Document:

Exhibit 10.55

 

THIS OPTION HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR SECURITIES LAWS OF ANY STATE, AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED UNLESS
REGISTERED PURSUANT TO APPLICABLE PROVISIONS OF FEDERAL AND STATE SECURITIES LAWS OR EXEMPT FROM THE REGISTRATION REQUIREMENTS
THEREOF.

 

AMENDED AND RESTATED

GENEREX BIOTECHNOLOGY CORPORATION

2006 STOCK PLAN

NONQUALIFIED STOCK OPTION
GRANT

 

This STOCK OPTION GRANT,
dated as of June 20, 2012 (the “Date of Grant”), is delivered by Generex Biotechnology Corporation (the “Company”)
to David Brusegard, an employee of the Company (the “Grantee”).

 

RECITALS

 

A.           The
Amended and Restated Generex Biotechnology Corporation 2006 Stock Plan (the “Plan”) provides for the grant of
options to purchase shares of common stock of the Company. The Board of Directors of the Company (the “Board”)
has decided to make a stock option grant. A copy of the Plan is attached as Exhibit A to this Agreement. Capitalized terms
used in this Agreement and not otherwise defined shall have the meanings assigned such terms in the Plan.

 

B.           The
Board is authorized to appoint a committee or individual to administer the Plan. If a committee or individual is appointed, all
references in this Agreement to the “Board” shall be deemed to refer to the committee or individual.

 

NOW, THEREFORE, the
parties to this Agreement, intending to be legally bound hereby, agree as follows:

 

		1.	Grant of Option.

 

(a)           Subject
to the terms and conditions set forth in this Agreement and in the Plan, the Company hereby grants to the Grantee an incentive
stock option (the “Option”) to purchase up to five hundred forty-six thousand, four hundred and forty-eight
(546,448) shares of common stock of the Company (“Shares”) at an exercise price of $0.001 per Share.
The Option shall become exercisable according to Paragraph 2 below.

 

(b)           Under
the terms and conditions contained in the Plan, the Option is granted as a nonqualified stock option and is not an incentive stock
options under section 422 of the Internal Revenue Code of 1986, as amended.

 

2.            Exercisability
of Option. The Option shall be exercisable as set forth in the following schedule provided that the Grantee is employed
by or providing service to the Company (as defined in the Plan) on the applicable date of exercise: 546,448 shares will
be immediately exercisable as of the Date of Grant.

 

3.            Term
of Option.

 

(a)          The
Option shall have a term of five (5) years from the Date of Grant and shall terminate at the expiration of that period, unless
it is terminated at an earlier date pursuant to the provisions of this Agreement or the Plan.

 

(b)          Unless
otherwise specified by the Board, the Option shall automatically terminate on the date on which the Grantee ceases to be employed
or provide service to the Company for any reason, except for the happening of any of the events described in Paragraph 3(c).

 

(c)          The
Option shall automatically upon the happening of the first of the following events:

 

    	 

    	 

    

 

(i)          The
date on which the Board determines that the Grantee has engaged in conduct that constitutes Cause at any time while the Grantee
is employed by or providing service to the Company. In addition, notwithstanding the other provisions of this Paragraph 3, if the
Board determines that the Grantee has engaged in conduct that constitutes Cause after the Grantee’s termination of employment
or service for any reason, the Option shall immediately terminate.

 

(ii)         The
expiration of the 90-day period after the Grantee ceases to provide services to the Company, as a result of a termination of service
without Cause or if the Grantee voluntarily terminated employment or service and provided the Company with at least 90 days advance
written notice of the effective date of such termination of employment or service with the Company.

 

(iii)        The
expiration of the one-year period after the Grantee ceases to provide services to the Company on account of the Grantee’s
Disability.

 

(iv)         The
expiration of the one-year period after the Grantee ceases to be employed by or provide services to the Company, if the Grantee
dies while employed by or in the service of the Company.

 

Notwithstanding the foregoing, in no event
may the Option be exercised after the date that is five (5) years from the Date of Grant. Any portion of the Option that is not
exercisable at the time the Grantee ceases to be employed by or provide service to the Company shall immediately terminate.

 

4.            Exercise
Procedures.

 

(a)           Subject
to the provisions of the foregoing Paragraphs, the Grantee may exercise part or all of the exercisable Option by giving the Board
written notice of intent to exercise in the manner provided in this Agreement and Section 5(h) of the Plan, specifying the number
of whole Shares as to which the Option is to be exercised. On the delivery date, the Grantee shall pay the exercise price (i) in
cash, (ii) with the approval of the Board, by delivering Shares of the Company which shall be valued at their fair market value
on the date of delivery, (iii) payment through a broker in accordance with procedures permitted by Regulation T of the Federal
Reserve Board, which procedures may or may not be available, or (iv) by such other method as the Board may approve. The Board may
impose from time to time such limitations as it deems appropriate on the use of Shares of the Company to exercise the Option.

 

(b)          All
obligations of the Company under this Agreement shall be subject to the rights of the Company as set forth in the Plan to withhold
amounts required to be withheld for any taxes, if applicable. Subject to Board approval, the Grantee may elect to satisfy any income
tax withholding obligation of the Company with respect to the Option by having Shares withheld up to an amount that does not exceed
the minimum applicable withholding tax rate for federal (including FICA), state and local tax liabilities.

 

(c)          The
obligation of the Company to deliver Shares upon exercise of the Option shall be subject to all applicable laws, rules, and regulations
and such approvals by governmental agencies as may be deemed appropriate by the Board, including such actions as Company counsel
shall deem necessary or appropriate to comply with relevant securities laws and regulations.

 

5.            [Intentionally
Omitted.]

 

6.            Change
of Control. The provisions of the Plan applicable to a Change of Control shall apply to the Option, and, in the event of
a Change of Control, the Board may take such actions as it deems appropriate pursuant to the Plan.

 

7.        
   Cancellation and Rescission of Options. The Grantee acknowledges and understands that the Option is
subject to the cancellation and rescission provisions of Section 12 of the Plan.

 

8.            Restrictions
on Exercise. Only the Grantee may exercise the Option during the Grantee’s lifetime. After the Grantee’s death,
the Option shall be exercisable (subject to the limitations specified in the Plan) solely by the legal representatives of the Grantee,
or by the person who acquires the right to exercise the Option by will or by the laws of descent and distribution, to the extent
that the Option is exercisable pursuant to this Agreement.

 

    	 

    	 

    

 

9.            Grant
Subject to Plan Provisions. This grant is made pursuant to the Plan, the terms of which are incorporated herein by reference,
and in all respects shall be interpreted in accordance with the Plan. The grant and exercise of the Option are subject to the provisions
of the Plan and to interpretations, regulations and determinations concerning the Plan established from time to time by the Board
in accordance with the provisions of the Plan, including, but not limited to, provisions pertaining to (i) rights and obligations
with respect to withholding taxes, (ii) the registration, qualification or listing of the Shares, (iii) changes in capitalization
of the Company and (iv) other requirements of applicable law. The Board shall have the authority to interpret and construe the
Option pursuant to the terms of the Plan, and its decisions shall be conclusive as to any questions arising hereunder.

 

10.           No
Employment or Other Rights. The grant of the Option shall not confer upon the Grantee any right to be retained by or in
the employ or service of the Company and shall not interfere in any way with the right of the Company to terminate the Grantee’s
employment or service at any time. The right of the Company to terminate at will the Grantee’s employment or service at any
time for any reason is specifically reserved.

 

11.           No
Stockholder Rights. Neither the Grantee, nor any person entitled to exercise the Grantee’s rights in the event of
the Grantee’s death, shall have any of the rights and privileges of a stockholder with respect to the Shares subject to the
Option, until certificates for Shares have been issued upon the exercise of the Option.

 

12.       
  Assignment and Transfers. The rights and interests of the Grantee under this Agreement may not be
sold, assigned, encumbered or otherwise transferred except, in the event of the death of the Grantee, by will or by the laws
of descent and distribution. In the event of any attempt by the Grantee to alienate, assign, pledge, hypothecate, or
otherwise dispose of the Option or any right hereunder, except as provided for in this Agreement, or in the event of the levy
or any attachment, execution or similar process upon the rights or interests hereby conferred, the Company may terminate the
Option by notice to the Grantee, and the Option and all rights hereunder shall thereupon become null and void. The rights and
protections of the Company hereunder shall extend to any successors or assigns of the Company and to the Company’s
parents, subsidiaries, and affiliates. This Agreement may be assigned by the Company without the Grantee’s consent.

 

13.  
        Notice. Any notice to the Company provided for in this instrument
shall be addressed to the Company in care of the President, 33 Harbor Square, Suite 202, Toronto, Ontario, Canada, M5J 2G2,
and any notice to the Grantee shall be addressed to such Grantee at the current address shown on the books of the Company, or
to such other address as the Grantee may designate to the Company in writing. Any notice shall be delivered by hand, sent by
telecopy or enclosed in a properly sealed envelope addressed as stated above, registered and deposited, postage prepaid, in a
post office regularly maintained by the United States Postal Service or Canada Post.

 

[Signatures Appear on Following Page]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the Company has caused its duly authorized officers to execute and attest this Agreement, and the Grantee has executed this Agreement,
effective as of the Date of Grant.

 

	 	GENEREX BIOTECHNOLOGY CORPORATION
	 	 	 
	 	Per:	/s/ Stephen Fellows
	 	Name:	Stephen Fellows
	 	Title:	Acting Chief Financial Officer
	 	 	 
	 	Per:	/s/ Mark Fletcher
	 	Name:	Mark A. Fletcher
	 	Title:	Chief Executive Officer and General Counsel
	 	 	 
	 	ACCEPTED:
	 	 
	 	/s/ David Brusegard
	 	David Brusegard, GranteeINCENTIVE LISTING FEE NOTE AGREEMENT

 

This INCENTIVE LISTING
FEE NOTE Agreement (this “Agreement”) is entered into as of September
6, 2012 (the “Effective Date”) by and among American Realty Capital Trust, Inc., a Maryland corporation (“ARCT”),
American Realty Capital Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”
and together with ARCT, the “Obligors”) and AR Capital, LLC, a Delaware limited liability company (the “Holder”).

 

RECITALS

 

A.The Holder was
the sponsor of ARCT, which owns and acquires single tenant free standing commercial real estate properties that are primarily net
leased on a long-term basis to investment grade credit rated and other creditworthy tenants and that elected to be treated as a
real estate investment trust (“REIT”) for U.S. federal income tax purposes commencing with the taxable year
ended December 31, 2008.

 

B.Prior to March
1, 2012, ARCT operated as a non-exchange traded REIT and its day-to-day business and operations were managed by American Realty
Capital Advisors, LLC, a Delaware limited liability company wholly-owned by the Holder (the “Former Advisor”).

 

C.On March 1, 2012,
ARCT internalized its management and provided notice of termination of its advisory agreement with the Former Advisor (the “Internalization”)
and listed its shares of common stock on The NASDAQ Global Select Market (the “Listing”).

 

D.In connection with
the Internalization and the Listing, the board of directors of ARCT, among other things, approved new Articles of Amendment and
Restatement of ARCT (the “New Charter”), which are an amendment and restatement of ARCT’s then-existing
Articles of Amendment and Restatement, dated as of January 22, 2008 (the “Original Charter”), to reflect the
fact that ARCT no longer was operating as a non-exchange traded REIT, and instructed ARCT to submit the New Charter for approval
by ARCT’s stockholders.

 

E.Pursuant to the
Original Charter, ARCT was obligated to a pay the Holder a “Subordinated Incentive Listing Fee” (the “Subordinated
Incentive Listing Fee”) in connection with the listing of ARCT’s common stock on a national securities exchange.
Such a provision is not included in the New Charter.

 

F.In connection
with ARCT’s initial public offering of shares of its common stock on a “best efforts” basis pursuant to its Registration
Statement (File No. 333-145949) (“ARCT’s IPO”), ARCT separately agreed to pay the Subordinated Incentive
Listing Fee to the Holder in the form of a convertible three (3) year promissory note in a form that was previously agreed to by
ARCT and the Holder.

 

G.On July 31, 2012,
(i) ARCT’s stockholders approved the New Charter and (ii) ARCT filed the New Charter with the State of Maryland Department
of Assessments and Taxation.

 

    	 

    	 	

    
 

H.Prior to the date
hereof, ARCT, the Operating Partnership and the Holder agreed that the Operating Partnership would be jointly and severally liable
with ARCT in respect of the issuance of, and payment with respect to, the Subordinated Incentive Listing Fee Note (as defined below)
if and when such note is issued.

 

I.Concurrently with
the execution of this Agreement, Realty Income Corporation, a Maryland corporation (“Parent”) and Tau Acquisition
LLC, a Delaware limited liability company wholly-owned by Parent (the “Merger Sub”), entered into that certain
Agreement and Plan of Merger, dated as of the Effective Date (the “Merger Agreement”), pursuant to which ARCT
will be merged with and into Merger Sub, with Merger Sub being the surviving entity (the “Merger”).

 

J.As a condition
of entering into the Merger Agreement, Parent requested that ARCT obtain the Holder’s consent to cap the principal amount
of the Subordinated Incentive Listing Fee Note at $76,000,000.

 

K.In response to
Parent’s request, the Holder agreed to cap the principal amount of the Subordinated Incentive Listing Fee Note at $76,000,000
and in return requested from the Obligors that if and to the extent the Subordinated Incentive Listing Fee Note is issued, (i)
the principal amount of the Subordinated Incentive Listing Fee Note would not be less than $58,600,000, (ii) the Subordinated Incentive
Listing Fee Note be due and payable upon demand on not less than five (5) business days’ prior written notice by the Holder
and (iii) if the Merger Agreement is terminated without a closing the Holder shall be entitled to receive an additional Subordinated
Incentive Listing Fee Note to the extent the $76,000,000 cap otherwise limits the amount the Holder would be entitled to receive.

 

L.In connection
with the Holder’s request that (i) the principal amount of the Subordinated Incentive Listing Fee Note not be less than $58,600,000
and (ii) the Subordinated Incentive Listing Fee Note be due and payable upon demand on not less than five (5) business days’
prior written notice by the Holder, the Obligors, acting through and at the direction of ARCT’s independent directors, requested
that the Holder eliminate its right to convert the principal amount of the Subordinated Incentive Listing Fee Note into shares
of ARCT’s common stock (the “Conversion Feature”) based on the Seasoned Average Market Value (as defined
below).

 

M.In response to
such requests, the Obligors, acting through and at the direction of ARCT’s independent directors and the Holder agreed to
modify the terms of the Subordinated Incentive Listing Fee Note, if and to the extent issued, to (i) add a cap of $76,000,000 on
its principal amount, (ii) add a floor of $58,600,000 on its principal amount, (iii) provide that such note shall be due and payable
upon demand on not less than five (5) business days’ prior written notice by the Holder, (iv) eliminate the Conversion Feature
and (v) provide that if the Merger Agreement is termination without a closing the Holder would be entitled to receive an additional
Subordinated Incentive Listing Fee Note if the cap on the original Subordinated Incentive Listing Fee Note otherwise limited the
amount the Holder was entitled to receive provided that the aggregate principal amount of such notes does not exceed $100,000,000.

 

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N.In connection with
and as a result of (i) the New Charter becoming operative and replacing the Original Charter, (ii) the Listing, and (iii) the negotiations
among Parent, the Holder and ARCT and the Operating Partnership regarding the revised terms of the Subordinated Incentive Listing
Fee Note, the Obligors and the Holder desire to memorialize the Obligors’ obligation to issue, and the Holder’s right
to receive, the Subordination Incentive Listing Fee Note, upon the terms and subject to the conditions set forth in this Agreement.

 

AGREEMENT

 

In consideration of the
mutual agreements and covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE
I

SUBORDINATED INCENTIVE LISTING FEE NOTE

 

1.1Issuance
of the Subordinated Incentive Listing Fee Note. If the excess of (I) the sum of (a) the market value of ARCT’s common
stock, based on the average market value of the shares issued and outstanding at the Listing over the 30 trading days beginning
180 days after the Listing (the “Seasoned Average Market Value”) plus (b) distributions paid by ARCT from and
after May 21, 2008 and prior to the Listing exceeds (II) the sum of (c) the total amount of capital raised from stockholders during
ARCT’s IPO and (d) the amount of cash flow necessary to generate a 6.0% annual cumulative, non-compounded return to such
stockholders through the date of the Listing (the excess of clause (I) over clause (II) being hereinafter referred to as the “Excess
Value Amount”), then the Obligors, jointly and severally, shall issue to the Holder the Subordinated Incentive Listing
Fee as follows:

 

(a)In
the form of a promissory note, substantially in the form of Exhibit A (the “Subordinated Incentive Listing Fee
Note”), in a principal amount equal to 15% of the Excess Value Amount (the “Incentive Listing Fee Amount”);
provided, however, that the principal amount of the Subordinated Incentive Listing Fee Note (x) will not be less
than $58,600,000 and (y) will not be more than $76,000,000 (the amount set forth in this clause (y) is referred to as the “Cap”);
and

 

(b)In
the event that (x) the Merger Agreement is terminated without a closing and (y) if, as a result of the application of the Cap,
the Subordinated Incentive Listing Fee Note shall have been issued in a principal amount less than the Incentive Listing Fee Amount,
then an additional promissory note, substantially in the form of Exhibit B (the “Additional Note”) will
be issued in a principal amount equal to the difference between (i) the Incentive Listing Fee Amount minus (ii) the original principal
amount of the Subordinated Incentive Listing Fee Note; provided, however, the principal amount of the Additional
Note shall not exceed the difference between (x) $100,000,000 and (y) the original principal amount of the Subordinated Incentive
Listing Fee Note.

 

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ARTICLE
II

 

DEFINITIONS

 

2.1Certain
Definitions. In this Agreement, the following terms have the meanings set forth below, which shall be equally applicable to
both the singular and plural forms. Any agreement referred to below shall mean such agreement as amended, supplemented and modified
from time to time to the extent permitted by the applicable provisions thereof and by this Agreement.

 

“Person”
means any individual, corporation, general or limited partnership, limited liability company, joint venture, estate, trust, association,
organization, labor union, or other entity or governmental body.

 

“Proceeding”
means any action, arbitration, audit, hearing, investigation, litigation, or suit (whether civil, criminal, administrative, investigative
or informal) commenced, brought, conducted, or heard by or before, or otherwise involving, any court or other governmental body
or referee, trustee, arbitrator or mediator.

 

 

ARTICLE
III

MISCELLANEOUS

 

3.1Notices.
All notices, requests, communications and demands to or upon the respective parties hereto to be effective shall be in writing
(including by fax), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered
against receipt or upon actual receipt of (i) personal delivery, (ii) delivery by reputable overnight courier, (iii) delivery
by facsimile transmission with telephonic confirmation or (iv) delivery by registered or certified mail, postage prepaid, return
receipt requested, addressed as set forth below (or to such other address as may be hereafter notified by the respective parties
hereto in accordance with this Section 3.1):

 

	The Obligors:	American Realty Capital Trust, Inc.
	 	American Realty Capital Operating Partnership, L.P.
	 	405 Park Avenue, 15th Floor
	 	New York, New York 10022
	 	Facsimile No.:  (646) 861-7812
	 	Attention:  William M. Kahane
	 	 
	 	with a copy to:
	 	 
	 	Proskauer Rose LLP
	 	Eleven Times Square
	 	New York, New York 10036
	 	Facsimile No.:  (212) 969-2900
	 	Attention:  Peter M. Fass, Esq.
	 	  Steven L. Lichtenfeld, Esq.
	 	 

 

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	The Holder:	AR Capital, LLC
	 	405 Park Avenue
	 	New York, New York 10022
	 	Facsimile No.:  (212) 421-5799
	 	Attention:  Nicholas S. Schorsch
	 	 
	 	with a copy to:
	 	 
	 	AR Capital, LLC
	 	405 Park Avenue
	 	New York, New York 10022
	 	Facsimile No.:  (646) 861-7804
	 	Attention:  Jesse C. Galloway, Esq.

 

3.2Expenses.
Each of the parties will bear its own costs and expenses (including legal fees and expenses) incurred in connection with this Agreement
and the transactions contemplated hereby.

 

3.3No
Third-Party Beneficiaries. Subject to Sections 3.9 and 3.12, this Agreement shall not confer any rights or remedies
upon any Person other than the parties hereto and their respective successors and permitted assigns.

 

3.4Consent
to Jurisdiction; Service of Process. Each party to this Agreement irrevocably consents and agrees that any Proceeding commenced
by it arising out of or relating to this Agreement or, if applicable, the Subordinated Incentive Listing Fee Note or the Additional
Note after issuance thereof shall be brought only in the United States District Court for the Southern District of New York or,
in the event such court does not have subject matter jurisdiction over such Proceeding, in courts of the State of New York sitting
in the Borough of Manhattan, City of New York. Each party hereby (i) irrevocably accepts and submits to the jurisdiction of
each of the aforesaid courts in personam, (ii) irrevocably and unconditionally waives any objection to the laying of venue
in either of the aforesaid courts, and (iii) irrevocably and unconditionally waives and agrees not to plead or assert the
claim that either of the aforesaid courts is not a convenient forum with respect to any such Proceeding or other similar defense
or doctrine. Process in any such Proceeding may be served on any party in any manner provided by law.

 

3.5Governing
Law. This Agreement will be governed by the internal laws of the State of New York.

 

3.6Further
Assurances. The parties agree, without further consideration, (i) to furnish upon request to each other such further information,
(ii) to execute and deliver to each other such other documents, and (iii) to do such other acts and things, all as the other party
may reasonably request for the purpose of carrying out the intent of this Agreement and the transactions contemplated by this Agreement
and, if applicable, the Subordinated Incentive Listing Fee Note and the Additional Note after issuance thereof.

 

    	5

    	 

    
 

3.7Amendments
and Waivers. No amendment or waiver of any provision of this Agreement shall be valid unless in writing and signed by the party
to be charged with such amendment or waiver. No waiver by any party of any default, misrepresentation, or breach of warranty or
covenant hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation,
or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.

 

3.8Entire
Agreement. This Agreement supersedes all prior agreements between the parties with respect to its subject matter and constitutes
(together with the Subordinated Incentive Listing Fee Note and the Additional Note) a complete and exclusive statement of the terms
of the agreement between the parties with respect to its subject matter. The exhibit identified in and attached to this Agreement
is incorporated herein by reference and shall be deemed as fully a part hereof as if set forth herein in full.

 

3.9Assignments,
Successors and No Third-Party Rights. Neither Obligor may assign any of its rights or obligations under this Agreement without
the prior consent of the Holder. Subject to the preceding sentence, this Agreement will apply to, be binding in all respects upon,
and inure to the benefit of the successors and permitted assigns of the parties. Except as expressly provided in Section 3.12,
nothing expressed or referred to in this Agreement will be construed to give any Person other than the parties hereto any legal
or equitable right, remedy, or claim under or with respect to this Agreement or any provision of this Agreement.

 

3.10Severability.
Any term of this Agreement which would be invalid or unenforceable as written shall be deemed limited in scope and/or duration
to the extent necessary to render it enforceable. The determination of any court that any provision is invalid or unenforceable
shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity of the offending term
or provision in any other situation or in any other jurisdiction.

 

3.11Construction.
The parties have participated jointly in the drafting of this Agreement, and each party was represented by counsel in the negotiation
of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the parties and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue
of the authorship of any of the provisions of this Agreement.

 

3.12Waiver
of Legal Conflicts. The Obligors and the Holder each acknowledges and agrees that, at their request, Proskauer Rose LLP acted
as counsel to the Obligors in connection with this Agreement, the Subordinated Incentive Listing Fee Note and the Additional Note.
Accordingly, each of the parties agrees to, and does, waive any conflict of interest which may be deemed to arise as the result
of such representation and agrees not to seek to disqualify or otherwise prevent Proskauer Rose LLP from representing the other
party hereto (or any other clients of Proskauer Rose LLP) in any matters by reason of its work on, or representation of, such party
in connection with this Agreement, the Subordinated Incentive Listing Fee Note, the Additional Note or its possession of confidential
information relating to such party. Proskauer Rose LLP shall be entitled to rely upon this Section 3.12 as a third party
beneficiary hereof. The Holder has advised the Obligors that it has retained its own counsel to represent it in connection with
this Agreement.

 

3.13Counterparts;
Facsimile. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of
which, taken together, shall constitute one and the same instrument. Original signatures hereto may be delivered by facsimile which
shall be deemed originals.

 

* * *

 

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

 

	 	OBLIGORS:
	 	 
	 	American Realty Capital Trust, Inc.
	 	 
	 	 
	 	By: /s/ William M. Kahane
	 	Name: William M. Kahane
	 	Title:  President and Chief Executive Officer
	 	 
	 	 
	 	AMERICAN REALTY CAPITAL OPERATING PARTNERSHIP, L.P.
	 	 
	 	By:  American Realty Capital Trust, Inc., its general partner
	 	 
	 	 
	 	By:  /s/ William M. Kahane
	 	Name: William M. Kahane
	 	Title:  President and Chief Executive Officer
	 	 
	 	 
	 	HOLDER:
	 	 
	 	AR CAPITAL, LLC
	 	 
	 	 
	 	By:  /s/ Nicholas S. Schorsch
	 	Name:  Nicholas S. Schorsch
	 	Title:  Managing Member

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