Document:

ADVISORY AGREEMENT

 

BY AND AMONG

 

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

 

AMERICAN REALTY CAPITAL OPERATING PARTNERSHIP
II, L.P.,

 

AND

 

AMERICAN REALTY CAPITAL ADVISORS II, LLC

 

Dated as of August 15, 2011

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	 	 	 	Page	 
	 1.  	 	 	DEFINITIONS.	 	 	 	1	 
	 	 	 	 	 	 	 	 	 
	 2.  	 	 	APPOINTMENT.	 	 	 	6	 
	 	 	 	 	 	 	 	 	 
	 3.  	 	 	DUTIES OF THE ADVISOR.	 	 	 	6	 
	 	 	 	 	 	 	 	 	 
	 4.  	 	 	AUTHORITY OF ADVISOR.	 	 	 	7	 
	 	 	 	 	 	 	 	 	 
	 5.  	 	 	FIDUCIARY RELATIONSHIP.	 	 	 	8	 
	 	 	 	 	 	 	 	 	 
	 6.  	 	 	NO PARTNERSHIP OR JOINT VENTURE.	 	 	 	8	 
	 	 	 	 	 	 	 	 	 
	 7.  	 	 	BANK ACCOUNTS.	 	 	 	8	 
	 	 	 	 	 	 	 	 	 
	 8.  	 	 	RECORDS; ACCESS.	 	 	 	8	 
	 	 	 	 	 	 	 	 	 
	 9.  	 	 	LIMITATIONS ON ACTIVITIES.	 	 	 	8	 
	 	 	 	 	 	 	 	 	 
	 10.  	 	 	FEES.	 	 	 	8	 
	 	 	 	 	 	 	 	 	 
	 11.  	 	 	EXPENSES.	 	 	 	9	 
	 	 	 	 	 	 	 	 	 
	 12.  	 	 	OTHER SERVICES.	 	 	 	10	 
	 	 	 	 	 	 	 	 	 
	 13.  	 	 	REIMBURSEMENT TO THE ADVISOR.	 	 	 	10	 
	 	 	 	 	 	 	 	 	 
	 14.  	 	 	OTHER ACTIVITIES OF THE ADVISOR	 	 	 	11	 
	 	 	 	 	 	 	 	 	 
	 15.  	 	 	THE AMERICAN REALTY CAPITAL NAME	 	 	 	11	 
	 	 	 	 	 	 	 	 	 
	 16.  	 	 	TERM OF AGREEMENT	 	 	 	11	 
	 	 	 	 	 	 	 	 	 
	 17.  	 	 	TERMINATION BY THE PARTIES	 	 	 	11	 
	 	 	 	 	 	 	 	 	 
	 18.  	 	 	ASSIGNMENT TO AN AFFILIATE	 	 	 	11	 
	 	 	 	 	 	 	 	 	 
	 19.  	 	 	PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION	 	 	 	12	 
	 	 	 	 	 	 	 	 	 
	 20.  	 	 	INCORPORATION OF THE ARTICLES OF INCORPORATION AND THE OPERATING PARTNERSHIP AGREEMENT.	 	 	 	12	 
	 	 	 	 	 	 	 	 	 
	 21.  	 	 	INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP	 	 	 	12	 
	 	 	 	 	 	 	 	 	 
	 22.  	 	 	INDEMNIFICATION BY ADVISOR	 	 	 	13	 
	 	 	 	 	 	 	 	 	 
	 23.   	 	 	NOTICES	 	 	 	13	 
	 	 	 	 	 	 	 	 	 
	 24.  	 	 	MODIFICATION	 	 	 	14	 
	 	 	 	 	 	 	 	 	 
	 25.  	 	 	SEVERABILITY	 	 	 	14	 
	 	 	 	 	 	 	 	 	 
	 26.  	 	 	GOVERNING LAW	 	 	 	14	 
	 	 	 	 	 	 	 	 	 
	 27.  	 	 	ENTIRE AGREEMENT	 	 	 	14	 
	 	 	 	 	 	 	 	 	 
	 28.  	 	 	NO WAIVER	 	 	 	14	 
	 	 	 	 	 	 	 	 	 
	 29.  	 	 	PRONOUNS AND PLURALS	 	 	 	14	 
	 	 	 	 	 	 	 	 	 
	 30.  	 	 	HEADINGS	 	 	 	14	 
	 	 	 	 	 	 	 	 	 
	 31.  	 	 	EXECUTION IN COUNTERPARTS	 	 	 	15	 

 

    	 

    	 

    

 

  ADVISORY AGREEMENT

 

THIS ADVISORY AGREEMENT (this “ Agreement
”) dated as of August 15, 2011, is entered into among American Realty Capital Daily Net Asset Value Trust, Inc., a Maryland
corporation (the “ Company ”), American Realty Capital Operating Partnership II, L.P., a Delaware limited partnership
(the “ Operating Partnership ”), and American Realty Capital Advisors II, LLC, a Delaware limited liability
company.

 

WITNESSETH

 

WHEREAS, the Company is a Maryland corporation
created in accordance with Maryland General Corporation Law and intends to qualify as a REIT;

 

WHEREAS, the Company is the general partner
of the Operating Partnership;

 

WHEREAS, the Company and the Operating Partnership
desire to avail themselves of the experience, sources of information, advice, assistance and certain facilities of the Advisor
and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision
of the Board of Directors of the Company, all as provided herein; and

 

WHEREAS, the Advisor is willing to render such
services, subject to the supervision of the Board of Directors of the Company, on the terms and subject to the conditions hereinafter
set forth;

 

NOW, THEREFORE, in consideration of the foregoing
and of the mutual covenants and agreements contained herein, the parties hereto, intending to be legally bound, hereby agree as
follows:

 

1.           
DEFINITIONS.   As used in this Agreement, the following terms have the definitions set forth below:

 

“ Acquisition Expenses”
means any and all expenses, exclusive of Acquisition Fees, incurred by the Company, the Operating Partnership, the Advisor or any
of their Affiliates in connection with the selection, evaluation, acquisition, origination, making or development of any Investments,
whether or not acquired, including, without limitation, legal fees and expenses, travel and communications expenses, brokerage
fees, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, title insurance
premiums and the costs of performing due diligence.

 

“ Acquisition Fee ”
means the fees payable to the Advisor or its assignees pursuant to Section 10(a) .

 

“ Advisor ” means
American Realty Capital Advisors II, LLC, a Delaware limited liability company, any successor advisor to the Company and the Operating
Partnership, or any Person to which American Realty Capital Advisors II, LLC or any successor advisor subcontracts substantially
all its functions.  Notwithstanding the foregoing, a Person hired or retained by American Realty Capital Advisors II,
LLC to perform property management and related services for the Company or the Operating Partnership that is not hired or retained
to perform substantially all the functions of American Realty Capital Advisors II, LLC with respect to the Company and the Operating
Partnership as a whole shall not be deemed to be an Advisor.  

 

“ Affiliate ” or “
Affiliated ” means with respect to any Person, (i) any other Person directly or indirectly owning, controlling
or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of such Person; (ii) any
other Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held,
with the power to vote, by such Person; (iii) any other Person directly or indirectly controlling, controlled by or under
common control with such Person; (iv) any executive officer, director, trustee or general partner of such Person; and (v) any
legal entity for which such Person acts as an executive officer, director, trustee or general partner.  For purposes
of this definition, the terms “controls,” “is controlled by,” or “is under common control with”
shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of
an entity, whether through ownership or voting rights, by contract or otherwise.

 

“ Annual Subordinated Performance
Fee ” means the fees payable to the Advisor or its assignees pursuant to Section 10(e) .

 

“ Articles of Incorporation
” means the Articles of Incorporation of the Company, as amended from time to time.

 

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“ Asset Management Fee ”
means the fees payable to the Advisor pursuant to Section 10(d) . 

 

“ Average Invested Assets
” means, for a specified period, the average of the aggregate book value of the assets of the Company invested, directly
or indirectly, in Investments before deducting depreciation, bad debts or other non-cash reserves, computed by taking the average
of such values at the end of each month during such period.  For an equity interest owned in a Joint Venture, the calculation
of Average Invested Assets shall take into consideration the underlying Joint Venture’s aggregate book value for the equity
interest.

 

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

 

“ Business Day ” means
any day on which the New York Stock Exchange is open for trading.

 

“ By-laws ” means
the by-laws of the Company, as amended and as the same are in effect from time to time.

 

“ Cause” means (i)
fraud, criminal conduct, willful misconduct or illegal or negligent breach of fiduciary duty by the Advisor, or (ii) if any of
the following events occur:  (A) the Advisor shall breach any material provision of this Agreement, and after written
notice of such breach, shall not cure such default within thirty (30) days or have begun action within thirty (30) days to cure
the default which shall be completed with reasonable diligence; (B) the Advisor shall be adjudged bankrupt or insolvent by a court
of competent jurisdiction, or an order shall be made by a court of competent jurisdiction for the appointment of a receiver, liquidator,
or trustee of the Advisor, for all or substantially all its property by reason of the foregoing, or if a court of competent jurisdiction
approves any petition filed against the Advisor for reorganization, and such adjudication or order shall remain in force or unstayed
for a period of thirty (30) days; or (C) the Advisor shall institute proceedings for voluntary bankruptcy or shall file a petition
seeking reorganization under the federal bankruptcy laws, or for relief under any law for relief of debtors, or shall consent to
the appointment of a receiver for itself or for all or substantially all its property, or shall make a general assignment for the
benefit of its creditors, or shall admit in writing its inability to pay its debts, generally, as they become due.

 

“ Change of Control ”
means a change of control of the Company of a nature that would be required to be reported in response to the disclosure requirements
of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended (the “ Exchange Act
”), as enacted and in force on the date hereof, whether or not the Company is then subject to such reporting requirements;
provided, however , that, without limitation, a Change of Control shall be deemed to have occurred if:  (i) any
“person” (within the meaning of Section 13(d) of the Exchange Act, as enacted and in force on the date hereof) is or
becomes the “beneficial owner” (as that term is defined in Rule 13d-3, as enacted and in force on the date hereof,
under the Exchange Act) of securities of the Company representing 9.8% or more of the combined voting power of the Company’s
securities then outstanding; (ii) there occurs a merger, consolidation or other reorganization of the Company which is not approved
by the Board of Directors; (iii) there occurs a sale, exchange, transfer or other disposition of substantially all the assets of
the Company to another Person, which disposition is not approved by the Board of Directors; or (iv) there occurs a contested proxy
solicitation of the Stockholders that results in the contesting party electing candidates to a majority of the Board of Directors’
positions next up for election.

 

“ Code ” means the
Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto.  Reference to any provision
of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto,
as interpreted by any applicable regulations as in effect from time to time.

 

“ Competitive Real Estate Commission
” means a real estate or brokerage commission for the purchase or sale of an asset which is reasonable, customary and competitive
in light of the size, type and location of the asset.

 

“ Contract Purchase Price
” has the meaning set forth in the Articles of Incorporation.

 

“ Contract Sales Price ”
means the total consideration received by the Company for the sale of an Investment.

 

“ Dealer Manager ”
means Realty Capital Securities, LLC, or such other Person selected by the Board of Directors to act as the dealer manager for
the Offering.

 

“ Dealer Manager Fee ”
means three percent (3.0%) of Gross Proceeds from the sale of Retail Shares in a Primary Offering, payable to the Dealer Manager
for serving as the dealer manager of such Primary Offering.

   

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“ Director ” means a member of the Board of Directors.

 

“ Distributions ”
means any distributions of money or other property by the Company to Stockholders, including distributions that may constitute
a return of capital for U.S. federal income tax purposes.

 

“ Excess Amount ” has
the meaning set forth in Section 13 .

 

“ Expense Year ” has
the meaning set forth in Section 13 .

  

“ GAAP ” means United
States generally accepted accounting principles, consistently applied.

 

“ Good Reason ” means:  (i)
any failure to obtain a satisfactory agreement from any successor to the Company or the Operating Partnership to assume and agree
to perform obligations under this Agreement; or (ii) any material breach of this Agreement of any nature whatsoever by the Company
or the Operating Partnership.

 

“ Gross Proceeds ”
means the aggregate purchase price of all Shares sold for the account of the Company through an Offering, without deduction for
Selling Commissions, volume discounts, any marketing support and due diligence expense reimbursement or Organization and Offering
Expenses.  For the purpose of computing Gross Proceeds from the sale of Retail Shares, the purchase price of any Retail
Share for which reduced Selling Commissions are paid to the Dealer Manager or a Soliciting Dealer (where net proceeds to the Company
are not reduced) shall be deemed to be the full amount of the offering price per Retail Share pursuant to the Prospectus for such
Offering without reduction.

 

“ Included Assets ”
has the meaning set forth in Section 19(b)(ii) .

 

“ Indemnitee ” has
the meaning set forth in Section 21 .

 

“ Independent Director ”
has the meaning set forth in the Articles of Incorporation.

 

“ Independent Valuation Advisor
” means a firm that is (i) engaged in the business of conducting appraisals on real estate properties, (ii) not an affiliate
of the Advisor and (iii) engaged by the Company with the Board’s approval to apprise the Real Properties and other Investments
pursuant to the Valuation Guidelines.

 

“ Institutional Shares ”
means shares of the Company’s common stock, par value $0.01 per share that have been designated institutional shares.

 

“ Investments ” means
any investments by the Company or the Operating Partnership, directly or indirectly, in Real Estate Assets, Real Estate Related
Loans or any other asset.

 

“ Joint Ventures ”
means the joint venture or partnership or other similar arrangements (other than between the Company and the Operating Partnership)
in which the Company or the Operating Partnership or any of their subsidiaries is a co-venturer, member or partner, which are established
to own Investments.

 

“ Listing ”
means (i) the listing of the Shares on a national securities exchange, or (ii) the receipt by the Stockholders of securities
that are listed on a national securities exchange in exchange for Shares in a merger or any other type of transaction.

 

“ Loans ” means any
indebtedness or obligations in respect of borrowed money or evidenced by bonds, notes, debentures, deeds of trust, letters of credit
or similar instruments, including mortgages and mezzanine loans.

 

“ Management Agreement”
means the Property Management and Leasing Agreement, dated as of August 15, 2011, among the Company, the Operating Partnership
and American Realty Capital Properties II, LLC, as the same may be amended from time to time.

  

“ NASAA REIT Guidelines
” means the Statement of Policy Regarding Real Estate Investment Trusts published by the North American Securities Administrators
Association on May 7, 2007, as the same may be amended from time to time.

 

“ NAV ” means the
Company’s net asset value, calculated pursuant to the Valuation Guidelines.

  

    	3

    	 

    

 

“ Net Income ” means,
for any period, the Company’s total revenues applicable to such period, less the total expenses applicable to such period
other than additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the
sale of the Company’s assets.  

 

“ Notice ” has the meaning set forth in Section 23 .

 

“ Offering ” means
the public offering of Shares pursuant to a Prospectus.

 

“ Operating Partnership Agreement
” means the Agreement of Limited Partnership of the Operating Partnership, among the Company, the Operating Partnership and
American Realty Capital  Trust II Special Limited Partner, LLC, as the same may be amended from time to time.

 

“ OP Units ” means
units of limited partnership interest in the Operating Partnership.

 

“ Organization and Offering Expenses
” means all expenses (other than the Selling Commission, the Platform Fee and the Dealer Manager Fee) to be paid by the Company
in connection with an Offering, including legal, accounting, printing, mailing and filing fees, charges of the escrow holder and
transfer agent, charges of the Advisor for administrative services related to the issuance of Shares in an Offering, reimbursement
of the Advisor for costs in connection with preparing supplemental sales materials, the cost of bona fide training and education
meetings held by the Company (primarily the travel, meal and lodging costs of the registered representatives of broker-dealers),
attendance and sponsorship fees and cost reimbursement for employees of the Company’s Affiliates to attend retail seminars
conducted by broker-dealers and, in special cases, reimbursement to soliciting broker-dealers for technology costs associated with
an Offering, costs and expenses related to such technology costs, and costs and expenses associated with facilitation of the marketing
of the Shares and the ownership of Shares by such broker-dealer’s customers.

 

“ Other Liquidity Event
” means a liquidation or the sale of all or substantially all the Investments (regardless of the form in which such sale
shall occur).  For clarification purposes, a transaction of the type described in clause (ii) of the definition of Listing
shall not be an Other Liquidity Event.

 

“ Person ” means an
individual, corporation, partnership, joint venture, association, company (whether of limited liability or otherwise), trust, bank
or other entity, or any government or any agency or political subdivision of a government.

 

“ Platform Fee ” means
an asset-based platform fee payable to the Dealer Manager monthly in arrears for sales of Institutional Shares in a Primary Offering.  The
Platform Fee shall accrue daily and equals (a) the number of Shares outstanding each day, excluding shares issued under the Company’s
distribution reinvestment plan, multiplied by (b) 1/365th of NAV per Share on such day.

  

“ Primary Offering ”
means the portion of an Offering other than the Shares offered pursuant to the Company’s distribution reinvestment plan.

 

“ Prospectus ” means
a final prospectus of the Company filed pursuant to Rule 424(b) of the Securities Act, as the same may be amended or supplemented
from time to time.  

 

“ Real Estate Assets ”
means any investment by the Company or the Operating Partnership in unimproved and improved Real Property (including fee or leasehold
interests, options and leases), directly, through one or more subsidiaries or through a Joint Venture.

 

“ Real Estate Commission
” means the fees payable to the Advisor pursuant to Section 10(c) .

 

“ Real Estate Related Loans
” means any investments in mortgage loans and other types of real estate related debt financing, including, mezzanine loans,
bridge loans, convertible mortgages, wraparound mortgage loans, construction mortgage loans, loans on leasehold interests and participations
in such loans, by the Company or the Operating Partnership, directly, through one or more subsidiaries or through a Joint Venture.

 

“ Real Property ”
means real property owned from time to time by the Company or the Operating Partnership, directly, through one or more subsidiaries
or through a Joint Venture, which consists of (i) land only, (ii) land, including the buildings located thereon, (iii) buildings
only, or (iv) such investments the Board or the Advisor designate as Real Property to the extent such investments could be
classified as Real Property.

 

    	4

    	 

    

 

“ REIT ” means a “real
estate investment trust” under Sections 856 through 860 of the Code.

 

“ Retail Shares ”
means shares of the Company’s common stock, par value $0.01 per share that have been designated retail shares.

 

“ Sale ” or “
Sales ” means any transaction or series of transactions whereby:  (i) the Company or the Operating
Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys,
or relinquishes its direct or indirect ownership of any Real Estate Assets, Loan or other Investment or portion thereof, including
the lease of any Real Estate Assets consisting of a building only, and including any event with respect to any Real Estate Assets
that gives rise to a significant amount of insurance proceeds or condemnation awards; (ii) the Company or the Operating Partnership
directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes
its ownership of all or substantially all the direct or indirect interest of the Company or the Operating Partnership in any Joint
Venture in which it is a co-venturer, member or partner; (iii) any Joint Venture directly or indirectly (except as described
in other subsections of this definition) in which the Company or the Operating Partnership as a co-venturer, member or partner
sells, grants, transfers, conveys, or relinquishes its direct or indirect ownership of any Real Estate Assets or portion thereof,
including any event with respect to any Real Estate Assets which gives rise to insurance claims or condemnation awards; or (iv) the
Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells,
grants, conveys or relinquishes its direct or indirect interest in any Real Estate Related Loans or portion thereof (including
with respect to any Real Estate Related Loan, all payments thereunder or in satisfaction thereof other than regularly scheduled
interest payments) and any event which gives rise to a significant amount of insurance proceeds or similar awards; or (v) the
Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells,
grants, transfers, conveys, or relinquishes its direct or indirect ownership of any other asset not previously described in this
definition or any portion thereof, but not including any transaction or series of transactions specified in clauses (i) through
(v) above in which the proceeds of such transaction or series of transactions are reinvested by the Company in one or more
assets within 180 days thereafter.

 

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

 

“ Selling Commission ”
means seven percent (7.0%) of Gross Proceeds from the sale of Retail Shares in a Primary Offering payable to the Dealer Manager
and reallowable to Soliciting Dealers with respect to Retail Shares sold by them.

 

“ Shares ” means the
Institutional Shares and Retail Shares.

 

“ Soliciting Dealers ”
means broker-dealers who are members of the Financial Industry Regulatory Authority Inc., or that are exempt from broker-dealer
registration, and who, in either case, have executed soliciting dealer or other agreements with the Dealer Manager to sell Shares.

 

“ Sponsor ” means
American Realty Capital II, LLC, a Delaware limited liability company.

 

“ Stockholders ” means
the registered holders of the Shares.

 

“ Termination Date ”
means the date of termination of this Agreement.

 

“ Total Operating Expenses
” of a Person means the aggregate of all costs and expenses paid or incurred by such Person, but excluding Organization and
Offering Expenses, interest payments, taxes, non-cash expenditures, any Acquisitions Fees or Acquisition Expenses.  The
definition of “Total Operating Expenses” set forth above is intended to encompass only those expenses which are required
to be treated as Total Operating Expenses under the NASAA REIT Guidelines.  As a result, and notwithstanding the definition
set forth above, any expense of the Company which is not part of Total Operating Expenses under the NASAA REIT Guidelines shall
not be treated as part of Total Operating Expenses for purposes hereof.

 

“ Valuation Guidelines ”
means the valuation guidelines adopted by the Board, as may be amended from time to time.

 

“ 2%/25% Guidelines ”
has the meaning set forth in Section 13 .

 

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2.           
APPOINTMENT.   The Company and the Operating Partnership hereby appoint the Advisor to serve as their advisor to
perform the services set forth herein on the terms and subject to the conditions set forth in this Agreement and subject to the
supervision of the Board, and the Advisor hereby accepts such appointment.

 

3.           
DUTIES OF THE ADVISOR.   The Advisor will use its reasonable best efforts to present to the Company and the Operating
Partnership potential investment opportunities and to provide a continuing and suitable investment program consistent with the
investment objectives and policies of the Company as determined and adopted from time to time by the Board.  In performance
of this undertaking, subject to the supervision of the Board and consistent with the provisions of the Articles of Incorporation,
By-laws and the Operating Partnership Agreement, the Advisor, directly or indirectly, will:  

 

(a)           serve
as the Company’s and the Operating Partnership’s investment and financial advisor;

 

(b)           provide
the daily management for the Company and the Operating Partnership and perform and supervise the various administrative functions
necessary for the day-to-day management of the operations of the Company and the Operating Partnership;

 

(c)           investigate,
select and, on behalf of the Company and the Operating Partnership, engage and conduct business with and supervise the performance
of such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder (including consultants, accountants,
correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries,
custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, real estate management
companies, real estate operating companies, securities investment advisors, mortgagors, the registrar and the transfer agent and
any and all agents for any of the foregoing), including Affiliates of the Advisor and Persons acting in any other capacity deemed
by the Advisor necessary or desirable for the performance of any of the foregoing services (including entering into contracts in
the name of the Company and the Operating Partnership with any of the foregoing);

 

(d)           consult
with the officers and Directors of the Company and assist the Directors in the formulation and implementation of the Company’s
financial policies, and, as necessary, furnish the Board with advice and recommendations with respect to the making of investments
consistent with the investment objectives and policies of the Company and in connection with any borrowings proposed to be undertaken
by the Company or the Operating Partnership;

 

(e)           subject
to the provisions of Section 4 , (i) participate in formulating an investment strategy and asset allocation framework;
(ii) locate, analyze and select potential Investments; (iii) structure and negotiate the terms and conditions of transactions
pursuant to which acquisitions and dispositions of Investments will be made; (iv) research, identify, review and recommend
acquisitions and dispositions of Investments to the Board and make Investments on behalf of the Company and the Operating Partnership
in compliance with the investment objectives and policies of the Company; (v) arrange for financing and refinancing and make
other changes in the asset or capital structure of, and dispose of, reinvest the proceeds from the sale of, or otherwise deal with,
Investments; (vi) enter into leases and service contracts for Real Estate Assets and, to the extent necessary, perform all
other operational functions for the maintenance and administration of such Real Estate Assets; (vii) actively oversee and
manage Investments for purposes of meeting the Company’s investment objectives and reviewing and analyzing financial information
for each of the Investments and the overall portfolio; (viii) select Joint Venture partners, structure corresponding agreements
and oversee and monitor these relationships; (ix) oversee, supervise and evaluate Affiliated and non-Affiliated property managers
who perform services for the Company or the Operating Partnership; (x) oversee Affiliated and non-Affiliated Persons with
whom the Advisor contracts to perform certain of the services required to be performed under this Agreement; (xi) manage accounting
and other record-keeping functions for the Company and the Operating Partnership, including reviewing and analyzing the capital
and operating budgets for the Real Estate Assets and generating an annual budget for the Company; (xii) recommend various
liquidity events to the Board when appropriate; and (xiii) source and structure Real Estate Related Loans;  

 

(f)           upon
request, provide the Board with periodic reports regarding prospective investments;

 

(g)           make
investments in, and dispositions of, Investments within the discretionary limits and authority as granted by the Board;

 

(h)           negotiate
on behalf of the Company and the Operating Partnership with banks or other lenders for Loans to be made to the Company, the Operating
Partnership or any of their subsidiaries, and negotiate with investment banking firms and broker-dealers on behalf of the Company,
the Operating Partnership or any of their subsidiaries, or negotiate private sales of Shares or obtain Loans for the Company, the
Operating Partnership or any of their subsidiaries, but in no event in such a manner so that the Advisor shall be acting as broker-dealer
or underwriter; provided , however , that any fees and costs payable to third parties incurred by the Advisor in
connection with the foregoing shall be the responsibility of the Company, the Operating Partnership or any of their subsidiaries;

 

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(i)           obtain
reports (which may, but are not required to, be prepared by the Advisor or its Affiliates), where appropriate, concerning the value
of Investments or contemplated investments of the Company and the Operating Partnership;

 

(j)           from
time to time, or at any time reasonably requested by the Board, make reports to the Board of its performance of services to the
Company and the Operating Partnership under this Agreement, including reports with respect to potential conflicts of interest involving
the Advisor or any of its Affiliates;

 

(k)           provide
the Company and the Operating Partnership with all necessary cash management services;

 

(l)           deliver
to, or maintain on behalf of, the Company copies of all appraisals obtained in connection with the investments in any Real Estate
Assets as may be required to be obtained by the Board;

 

(m)          notify
the Board of all proposed material transactions before they are completed;

 

(n)          effect
any private placement of OP Units, tenancy-in-common (TIC) or other interests in Investments as may be approved by the Board;

 

(o)           perform
investor-relations and Stockholder communications functions for the Company;

 

(p)           render
such services as may be reasonably determined by the Board of Directors consistent with the terms and conditions herein;

 

(q)           maintain
the Company’s accounting and other records and assist the Company in filing all reports required to be filed by it with the
Securities and Exchange Commission, the Internal Revenue Service and other regulatory agencies;

 

		(r)	do all things reasonably necessary to assure its ability to render the services described in
this Agreement;

 

		(s)	at the end of each Business Day, calculate the NAV as provided in the Valuation Guidelines, and
in connection therewith, obtain appraisals performed by the Independent Valuation Advisors; and

 

		(t)	supervise one or more Independent Valuation Advisors and, if and when necessary, recommend to
the Board its replacement.

 

Notwithstanding the foregoing, the Advisor may
delegate any of the foregoing duties to any Person so long as the Advisor or its Affiliate remains responsible for the performance
of the duties set forth in this Section 3 .

 

4.           
AUTHORITY OF ADVISOR.

 

(a)           Pursuant
to the terms of this Agreement (including the restrictions included in this Section 4 and in Section 9
), and subject to the continuing and exclusive authority of the Board over the supervision of the Company, the Company, acting
on the authority of the Board of Directors, hereby delegates to the Advisor the authority to perform the services described in
Section 3 .

 

(b)           Notwithstanding
anything herein to the contrary, all Investments will require the prior approval of the Board, any particular Directors specified
by the Board or any committee of the Board specified by the Board, as the case may be.

 

(c)           If
a transaction requires approval by the Independent Directors, the Advisor will deliver to the Independent Directors all documents
and other information reasonably required by them to evaluate properly the proposed transaction.

 

(d)           The
Board may, at any time upon the giving of notice to the Advisor, modify or revoke the authority set forth in this Section 4
; provided, however , that such modification or revocation shall be effective upon receipt by the Advisor and shall not
be applicable to investment transactions to which the Advisor has committed the Company or the Operating Partnership prior to the
date of receipt by the Advisor of such notification.

 

    	7

    	 

    

 

5.           
FIDUCIARY RELATIONSHIP.   The Advisor, as a result of its relationship with the Company and the Operating Partnership
pursuant to this Agreement, stands in a fiduciary relationship with the Stockholders and the partners in the Operating Partnership. 

 

6.           
NO PARTNERSHIP OR JOINT VENTURE.   The parties to this Agreement are not partners or joint venturers with each other
and nothing herein shall be construed to make them partners or joint venturers or impose any liability as such on either of them.

 

7.           
BANK ACCOUNTS.   The Advisor may establish and maintain one or more bank accounts in the name of the Company or the
Operating Partnership and may collect and deposit into any such account or accounts, and disburse from any such account or accounts,
any money on behalf of the Company or the Operating Partnership, under such terms and conditions as the Board may approve, provided
that no funds shall be commingled with the funds of the Advisor; and, upon request, the Advisor shall render appropriate accountings
of such collections and payments to the Board and to the auditors of the Company.  

 

8.           
RECORDS; ACCESS.   The Advisor shall maintain appropriate records of all its activities hereunder and make such records
available for inspection by the Directors and by counsel, auditors and authorized agents of the Company, at any time and from time
to time.  The Advisor shall at all reasonable times have access to the books and records of the Company and the Operating
Partnership.

 

9.           
LIMITATIONS ON ACTIVITIES   Notwithstanding anything herein to the contrary, the Advisor shall refrain from taking
any action which, in its sole judgment, or in the sole judgment of the Company, made in good faith, would (a) adversely affect
the status of the Company as a REIT, unless the Board has determined that REIT qualification is not in the best interests of the
Company and its Stockholders, (b) subject the Company to regulation under the Investment Company Act of 1940, as amended,
or (c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over
the Company, the Operating Partnership or the Shares, or otherwise not be permitted by the Articles of Incorporation or By-laws,
except if such action shall be ordered by the Board, in which case the Advisor shall notify promptly the Board of the Advisor’s
judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification
or instructions from the Board.  In such event, the Advisor shall have no liability for acting in accordance with the
specific instructions of the Board so given.

 

10.         
FEES .

 

(a)           
Acquisition Fees .   The Company shall pay an Acquisition Fee to the Advisor or its assignees as
compensation for services rendered in connection with the investigation, selection and acquisition (by purchase, investment or
exchange) of Investments. If the Advisor is terminated without cause pursuant to Section 17(a), the Advisor or its assignees
shall be entitled to an Acquisition Fee for any Investments acquired after the Termination Date for which a contract
to acquire any such Investment had been entered into at or prior to the Termination Date. The total Acquisition Fee payable to
the Advisor or its assignees shall equal one percent (1.0%) of the purchase price of Real Estate Assets and one percent (1.0%)
of the amount advanced for Real Estate Related Loans or other Investments (other than Real Estate Assets), along with reimbursement
of acquisition expenses.  The purchase price of the Real Estate Assets shall equal the amount paid or allocated
to the purchase, development or improvement of the Real Estate Assets inclusive of expenses related thereto and the amount of debt
associated with such Investment.  The purchase price allocable for an Investment held through a Joint Venture shall equal
the product of (i) the purchase price of, or the amount advanced for, the Investment, as applicable, and (ii) the direct
or indirect ownership percentage in the Joint Venture held directly or indirectly by the Company or the Operating Partnership.  For
purposes of this section, “ownership percentage” shall be the percentage of capital stock, membership interests, partnership
interests or other equity interests held by the Company or the Operating Partnership, without regard to classification of such
equity interests.  The Company shall pay to the Advisor or its assignees the Acquisition Fee promptly upon the closing
of the Investment.  In addition, if during the period ending two years after the close of the initial Offering, the Company
sells an Investment and then reinvests in other Investments, the Company will pay to American Realty Capital Advisors II, LLC one
percent (1.0%) of the purchase price of Real Estate Assets and one percent (1.0%) of the amount advanced for Real Estate Related
Loans or other Investments (other than Real Estate Assets), along with reimbursement of acquisition expenses.  

 

(b)           
Limitation on Total Acquisition Fees and Acquisition Expenses .   The total of all Acquisition Fees
and Acquisition Expenses payable in connection with any Investment or any reinvestment shall not exceed four and one-half percent
(4.5%) of the Contract Purchase Price of the Investment acquired or four and one-half percent (4.5%) of the amount advanced for
an Investment; provided, however, that once all the proceeds from the initial Offering have been fully invested, the total
of all Acquisition Fees shall not exceed one and one-half percent (1.5%) of the Contract Purchase Price of all the Investments
acquired.

 

(c)        Real Estate Commission .   In connection with a Sale of a Real Estate
Asset in which the Advisor or any Affiliate of the Advisor provides a substantial amount of services, as determined by the Independent
Directors, the Company shall pay to the Advisor or its assignees a Real Estate Commission up to the lesser of (i) two percent
(2.0%) of the Contract Sales Price of such Real Estate Asset or (ii) one-half of the total brokerage commission paid if a brokerage
commission or other disposition fee is paid to a non-Affiliate broker in addition to the Real Estate Commission paid to the Advisor
or its assignees; provided, however , that in no event may the Real Estate Commission paid to the Advisor, its Affiliates
and non-Affiliates exceed the lesser of six percent (6.0%) of the Contract Sales Price and a Competitive Real Estate Commission.

 

    	8

    	 

    

 

(d)           
Asset Management Fee .   The Company shall pay an Asset Management Fee to the Advisor or its assignees
as compensation for services rendered in connection with the management of the Company’s assets in an amount equal to 1.0%
of the monthly average of daily NAV.  The Asset Management Fee is payable on the first business day of each month; provided,
however, that the amount of any asset management fee payable will be reduced to the extent that the Company's modified funds
from operations ("MFFO") during the previous month is less than the amount of asset management fees paid during such
month.

 

(e)           
Annual Subordinated Performance Fee .  The Company may pay an Annual Subordinated Performance Fee to the
Advisor calculated on the basis of the total return to Stockholders, payable monthly in arrears in any year in which the Company’s
total return on Stockholders’ capital contributions exceeds six percent (6%) per annum.  In such year, the Advisor
will be paid fifteen percent (15%) of the excess total return, not to exceed ten percent (10%) of the aggregate total return for
such year.   This fee will only be payable upon the sale of assets or other event which results in the Company’s
total return on Stockholders’ Capital contributions exceeding six percent (6%) per annum.

 

(f)           
Payment of Fees .   In connection with the Acquisition Fee, Real Estate Commission and Annual Subordinated
Performance Fee, the Company shall pay such fees to the Advisor or its assignees in cash or in Shares, or a combination of both,
the form of payment to be determined in the sole discretion of the Advisor. The Asset Management Fee shall be payable, at the discretion
of the Board of Directors, in cash, Shares or grants of restricted Shares, or any combination thereof. For the purposes of the
payment of any fees in Shares, prior to the end of the escrow period and the acquisition of the Company’s first Real Estate
Asset, each Share shall be valued at the per share offering price of our Shares in the initial Offering minus the maximum Selling
Commissions, Platform Fees and Dealer Manager Fee allowed in the initial Offering.  Following the escrow period and the
acquisition of the Company’s first Real Estate Asset, each Share shall be valued using NAV; provided, however, that in the
case of Asset Management Fees payable in grants of restricted shares, each Share shall be valued in accordance with the provisions
of the equity incentive plan of the Company pursuant to which such grants are to be made.  

 

(g)         
   Exclusion of Certain Transactions . 

 

(i)           
If the Company or the Operating Partnership shall propose to enter into any transaction in which the Advisor, any Affiliate of
the Advisor or any of the Advisor’s directors or officers has a direct or indirect interest, then such transaction shall
be approved by a majority of the Board not otherwise interested in such transaction, including a majority of the Independent Directors.

 

(ii)           If
the Board elects to internalize any management services provided by the Advisor, neither the Company nor the Operating
Partnership shall pay any compensation or other remuneration to the Advisor or its Affiliates in connection with the internalization
transaction.

 

11.        
  EXPENSES.

 

(a)           In
addition to the compensation paid to the Advisor pursuant to Section 10 , the Company or the Operating Partnership
shall pay directly or reimburse the Advisor for all the expenses paid or incurred by the Advisor or its Affiliates in connection
with the services it provides to the Company and the Operating Partnership pursuant to this Agreement, including, the following:

 

(i)             Organization
and Offering Expenses, including third-party due diligence fees related to the Primary Offering, as set forth in detailed and itemized
invoices; provided, however , that the Company shall not reimburse the Advisor to the extent such reimbursement would cause
the total amount of Organization and Offering Expenses paid by the Company and the Operating Partnership to exceed one and one-half
percent (1.5%) of the Gross Proceeds raised in all Primary Offerings;

 

(ii)           Acquisition
Expenses incurred in connection with the selection and acquisition of Investments, subject to the aggregate four and one-half percent
(4.5%) cap on Acquisition Fees and Acquisition Expenses set forth in Section 10(b) ;

 

(iii)          the
actual cost of goods and services used by the Company and obtained from entities not Affiliated with the Advisor;

 

(iv)         
interest and other costs for Loans, including discounts, points and other similar fees;  

 

    	9

    	 

    

 

(v)           taxes
and assessments on income of the Company or Investments;

 

(vi)          costs
associated with insurance required in connection with the business of the Company or by the Board;

 

(vii)         expenses
of managing and operating Investments owned by the Company, whether payable to an Affiliate of the Company or a non-affiliated
Person;

 

(viii)        all
expenses in connection with payments to the Directors for attending meetings of the Board and Stockholders;

 

(ix)          
expenses associated with a Listing, if applicable, or with the issuance and distribution of Shares, such as selling commissions
and fees, advertising expenses, taxes, legal and accounting fees, listing and registration fees;

 

(x)          
 expenses connected with payments of Distributions;

 

(xi)           expenses
of organizing, revising, amending, converting, modifying or terminating the Company, the Operating Partnership or any subsidiary
thereof or the Articles of Incorporation, By-laws or governing documents of the Operating Partnership or any subsidiary of the
Company or the Operating Partnership;

 

(xii)          expenses
of maintaining communications with Stockholders, including the cost of preparation, printing, and mailing annual reports and other
Stockholder reports, proxy statements and other reports required by governmental entities;

 

(xiii)         administrative
service expenses, including all costs and expenses incurred by Advisor or its Affiliates in fulfilling its duties hereunder, including
reasonable salaries and wages, benefits and overhead of all employees directly involved in the performance of such services; provided
, however , that no reimbursement shall be made for costs of such employees of the Advisor or its Affiliates to the extent
that such employees perform services for which the Advisor receives a separate fee; and

 

(xiv)         audit,
accounting and legal fees.

 

(b)           Commencing
upon the earlier to occur of (i) the fifth fiscal quarter after the Company makes its first Investment or (ii) six (6) months after
the commencement of the initial Offering, expenses incurred by the Advisor on behalf of the Company and the Operating Partnership
or in connection with the services provided by the Advisor hereunder and payable pursuant to this Section 11 shall
be reimbursed, no less than monthly, to the Advisor.

 

12.         
OTHER SERVICES.    Should the Board request that the Advisor or any director, officer or employee thereof
render services for the Company and the Operating Partnership other than set forth in Section 3 , such services shall
be separately compensated at such customary rates and in such customary amounts as are agreed upon by the Advisor and the Board,
including a majority of the Independent Directors, subject to the limitations contained in the Articles of Incorporation, and shall
not be deemed to be services pursuant to the terms of this Agreement.

 

13.         
REIMBURSEMENT TO THE ADVISOR.    The Company shall not reimburse the Advisor at the end of any fiscal quarter
in which Total Operating Expenses incurred by the Advisor for the four (4) consecutive fiscal quarters then ended (the “Expense
Year ”) exceed (the “ Excess Amount ”) the greater of two percent (2%) of Average Invested Assets
or twenty-five percent (25%) of Net Income (the “ 2%/25% Guidelines ”) for such year.  Any Excess
Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company or, at the option of the Company, subtracted
from the Total Operating Expenses reimbursed during the subsequent fiscal quarter.  If there is an Excess Amount in any
Expense Year and the Independent Directors determine that such excess was justified based on unusual and nonrecurring factors which
they deem sufficient, then the Excess Amount may be carried over and included in Total Operating Expenses in subsequent Expense
Years and reimbursed to the Advisor in one or more of such years, provided that there shall be sent to the Stockholders a written
disclosure of such fact, together with an explanation of the factors the Independent Directors considered in determining that such
excess expenses were justified.  Such determination shall be reflected in the minutes of the meetings of the Board.  All
figures used in the foregoing computation shall be determined in accordance with GAAP applied on a consistent basis.

 

    	10

    	 

    

 

14.         
OTHER ACTIVITIES OF THE ADVISOR.   Except as set forth in this Section 14 , nothing herein contained shall
prevent the Advisor or any of its Affiliates from engaging in or earning fees from other activities, including the rendering of
advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Sponsor
or its Affiliates; nor shall this Agreement limit or restrict the right of any director, officer, member, partner, employee or
stockholder of the Advisor or any of its Affiliates to engage in or earn fees from any other business or to render services of
any kind to any other Person and earn fees for rendering such services; provided, however , that the Advisor must devote
sufficient resources to the Company’s business to discharge its obligations to the Company under this Agreement.  The
Advisor may, with respect to any investment in which the Company is a participant, also render advice and service to each and every
other participant therein, and earn fees for rendering such advice and service.  Specifically, it is contemplated that
the Company may enter into Joint Ventures or other similar co-investment arrangements with certain Persons, and pursuant to the
agreements governing such Joint Ventures or arrangements, the Advisor may be engaged to provide advice and service to such Persons,
in which case the Advisor will earn fees for rendering such advice and service. 

 

The Advisor shall report to the Board the existence
of any condition or circumstance, existing or anticipated, of which it has knowledge, which creates or could create a conflict
of interest between the Advisor’s obligations to the Company and its obligations to or its interest in any other Person.  If
the Advisor, Director or Affiliates thereof have sponsored other investment programs with similar investment objectives which have
investment funds available at the same time as the Company, the Advisor shall inform the Board of the method to be applied by the
Advisor in allocating investment opportunities among the Company and competing investment entities and shall provide regular updates
to the Board of the investment opportunities provided by the Advisor to competing programs in order for the Board (including the
Independent Directors) to fulfill its duty to ensure that the Advisor and its Affiliates use their reasonable best efforts to apply
such method fairly to the Company.  

 

15.         
THE AMERICAN REALTY CAPITAL NAME.   The Advisor and its Affiliates have or may have a proprietary interest in the
names “American Realty Capital,” “ARC” and “AR Capital.”  The Advisor hereby grants
to the Company, to the extent of any proprietary interest the Advisor may have in any of the names “American Realty Capital,”
“ARC” and “AR Capital,” a non-transferable, non-assignable, non-exclusive, royalty-free right and license
to use the names “American Realty Capital,” “ARC” and “AR Capital” during the term of this
Agreement. The Company agrees that the Advisor and its Affiliates will have the right to approve of any use by the Company of the
names “American Realty Capital,” “ARC” and “AR Capital,” such approval not to be unreasonably
withheld or delayed. Accordingly, and in recognition of this right, if at any time the Company ceases to retain the Advisor or
one of its Affiliates to perform advisory services for the Company, the Company will, promptly after receipt of written request
from the Advisor, cease to conduct business under or use the names “American Realty Capital,” “ARC” and
“AR Capital” or any derivative thereof and the Company shall change its name and the names of any of its subsidiaries
to a name that does not contain the names “American Realty Capital,” “ARC” and “AR Capital”
or any other word or words that might, in the reasonable discretion of the Advisor, be susceptible of indication of some form of
relationship between the Company and the Advisor or any its Affiliates. At such time, the Company will also make any changes to
any trademarks, servicemarks or other marks necessary to remove any references to the words “American Realty Capital,”
“ARC” and “AR Capital.” Consistent with the foregoing, it is specifically recognized that the Advisor or
one or more of its Affiliates has in the past and may in the future organize, sponsor or otherwise permit to exist other investment
vehicles (including vehicles for investment in real estate) and financial and service organizations having any of the names “American
Realty Capital,” “ARC” and “AR Capital” as a part of their name, all without the need for any consent
(and without the right to object thereto) by the Company.  Neither the Advisor nor any of its Affiliates makes any representation
or warranty, express or implied, with respect to the names “American Realty Capital,” “ARC” and “AR
Capital” licensed hereunder or the use thereof (including without limitation as to whether the use of the names “American
Realty Capital,” “ARC” and “AR Capital” will be free from infringement of the intellectual property
rights of third parties.  Notwithstanding the preceding, the Advisor represents and warrants that it is not aware of
any pending claims or litigation or of any claims threatened in writing regarding the use or ownership of the names “American
Realty Capital,” “ARC” and “AR Capital.”

 

16.         
TERM OF AGREEMENT.   This Agreement shall continue in force for a period of one year from the date hereof.  Thereafter,
the term may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties.

 

17.         
TERMINATION BY THE PARTIES.   This Agreement may be terminated upon sixty (60) days’ written notice (a)
by the Independent Directors of the Company or the Advisor, without Cause and without penalty, (b) by the Advisor for Good Reason,
or (c) by the Advisor upon a Change of Control.  The provisions of Sections 19 through 31 of this
Agreement shall survive termination of this Agreement.  

 

18.         
ASSIGNMENT TO AN AFFILIATE.   This Agreement may be assigned by the Advisor to an Affiliate with the approval of
a majority of the Directors (including a majority of the Independent Directors).  The Advisor may assign any rights to
receive fees or other payments under this Agreement to any Person without obtaining the approval of the Directors.  This
Agreement shall not be assigned by the Company or the Operating Partnership without the consent of the Advisor, except in the case
of an assignment by the Company or the Operating Partnership to a Person which is a successor to all the assets, rights and obligations
of the Company or the Operating Partnership, in which case such successor Person shall be bound hereunder and by the terms of said
assignment in the same manner as the Company or the Operating Partnership, as applicable, is bound by this Agreement.

 

    	11

    	 

    

 

19.         
PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION.

 

(a)            
Amounts Owed .   After the Termination Date, the Advisor shall be entitled to receive from the Company
or the Operating Partnership within thirty (30) days after the effective date of such termination all amounts then accrued
and owing to the Advisor, including all its interest in the Company’s income, losses, distributions and capital by payment
of an amount equal to the then-present fair market value of the Advisor’s interest, subject to the 2%/25% Guidelines to the
extent applicable.

  

(b)           
Advisor’s Duties .  The Advisor shall promptly upon termination of this Agreement:

 

 (i)          pay
over to the Company and the Operating Partnership all money collected and held for the account of the Company and the Operating
Partnership pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it
is then entitled;

 

(ii)          deliver
to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by
it, covering the period following the date of the last accounting furnished to the Board;

 

(iii)         deliver
to the Board all assets, including all Investments, and documents of the Company and the Operating Partnership then in the custody
of the Advisor; and

 

(iv)         cooperate
with the Company and the Operating Partnership to provide an orderly management transition.

 

20.         INCORPORATION
OF THE ARTICLES OF INCORPORATION AND THE OPERATING PARTNERSHIP AGREEMENT.   To the extent that the Articles of Incorporation
or the Operating Partnership Agreement impose obligations or restrictions on the Advisor or grant the Advisor certain rights which
are not set forth in this Agreement, the Advisor shall abide by such obligations or restrictions and such rights shall inure to
the benefit of the Advisor with the same force and effect as if they were set forth herein.

 

21.         
INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP.  

 

(a)           The
Company and the Operating Partnership shall indemnify and hold harmless the Advisor and its Affiliates, as well as their respective
officers, directors, equity holders, members, partners, stockholders, other equity holders and employees (collectively, the “
Indemnitees ,” and each, an “ Indemnitee ”), from all liability, claims, damages or losses arising
in the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such
liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, and to the extent that such indemnification
would not be inconsistent with the laws of the State of New York, the Articles of Incorporation or the provisions of Section II.G
of the NASAA REIT Guidelines.  Notwithstanding the foregoing, the Company and the Operating Partnership shall not provide
for indemnification of an Indemnitee for any loss or liability suffered by such Indemnitee, nor shall they provide that an Indemnitee
be held harmless for any loss or liability suffered by the Company and the Operating Partnership, unless all the following conditions
are met:

 

(i)           the
Indemnitee has determined, in good faith, that the course of conduct that caused the loss or liability was in the best interest
of the Company and the Operating Partnership;

 

(ii)          the
Indemnitee was acting on behalf of, or performing services for, the Company or the Operating Partnership;

 

(iii)         such
liability or loss was not the result of negligence or willful misconduct by the Indemnitee; and

 

(iv)        such
indemnification or agreement to hold harmless is recoverable only out of the Company’s net assets and not from the Stockholders.

 

    	12

    	 

    

 

(b)          Notwithstanding
the foregoing, an Indemnitee shall not be indemnified by the Company and the Operating Partnership for any losses, liabilities
or expenses arising from or out of an alleged violation of federal or state securities laws by such Indemnitee unless one or more
of the following conditions are met:

 

(i)           there
has been a successful adjudication on the merits of each count involving alleged securities law violations as to the Indemnitee;

 

(ii)         such
claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnitee; or

 

(iii)         a
court of competent jurisdiction approves a settlement of the claims against the Indemnitee and finds that indemnification of the
settlement and the related costs should be made, and the court considering the request for indemnification has been advised of
the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority
in which securities of the Company or the Operating Partnership were offered or sold as to indemnification for violation of securities
laws.

 

(c)           In
addition, the advancement of the Company’s or the Operating Partnership’s funds to an Indemnitee for legal expenses
and other costs incurred as a result of any legal action for which indemnification is being sought is permissible only if all the
following conditions are satisfied:

 

(i)           the
legal action relates to acts or omissions with respect to the performance of duties or services on behalf of the Company or the
Operating Partnership;

 

(ii)          the
legal action is initiated by a third party who is not a Stockholder or the legal action is initiated by a Stockholder acting in
such Stockholder’s capacity as such and a court of competent jurisdiction specifically approves such advancement; and

 

(iii)         the
Indemnitee undertakes to repay the advanced funds to the Company or the Operating Partnership, together with the applicable legal
rate of interest thereon, in cases in which such Indemnitee is found not to be entitled to indemnification.

 

22.         
INDEMNIFICATION BY ADVISOR.   The Advisor shall indemnify and hold harmless the Company and the Operating Partnership
from contract or other liability, claims, damages, taxes or losses and related expenses, including reasonable attorneys’
fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance
and are incurred by reason of the Advisor’s bad faith, fraud, willful misfeasance, intentional misconduct, gross negligence
or reckless disregard of its duties; provided, however , that the Advisor shall not be held responsible for any action of
the Board in following or declining to follow any advice or recommendation given by the Advisor.

 

23.         
NOTICES.   Any notice, report or other communication (each a “ Notice ”) required or permitted
to be given hereunder shall be in writing unless some other method of giving such Notice is required by the Articles of Incorporation,
the By-laws, and shall be given by being delivered by hand, by courier or overnight carrier or by registered or certified mail
to the addresses set forth below:  

 

	To the Company:	 	American Realty Capital Daily Net Asset Value Trust, Inc.
	 	 	405 Park Avenue
	 	 	New York, New York 10022
	 	 	Attention:  William M. Kahane,
	 	 	President
	 	 	 
	 	 	with a copy to:
	 	 	 
	 	 	Proskauer Rose LLP
	 	 	Eleven Times Square
	 	 	New York, New York 10036
	 	 	Attention:  Peter M. Fass, Esq.

 

    	13

    	 

    

 

	To the Operating Partnership:	 	American Realty Capital Operating Partnership II, L.P.
	 	 	405 Park Avenue
	 	 	New York, New York 10022
	 	 	Attention:  William M. Kahane
	 	 	 
	 	 	with a copy to:
	 	 	 
	 	 	Proskauer Rose LLP
	 	 	Eleven Times Square
	 	 	New York, New York 10036
	 	 	Attention:  Peter M. Fass, Esq.

 

	To the Advisor:	 	American Realty Capital Advisors II, LLC
	 	 	405 Park Avenue
	 	 	New York, New York 10022
	 	 	Attention:  William M. Kahane
	 	 	 
	 	 	with a copy to:
	 	 	 
	 	 	Proskauer Rose LLP
	 	 	Eleven Times Square
	 	 	New York, New York 10036
	 	 	Attention:  Peter M. Fass, Esq.

 

Any party may at any time give Notice in writing to the other parties
of a change in its address for the purposes of this Section 23 .

 

24.         
MODIFICATION.   This Agreement shall not be amended, supplemented, terminated, or discharged, in whole or in part,
except by an instrument in writing signed by the parties hereto, or their respective successors or assignees.

 

25.         
SEVERABILITY.   The provisions of this Agreement are independent of and severable from each other, and no provision
shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may
be invalid or unenforceable in whole or in part.

 

26.         GOVERNING
LAW .   The provisions of this Agreement shall be construed and interpreted in accordance with the
laws of the State of New York as at the time in effect, without regard to the principles of conflicts of laws thereof.

 

27.         
ENTIRE AGREEMENT.   This Agreement contains the entire agreement and understanding among the parties hereto with
respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and
conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof.  The
express terms hereof control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof.
 

 

28.         
NO WAIVER.   Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege
under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or
privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver
of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or
privilege with respect to any other occurrence.  No waiver shall be effective unless it is in writing and is signed by
the party asserted to have granted such waiver.

 

29.         PRONOUNS
AND PLURALS.   Whenever the context may require, any pronoun used in this Agreement shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.

 

30.         
HEADINGS.   The titles of sections and subsections contained in this Agreement are for convenience only, and they
neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof.

 

    	14

    	 

    

 

31.         
EXECUTION IN COUNTERPARTS.   This Agreement may be executed (including by facsimile transmission) with counterpart
signature pages or in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature
appears thereon, and all of which shall together constitute one and the same instrument.

 

[Remainder of page intentionally left blank]

 

    	15

    	 

    

 

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

 

	 	AMERICAN REALTY CAPITAL DAILY NET ASSET VALUE TRUST, INC.	 
	 	 	 	 
	 	By:	 /s/William M. Kahane	 
	 	 	Name: William M. Kahane	 
	 	 	Title: President	 

 

	 	AMERICAN REALTY CAPITAL OPERATING PARTNERSHIP II, L.P.	 
	 	 	 	 
	 	By:	American Realty Capital Daily Net Asset Value Trust, Inc.	 
	 	 	 	 
	 	 	its General Partner	 
	 	 	 	 
	 	By:	 /s/William M. Kahane	 
	 	 	Name: William M. Kahane	 
	 	 	Title: President	 

 

	 	AMERICAN REALTY CAPITAL ADVISORS II, LLC	 
	 	 	 	 
	 	By:	American Realty Capital Trust II Special Limited Partner, LLC	 
	 	 	 	 
	 	 	its Member	 
	 	 	 	 
	 	By:	American Realty Capital II, LLC	 
	 	 	 	 
	 	 	its Managing Member	 
	 	 	 	 
	 	By:	 /s/Nicholas S. Schorsch	 
	 	 	Name: Nicholas S. Schorsch	 
	 	 	Title: Authorized Signatory	 

  

ARC NAV – Advisory AgreementPROPERTY MANAGEMENT AND LEASING AGREEMENT

 

This property management and leasing agreement (this “Management
Agreement”) is made and entered into as of the 15th day of August, 2011, by and among AMERICAN REALTY
CAPITAL DAILY NET ASSET VALUE TRUST, INC., a Maryland corporation (the “Company”), AMERICAN REALTY CAPITAL OPERATING
PARTNERSHIP II, L.P., a Delaware limited partnership (the “OP”), and AMERICAN REALTY CAPITAL PROPERTIES II,
LLC, a Delaware limited liability company (the “Manager”).

 

WHEREAS, the OP was organized to acquire, own, operate, lease and
manage real estate properties on behalf of the Company; and

 

WHEREAS, the Company intends to continue to raise money from the
sale of its common stock to be used, net of payment of certain offering costs and expenses, for investment in the acquisition and
rehabilitation of income-producing real estate and other real-estate related investments, which are to be acquired and held by
the Company or by the OP on behalf of the Company; and

 

WHEREAS, the Owner desires to retain the Manager to manage and coordinate
the leasing of the real estate properties acquired by the Owner, and the Manager desires to be so retained, all under the terms
and conditions set forth in this Management Agreement.

 

NOW, THEREFORE, in consideration of the foregoing and of the premises
and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties do hereby
agree as follows:

 

ARTICLE I.

 

DEFINITIONS

 

Except as otherwise specified or as the context may otherwise require,
the following terms have the respective meanings set forth below for all purposes of this Management Agreement:

 

1.1           “Account”
has the meaning set forth in Section 2.3(i) hereof.

 

1.2           “Affiliate”
means with respect to any Person, (i) any Person directly or indirectly owning, controlling or holding, with the power to vote,
ten percent (10%) or more of the outstanding voting securities of such other Person; (ii) any Person ten percent (10%) or more
of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other
Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv)
any executive officer, director, trustee or general partner of such other Person; and (v) any legal entity for which such Person
acts as an executive officer, director, trustee or general partner.  For purposes of this definition, the terms “controls,”
“is controlled by,” or “is under common control with” shall mean the possession, direct or indirect, of
the power to direct or cause the direction of the management and policies of an entity, whether through ownership or voting rights,
by contract or otherwise.

 

1.3           “Articles
of Incorporation” means the Articles of Incorporation of the Company, as amended from time to time.

 

1.4           “Budget”
has the meaning set forth in Section 2.5(c) hereof.

 

1.5           “Gross
Revenues” means all amounts actually collected as rents or other charges for the use and occupancy of the Properties,
but shall exclude interest and other investment income of the Owner and proceeds received by the Owner for a sale, exchange, condemnation,
eminent domain taking, casualty or other disposition of assets of the Owner.  

 

    	 

    	 

    

 

1.6           “Improvements”
means buildings, structures, equipment from time to time located on the Properties and all parking and common areas located on
the Properties.

 

1.7           “Independent
Director” has the meaning set forth in the Articles of Incorporation.

 

1.8           “Joint
Venture” means the joint venture or partnership arrangements (other than between the Company and the OP) in which the
Company or the OP or any of their subsidiaries is a co-venturer or general partner which are established to own Properties.

 

1.9         “Oversight
Fees” has the meaning set forth in Section 4.1 hereof.

 

1.10         “Owner”
means the Company, the OP and any Joint Venture that owns, in whole or in part, any Properties.

 

1.11         “Ownership
Agreements” has the meaning set forth in Section 2.3(k) hereof.

 

1.12         “Person”
means an individual, corporation, partnership, joint venture, association, company (whether of limited liability or otherwise),
trust, bank or other entity, or government or any agency or political subdivision of a government.

 

1.13         “Plan”
has the meaning set forth in Section 2.5(c) hereof.

 

1.14         “Properties”
means all real estate properties owned by the Owner and all tracts as yet unspecified but to be acquired by the Owner containing
income-producing Improvements or on which the Owner will develop or rehabilitate income-producing Improvements.

 

ARTICLE II.

APPOINTMENT OF THE MANAGER; SERVICES TO BE PERFORMED

 

2.1           Appointment
of the Manager.  The Owner hereby engages and retains the Manager as the sole and exclusive manager and agent of
the Properties, and the Manager hereby accepts such appointment, all on the terms and conditions hereinafter set forth, it being
understood that this Management Agreement shall cause the Manager to be, at law, the Owner’s agent upon the terms contained
herein.

 

2.2           General
Duties.  The Manager shall use commercially reasonable efforts in performing its duties hereunder to manage, operate,
maintain and lease the Properties in a diligent, careful and vigilant manner.  The services of the Manager are to be
of scope and quality not less than those generally performed by professional property managers of other similar properties in the
area.  The Manager shall make available to the Owner the full benefit of the judgment, experience and advice of its members
and staff with respect to the policies to be pursued by the Owner relating to the operation and leasing of the Properties.

 

2.3           Specific
Duties.  The Manager’s duties include the following:

 

		(a)	Lease Obligations.  The Manager shall perform all duties of the landlord
under all leases insofar as such duties relate to the operation, maintenance, and day-to-day management of the Properties.  The
Manager shall also provide or cause to be provided, at the Owner’s expense, all services normally provided to tenants of
like premises, including, where applicable and without limitation, gas, electricity or other utilities required to be furnished
to tenants under leases, normal repairs and maintenance, and cleaning and janitorial service.  The Manager shall arrange
for and supervise the performance of all installations and improvements in space leased to any tenant which are either expressly
required under the terms of the lease of such space or which are customarily provided to tenants.

 

    	2

    	 

    

 

		(b)	Maintenance.  The Manager shall cause the Properties to be maintained
in the same manner as similar properties in the area.  The Manager’s duties and supervision in this respect shall
include, without limitation, cleaning of the interior and the exterior of the Improvements and the public common areas on the Properties
and the making and supervision of repair, alterations, and decoration of the Improvements, subject to and in strict compliance
with this Management Agreement and any applicable leases.  Construction and rehabilitation activities undertaken by the
Manager, if any, will be limited to activities related to the management, operation, maintenance, and leasing of the Property (e.g.,
repairs, renovations, and leasehold improvements).

 

		(c)	Leasing Functions.  The Manager shall coordinate the leasing of the Properties
and shall negotiate and use its best efforts to secure executed leases from qualified tenants, and to execute same on behalf of
the Owner, if requested, for available space in the Properties, such leases to be in form and on terms approved by the Owner and
the Manager, and to bring about complete leasing of the Properties.  The Manager shall be responsible for the hiring
of all leasing agents, as necessary for the leasing of the Properties, and to otherwise oversee and manage the leasing process
on behalf of the Owner.

 

		(d)	Notice of Violations.  The Manager shall forward to the Owner, promptly
upon receipt, all notices of violation or other notices from any governmental authority, and board of fire underwriters or any
insurance company, and shall make such recommendations regarding compliance with such notice as shall be appropriate.

 

		(e)	Personnel.  Any personnel hired by the Manager to maintain, operate and
lease the Property shall be the employees or independent contractors of the Manager and not of the Owner.  The Manager
shall use due care in the selection and supervision of such employees or independent contractors.  The Manager shall
be responsible for the preparation of and shall timely file all payroll tax reports and timely make payments of all withholding
and other payroll taxes with respect to each employee.

 

		(f)	Utilities and Supplies.  The Manager shall enter into or renew contracts
for electricity, gas, steam, landscaping, fuel, oil, maintenance and other services as are customarily furnished or rendered in
connection with the operation of similar rental property in the area.

 

		(g)	Expenses.  The Manager shall analyze all bills received for services,
work and supplies in connection with maintaining and operating the Properties, pay all such bills, and, if requested by the Owner,
pay, when due, utility and water charges, sewer rent and assessments, any applicable taxes, including, without limitation, any
real estate taxes, and any other amount payable in respect to the Properties.  All bills shall be paid by the Manager
within the time required to obtain discounts, if any.  The Owner may from time to time request that the Manager forward
certain bills to the Owner promptly after receipt, and the Manager shall comply with any such request.  The payment of
all bills, real property taxes, assessments, insurance premiums and any other amounts payable with respect to the Properties shall
be paid out of the Account by the Manager.  All expenses shall be billed at net cost (i.e., less all rebates, commissions,
discounts and allowances, however designed).

 

		(h)	Monies Collected.  The Manager shall collect all rent and other monies
from tenants and any sums otherwise due to the Owner with respect to the Properties in the ordinary course of business.  In
collecting such monies, the Manager shall inform tenants of the Properties that all remittances are to be in the form of a check
or money order.  The Owner authorizes the Manager to request, demand, collect and provide receipts for all such rent
and other monies and to institute legal proceedings in the name of the Owner for the collection thereof and for the dispossession
of any tenant in default under its lease.

 

    	3

    	 

    

 

		(i)	Banking Accommodations. The Manager shall establish and maintain a separate checking
account (the “Account”) for funds relating to the Properties.  All monies deposited from time to time
in the Account shall be deemed to be trust funds and shall be and remain the property of the Owner and shall be withdrawn and disbursed
by the Manager for the account of the Owner only as expressly permitted by this Management Agreement for the purposes of performing
the obligations of the Manager hereunder.  No monies collected by the Manager on the Owner’s behalf shall be commingled
with funds of the Manager.  The Account shall be maintained, and monies shall be deposited therein and withdrawn therefrom,
in accordance with the following:

 

(i)                All sums
received from rents and other income from the Properties shall be promptly deposited by the Manager in the Account.  The
Manager shall have the right to designate two (2) or more persons who shall be authorized to draw against the Account, but only
for purposes authorized by this Management Agreement.

 

(ii)               All
sums due to the Manager hereunder, whether for compensation, reimbursement for expenditures, or otherwise, as herein provided,
shall be a charge against the operating revenues of the Properties and shall be paid and/or withdrawn by the Manager from the Account
prior to the making of any other disbursements therefrom.

 

(iii)              On
or before the 30th day following the end of each calendar quarter during the term of this Management Agreement, the Manager shall
forward to the Owner all net operating proceeds from the preceding quarter, retaining at all times, however, a reserve of $5,000,
in addition to any other amounts otherwise provided in the Budget.

 

		(j)	Tenant Complaints.  The Manager shall maintain business-like relations
with the tenants of the Properties.

 

		(k)	Ownership Agreements.  The Manager has received copies of the Agreement
of Limited Partnership of the OP, Articles of Incorporation and the other constitutive documents of the Owner (collectively, the
“Ownership Agreements”) and is familiar with the terms thereof.  The Manager shall use reasonable
care to avoid any act or omission which, in the performance of its duties hereunder, shall in any way conflict with the terms of
the Ownership Agreements.

 

		(l)	Signs.  The Manager shall place and remove, or cause to be placed and
removed, such signs upon the Properties as the Manager deems appropriate, subject, however, to the terms and conditions of the
leases and to any applicable ordinances and regulations.

 

2.4           Approval
of Leases, Contracts, Etc.  In fulfilling its duties to the Owner, the Manager may and hereby is authorized to enter
into any leases, contracts or agreements on behalf of the Owner in the ordinary course of the management, operation, maintenance
and leasing of the Properties.

 

2.5           Accounting,
Records and Reports.

 

		(a)	Records.  The Manager shall maintain all office records and books of
account and shall record therein, and keep copies of, each invoice received from services, work and supplies ordered in connection
with the maintenance and operation of the Properties.  Such records shall be maintained on a double entry basis.  The
Owner and persons designated by the Owner shall at all reasonable times have access to and the right to audit and make independent
examinations of such records, books and accounts and all vouchers, files and all other material pertaining to the Properties and
this Management Agreement, all of which the Manager agrees to keep safe, available and separate from any records not pertaining
to the Properties, at a place recommended by the Manager and approved by the Owner.

 

		(b)	Quarterly Reports.  On or before the 30th day following the end of each
calendar quarter during the term of this Management Agreement, the Manager shall prepare and submit to the Owner the following
reports and statements:

 

		(i)	Rental collection record;

 

		(ii)	Quarterly operating statement;

 

		(iii)	Copy of cash disbursements ledger entries for such period, if requested;

 

    	4

    	 

    

 

		(iv)	Copy of cash receipts ledger entries for such period, if requested;

 

		(v)	The original copies of all contracts entered into by the Manager on behalf of the Owner during
such period, if requested; and

 

		(vi)	Copy of ledger entries for such period relating to security deposits maintained by the Manager,
if requested.

 

		(c)	Budgets and Leasing Plans.  On or before November 15 of each calendar
year, the Manager shall prepare and submit to the Owner for its approval an operating budget (a “Budget”) and
a marketing and leasing plan (a “Plan”) on the Properties for the calendar year immediately following such submission.  Each
Budget and Plan shall be in the form approved by the Owner prior to the date thereof.  As often as reasonably necessary
during the period covered by any Budget or Plan, the Manager may submit to the Owner for its approval an updated Budget or Plan
incorporating such changes as shall be necessary to reflect cost overruns and the like during such period.  If the Owner
does not disapprove a Budget or Plan within thirty (30) days after receipt thereof by the Owner, such Budget or Plan shall be deemed
approved.  If the Owner shall disapprove any Budget or Plan, it shall so notify the Manager within said thirty (30) day
period and explain the reasons therefor.  The Manager will not incur any costs other than those estimated in an approved
Budget except for:

 

		(i)	maintenance or repair costs under $5,000 per Property;

 

		(ii)	costs incurred in emergency situations in which action is immediately necessary for the preservation
or safety of the Property, or for the safety of occupants or other persons on the Property (or to avoid the suspension of any necessary
service of the Property);

 

		(iii)	expenditures for real estate taxes and assessments; and

 

		(iv)	maintenance supplies calling for an aggregate purchase price of less than $25,000 for all Properties.

 

		(d)	Returns Required by Law.  The Manager shall execute and file when due
all forms, reports, and returns required by law relating to the employment of its personnel.

 

		(e)	Notices.  Promptly after receipt, the Manager shall deliver to the Owner
all notices, from any tenant, or any governmental authority, that are not of a routine nature.  The Manager shall also
report expeditiously to the Owner notice of any extensive damage to any part of the Properties.

 

2.6           Subcontracting.  Notwithstanding
anything to the contrary contained in this Agreement, the Manager may subcontract any of its duties hereunder, without the consent
of the Owner, for a fee that may be less than the Manager’s fees paid hereunder.  In the event that the
Manager does so subcontract any its duties hereunder, such fees payable to such third parties may, at the instruction of the Manager,
be deducted from the Manager’s fees and paid by the Owner to such parties, or paid directly by the Manager to such parties,
in its discretion.

 

ARTICLE III.

EXPENSES

 

3.1           Owner’s
Expenses.  Except as otherwise specifically provided, all costs and expenses incurred hereunder by the Manager in
fulfilling its duties to the Owner shall be for the account of and on behalf of the Owner.  Such costs and expenses may
include, without limitation, reasonable wages and salaries and other employee-related expenses of all on-site and off-site employees
of the Manager who are engaged in the operation, management, maintenance and leasing of the Properties, including taxes, insurance
and benefits relating to such employees, and legal, travel and other out-of-pocket expenses which are directly related to the operation,
management, maintenance and leasing of specific Properties.  All costs and expenses for which the Owner is responsible
under this Management Agreement shall be paid by the Manager out of the Account.  In the event the Account does not contain
sufficient funds to pay all of the costs and expenses, the Owner shall fund all sums necessary to meet such additional costs and
expenses.

 

    	5

    	 

    

 

3.2           Manager’s
Expenses.  The Manager shall, out of its own funds, pay all of its general overhead and administrative expenses.

 

ARTICLE IV.

MANAGER’S COMPENSATION

 

4.1           Oversight
Fees.  If the Owner contracts directly with one or more third parties for the services described in Section 2.3 above,
the Owner will pay such third parties customary market fees and shall pay the Manager oversight fees (the “Oversight Fees”)
equal to 1.0% of the Gross Revenues of the particular Property managed by such third parties.

 

4.3           Additional
Fees.  If the Manager provides services other than those specified herein, the Owner shall pay to the Manager a monthly
fee equal to no more than that which the Owner would pay to a third party that is not an Affiliate of the Owner or the Manager
to provide such services.

 

4.4           Audit
Adjustment.  If any audit of the records, books or accounts relating to the Properties discloses an overpayment or
underpayment of fees, the Owner or the Manager shall promptly pay to the other party the amount of such overpayment or underpayment,
as the case may be.  If such audit discloses an overpayment of fees for any fiscal year of more than the correct fees
for such fiscal year, the Manager shall bear the cost of such audit.

 

ARTICLE V.

INSURANCE AND INDEMNIFICATION

 

5.1           Insurance
to be Carried.

 

		(a)	The Manager shall obtain and keep in full force and effect insurance on the Properties against
such hazards as the Owner and the Manager shall deem appropriate, but in any event, insurance sufficient to comply with the leases
and the Ownership Agreements shall be maintained.  All liability policies shall provide sufficient insurance satisfactory
to both the Owner and the Manager and shall contain waivers of subrogation for the benefit of the Manager.

 

		(b)	The Manager shall obtain and keep in full force and effect, in accordance with the laws of the
state in which each Property is located, employer’s liability insurance applicable to and covering all employees of the Manager
at the Properties and all persons engaged in the performance of any work required hereunder, and the Manager shall furnish the
Owner certificates of insurers naming the Owner as a co-insured and evidencing that such insurance is in effect.  If
any of the Manager’s duties hereunder are subcontracted as permitted under Section 2.6, the Manager shall include
in each subcontract a provision that the subcontractor shall also furnish the Owner with such a certificate.

 

5.2           Cooperation
with Insurers.  The Manager shall cooperate with and provide reasonable access to the Properties to representatives
of insurance companies and insurance brokers or agents with respect to insurance which is in effect or for which application has
been made.  The Manager shall use its best efforts to comply with all requirements of insurers.

 

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5.3           Accidents
and Claims.  The Manager shall promptly investigate and report in detail to the Owner all accidents, claims for damage
relating to the ownership, operation or maintenance of the Properties, and any damage or destruction to the Properties and the
estimated costs of repair thereof, and shall prepare for approval by the Owner all reports required by an insurance company in
connection with any such accident, claim, damage, or destruction.  Such reports shall be given to the Owner promptly
and any report not so given within ten (10) days after the occurrence of any such accident, claim, damage or destruction shall
be noted in the report delivered to the Owner pursuant to Section 2.5(b).  The Manager is authorized to settle
any claim against an insurance company arising out of any policy and, in connection with such claim, to execute proofs of loss
and adjustments of loss and to collect and provide receipts for loss proceeds.

 

5.4           Indemnification.  The
Manager shall hold the Owner harmless from and indemnify and defend the Owner against any and all claims or liability for any injury
or damage to any person or property whatsoever for which the Manager is responsible occurring in, on, or about the Properties,
including, without limitation, the Improvements when such injury or damage is caused by the negligence or misconduct of the Manager,
its agents, servants, or employees, except to the extent that the Owner recovers insurance proceeds with respect to such matter.  The
Owner will indemnify and hold the Manager harmless against all liability for injury to persons and damage to property caused by
the Owner’s negligence and which did not result from the negligence or misconduct of the Manager, except to the extent the
Manager recovers insurance proceeds with respect to such matter.

 

ARTICLE VI.

TERM; TERMINATION

 

6.1           Term.  This
Management Agreement shall commence on the date first above written and shall continue until terminated in accordance with the
earliest to occur of the following:

 

		(a)	One year from the date of the commencement of the term hereof.  However, this Management
Agreement will be automatically extended for an unlimited number of successive one year terms at the end of each year unless any
party gives sixty (60) days’ written notice to the other parties of its intention to terminate this Management Agreement;

 

		(b)	Immediately upon the occurrence of any of the following:

 

(i)               A decree
or order is rendered by a court having jurisdiction (A) adjudging the Manager as bankrupt or insolvent, (B) approving as properly
filed a petition seeking reorganization, readjustment, arrangement, composition or similar relief for the Manager under the federal
bankruptcy laws or any similar applicable law or practice, or (C) appointing a receiver, liquidator, trustee or assignee in bankruptcy
or insolvency of the Manager or a substantial part of the Manager’s assets, or for the winding up or liquidation of its affairs,
or 

 

(ii)              The
Manager (A) voluntarily institutes proceedings to be adjudicated bankrupt or insolvent, (B) consents to the filing of a bankruptcy
proceeding against it, (C) files a petition, answer or consent seeking reorganization, readjustment, arrangement, composition or
relief under any similar applicable law or practice, (D) consents to the filing of any such petition, or to the appointment of
a receiver, liquidator, trustee or assignee in bankruptcy or insolvency for it or for a substantial part of its assets, (E) makes
an assignment for the benefit of creditors, (F) is unable to or admits in writing its inability to pay its debts generally as they
become due, unless such inability shall be the fault of the Owner, or (G) takes corporate or other action in furtherance of any
of the aforesaid purposes; and

 

		(c)	Upon written notice from the Owner in the event that the Manager commits an act of gross negligence
or willful misconduct in the performance of its duties hereunder.

 

Upon termination, the obligations of the parties hereto shall cease;
provided, however; that the Manager shall comply with the provisions hereof applicable in the event of termination and shall
be entitled to receive all compensation which may be due to the Manager hereunder up to the date of such termination; provided,
further, however; that if this Management Agreement terminates pursuant to clauses (b) or (c) of this Section
6.1, the Owner shall have other remedies as may be available at law or in equity.

 

6.2           Manager’s
Obligations after Termination.  Upon the termination of this Management Agreement, the Manager shall have the following
duties:

 

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		(a)	The Manager shall deliver to the Owner, or its designee, all books and records with respect to
the Properties.

 

		(b)	The Manager shall transfer and assign to the Owner, or its designee, all service contracts and
personal property relating to or used in the operation and maintenance of the Properties, except personal property paid for and
owned by the Manager. Manager shall also, for a period of sixty (60) days immediately following the date of such termination, make
itself available to consult with and advise the Owner, or its designee, regarding the operation, maintenance and leasing of the
Properties.

 

		(c)	The Manager shall render to the Owner an accounting of all funds of the Owner in its possession
and shall deliver to the Owner a statement of Management Fees claimed to be due the Manager and shall cause funds of the Owner
held by the Manager relating to the Properties to be paid to the Owner or its designee.

 

		(d)	The Manager shall cooperate with the Owner to provide an orderly transition of the Manager’s
duties hereunder.

 

ARTICLE VII.

MISCELLANEOUS

 

7.1           Notices.  All
notices, approvals, consents and other communications hereunder shall be in writing, and, except when receipt is required to start
the running of a period of time, shall be deemed given when delivered in person or on the fifth day after its mailing by either
party by registered or certified United States mail, postage prepaid and return receipt requested, to the other party, at the addresses
set forth after their respect name below or at such different addresses as either party shall have theretofore advised the other
party in writing in accordance with this Section 7.1.

  

	To the Owner:	 	American Realty Capital Daily Net Asset Value Trust, Inc.
	 	 	405 Park Avenue
	 	 	New York, NY 10022
	 	 	Attention: William M. Kahane, President
	 	 	 
	 	 	with a copy to:
	 	 	 
	 	 	American Realty Capital Operating Partnership II, L.P.
	 	 	405 Park Avenue
	 	 	New York, NY 10022
	 	 	Attention: William M. Kahane
	 	 	 
	 	 	with a copy to:
	 	 	 
	 	 	Proskauer Rose LLP
	 	 	Eleven Times Square
	 	 	New York, New York 10036
	 	 	Attention: Peter M. Fass, Esq.
	 	 	 
	To the Manager:	 	American Realty Capital Properties II, LLC
	 	 	405 Park Avenue
	 	 	New York, NY 10022
	 	 	Attention: William M. Kahane, Chief Operating Officer
	 	 	 
	 	 	with a copy to:
	 	 	 
	 	 	Proskauer Rose LLP
	 	 	Eleven Times Square
	 	 	New York, New York 10036
	 	 	Attention: Peter M. Fass, Esq.

 

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7.2           Governing
Law.  This Management Agreement shall be governed by and construed in accordance with the laws of the State of New
York, without regard to the principles of conflicts of law thereof.

 

7.3           Assignment.  Except
as permitted in Section 2.6 hereof, this Management Agreement may not be assigned by the Manager, except to an Affiliate
of the Manager, and then only upon the consent of the Owner and the approval of a majority of the Independent Directors. Any assignee
of the Manager shall be bound hereunder to the same extent as the Manager. This Agreement shall not be assigned by the Owner without
the written consent of the Manager, except to a Person which is a successor to such Owner. Such successor shall be bound hereunder
to the same extent as such Owner. Notwithstanding anything to the contrary contained herein, the economic rights of the Manager
hereunder, including the right to receive all compensation hereunder, may be sold, transferred or assigned by the Manager without
the consent of the Owner.

 

7.4           No
Waiver.  Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege
under this Management Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy,
power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall
any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy,
power or privilege with respect to any other occurrences. No waiver shall be effective unless it is in writing and is signed by
the party asserted to have granted such waiver.

 

7.5           Amendments.  This
Management Agreement may be amended only by an instrument in writing signed by the party against whom enforcement of the amendment
is sought.  

 

7.6           Headings.  The
headings of the various subdivisions of this Management Agreement are for reference only and shall not define or limit any of the
terms or provisions hereof.

 

7.7           Counterparts.  This
Management Agreement may be executed (including by facsimile transmission) with counterpart signature pages or in any number of
counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of
which shall together constitute one and the same instrument.

 

7.8           Entire
Agreement.  This Management Agreement contains the entire agreement and understanding among the parties hereto with
respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions,
express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof.

 

7.9           Disputes.  If
there shall be a dispute between the Owner and the Manager relating to this Management Agreement resulting in litigation, the prevailing
party in such litigation shall be entitled to recover from the other party to such litigation such amount as the court shall fix
as reasonable attorneys’ fees.

 

7.10         Activities
of the Manager.  The obligations of the Manager pursuant to the terms and provisions of this Management Agreement
shall not be construed to preclude the Manager from engaging in other activities or business ventures, whether or not such other
activities or ventures are in competition with the Owner or the business of the Owner.

 

7.11         Independent Contractor.  The Manager
and the Owner shall not be construed as joint venturers or partners of each other pursuant to this Management Agreement, and neither
party shall have the power to bind or obligate the other except as set forth herein.  In all respects, the status of
the Manager to the Owner under this Management Agreement is that of an independent contractor.

 

			

    	9

    	 

    

  

7.12         Pronouns
and Plurals.  Whenever the context may require, any pronoun used in this Management Agreement shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.

 

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    	10

    	 

    

 

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

 

	 	AMERICAN REALTY CAPITAL DAILY NET ASSET VALUE TRUST, INC.
	 	 	 
	 	By:	/s/William M. Kahane
	 	 	Name: William M. Kahane
	 	 	Title: President

 

	 	
        AMERICAN REALTY CAPITAL OPERATING

        PARTNERSHIP II, L.P.

	 	 	 
	 	By:	American Realty Capital Daily Net Asset Value Trust, Inc.
	 	 	its General Partner
	 	 	 
	 	By:	/s/William M. Kahane
	 	 	Name: William M. Kahane
	 	 	Title: President

 

	 	
        AMERICAN REALTY CAPITAL PROPERTIES II,

        LLC

	 	 	 
	 	By:	
        American Realty Capital Trust II Special Limited

        Partner, LLC

	 	 	 
	 	 	its Member
	 	 	 
	 	By:	American Realty Capital II, LLC
	 	 	 
	 	 	its Managing Member

 

	 	By:	/s/Nicholas S. Schorsch
	 	 	Name: Nicholas S. Schorsch
	 	 	Title: Authorized Signatory

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