Document:

VEREIT 06.30.2015 - EX 4.2

Exhibit 4.2

FIRST AMENDMENT TO
THIRD AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP
OF
ARC PROPERTIES OPERATING PARTNERSHIP, L.P.

This FIRST AMENDMENT TO THIRD AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP (this “Amendment’) of ARC PROPERTIES OPERATING PARTNERSHIP, L.P. (the “Partnership”), dated January 26, 2015 and effective as of June 30, 2014, is entered into by AMERICAN REALTY CAPITAL PROPERTIES, INC., a Maryland corporation, the general partner (the “General Partner”) and a limited partner (a “Limited Partner”).

RECITALS

WHEREAS, the General Partner is a party to that certain Third Amended and Restated Agreement of Limited Partnership of the Partnership, effective as of January 3, 2014 (the “Agreement”);
WHEREAS, the General Partner hereby desires to make certain corrective amendments to the Agreement; and
WHEREAS, it is intended that by signing this Amendment American Realty Capital Properties, Inc. shall satisfy the requirement to obtain the written consent of the General Partner as set forth in Section 11.01 of the Agreement.
NOW THEREFORE, in consideration of the premises made hereunder, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

		
	1.
	Article 1 of the Agreement is hereby amended by inserting the following definitions in the appropriate alphabetical location:

““Equity Plans” means that certain Equity Plan of the General Partner adopted by the Board of Directors on September 6, 2011, as amended from time to time, that certain Non-Executive Director Stock Plan of the General Partner adopted by the Board of Directors on September 6, 2011, and any other equity plan of the General Partner.”

““Participant” has the meaning set forth in the Equity Plans.”

		
	2.
	Section 4.02 of the Agreement is hereby amended by inserting a new subsection (d) as follows:

“(d)    Equity Plans. Notwithstanding anything in this Agreement to the contrary, if at any time or from time to time:
(i)    restricted REIT Shares are issued in accordance with the terms of the Equity Plans, the General Partner shall: (A) be deemed to have contributed to the Partnership as a Capital Contribution an amount equal to the Value of a REIT Share multiplied by the number of restricted REIT Shares issued by the General Partner to the recipient of such restricted REIT Shares, and (B) cause the Partnership to issue to the General Partner a number of OP Units equal to the number of restricted REIT Shares delivered by the General Partner to such recipient of restricted REIT Shares divided by the Conversion Factor, which OP Units shall be subject to the same or substantially similar restrictions and other conditions (including forfeiture) imposed on the restricted REIT Shares including restrictions as to the payment of distributions, if any.
(ii)    Options (as such term is defined in the Equity Plans) granted in connection with the General Partner’s Equity Plans are exercised, the General Partner shall: (A) as soon as practicable after such exercise, contribute to the Partnership as a Capital Contribution an amount equal to the exercise price paid to the General Partner by such exercising party in connection with the exercise of the Options, (B) be deemed to have contributed to the Partnership as a Capital Contribution an amount equal to the excess of the Value of a REIT Share (as of the Business Day immediately preceding the date on which the purchase of the REIT Shares by such exercising party is consummated) over the amount per REIT Share contributed in respect of the exercise of such Options pursuant to clause (A) above multiplied by the number of REIT shares delivered 

by the General Partner to such exercising party, and (C) cause the Partnership to issue to the General Partner a number of OP Units equal to the number of REIT Shares delivered by the General Partner to such exercising party divided by the Conversion Factor.
(iii)    REIT Shares are issued to or acquired by a Participant in the General Partner’s Equity Plans in connection with Stock Appreciation Rights, Restricted Stock Units or any Other Stock-Based Awards (as such terms are defined in the Equity Plans), the General Partner shall: (A) contribute to the Partnership as a Capital Contribution any amount paid to the General Partner by such Participant in connection with the receipt of such REIT Shares, (B) be deemed to have contributed to the Partnership as a Capital Contribution an amount equal to the excess of the Value of a REIT Share (as of the Business Day immediately preceding the date on which the REIT Shares are issued to or acquired by such Participant) over the amount per REIT Share contributed pursuant to clause (A) above multiplied by the number of REIT shares delivered by the General Partner to such Participant, and (C) cause the Partnership to issue to the General Partner a number of OP Units equal to the number of REIT Shares delivered by the General Partner to such Participant divided by the Conversion Factor.”
		
	3.
	Section 4.03 of the Agreement is hereby amended by inserting the following sentence at the end thereof:

“The General Partner shall not issue any debt securities or notes or otherwise obtain funds from outside borrowings unless the General Partner lends to the Partnership (i) the proceeds of, or consideration received for, such debt securities, notes or outside borrowings on the same terms and conditions, including interest rate and repayment schedule, as shall be applicable with respect to or incurred in connection with the issuance of such debt securities or notes or in connection with otherwise obtaining funds from outside borrowings, and (ii) the proceeds of, or consideration received from, any subsequent exercise, exchange or conversion thereof (if applicable).

[Signature page follows.]

IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amendment as of the date first set forth above.

General Partner:

AMERICAN REALTY CAPITAL PROPERTIES, INC.

By:    /s/ Michael J. Sodo
Name: Michael J. Sodo
Title: Executive Vice President, Chief 
          Financial Officer and TreasurerVEREIT 06.30.2015 - EX 4.3

Exhibit 4.3

SECOND AMENDMENT TO THE 
THIRD AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF
ARC PROPERTIES OPERATING PARTNERSHIP, L.P.

This Second Amendment (this “Amendment”) to the Third Amended and Restated Limited Partnership Agreement of ARC Properties Operating Partnership, L.P. (the “Partnership Agreement”), a Delaware limited partnership (the “Partnership”), dated as of January 3, 2014 and as amended on January 26, 2015, is entered into as of July 28, 2015 by VEREIT, Inc., a Maryland corporation and the sole general partner of the Partnership (the “General Partner”).  Capitalized terms used but not defined herein have the meaning ascribed to such terms in the Partnership Agreement. 
WHEREAS, the undersigned General Partner desires to amend the Partnership Agreement as set forth in this Amendment; 
WHEREAS, pursuant Section 2.02 of the Partnership Agreement, the General Partner may amend the Partnership Agreement to reflect any change in the name of the Partnership; and
WHEREAS, the Certificate of Amendment to the Certificate of Limited Partnership of the Partnership was filed with the Secretary of State of the State of Delaware on July 28, 2015 (the “Certificate of Amendment”).
NOW THEREFORE, in accordance with, and pursuant to, the authority granted to the undersigned pursuant to Section 2.02 of the Partnership Agreement, the undersigned hereby agrees as follows:
1.    Amendments.  The Partnership Agreement is hereby amended to replace all references to the name “ARC Properties Operating Partnership, L.P.” with “VEREIT Operating Partnership, L.P.”
2.    Miscellaneous.  The Partnership Agreement and this Amendment shall be read together and shall have the same effect as if the provisions of the Partnership Agreement and this Amendment were contained in one agreement.  Any provision of the Partnership Agreement not amended by this Amendment shall remain in full force and effect as provided in the Partnership Agreement immediately prior to the date hereof.  After the date hereof, any reference to the Partnership Agreement shall mean the Partnership Agreement as modified by this Amendment.
 [SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, this Amendment to the Partnership Agreement has been executed on this 28th day of July, 2015.
GENERAL PARTNER:

VEREIT, INC.

By:    /s/ Michael J. Sodo
Name: Michael J. Sodo
Title: Executive Vice President, Chief 
          Financial Officer and TreasurerVEREIT 06.30.2015 - EX. 10.1

Exhibit 10.1

May 11, 2015

Gavin Brandon
4133 Pleasant Place
Chandler, AZ  85248

Dear Gavin,

On behalf of the Executive Leadership of American Realty Capital Properties, Inc. (the “Company”), I am pleased to present you with this formal letter (the “Employment Letter”) amending and rearticulating your current employment arrangement, which terms shall be effective as of October 28, 2014 (the “Effective Date”). 

Position & Title
Your title will be Chief Accounting Officer for the Company, reporting to the Chief Financial Officer and the executive management of the Company. You will be responsible for assisting in (i) the oversight of internal and external reporting functions of the Company including financial projections, (ii) the implementation of best practices within the accounting and finance functions of the Company and (iii) related efforts within the accounting and finance departments as directed by the Chief Financial Officer of the Company and executive management. You shall devote your full business time and attention and your best efforts to the performance of your duties and responsibilities hereunder.

Office
You will work out of the Phoenix, Arizona office of the Company with travel as necessary.

Compensation
You will be paid a base salary at the rate of $320,000 per annum, payable in periodic installments according to the Company’s normal payroll practices. This base salary will be in effect through December 31, 2015. For years commencing after December 31, 2014, you will be eligible for an annual cash bonus for each completed calendar year with a target annual payment opportunity of at least 60% of your base salary, in accordance with the Company’s bonus policy.

Retention Grant
You have been granted, effective October 28, 2014, under the terms of the Company’s Equity Plan, a number of restricted units of the common stock, par value $0.01, of the Company (the “Common Stock”) equal in value to $300,000 (the “Retention Grant”). The number of restricted units granted under the Retention Grant was determined assuming a share price of $9.05 and rounded down to provide for the grant of a whole number of units. The Retention Grant will vest in accordance with the terms of the applicable award agreement.

Termination
You will be an “at-will” employee, and the Company may terminate your employment with or without Cause (as defined below) at any time, except in the case of a termination without Cause, the Company will be required to provide you with 30 days’ prior written notice. You may terminate your employment for any reason upon not less than thirty (30) days’ written notice to the Company (which the Company may, in its sole discretion, make effective earlier than any notice date). In the event of a termination of your employment by the Company without Cause, whether prior to or following a change in control of the Company, subject to your execution of a fully effective and non-revocable release of claims in a form provided by the Company within thirty (30) days following the effective date of termination, you will be entitled to (i) continued payment of your base salary for a period of six (6) months following the effective date of termination; provided, that the first payment will be made on the thirtieth (30th) day after the effective date of termination, and will include payment of any amount that was otherwise due prior thereto and (ii) full vesting of the time-based portion of the Retention Grant, with the amount of the award to vest for the performance-based portion of the award on a pro rata basis in accordance with the terms of the award.

For the purposes of this Employment Letter, “Cause” means that you have (i) committed, with respect to the Company, an act of fraud, embezzlement, misappropriation, intentional misrepresentation or conversion of assets, (ii) been convicted of, or entered a plea of guilty or “nolo contendere” to, a felony (excluding any felony relating to the negligent operation of an automobile), (iii) willfully failed to substantially perform (other than by reason of illness or temporary disability) your reasonably assigned material duties, (iv) engaged in willful misconduct in the performance of your duties, (v) engaged in conduct that violated the Company's then existing written internal policies or procedures and which is materially detrimental to the business and reputation of the Company, or (vi) materially breached any non-competition, non-disclosure or other agreement in effect between you and the Company.

Benefits
You will be entitled to the standard benefits given to employees of the Company, currently including four (4) weeks of paid vacation (20 working days), Company-paid individual health coverage, participation within the 401(k) plan, group life insurance and group disability coverage.

The Company may withhold from any and all amounts payable to you such federal, state and local taxes as may be required to be withheld pursuant to applicable laws or regulations.

These are the amended and restated terms of your employment with the Company, which supersedes in its entirety your employment letter agreement dated January 13, 2015, subject to our receipt of your signed acceptance of this Employment Letter.

Sincerely,

/s/ Michael Sodo
Michael Sodo
Executive Vice President, Chief Financial Officer and Treasurer

I accept the offer of continued employment upon the terms set forth in this Employment Letter as of the date set forth below.  I understand that this offer does not constitute a contract of employment or an assurance of continued indefinite employment.

Signature:  /s/ Gavin Brandon                                                      
Printed Name: Gavin Brandon                                                      
Date:  May 11, 2015

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