitute permitted transfers (subject only to any conditions set forth below) and shall not require Lender’s consent or the payment of a transfer fee of any kind in connection therewith: 

(1) the issuance, Sale or Pledge (each, a “REIT Share Transfer”) of any shares of common stock (the
“REIT Shares”) in Spirit Realty Capital, Inc. (f/k/a Spirit Finance Corporation) a Maryland corporation (the “REIT”) (other than a Pledge to secure corporate or other debt of the REIT, the OP (as hereinafter
defined), Spirit Holdings (as hereinafter defined) or Borrower) so long as (A) at the time of the REIT Share Transfer, the REIT Shares are listed on the New York Stock Exchange or any other nationally recognized stock exchange (any such stock
exchange, a “Recognized Stock Exchange”), or, after written notice to Lender, such REIT Shares are traded over the counter and listed in the National Association of Securities Dealers Automatic Quotations and registered with the
Securities and Exchange Commission, and (B) the REIT Share Transfer does not result in or cause a Change of Control; 
 (2) the issuance, Sale or Pledge (each an “OP Transfer”), of any limited partnership interests (the “OP Interests “) in Spirit Realty, L.P. a Delaware limited partnership
(the “OP”) (other than a Pledge to secure corporate or other debt of the REIT, the OP, Spirit Holdings or Borrower), so long as (A) at the time of the OP Transfer, the REIT Shares are listed on a Recognized Stock Exchange, or,
after written notice to Lender, such REIT Shares are traded over the counter and listed in the National Association of Securities Dealers Automatic Quotations and registered with the Securities and Exchange Commission, and (B) the OP Transfer
does not result in or cause a Change of Control; and 
 (3) the issuance, Sale or Pledge (each
a “Preferred Share Transfer”), of any shares of Permitted Preferred Stock (the “Preferred Shares”) in the REIT (other than a Pledge to secure corporate or other debt of the REIT, the OP, Spirit Holdings or

  
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Borrower) so long (A) at the time of the Preferred Share Transfer, the REIT Shares are listed on a Recognized Stock Exchange, or, after written notice to Lender, such REIT Shares are traded
over the counter and listed in the National Association of Securities Dealers Automatic Quotations and registered with the Securities and Exchange Commission, and (B) the Preferred Share Transfer does not result in or cause a Change of Control.

 For purposes of clause (3) hereof, the term “Permitted Preferred
Stock” means (i) the non-voting preferred stock in the REIT issued and outstanding solely to maintain its status as a real estate investment trust, and (ii) other preferred stock in the REIT so long as the terms upon which such
preferred stock were issued do not grant the holders thereof any voting rights, other than the right to vote for two members of the Board of Directors (which will not constitute a majority or control of the Board of Directors or the REIT) of the
REIT in the event of a failure in the payment of dividends on the preferred stock for 6 consecutive quarters or if the REIT fails to timely and fully redeem such preferred stock. 

For purposes of this Section 5.2.10, a “Change of Control” shall occur when:
(i) the OP is no longer the sole member of Borrower, (ii) Spirit General OP Holdings, LLC, a Delaware limited liability company (“Spirit Holdings”) is no longer the sole general partner of the OP, (iii) the
REIT’s direct interest in the OP and/or its indirect interest in Borrower falls below 51%, (iv) the REIT and OP are no longer the guarantors/indemnitors of the Loan, (v) one Person or group of affiliated Persons (other than the
REIT, which owns more than 49% of the OP Interests on the Offering Date (as such term is defined in the Consent Agreement) acquires more than 49% of the REIT Shares or the OP Interests in one or a series of transactions, (vi) the
individuals comprising the Board of Directors of the REIT, as the same exists for the twelve (12) month period immediately prior to the REIT Share Transfer, fail to represent a majority of the Board of Directors of the REIT as of the
date of completion of the REIT Share Transfer and for a period of six (6) months following the REIT Share Transfer, subject to the terms of the last sentence of this paragraph, or (vii) if the REIT enters into a merger,
consolidation or other business combination, or a sale of all or substantially all of the REIT’s assets and/or ownership interests which results in the REIT or the OP not being the surviving entity or Borrower otherwise no longer being
controlled by the REIT, or (viii) there is any other change of Control of Borrower, Guarantor, any Principal or the Property, which is not otherwise permitted by the terms of the Loan Documents or this Agreement. For purposes of determining the
occurrence of (vi) above, the following shall be expressly 

  
 12 

 
excluded: any change in directors resulting from (w) the death or incapacity of any director and/or (x) the resignation or removal of or refusing to stand or failure to be re-nominated
for reelection of the Board of any director for reasons unrelated to a REIT Share Transfer, provided any replacement director has been approved by a vote of at least a majority (or such higher percentage as may be required by the governing documents
of the REIT) of the board of directors of the REIT then in office. 
 In addition to the
occurrence of any of the foregoing events causing a “Change of Control,” the occurrence of any of the foregoing events, without first having obtained the prior written consent of Lender, shall also constitute an Event of Default
under Section 8.1(a)(iv) of the Loan Agreement and an event for which Borrower shall be personally liable for the entire Debt under Section 9.4(c) of the Loan Agreement and Guarantor shall be personally liable for the entire Debt under the
terms of the Guaranty. 
 None of a REIT Share Transfer, a Preferred Share Transfer or an OP
Transfer shall relieve Borrower or Guarantor of any of their respective obligations and liabilities under this Agreement or any of the other Loan Documents or under Article 5 of the Loan Agreement. 

(e) Sections 5.2.10(c)(iv), c(v), c(vi) and c(vii) and Section 5.2.10(e) of the Loan Agreement are hereby deleted.

 (f) Section 9.4(c)(iii) of the Loan Agreement is hereby amended as follows: 

“(iii) in the event of a Transfer other than as expressly permitted pursuant to
Section 5.2.10(c) or 5.2.10(f) hereof;”. 
 (g) Section 10.6 of the Loan Agreement is hereby
amended to delete the addresses for the Lender and the Borrower and to insert in their respective places the following: 
 If to Lender: 
 U.S. Bank National Association, as Trustee

 c/o Wells Fargo Bank, N.A., 

Wells Fargo Commercial Mortgage Servicing, 

MAC D 1086-120, 

550 S. Tryon Street, 14th Floor, 
 Charlotte, NC 28202 
 Re: WBCMT 2007-C33, Loan No. 069000011

 Facsimile No.:
[                        ] 

  
 13 

 With a copy to: 

LNR Partners, LLC 
 1601 Washington Avenue 
 Miami Beach, Florida 33139 

Attn: Director of Servicing 
 Re: WBCMT 2007-C33, Loan No. 069000011 
 Facsimile No.:
[                        ] 
 If to Borrower: 
 Spirit SPE Portfolio 2007-2, LLC 

14631 N. Scottsdale Road, #200 
 Scottsdale, Arizona 85254 
 Attn: Joni Barrett 

Telephone: (480) 315-6592 
 E-mail: jbarrett@spiritfinance.com 
 With a copy to: 

Latham Watkins LLP 
 233 S. Wacker Drive, Suite 5800 
 Chicago, Illinois 60606

 Attn: Robert Buday, Esq. 

Telephone: (312) 777-7050 
 8. Borrower Confirmation of Loan Documents. Neither the consummation of the Requested Actions nor anything contained herein shall limit, impair, terminate or revoke the obligations of Borrower
under the Loan Documents, and such obligations shall continue in full force and effect in accordance with the respective terms and provisions of the Loan Documents, as modified hereby. Borrower hereby ratifies and agrees to pay when due all sums due
or to become due or owing under the Note, the Security Instrument, the Loan Agreement or the other Loan Documents and shall hereafter faithfully perform all of its obligations under and be bound by all of the provisions of the Loan Documents, as
modified hereby, and hereby ratifies and reaffirms all of its obligations and liabilities under the Note, the Security Instrument, the Loan Agreement and the other Loan Documents, as modified hereby. 

9. Guaranty and Environmental Indemnity. 

(a) Confirmation of Existing Guarantor. Neither the consummation of the Requested Actions nor anything contained
herein shall limit, impair, terminate or revoke the obligations of Existing Guarantor under the Guaranty or under the Environmental Indemnity. The Guaranty and the Environmental Indemnity shall continue in full force and effect in accordance with
the terms and provisions of the Guaranty and the Environmental Indemnity. Existing Guarantor hereby ratifies and reaffirms all of its 

  
 14 

 
obligations and liabilities under the Guaranty and the Environmental Indemnity. The Guaranty and the Environmental Indemnity constitute the valid, legally binding obligation of Existing
Guarantor, enforceable against Existing Guarantor in accordance with their respective terms. By Existing Guarantor’s execution hereof, Existing Guarantor waives and releases any and all defenses, affirmative defenses, setoffs, claims,
counterclaims and causes of action of any kind or nature which Existing Guarantor has asserted, or might assert, against any of Lender Parties (as hereinafter defined) which in any way relate to or arise out of the Guaranty or the Environmental
Indemnity or any of the other Loan Documents. 
 (b) Assumption by New Guarantor of Guaranty and
Environmental Indemnity. On the Offering Date, New Guarantor assumes on a joint and several basis with Existing Guarantor and agrees to be liable and responsible for and bound by all of Existing Guarantor’s obligations, agreements and
liabilities, including but not limited to the jury waiver and other waivers set forth therein, under the Guaranty, as amended by the terms hereof, and the Environmental Indemnity as fully and completely as if New Guarantor had originally executed
and delivered such Guaranty, as amended by the terms hereof, and the Environmental Indemnity, as an Indemnitor thereunder. New Guarantor further agrees to pay, perform and discharge each and every obligation of payment and performance of any
guarantor under, pursuant to and as set forth in the Guaranty, as amended by the terms hereof, and the Environmental Indemnity at the time, in the manner and otherwise in all respects as therein provided. For the avoidance of doubt, and
without limitation, such assumption and agreement of New Guarantor is not limited to obligations, agreements and liabilities arising after the date of this Agreement but relates to and includes all obligations, agreements and liabilities of
“Guarantor” under or in connection with the Guaranty, as amended by the terms hereof, and the Environmental Indemnity without regard to the time period with respect to which the same arose or may hereafter arise, whether prior to, on or as
of, or after the date of this Agreement. New Guarantor’s assumption of the Guaranty, as amended by the terms hereof, and the Environmental Indemnity on a joint and several basis with Existing Guarantor set forth herein (i) is
absolute, unconditional and is not subject to any defenses, waivers, claims or offsets arising prior to the date of this Agreement, and (ii) shall not be affected or impaired by any agreement, condition, statement or representation of any
person or entity other than any written agreement, condition, statement or representation of Lender executed concurrently herewith or after the date hereof. Without limiting the generality of the foregoing assumption of the Guaranty by New Guarantor
on a joint and several basis with Existing Guarantor, New Guarantor, on the Offering Date, specifically ratifies, reaffirms and confirms the obligations, warranties and representations of “Guarantor” as set forth in the Guaranty, as
amended by the terms hereof, and as an “Indemnitor” as set forth is the Environmental Indemnity. 
 10. Same
Indebtedness; Priority of Liens Not Affected. This Agreement and the execution of the other documents required to be executed in connection herewith do not constitute the creation of a new debt or the extinguishment of the debt evidenced by the
Loan Documents, nor will they in any way affect or impair the liens and security interests created by the Loan Documents. Borrower agrees that the lien and security interests created by the Security Instrument continue to be in full force and
effect, unaffected and unimpaired by this Agreement and that said liens and security interests shall so continue in their perfection and priority until the Indebtedness secured by the Loan Documents is fully discharged. 

  
 15 

 11. Release and Covenant Not to Sue. Each of Borrower, Existing Guarantor and New
Guarantor on behalf of itself and its affiliates, heirs, successors and assigns (collectively, “Releasing Parties”), hereby releases and forever discharges Lender, any trustee of the Loan, any servicer of the Loan, each of their
respective predecessors-in-interest and successors and assigns, together with the officers, directors, partners, employees, investors, certificate holders and agents of each of the foregoing (collectively, the “Lender Parties”),
from all debts, accountings, bonds, warranties, representations, covenants, promises, contracts, controversies, agreements, claims, damages, judgments, executions, actions, inactions, liabilities, demands or causes of action of any nature, at law or
in equity, known or unknown, which any Releasing Party now has by reason of any cause, matter, or thing through and including the date hereof relating in any manner whatsoever to matters arising out of: (a) the Loan, including, without
limitation, its funding, administration and servicing; (b) the Loan Documents; (c) the Property; (d) any reserve and/or escrow balances held by Lender or any servicers of the Loan; or (e) the Requested Actions. Each of Borrower,
Existing Guarantor and New Guarantor, on behalf of itself and its affiliates, heirs, successors and assigns, covenants and agrees never to institute or cause to be instituted or continue prosecution of any suit or other form of action or proceeding
of any kind or nature whatsoever against any of the Lender Parties by reason of or in connection with any of the foregoing matters, claims or causes of action. 
 12. Indemnity. Borrower and each Guarantor, jointly and severally, agree to reimburse, defend, indemnify and hold Lender Parties harmless from and against any and all liabilities, claims, damages,
penalties, reasonable expenditures, losses or charges (including, but not limited to, all reasonable legal fees and court costs), which may now or in the future be undertaken, suffered, paid, awarded, assessed or otherwise incurred as a result of or
arising out of any fraudulent conduct of Borrower, Existing Guarantor or New Guarantor in connection with this Agreement or of any breach of any of the representations or warranties made in Section 2(d) or 2(k) hereof in any material respect.

 13. Costs and Expenses. The following fees, costs and expenses charged or incurred by Lender as a result of the Loan
to Borrower in connection with the Requested Actions, this Agreement and the actions contemplated hereunder shall be the obligations of Borrower and paid by Borrower on or prior to the consummation of the Requested Actions (except as otherwise
provided herein): (i) reasonable attorney’s fees incurred by Lender’s counsel or Servicer’s counsel; (ii) any mortgage, intangible and like taxes which may be due and payable on account of the Loan; (iii) any title
search fees and premiums for title endorsements required by Lender; (iv) all out of pocket costs and expenses incurred by Lender or Servicer, including but not limited to, Lender’s administration fees; (v) a fee in the amount of one
percent (1.0%) of the outstanding principal balance of the Note, half of which was paid to Lender by Borrower prior to the date hereof and the remainder of which shall be paid by Borrower on or before the consummation of the Requested Actions);
and (vi) rating agency fees and expenses, if applicable (collectively, the “Costs and Expenses”). The effectiveness of this Agreement is subject to and conditioned upon payment by Borrower of the foregoing fees, costs and expenses. If
this Agreement becomes null and void, pursuant to Section 3 above, or otherwise, Borrower shall pay the amounts set forth in subsections (i), (ii), (iii), (iv), and (vi), but shall not have any obligation to pay the remaining half of the amount
set forth in subsection (v) above. To the extent that Borrower fails to satisfy any obligation under this Section 13, Guarantor shall be liable for any and all Costs and Expenses. 

  
 16 

 14. Notices. With respect to all notices or other written communications hereunder,
such notice or written communication shall be given, and shall be deemed effective, pursuant to Section 10.6 of the Loan Agreement, as amended by this Agreement. 
 15. Loan Documents. This Agreement and all other documents executed in connection herewith shall each constitute a Loan Document for all purposes under the Note, the Security Instrument, the Loan
Agreement and the other Loan Documents. All references in each of the Loan Documents to the Loan Agreement shall be deemed to be a reference to the Loan Agreement as amended by this Agreement and as the same may be further amended, restated,
replaced, supplemented, renewed, extended or otherwise modified from time to time. All references in each of the Loan Documents to the Loan Documents or to any particular Loan Document shall be deemed to be a reference to such Loan Documents as
amended by this Agreement, and as the same may be further amended, restated, replaced, supplemented, renewed, extended or otherwise modified from time to time. All references in the Loan Documents to a particular section of a Loan Document shall be
deemed to be a reference to the particular section of such Loan Document as amended by this Agreement, and as the same may be further amended, restated, replaced, supplemented, renewed, extended or otherwise modified from time to time. 

16. No Other Amendments. Except as expressly amended hereby, each Original Loan Document shall remain in full force and effect in
accordance with its terms and provisions, without any waiver, amendment or modification of any provision thereof. 
 17. No
Further Modifications. This Agreement may not be amended, modified or otherwise changed in any manner except by a writing executed by all of the parties hereto. 
 18. Severability. In case any provision of this Agreement shall be invalid, illegal, or unenforceable, such provision shall be deemed to have been modified to the extent necessary to make it valid,
legal and enforceable. The validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 19. Successors and Assigns. This Agreement is binding on, and shall inure to the benefit of the parties hereto, their administrators, executors, and successors and assigns; provided,
however, that each of Borrower and each Guarantor may only assign its rights hereunder to the extent permitted in the Loan Documents. 
 20. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to the conflict of laws provisions of said state.

 21. Entire Agreement. This Agreement constitutes all of the agreements among the parties relating to the matters set
forth herein and supersedes all other prior or concurrent oral or written letters, agreements and understandings with respect to the matters set forth herein. 

  
 17 

 22. Counterparts. This Agreement may be signed in any number of counterparts by the
parties hereto, all of which taken together shall constitute one and the same instrument. 
 23. WAIVER OF TRIAL BY
JURY. BORROWER, GUARANTOR, AND LENDER EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS AGREEMENT,
THE LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER, GUARANTOR, AND LENDER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY
EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY BORROWER AND GUARANTOR.

 [Signatures appear on the following pages] 

  
 18 

 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the day and year
first above written. 
  

							
		 	LENDER:
		
		 	U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR THE REGISTERED HOLDERS OF WACHOVIA BANK COMMERCIAL MORTGAGE TRUST, COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 2007-C33
			
		 	By:	 	LNR Partners, LLC, a Florida limited liability company, successor by statutory conversion to LNR Partners, Inc., a Florida corporation, as
attorney-in-fact
				
		 		 	By:	 	 
				
		 		 	Name:	 	 
				
		 		 	Title:	 	 

  

					
		 	BORROWER:
		 	SPIRIT SPE PORTFOLIO 2007-2, LLC, a Delaware limited liability company
			
		 	By:	 	 
			
		 	Name:	 	 
			
		 	Title:	 	 

  

					
		 	EXISTING GUARANTOR:
		 	SPIRIT REALTY CAPITAL, INC. (f/k/a Spirit Finance Corporation), a Maryland corporation
			
		 	By:	 	 
			
		 	Name:	 	 
			
		 	Title:	 	 

							
		 	NEW GUARANTOR:
		
		 	SPIRIT REALTY, L.P., a Delaware limited partnership, successor by statutory conversion to Spirit Finance Acquisitions, LLC, a Delaware limited liability
company
			
		 	By:	 	Spirit General OP Holdings, LLC, a Delaware limited liability company, its general partner
				
		 		 	By:	 	 
				
		 		 	Name:	 	 
				
		 		 	Title:Form of Incentive Award Plan Restricted Stock Grant Notice and Restricted Stock

 Exhibit 10.29 
 SPIRIT REALTY CAPITAL, INC. AND SPIRIT REALTY, L.P. 
 2012 INCENTIVE
AWARD PLAN 
 RESTRICTED STOCK AWARD GRANT NOTICE 

Spirit Realty Capital, Inc., a Maryland corporation, (the “Company”), pursuant to the Spirit Realty Capital, Inc.
and Spirit Realty, L.P. 2012 Incentive Award Plan, as amended from time to time (the “Plan”), hereby grants to the individual listed below (the “Participant”), in consideration of the mutual agreements
set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the number of shares of the Company’s Common Stock set forth below (the “Shares”). This
Restricted Stock award is subject to all of the terms and conditions as set forth herein and in the Restricted Stock Award Agreement attached hereto as Exhibit A (the “Restricted Stock Agreement”) (including without
limitation the Restrictions on the Shares set forth in the Restricted Stock Agreement) and the Plan, each of which is incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined
meanings in this Restricted Stock Award Grant Notice (the “Grant Notice”) and the Restricted Stock Agreement. 
  

			
		
	Participant:	  	[_________________________________________]
		
	Grant Date:	  	[_________________________________________]
		
	Total Number of Shares of Restricted Stock:	  	[______________________] Shares
		
	Vesting Commencement Date:	  	[_________________________________________]
		
	Vesting Schedule:	  	The Restricted Stock award shall vest, and the
Restrictions thereon shall lapse, as set forth in
Section 2.2(b) of the Restricted Stock Agreement.

 By his or her signature and the Company’s signature below, the Participant agrees to be bound by the
terms and conditions of the Plan, the Restricted Stock Agreement and this Grant Notice. The Participant has reviewed the Restricted Stock Agreement, the Plan and this Grant Notice in their entirety, has had an opportunity to obtain the advice of
counsel prior to executing this Grant Notice and fully understands all provisions of this Grant Notice, the Restricted Stock Agreement and the Plan. The Participant hereby agrees to accept as binding, conclusive and final all decisions or
interpretations of the Administrator of the Plan upon any questions arising under the Plan, this Grant Notice and/or the Restricted Stock Agreement. In addition, by signing below, the Participant also agrees that the Company or any Affiliate, in its
sole discretion, may satisfy any withholding obligations in accordance with Section 2.2(c) of the Restricted Stock Agreement by (i) withholding shares of Common Stock otherwise issuable to the Participant upon vesting of the shares of
Restricted Stock, (ii) instructing a broker on the Participant’s behalf to sell shares of Common Stock otherwise issuable to the Participant upon vesting of the shares of Restricted Stock and remit the proceeds of such sale to the Company,
or (iii) using any other method permitted by Section 2.2(c) of the Restricted Stock Agreement or the Plan. If the Participant is married, his or her spouse has signed the Consent of Spouse attached to this Grant Notice as Exhibit B.

  

							
	SPIRIT REALTY CAPITAL, INC.:	    	PARTICIPANT:
				
	 By:
	 	  
	    	By:	 	  

	 Print Name:
	 	  
	    	Print Name:	 	  

	 Title:
	 	  
	    		 	
	 Address:
	 	  
	    	Address:	 	  

				
		 	  
	    		 	  

  
 1 

 EXHIBIT A 
 TO RESTRICTED STOCK AWARD GRANT NOTICE 
 RESTRICTED STOCK AWARD AGREEMENT

 Pursuant to the Restricted Stock Award Grant Notice (the “Grant Notice”) to which this Restricted
Stock Award Agreement (the “Agreement”) is attached, Spirit Realty Capital, Inc., a Maryland corporation (the “Company”) has granted to the Participant the number of shares of Restricted Stock (the
“Shares”) under the Spirit Realty Capital, Inc. and Spirit Realty, L.P. 2012 Incentive Award Plan, as amended from time to time (the “Plan”), as set forth in the Grant Notice. Capitalized terms not
specifically defined herein shall have the meanings specified in the Plan and the Grant Notice. 
 ARTICLE I. 

GENERAL 

1.1 Incorporation of Terms of Plan. The Award (as defined below) is subject to the terms and conditions of the Plan, which are
incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control. 
 1.2 Definitions. 
 (a) “Change in Control” shall
mean: (i) any person, entity or affiliated group, excluding any employee benefit plan of the Company or any of its respective securityholders as of [            ], acquiring more than
50% of the then outstanding voting securities of the Company; (ii) the consummation of any merger or consolidation of the Company into another business entity, such that the holders of the voting securities of the Company immediately prior to
such merger or consolidation own less than 50% of the combined voting power of the securities of the surviving entity or the parent of such surviving entity; or (iii) the complete liquidation of the Company or the sale or disposition of all or
substantially all of the Company’s assets such that after the transaction, the holders of the voting securities of the Company immediately prior to the transaction hold less than 50% of the voting securities of the acquirer or the parent of the
acquirer; or (iv) the members of the Board at the beginning of any consecutive 24-calendar month period commencing on or after September 4, 2011 cease for any reason other than death to constitute at least a majority of the members of the
Board; provided that any director whose election was approved by a vote of at least a majority of the members of the Board then still in office who were members of the Board at the beginning of such 24-calendar-month period shall not trigger
a Change in Control under this clause (iv); provided, further, that notwithstanding anything to the contrary in this Agreement of in the Employment Agreement (as defined below), the occurrence of any of the foregoing in connection with
or in contemplation of an IPO (as defined below) shall not trigger a Change in Control. 
 (b) “IPO”
shall mean an underwritten sale to the public of equity securities of the Company or any of its successors or subsidiaries, pursuant to an effective registration statement filed with the Securities and Exchange Commission on Form S-1 (or any
successor form); provided, however, that an IPO shall not include any issuance of equity securities in any merger or other business combination, and shall not include any registration of the issuance of securities to the existing
shareholders of the Company (at such time) or their affiliates or on Form S-4 or Form S-8 (or any successor forms). 
 (c)
“Realization Event” shall mean the occurrence of a Change in Control or an IPO. 

  
 A-1

 ARTICLE II. 
 AWARD OF RESTRICTED STOCK 
 2.1 Award of Restricted Stock.

 (a) Award. Pursuant to the Grant Notice and upon the terms and conditions set forth in the Plan and this Agreement,
effective as of the Grant Date set forth in the Grant Notice, the Company has granted to the Participant an award of Restricted Stock (the “Award”) under the Plan in consideration of the Participant’s past and/or
continued employment with or service to the Company or its Affiliates, and for other good and valuable consideration which the Administrator has determined exceeds the aggregate par value of the Common Stock subject to the Award as of the Grant
Date. The number of Shares subject to the Award is set forth in the Grant Notice. The Participant is an Employee, Director or Consultant of the Company or one of its Affiliates. 

(b) The Participant acknowledges and agrees that (i) the Participant was previously awarded Non-Incentive Units in Redford Holdco,
LLC, pursuant to that certain Redford Holdco, LLC Grant Agreement by and between Redford Holdco, LLC and the Participant, dated December 15, 2011 (the “Redford Grant Agreement”); (ii) in connection with the initial
public offering of the Company, the Non-Incentive Units were terminated and cancelled (the “Cancelled Redford Units”) pursuant to that certain Non-Incentive Units Termination Agreement by and between Redford Holdco, LLC and
the Participant, dated May 23, 2012; (iii) this Award is granted to the Participant in respect of the Cancelled Redford Units; and (iv) the Participant has no further right or interest with respect to the Cancelled Redford Units, or
under the Redford Grant Agreement or the Second Amended and Restated Limited Liability Company Agreement of Redford Holdco, LLC, as amended. 
 (c) Book Entry Form; Certificates. At the sole discretion of the Administrator, the Shares will be issued in either (i) uncertificated form, with the Shares recorded in the name of the
Participant in the books and records of the Company’s transfer agent with appropriate notations regarding the restrictions on transfer imposed pursuant to this Agreement, and upon vesting and the satisfaction of all conditions set forth in
Sections 2.2(b) and (d) hereof, the Company shall remove such notations on any such vested Shares in accordance with Section 2.1(f) below; or (ii) certificated form pursuant to the terms of Sections 2.1(d), (e) and
(f) below. 
 (d) Legend. Certificates representing Shares issued pursuant to this Agreement shall, until all
Restrictions (as defined below) imposed pursuant to this Agreement lapse or have been removed and the Shares have thereby become vested or the Shares represented thereby have been forfeited hereunder, bear the following legend (or such other legend
as shall be determined by the Administrator): 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN
VESTING REQUIREMENTS AND MAY BE SUBJECT TO FORFEITURE UNDER THE TERMS OF A RESTRICTED STOCK AWARD AGREEMENT, BY AND BETWEEN SPIRIT REALTY CAPITAL, INC. AND THE REGISTERED OWNER OF SUCH SHARES, AND SUCH SHARES MAY NOT BE, DIRECTLY OR INDIRECTLY,
OFFERED, TRANSFERRED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNDER ANY CIRCUMSTANCES, EXCEPT PURSUANT TO THE PROVISIONS OF SUCH AGREEMENT.” 
 (e) Escrow. The Secretary of the Company or such other escrow holder as the Administrator may appoint may retain physical custody of any certificates representing the Shares until

  
 A-2

 
all of the Restrictions lapse or shall have been removed; in such event, the Participant shall not retain physical custody of any certificates representing unvested Shares issued to him or her.
The Participant, by acceptance of the Award, shall be deemed to appoint, and does so appoint, the Company and each of its authorized representatives as the Participant’s attorney(s)-in-fact to effect any transfer of unvested forfeited Shares
(or Shares otherwise reacquired by the Company hereunder) to the Company as may be required pursuant to the Plan or this Agreement and to execute such documents as the Company or such representatives deem necessary or advisable in connection with
any such transfer. 
 (f) Removal of Notations; Delivery of Certificates Upon Vesting. As soon as administratively
practicable after the vesting of any Shares subject to the Award pursuant to Section 2.2(b) hereof, the Company shall, as applicable, either remove the notations on any Shares subject to the Award issued in book entry form which have vested or
deliver to the Participant a certificate or certificates evidencing the number of Shares subject to the Award which have vested (or, in either case, such lesser number of Shares as may be permitted pursuant to Section 11.2 of the Plan). The
Participant (or the beneficiary or personal representative of the Participant in the event of the Participant’s death or incapacity, as the case may be) shall deliver to the Company any representations or other documents or assurances required
by the Company. The Shares so delivered shall no longer be subject to the Restrictions hereunder. 
 2.2 Restrictions.

 (a) Forfeiture. Notwithstanding any contrary provision of this Agreement, upon the Participant’s Termination of
Service for any or no reason, any portion of the Award (and the Shares subject thereto) which has not vested prior to or in connection with such Termination of Service (after taking into consideration any accelerated vesting and lapsing of
Restrictions, if any, which may occur in connection with such Termination of Service) shall thereupon be forfeited immediately and without any further action by the Company or the Participant, and the Participant shall have no further right or
interest in or with respect to such Shares or such portion of the Award. In addition, if a Realization Event does not occur on or prior to December 31, 2012, the Award (and the Shares subject thereto) shall thereupon be forfeited immediately
and without any further action by the Company or the Participant, and the Participant’s rights in the Award and the Shares shall thereupon lapse and expire. For purposes of this Agreement, “Restrictions” shall mean the
restrictions on sale or other transfer set forth in Section 3.2 hereof and the exposure to forfeiture set forth in this Section 2.2(a). 
 (b) Vesting and Lapse of Restrictions. Subject to Section 2.2(a) above, the Award shall vest and the Restrictions shall lapse as follows: 

(i) If the first Realization Event to occur is an IPO and this Realization Event occurs on or prior to December 31, 2012, the Award
shall vest and the Restrictions shall lapse with respect to 50% of the Shares immediately prior to (but contingent upon) the closing of such Realization Event if the Participant remains in the continued employment of the Company, the Partnership or
any Subsidiary until at least the time as such Realization Event (it being understood that the Shares will be subject to any applicable underwriters’ lock-up period) and the remainder of the Award shall vest and the Restrictions shall lapse in
three equal annual installments on each anniversary of such Realization Event, subject to the Participant’s continued employment with the Company, the Partnership or any Subsidiary on each applicable vesting date; 

(ii) If the first Realization Event to occur is a Change in Control and this Realization Event occurs on or prior to December 31,
2012, the Award shall vest and the Restrictions shall lapse with respect to one hundred percent (100%) of the Shares immediately prior to (but contingent upon) the closing of such Realization Event if the Participant remains in the continued
employment of the Company, the Partnership or any Subsidiary until at least the time of such Realization Event; and 

  
 A-3

 (iii) If the first Realization Event to occur is an IPO and this Realization Event occurs
on or prior to December 31, 2012, following such Realization Event, the Award shall vest and the Restrictions shall lapse with respect to one hundred percent (100%) of the Shares immediately prior to (but contingent upon) the closing of a
subsequent Change in Control if the Participant remains in the continued employment of the Company, the Partnership or any Subsidiary until at least the time of such Change in Control. 

In addition, the Company and the Participant acknowledge that the vesting of the Award and lapsing of the Restrictions may be subject to
acceleration in the event of a Termination of Service under certain circumstances in accordance with that certain Employment Agreement by and between the Company, Redford Holdco, LLC and the Participant, dated as of
[            ], 2011, as amended (the “Employment Agreement”). Notwithstanding anything contained herein, the Award shall not vest and the Restrictions shall not
lapse to the extent that such lapsing of Restrictions and vesting is prohibited by Section 13.8 of the Plan. 
 (c) Tax
Withholding. The Company or its Affiliates shall be entitled to require a cash payment (or to elect, or permit the Participant to elect, such other form of payment determined in accordance with Section 11.2 of the Plan) by or on behalf of the
Participant and/or to deduct from other compensation payable to the Participant any sums required by federal, state or local tax law to be withheld with respect to the grant or vesting of the Award or the lapse of the Restrictions hereunder. In
satisfaction of the foregoing requirement with respect to the grant or vesting of the Award or the lapse of the Restrictions hereunder, unless otherwise determined by the Company, the Company or its Affiliates shall withhold Shares otherwise
issuable under the Award having a fair market value equal to the sums required to be withheld by federal, state and/or local tax law. The number of Shares which shall be so withheld in order to satisfy such federal, state and/or local withholding
tax liabilities shall be limited to the number of shares which have a fair market value on the date of withholding equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for federal, state and/or local tax
purposes that are applicable to such supplemental taxable income. Notwithstanding any other provision of this Agreement (including without limitation Section 2.1(c) hereof), the Company shall not be obligated to deliver any new certificate
representing Shares to the Participant or the Participant’s legal representative or to enter any such Shares in book entry form unless and until the Participant or the Participant’s legal representative, as applicable, shall have paid or
otherwise satisfied in full the amount of all federal, state and local taxes applicable to the taxable income of the Participant resulting from the grant or vesting of the Award or the issuance of Shares hereunder. 

(d) Conditions to Delivery of Shares. Subject to Section 2.1 above, the Shares deliverable under this Award may be either
previously authorized but unissued Shares, treasury Shares or Shares purchased on the open market. Such Shares shall be fully paid and nonassessable. The Company shall not be required to issue or deliver any Shares under this Award prior to
fulfillment of the conditions set forth in Section 11.4 of the Plan. 
 Notwithstanding the foregoing, the issuance of such
Shares shall not be delayed if and to the extent that such delay would result in a violation of Section 409A of the Code. In the event that the Company delays the issuance of such Shares because it reasonably determines that the issuance of
such Shares will violate Applicable Law, such issuance shall be made at the earliest date at which the Company reasonably determines that issuing such Shares will not cause such violation, as required by Treasury Regulation
Section 1.409A-2(b)(7)(ii). 

  
 A-4

 (e) To ensure compliance with the Restrictions, the Common Stock Ownership Limit, the
Aggregate Stock Ownership Limit (each as defined in the Company’s charter, as amended from time to time), any other provision of Section 6.2.1(a) of the Company’s charter, and/or Applicable Law and for other proper purposes, the
Company may issue appropriate “stop transfer” and other instructions to its transfer agent with respect to the Restricted Stock. The Company shall notify the transfer agent as and when the Restrictions lapse. 

2.3 Consideration to the Company. In consideration of the grant of the Award pursuant hereto, the Participant agrees to render
faithful and efficient services to the Company or any Affiliate. 
 ARTICLE III. 

OTHER PROVISIONS 
 3.1 Section 83(b) Election. The Participant covenants that he or she will not make an election under Section 83(b) of the Code with respect to the receipt of any Share without the consent
of the Administrator, which the Administrator may grant or withhold in its sole discretion. If, with the consent of the Administrator, the Participant makes an election under Section 83(b) of the Code to be taxed with respect to the Restricted
Stock as of the date of transfer of the Restricted Stock rather than as of the date or dates upon which the Participant would otherwise be taxable under Section 83(a) of the Code, the Participant hereby agrees to deliver a copy of such election
to the Company promptly after filing such election with the Internal Revenue Service. 
 3.2 Restricted Stock Not
Transferable. Until the Restrictions hereunder lapse or expire pursuant to this Agreement and the Shares vest, the Restricted Stock (including any Shares received by holders thereof with respect to Restricted Stock as a result of stock
dividends, stock splits or any other form of recapitalization) shall be subject to the restrictions on transferability set forth in Section 11.3 of the Plan; provided, however, that this Section 3.2 notwithstanding, with the consent
of the Administrator, the Shares may be transferred to one or more Permitted Transferees, subject to and in accordance with Section 11.3 of the Plan. 
 3.3 Rights as Stockholder. Except as otherwise provided herein, upon the Grant Date, the Participant shall have all the rights of a stockholder of the Company with respect to the Shares, subject to
the Restrictions, including, without limitation, voting rights and rights to receive any cash or stock dividends, in respect of the Shares subject to the Award and deliverable hereunder. 

3.4 Not a Contract of Service Relationship. Nothing in this Agreement or in the Plan shall confer upon the Participant any right
to continue to serve as an Employee or other service provider of the Company or any of its Affiliates or shall interfere with or restrict in any way the rights of the Company and its Affiliates, which rights are hereby expressly reserved, to
discharge or terminate the services of the Participant at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or an Affiliate and the Participant.

 3.5 Governing Law. The laws of the State of Maryland shall govern the interpretation, validity, administration,
enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws. 
 3.6 Conformity to Securities Laws. The Participant acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of the Securities Act and the
Exchange Act, and any and all Applicable Law. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Award is granted, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted
by Applicable Law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. 

  
 A-5

 3.7 Amendment, Suspension and Termination. To the extent permitted by the Plan, this
Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board; provided, however, that, except as may otherwise be provided by the Plan, no
amendment, modification, suspension or termination of this Agreement shall adversely affect the Award in any material way without the prior written consent of the Participant. 
 3.8 Notices. Any notice to be given under the terms of this Agreement shall be addressed to the Company in care of the Secretary of the Company at the Company’s principal office, and any
notice to be given to the Participant shall be addressed to the Participant at the Participant’s last address reflected on the Company’s records. Any notice shall be deemed duly given when sent via email or when sent by reputable overnight
courier or by certified mail (return receipt requested) through the United States Postal Service. 
 3.9 Successors and
Assigns. The Company or any Affiliate may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company and its Affiliates. Subject to
the restrictions on transfer set forth in Section 3.2 hereof, this Agreement shall be binding upon the Participant and his or her heirs, executors, administrators, successors and assigns. 

3.10 Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if the
Participant is subject to Section 16 of the Exchange Act, then the Plan, the Award and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including
any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by Applicable Law, this Agreement shall be deemed amended to the extent necessary to conform to such
applicable exemptive rule. 
 3.11 Entire Agreement. The Plan, the Grant Notice and this Agreement (including all
Exhibits thereto, if any) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and its Affiliates and the Participant (including without limitation the Redford Grant
Agreement) with respect to the subject matter hereof. 
 3.12 Limitation on the Participant’s Rights. Participation
in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. The Plan, in and of
itself, has no assets. The Participant shall have only the rights of a general unsecured creditor of the Company and its Affiliates with respect to amounts credited and benefits payable, if any, with respect to the Shares issuable hereunder.

  
 A-6

 EXHIBIT B 
 TO RESTRICTED STOCK AWARD GRANT NOTICE 
 CONSENT OF SPOUSE

 I, _______________, spouse of _______________, have read and approve the Restricted Stock Award Grant Notice (the
“Grant Notice”) to which this Consent of Spouse is attached and the Restricted Stock Award Agreement (the “Agreement”) attached to the Grant Notice. In consideration of issuing to my spouse the shares
of the common stock of Spirit Realty Capital, Inc. set forth in the Grant Notice, I hereby appoint my spouse as my attorney-in-fact in respect to the exercise of any rights under the Agreement and agree to be bound by the provisions of the Agreement
insofar as I may have any rights in said Agreement or any shares of the common stock of Spirit Realty Capital, Inc. issued pursuant thereto under the community property laws or similar laws relating to marital property in effect in the state of our
residence as of the date of the signing of the foregoing Agreement. 
  

									
	Dated:	 	  
	  	 	  	  
	  	 
		 		  		  	Signature of Spouse	  	

  
 B-1

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