Document:

EX-10.2

 Exhibit 10.2 

ASSET MANAGEMENT AGREEMENT 

dated as of             , 2018 

between 
 SPIRIT MTA
REIT 
 and 

SPIRIT REALTY, L.P. 
  

 

 TABLE OF CONTENTS 

 

							
	 SECTION 1.
	    	 DEFINITIONS
	  	 	1	 
			
	 SECTION 2.
	    	 APPOINTMENT AND DUTIES OF THE MANAGER
	  	 	6	 
			
	 SECTION 3.
	    	 DEVOTION OF TIME; ADDITIONAL ACTIVITIES
	  	 	10	 
			
	 SECTION 4.
	    	 AGENCY
	  	 	11	 
			
	 SECTION 5.
	    	 BANK ACCOUNTS
	  	 	11	 
			
	 SECTION 6.
	    	 RECORDS; CONFIDENTIALITY
	  	 	11	 
			
	 SECTION 7.
	    	 OBLIGATIONS OF MANAGER; RESTRICTIONS.
	  	 	12	 
			
	 SECTION 8.
	    	 COMPENSATION
	  	 	12	 
			
	 SECTION 9.
	    	 EXPENSES
	  	 	13	 
			
	 SECTION 10.
	    	 LIMITS OF MANAGER RESPONSIBILITY; INDEMNIFICATION
	  	 	15	 
			
	 SECTION 11.
	    	 NO JOINT VENTURE
	  	 	16	 
			
	 SECTION 12.
	    	 TERM; TERMINATION
	  	 	16	 
			
	 SECTION 13.
	    	 TERMINATION FEE
	  	 	17	 
			
	 SECTION 14.
	    	 PROMOTE
	  	 	17	 
			
	 SECTION 15.
	    	 ASSIGNMENT
	  	 	18	 
			
	 SECTION 16.
	    	 ACTION UPON TERMINATION
	  	 	19	 
			
	 SECTION 17.
	    	 RELEASE OF MONEY OR OTHER PROPERTY UPON WRITTEN REQUEST
	  	 	19	 
			
	 SECTION 18.
	    	 NOTICES
	  	 	20	 
			
	 SECTION 19.
	    	 BINDING NATURE OF AGREEMENT; SUCCESSORS AND ASSIGNS
	  	 	20	 
			
	 SECTION 20.
	    	 ENTIRE AGREEMENT
	  	 	20	 
			
	 SECTION 21.
	    	 ARBITRATION
	  	 	20	 

							
			
	 SECTION 22.
	    	 NAME LICENSE
	  	 	23	 
			
	 SECTION 23.
	    	 CONTROLLING LAW
	  	 	23	 
			
	 SECTION 24.
	    	 INDULGENCES, NOT WAIVERS
	  	 	23	 
			
	 SECTION 25.
	    	 TITLES NOT TO AFFECT INTERPRETATION
	  	 	23	 
			
	 SECTION 26.
	    	 EXECUTION IN COUNTERPARTS
	  	 	24	 
			
	 SECTION 27.
	    	 PROVISIONS SEPARABLE
	  	 	24	 

  

 ASSET MANAGEMENT AGREEMENT 

THIS ASSET MANAGEMENT AGREEMENT (this “Agreement”) is made as of
            , 2018 by and between Spirit MTA REIT, a Maryland real estate investment trust (the “Company”), and Spirit Realty, L.P., a Delaware limited partnership
(together with its permitted assignees, the “Manager”). 
 WHEREAS, the Company desires to avail itself of the experience,
sources of information, advice, assistance and certain facilities of, or available to, the Manager and to have the Manager undertake the duties and responsibilities hereinafter set forth, on behalf of the Company, as provided in this Agreement; and

 WHEREAS, the Manager is willing to render such services on the terms and conditions hereinafter set forth. 

NOW THEREFORE, IN CONSIDERATION OF THE MUTUAL AGREEMENTS HEREIN SET FORTH, THE PARTIES HERETO AGREE AS FOLLOWS: 

SECTION 1. DEFINITIONS. 
 The following
terms have the meanings assigned to them: 
 “AAA” has the meaning set forth in Section 21 of this Agreement. 

“Affiliate” means, with respect to any Person, (i) any other Person directly or indirectly controlling, controlled by,
or under common control with such Person, (ii) any executive officer, general partner or managing member of such Person, (iii) any member of the board of directors or board of managers (or bodies performing similar functions) of such
Person, and (iv) any legal entity for which such Person acts as an executive officer, general partner or managing member. For purposes of this Agreement, the Company shall not be considered an Affiliate of the Manager. 

“Agreement” means this Asset Management Agreement, as amended from time to time. 

“Appellate Rules” has the meaning set forth in Section 21 of this Agreement. 

“Award” has the meaning set forth in Section 21 of this Agreement. 

“Board of Trustees” means the board of trustees of the Company. 

“Change in Control” shall mean the occurrence of any of the following events: 

(i) a transaction or series of transactions whereby any “person” or related “group” of “persons” (as such terms
are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Company or any Subsidiary of the Company) directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3
under the Exchange Act) of securities of the Company possessing more than fifty percent (50%) of the total combined voting power of the Company’s securities outstanding immediately after such acquisition; or 

  
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 (ii) during any period of two (2) consecutive years, individuals who, at the beginning of
such period, constitute the Board of Trustees together with any new trustee(s) (other than a trustee designated by a person who shall have entered into an agreement with the Company to effect a transaction described in the preceding clause
(i) or the succeeding clause (iii) of this definition) whose election by the Board of Trustees or nomination for election by the Company’s shareholders was approved by a vote of at least
two-thirds (2/3) of the trustees then still in office who either were trustees at the beginning of the two (2)-year period or whose election or nomination for election was previously so approved, cease for any
reason to constitute a majority thereof; or 
 (iii) the consummation by the Company (whether directly involving the Company or indirectly
involving the Company through one or more intermediaries) of (A) a merger, consolidation, reorganization, or business combination, (B) a sale or other disposition of all or substantially all of the Company’s assets in any single
transaction or series of related transactions or (C) the acquisition of assets or stock of another entity, in each case, other than a transaction: 

(1) which results in the Company’s voting securities outstanding immediately before the transaction continuing to
represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or indirectly, the Company or owns, directly or indirectly, all or
substantially all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly, at least a majority of the combined voting power of
the Successor Entity’s outstanding voting securities immediately after the transaction, and following which the Successor Entity continues to own all or substantially all the assets that the Company owned immediately before the transaction and
succeeds to its business, and 
 (2) after which no person or group beneficially owns voting securities representing fifty
percent (50%) or more of the combined voting power of the Successor Entity; provided, however, that no person or group shall be treated for purposes of this clause (iii)(2) as beneficially owning fifty percent (50%) or more of the combined voting
power of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation of the transaction; or 

(iv) approval by the Company’s shareholders of a liquidation or dissolution of the Company. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Common Share” means a common share of beneficial interest, par value $0.01 per share, of the Company now or hereafter
authorized as common voting shares of the Company. 
 “Company” has the meaning set forth in the preamble to this
Agreement. 
 “Company Account” has the meaning set forth in Section 5 of this Agreement. 

“Company Indemnified Party” has the meaning set forth in Section 10 of this Agreement. 

“Company TSR Percentage” means the XIRR, expressed as a percentage (rounded to the nearest tenth of a percent (0.1%)), during
the Measurement Period due to the appreciation in the price per Common Share, plus dividends declared during the Measurement Period, assuming dividends are reinvested in Common Shares on the date that they were paid (at a price equal to the
closing price per Common Share on the applicable dividend payment date); provided, however, that for purposes of calculating the Company TSR Percentage, the initial share price shall equal the Initial Price Per Share and the final share price
as of any given date shall equal the Share Value. 

  
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 “Company TSR Amount” means the sum of the price per Common Share on the last day
of the Measurement Period, plus the sum of all dividends declared during the Measurement Period, assuming dividends are reinvested in Common Shares on the date that they were paid (at a price equal to the closing price per Common Share on the
applicable dividend payment date); provided, however, that for purposes of calculating the Company TSR Amount, the initial share price shall equal the Initial Price Per Share and the final share price as of any given date shall equal the
Share Value. 
 “Conflicts of Interest Policy” refers to the conflicts of interest policy included in the Investment
Manual. 
 “Disputes” has the meaning set forth in Section 21 of this Agreement. 

“Distribution Date” means May 31, 2018. 

“Effective Termination Date” means the earliest to occur of (i) the date designated by the Company pursuant to
Section 12(b)(i) or Section 12(c)(i) on which the Manager shall cease to provide services under this Agreement and (ii) the effective date of termination of this Agreement pursuant to Section 12(b)(ii) and Section 12(c)(ii).

 “Excess Funds” has the meaning set forth in Section 2(i) of this Agreement. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“GAAP” means generally accepted accounting principles in the United States. 

“Governing Instruments” means, with regard to any entity, the declaration of trust and bylaws in the case of a real estate
investment trust, the articles of incorporation and bylaws in the case of a corporation, the certificate of limited partnership (if applicable) and the partnership agreement in the case of a general or limited partnership, the articles of formation
and the operating agreement in the case of a limited liability company, or, in each case, comparable governing documents. 
 “Hurdle
TSR Amount” means an indicative price per Common Share on the last day of the Measurement Period calculated assuming appreciation in the price per Common Share based on a specified Company TSR Percentage during the Measurement Period;
provided, however, that for purposes of calculating the Hurdle TSR Amount, the initial share price shall equal the Initial Price Per Share. 

“Indemnified Party” has the meaning set forth in Section 10 of this Agreement. 

“Independent Trustees” means the members of the Board of Trustees who are not officers or employees of the Manager, and who
are otherwise “independent” in accordance with the Company’s Governing Instruments and the rules of the NYSE or such other securities exchange on which the Common Shares are listed. 

“Initial Price Per Share” means the VWAP per Common Share for the 30 consecutive trading days on the principal exchange on
which such shares are then traded immediately following the Distribution Date. 

  
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 “Investment Manual” means the investment manual approved by the Board of
Trustees, as the same may amended, restated, modified, supplemented or waived pursuant to the approval of a majority of the entire Board of Trustees from time to time (which must include a majority of the Independent Trustees). 

“Investments” means the investments of the Company. 

“Investment Company Act” means the Investment Company Act of 1940, as amended. 

“Licensed Name” has the meaning set forth in Section 22 of this Agreement. 

“Losses” has the meaning set forth in Section 10 of this Agreement. 

“License Term” has the meaning set forth in Section 22 of this Agreement. 

“Management Fee” has the meaning set forth in Section 8(a) of this Agreement. 

“Management Fee PIK Event” means (i) the good faith determination by the Board of Trustees that forgoing the payment of
all or any portion of the monthly installment of the Management Fee is necessary for the Company to have sufficient funds to declare and pay dividends required to be paid in cash in order for the Company to maintain its status as a REIT under the
Code and to avoid incurring income or excise taxes, or (ii) the occurrence and continuance of an “Early Amortization Event,” “Event of Default” or “Sweep Period,” in each case, as defined under the Second Amended
and Restated Master Indenture, dated as of May 20, 2014, among Spirit Master Funding, LLC, Spirit Master Funding II, LLC, Spirit Master Funding III, LLC and Citibank, N.A., as amended and supplemented from time to time, such definitions not to
be revised, modified or amended without prior written consent by Manager. 
 “Manager” has the meaning set forth in the
preamble to this Agreement. 
 “Measurement Period” means the period commencing on the Distribution Date and ending upon
the earlier of (i) the Effective Termination Date and (ii) the date that is 36 full calendar months after the Distribution Date. 

“Notice of Proposal to Negotiate” has the meaning set forth in Section 12(b)(i) of this Agreement. 

“NYSE” means the New York Stock Exchange. 

“Operating Partnership” means Spirit MTA REIT, L.P., a Delaware limited partnership, of which Spirit MTA OP Holdings, LLC, a
Delaware limited liability company and a wholly-owned subsidiary of the Company, is the sole general partner. The Company is the managing member of Spirit MTA OP Holdings, LLC. 

“Original Term” has the meaning set forth in Section 12(a) of this Agreement. 

“Person” means any natural person, corporation, partnership, association, limited liability company, estate, trust, joint
venture, any federal, state, county or municipal government or any bureau, department or agency thereof or any other legal entity and any fiduciary acting in such capacity on behalf of the foregoing. 

“Preferred Share” means a share of share capital of the Company now or hereafter authorized or reclassified that has dividend
rights, or rights upon liquidation, winding up and dissolution, that are superior or prior to the Common Shares. 

  
 4 

 “Promote” has the meaning set forth in Section 14 of this Agreement. 

“Property Management Agreement” means the Second Amended and Restated Property Management and Servicing Agreement dated
May 20, 2014, by and among Spirit Realty, L.P., Spirit Master Funding, LLC, Spirit Master Funding II, LLC, Spirit Master Funding III, LLC and Midland Loan Services, a division of PNC Bank, National Association, as subsequently amended. 

“REIT” means a real estate investment trust under the Code. 

“Renewal Term” has the meaning set forth in Section 12(a) of this Agreement. 

“Rules” has the meaning set forth in Section 21 of this Agreement. 

“SEC” means the U.S. Securities and Exchange Commission. 

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

“Series A Preferred Shares” means the Series A preferred shares of the Company, par value $0.01 per share. 

“Share Value,” as of any given date, means the VWAP per Common Share for the 10 consecutive trading days on the principal
exchange on which such shares are then traded immediately preceding such date; provided, however, that if a Change in Control causes the end of the Measurement Period, Share Value shall
mean the price per Common Share paid by the acquiror in the Change in Control transaction or, to the extent that the consideration in the Change in Control transaction is paid in stock of the acquiror or its affiliates, the Share Value shall mean
the value of the consideration paid per Common Share based on the VWAP per share of such acquiror stock for the 10 consecutive trading days on the principal exchange on which such shares are then traded immediately preceding the date on which a
Change in Control occurs. 
 “Subsidiary” means any subsidiary of the Company and any partnership, the general partner of
which is the Company or any subsidiary of the Company and any limited liability company, the managing member of which is the Company or any subsidiary of the Company. 

“Termination Fee” has the meaning set forth in Section 13 of this Agreement. 

“Termination Notice” has the meaning set forth in Section 12(b)(i) of this Agreement. 

“Transition Services Agreement” has the meaning set forth in Section 12(b)(i) of this Agreement. 

“VWAP” means the volume weighted average price. 

“XIRR” means the Extended Internal Rate of Return as calculated by using the “=XIRR” function in Microsoft Excel.

  
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 SECTION 2. APPOINTMENT AND DUTIES OF THE MANAGER. 

(a) The Company hereby appoints the Manager to manage the assets of the Company, subject to the further terms and conditions set forth in this
Agreement, and the Manager hereby agrees to use its commercially reasonable efforts to perform each of the duties set forth herein. The appointment of the Manager shall be exclusive to the Manager, except to the extent that the Manager elects,
pursuant to the terms and conditions of this Agreement, to cause the duties of the Manager hereunder to be provided by third parties. 
 (b)
The Manager, in its capacity as manager of the assets and the day-to-day operations of the Company (and all subsidiaries and joint ventures of the Company), at all times
will be subject to the supervision, direction and management of the Board of Trustees and will have only such functions and authority as the Company may delegate to it. The Company hereby reserves to a majority of the Board of Trustees (three
(3) of whom must be independent) the following powers: 
 (i) the authority to determine or change the strategic
direction of the Company at any time and in the sole discretion of the Board of Trustees; 
 (ii) the approval of prospective
Investments, to the extent required by the Investment Manual or the Conflicts of Interest Policy, which may not be amended in a manner that is detrimental to the Company without approval by a majority of the Independent Trustees, it being understood
that the Board of Trustees shall have the power to reject prospective Investments, even if such Investments comply with the criteria outlined in the Investment Manual; 

(iii) the approval or disapproval of prospective dispositions of Investments, to the extent required by the Investment Manual,
as it may be amended by the Board of Trustees from time to time; 
 (iv) the approval of the terms of loan documents for the
Company’s financings; 
 (v) the approval of the Company’s annual budget (which shall address in reasonable detail,
among other matters, financing plans and capital planning, it being understood that the Manager will submit such budget in advance to the Board of Trustees for review and approval, and will provide quarterly updates of performance against the annual
budget to the Board of Trustees; 
 (vi) the approval of the retention of the Company’s registered public accountants;

 (vii) the approval of any material transaction between the Company and the Manager and its Affiliates, other than
transactions pursuant to this Agreement, the Property Management Agreement and other transactions in effect as of the Distribution Date; 

(viii) the issuance of equity or debt securities by the Company; 

(ix) the grant of equity incentive awards by the Company; 

(x) the entry into joint ventures by the Company or its Subsidiaries; 

(xi) the approval of entry into any transaction that would constitute a Change in Control; and 

  
 6 

 (xii) such other matters as may be determined by the Board of Trustees from time
to time. 
 (c) The Company, subject to Section 2(b), hereby delegates the following functions and authority to the Manager. Subject to
the Section 2(b), the Manager will be responsible for managing the assets and the day-to-day operations of the Company and will perform (or cause to be performed)
such services and activities relating to the assets and operations of the Company as may be appropriate, including, without limitation: 

(i) sourcing, investigating and evaluating prospective Investments and dispositions of Investments, subject to and consistent
with the Investment Manual, and making recommendations with respect thereto to the Board of Trustees, where applicable; 

(ii) subject to and consistent with the Investment Manual, conducting negotiations with brokers, sellers and purchasers, and
their respective agents and representatives, investment bankers and owners of privately and publicly held real estate or related assets, regarding the purchase, sale, exchange or other disposition of any Investments; 

(iii) managing and monitoring the operating performance of Investments and providing periodic reports to the Board of Trustees,
including comparative information with respect to such operating performance and budgeted or projected operating results; 

(iv) assisting the Company in developing criteria that are specifically tailored to the Company’s investment objectives
and making available to the Company the Manager’s knowledge and experience with respect to its target assets; 
 (v)
engaging and supervising independent contractors that provide services relating to the Company or the Investments, including, but not limited to, investment banking, legal or regulatory advisory, tax advisory, accounting advisory, securities
brokerage, property management/operations, property condition, real estate and leasing advisory and brokerage, and other financial and consulting services reasonably necessary for Manager to perform its duties hereunder (it being understood that the
Board of Trustees and its Audit Committee shall retain authority to determine the Company’s independent public accountant and that the Independent Trustees and any committee of the Board of Trustees shall retain the authority to hire its or
their own attorneys or other advisors); 
 (vi) subject to any required approval of the Board of Trustees, negotiating, on
behalf of the Company, the terms of loan documents for the Company’s financings; 
 (vii) enforcing, monitoring and
managing compliance with loan documents to which the Company is a party on behalf of the Company; 
 (viii) coordinating and
managing operations of any joint venture or co-investment interests held by the Company and conducting all matters with the joint venture or co-investment partners; 

(ix) coordinating and supervising all property managers, tenant operators, leasing agents and developers for the
administration, leasing, management and/or development of any of the Investments; 

  
 7 

 (x) providing executive and administrative personnel, office space and office
services required in rendering services to the Company; 
 (xi) administering bookkeeping and accounting functions as are
required for the management and operation of the Company, contracting for audits and preparing or causing to be prepared such periodic reports and filings as may be required by any governmental authority in connection with the ordinary conduct of
the Company’s business, and otherwise advising and assisting the Company with its compliance with applicable legal and regulatory requirements, including, without limitation, periodic reports, returns or statements required under the Exchange
Act, the Code and any regulations or rulings thereunder, the securities and tax statutes of any jurisdiction in which the Company is obligated to file such reports, or the rules and regulations promulgated under any of the foregoing; 

(xii) advising and assisting in the preparation and filing of all offering documents, registration statements, prospectuses,
proxies, and other forms or documents filed with the SEC pursuant to the Securities Act or any state securities regulators (it being understood that the Company shall be responsible for the content of any and all of its offering documents, SEC
filings or state regulatory filings, and that Manager shall not be held liable for any costs or liabilities arising out of any misstatements or omissions in the Company’s offering documents, SEC filings, state regulatory filings or other
filings referred to in this subparagraph, whether or not material (except by reason of acts constituting bad faith, willful misconduct, gross negligence or reckless disregard of Manager’s duties under this Agreement); 

(xiii) causing the Company to retain qualified accountants and legal counsel, as applicable, to assist in developing
appropriate accounting procedures, compliance procedures and testing systems with respect to financial reporting obligations and compliance with the provisions of the Code applicable to REITs (it being understood that the Board of Trustees and its
Audit Committee shall retain authority to determine the Company’s independent public accountant and that the Independent Trustees and any Committee of the Board of Trustees shall retain the authority to hire its or their own attorneys or other
advisors); 
 (xiv) taking all necessary actions to enable the Company to make required tax filings and reports, including
soliciting shareholders for required information to the extent required by the provisions of the Code applicable to REITs; 

(xv) counseling the Company regarding the maintenance of its status as a REIT and monitoring compliance with the various REIT
qualification tests and other rules set out in the Code and Treasury Regulations thereunder; 
 (xvi) counseling the Company
regarding the maintenance of its exemption from the Investment Company Act and monitoring compliance with the requirements for maintaining an exemption from the Investment Company Act; 

(xvii) counseling the Company in connection with policy decisions to be made by the Board of Trustees; 

  
 8 

 (xviii) evaluating and recommending to the Board of Trustees modifications to any
hedging strategies in effect on the date hereof and engaging in hedging activities; 
 (xix) communicating with the
Company’s investors and analysts as required to satisfy reporting or other requirements of any governing body or exchange on which the Company’s securities are traded and to maintain effective relations with such investors; 

(xx) investing and re-investing any moneys and securities of the Company (including
investing in short-term Investments pending investment in Investments, payment of fees, costs and expenses, or payments of dividends or distributions to shareholders and partners of the Company) and advising the Company as to its capital structure
and capital raising; 
 (xxi) causing the Company to qualify to do business in all applicable jurisdictions and to obtain and
maintain all appropriate licenses; 
 (xxii) handling and resolving all claims, disputes or controversies (including all
litigation, arbitration, settlement or other proceedings or negotiations) in which the Company may be involved or to which the Company may be subject arising out of the Company’s
day-to-day operations, subject to such limitations or parameters as may be imposed from time to time by the Board of Trustees; 

(xxiii) using commercially reasonable efforts to cause expenses incurred by or on behalf of the Company to be within any
expense guidelines set by the Board of Trustees from time to time; 
 (xxiv) performing such other services as may be
required from time to time for management and other activities relating to the assets of the Company as the Board of Trustees and Manager shall agree from time to time; and 

(xxv) using commercially reasonable efforts to cause the Company to comply with all applicable laws and regulations in all
material respects, subject to the Company providing appropriate, necessary and timely funding of capital. 
 The Board of Trustee has
dispositive power in the event of any conflict between the Board of Trustees and the Manager with respect to the functions and authority delegated to the Manager above. 

Without limiting the foregoing, the Manager will perform portfolio management services on behalf of the Company with respect to the
Investments. Such services will include, but not be limited to, consulting with the Company on the purchase and sale of, and other investment opportunities in connection with, the Company’s portfolio of assets; the collection of information and
the submission of reports pertaining to the Company’s assets, interest rates and general economic conditions; periodic review and evaluation of the performance of the Company’s portfolio of assets; acting as liaison between the Company and
banking, mortgage banking, investment banking and other parties with respect to the purchase, financing and disposition of assets; and other customary functions related to portfolio management. Additionally, the Manager will perform monitoring
services on behalf of the Company with respect to any services provided by third parties, which the Manager determines are material to the performance of the business. 

(d) Subject to Section 2(b) above and the Conflicts of Interest Policy, the Manager may enter into agreements with other parties in
connection with its duties hereunder. 

  
 9 

 (e) The Manager may retain, for and on behalf, and at the sole cost and expense, of the Company,
such services of accountants, legal counsel, tax counsel, appraisers, insurers, brokers or business developers, transfer agents, registrars, developers, investment banks, financial advisors, underwriters, banks and other lenders and others as the
Manager deems necessary or advisable in connection with the management and operations of the Company. Notwithstanding anything contained herein to the contrary, the Manager shall have the right to cause any such services to be rendered by its
employees or Affiliates (which, for the avoidance of doubt, includes any employees, consultants or agents of any Affiliate of the Manager). 

(f) As frequently as the Manager may deem necessary or advisable, or at the direction of the Board of Trustees, the Manager shall, at the sole
cost and expense of the Company, prepare, or cause to be prepared, with respect to any Investment (i) an appraisal prepared by an independent real estate appraiser; (ii) reports and information on the Company’s operations and asset
performance; and (iii) other information reasonably requested by the Company. 
 (g) The Manager shall prepare, or cause to be
prepared, at the sole cost and expense of the Company, all reports, financial or otherwise, with respect to the Company required by the Board of Trustees in order for the Company to comply with its Governing Instruments or any other materials
required to be filed with any governmental body or agency, as well as all materials and data necessary to complete such reports and other materials including, without limitation, an annual audit of the Company’s books of account by a nationally
recognized independent accounting firm. 
 (h) The Manager shall prepare regular reports for the Board of Trustees to enable the Board of
Trustees to review the Company’s acquisitions, portfolio composition and characteristics, credit quality, performance and compliance with the Investment Manual and any policies approved by the Board of Trustees. 

(i) Notwithstanding anything contained in this Agreement to the contrary, the Manager shall not be required to expend money (“Excess
Funds”) in excess of that contained in any applicable Company Account or otherwise made available by the Company to be expended by the Manager hereunder. Failure of the Manager to expend Excess Funds out-of-pocket shall not give rise or be a contributing factor to the right of the Company under Section 12(b) to terminate this Agreement due to the Manager’s unsatisfactory performance. 

(j) In performing its duties under this Section 2, the Manager shall be entitled to rely reasonably on qualified experts hired by the
Manager. 
 SECTION 3. DEVOTION OF TIME; ADDITIONAL ACTIVITIES. 

(a) The Manager will provide a management team, including a dedicated chief executive officer and a dedicated chief financial officer, to
provide the management services hereunder. The members of such team shall devote such of their time to the management of the Company as is reasonably necessary and appropriate. 

(b) Except to the extent set forth in clause (a) above or in the Conflicts of Interest Policy, nothing herein shall prevent the Manager
or any of its Affiliates or any of the officers and employees of any of the foregoing from engaging in other businesses or from rendering services of any kind to any other 

  
 10 

 
person or entity, including investment in, or advisory service to others investing in, any type of real estate or real estate related investment, including investments which meet the principal
investment objectives of the Company. Subject to the Conflicts of Interest Policy, the Company recognizes that it is not entitled to preferential treatment in receiving information, recommendations and other services from the Manager. The Manager
shall act in good faith to endeavor to identify to the Independent Trustees any conflicts that may arise among the Company, the Manager and/or any other person or entity on whose behalf the Manager may be engaged. When allocating investment
opportunities among the persons or entities for which the Manager acts as manager, the Manager will comply with its Conflicts of Interest Policy as in effect from time to time 

(c) Managers, members, officers, employees and agents of the Manager or Affiliates of the Manager may serve as trustees, officers, employees,
agents, nominees or signatories for the Company or any Subsidiary, to the extent permitted by the Governing Instruments of the Company or any such Subsidiary, as from time to time amended, or by any resolutions duly adopted by the Board of Trustees
pursuant to the Company’s Governing Instruments. When executing documents or otherwise acting in such capacities for the Company, such persons shall use their respective titles in the Company. 

SECTION 4. AGENCY. 
 The Manager shall act
as agent of the Company in making, acquiring, financing and disposing of Investments, disbursing and collecting the Company’s funds, paying the debts and fulfilling the obligations of the Company, supervising the performance of professionals
engaged by or on behalf of the Company and handling, prosecuting and settling any claims of or against the Company, the Board of Trustees, holders of the Company’s securities or the Company’s representatives or properties. 

SECTION 5. BANK ACCOUNTS. 
 The Manager
may establish and maintain one or more bank accounts in the name of the Company or any Subsidiary (any such account, a “Company Account”), and may collect and deposit funds into any such Company Account or Company Accounts, and
disburse funds from any such Company Account or Company Accounts; and the Manager shall from time to time render appropriate accountings of such collections and payments to the Board of Trustees and, upon request, to the auditors of the Company or
any Subsidiary. 
 SECTION 6. RECORDS; CONFIDENTIALITY. 

The Manager shall maintain appropriate books of accounts and records relating to services performed under this Agreement, and such books of
account and records shall be accessible for inspection by representatives of the Company at any time during normal business hours upon reasonable advance notice to the Manager. 

The Manager shall keep confidential any and all non-public information obtained in connection with the
services rendered under this Agreement and shall not disclose any such information to any person, except to (i) its Affiliates, members, officers, directors, employees, agents, representatives or advisors who have a need to know such
information in order to carry out their duties to the Company and who have a duty to the Manager or to the Company to keep such information confidential, (ii) appraisers, financing sources and others in the ordinary course of the Manager’s
business for the purpose of rendering services hereunder, provided that such persons agree to keep such information confidential, (iii) in connection with any governmental or regulatory requests of the Manager and any of its Affiliates,
(v) as required by 

  
 11 

 
applicable law or regulation, including any applicable disclosure requirements applicable to the Manager and its Affiliates under securities or blue sky laws or stock exchange listing
requirements, or (vi) with the prior written consent of the Board of Trustees. 
 SECTION 7. OBLIGATIONS OF MANAGER; RESTRICTIONS. 

(a) The Manager shall require each seller or transferor of Investments to the Company to make such representations and warranties regarding
such assets as may, in the sole judgment made in good faith of the Manager, be necessary and appropriate. In addition, the Manager shall take such other action as it deems necessary or appropriate with regard to the protection of the Investments.

 (b) The Manager shall refrain from any action that, in its sole judgment made in good faith, (i) is not in compliance with the
Investment Manual, (ii) can reasonably be expected to result in the loss of the Company’s status as a REIT under the Code or (iii) would violate any law, rule or regulation of any governmental body or agency having jurisdiction over
the Company or any Subsidiary that would materially adversely affect the Company or that would otherwise not be permitted by such entity’s Governing Instruments. If the Manager is ordered to take any such action by the Board of Trustees, the
Manager shall promptly notify the Board of Trustees of the Manager’s judgment that such action would adversely affect such status or violate any such law, rule or regulation or the Governing Instruments. Notwithstanding the foregoing, the
Manager and its Affiliates, officers and employees shall not be liable to the Company or any Subsidiary, the Board of Trustees, or the Company’s or any Subsidiary’s shareholders or partners for any act or omission by the Manager, its
Affiliates, officers or employees except as provided in Section 10. 
 (c) The Manager shall at all times during the term of this
Agreement (including the Original Term and any renewal term) maintain a tangible net worth equal to or greater than $1,000,000. Additionally, during such period the Manager shall maintain “errors and omissions” insurance coverage and other
insurance coverage which is customarily carried by asset and investment managers performing functions similar to those of the Manager under this Agreement with respect to assets similar to the assets of the Company, in an amount which is comparable
to that customarily maintained by other managers or servicers of similar assets. 
 SECTION 8. COMPENSATION. 

(a) The Company shall pay Manager a management fee (“Management Fee”) equal to $20.0 million per annum, payable in equal
monthly installments, in arrears, on the tenth day of each calendar month beginning with the first calendar month after the date of this Agreement; provided, however, that (i) in the event of a Management Fee PIK Event arising
under clause (i) of the definition thereof, the portion of the monthly installment of the Management Fee that is necessary for the Company to have sufficient funds to declare and pay dividends required to be paid in cash in order for the
Company to maintain its status as a REIT under the Code and to avoid incurring income or excise taxes shall, during the occurrence and continuation of any such Management Fee PIK Event, be payable in a number of Series A Preferred Shares determined
by dividing such portion of the Management Fee by the liquidation preference of the Series A Preferred Shares rounded down to the nearest whole share and (ii) in the event of a Management Fee PIK Event arising under clause (ii) of the
definition thereof, that the entire monthly installment of the Management Fee shall, during the occurrence and continuation of any such Management Fee PIK Event, be payable in a number of Series A Preferred Shares determined by dividing the
Management Fee by the liquidation preference of the Series A Preferred Shares rounded down to the nearest whole share. In the event that this Agreement commences on a date other than the first day of a

  
 12 

 
calendar month, or terminates on a date other than the last day of a calendar month, the installment of the Management Fee payable for that month shall be prorated for the actual number of days
that this Agreement is effective in that calendar month. 
 (b) The Management Fee is subject to adjustment pursuant to and in accordance
with the provisions of Section 12(b). 
 (c) To incentivize employees, officers, consultants,
non-employee trustees, Affiliates or representatives of the Manager to achieve the goals and business objectives of the Company as established by the Board of Trustees, in addition to the Management Fee set
forth above, the Board of Trustees will have the authority to make recommendations of annual equity awards to the Manager or its affiliates or directly to employees, officers, consultants, non-employee
trustees, Affiliates or representatives of the Manager (including the dedicated chief executive officer and chief financial officer of the Company), based on the achievement by the Company of certain financial or other objectives established by the
Board of Trustees; provided that, no equity awards by the Company to employees or officers of the Manager (including the dedicated chief executive officer and chief financial officer of the Company) shall be made without the Manager’s prior
written consent. The Company, at its option, may choose to issue such compensation in the form of equity awards in the Company or the Operating Partnership, unless and to the extent that receipt of such equity awards would adversely affect the
Company’s status as a REIT, in which case, the equity awards shall be limited to equity awards in the Operating Partnership, unless and to the extent that receipt of such equity awards would adversely affect the Operating Partnership’s
status as a partnership for U.S. federal income tax purposes or the Company’s status as a REIT, in which case, the grant of equity awards shall not be made. Any transfer of such equity awards at any time must comply with the transfer
restrictions of the Operating Partnership’s partnership agreement or the Company’s declaration of trust and bylaws, as applicable. 
 SECTION
9. EXPENSES. 
 (a) Expenses of the Manager. Except as otherwise expressly provided herein or approved by majority vote of
the Independent Trustees, the Manager shall bear the following expenses incurred in connection with the performance of its duties under this Agreement: 

(i) base salary, cash incentive compensation and other employment expenses (excluding equity awards granted by the Company
pursuant to Section 8(c)) of the dedicated chief executive officer and dedicated chief financial officer of the Company; 

(ii) employment expenses of other personnel employed by the Manager, including, but not limited to, salaries, wages, payroll
taxes and the cost of employee benefit plans; 
 (iii) fees and travel and other expenses of officers and employees of the
Manager, except for (A) fees and travel and other expenses of such persons incurred while performing services on behalf of the Company (provided that, if such fees and travel and other expenses are incurred while providing services on behalf of
both the Company and its affiliates and Spirit Realty Capital, Inc. and its affiliates, the Manager shall have the authority to reasonably allocate such fees and travel and other expenses between the entities), and (B) fees and travel and other
expenses of such persons who are trustees or officers of the Company incurred in their capacities as trustees or officers of the Company; 

(iv) rent, telephone, utilities, office furniture, equipment and machinery (including

  
 13 

 
computers, to the extent utilized) and other office expenses of the Manager, except to the extent such expenses relate solely to an office maintained by the Company separate from the office of
the Manager; and 
 (v) miscellaneous administrative expenses relating to performance by the Manager of its obligations
hereunder. 
 (b) Expenses of the Company. Except as expressly otherwise provided in this Agreement, the Company shall pay all
of its and its Subsidiaries’ expenses, and, without limiting the generality of the foregoing, it is specifically agreed that the following expenses of the Company and its Subsidiaries shall be paid by the Company or its Subsidiaries and shall
not be paid by the Manager: 
 (i) the cost of borrowed money; 

(ii) taxes on income and taxes and assessments on real and personal property, if any, and all other taxes applicable to the
Company or its Subsidiaries; 
 (iii) legal, auditing, accounting, underwriting, brokerage, listing, reporting, registration
and other fees, and printing, engraving and other expenses and taxes incurred in connection with the issuance, distribution, transfer, trading, registration and listing of the Company’s or any of its Subsidiaries securities on the stock
exchange, including transfer agent’s, registrar’s and indenture trustee’s fees and charges; 
 (iv) expenses
of organizing, restructuring, reorganizing or liquidating the Company or any of its Subsidiaries, or of revising, amending, converting or modifying the Company’s or any of its Subsidiaries’ organizational documents; 

(v) fees and travel and other expenses paid to members of the Board of Trustees and officers of the Company or those of
individuals in similar positions with any of its Subsidiaries in their capacities as such (but not in their capacities as officers or employees of the Manager) and fees and travel and other expenses paid to advisors, contractors, mortgage servicers,
consultants, and other agents and independent contractors employed by or on behalf of the Company and its Subsidiaries; 

(vi) expenses directly connected with the investigation, acquisition, disposition or ownership of real estate interests or
other property (including third party property diligence costs, appraisal reporting, the costs of foreclosure, insurance premiums, legal services, brokerage and sales commissions, maintenance, repair, improvement and local management of property),
other than expenses with respect thereto of employees of the Manager, to the extent that such expenses are to be borne by the Manager pursuant to Section 9(a) above; 

(vii) all insurance costs incurred in connection with the Company and its Subsidiaries (including officer and trustee liability
insurance) or in connection with any officer and trustee indemnity agreement to which the Company or any of its Subsidiaries is a party; 

(viii) expenses connected with payments of dividends or interest or contributions in cash or any other form made or caused to
be made by the Trustees to holders of securities of the Company or any of its Subsidiaries; 

  
 14 

 (ix) all expenses connected with communications to holders of securities of the
Company or its Subsidiaries and other bookkeeping and clerical work necessary to maintaining relations with holders of securities, including the cost of any transfer agent, the cost of preparing, printing, posting, distributing and mailing
certificates for securities and proxy solicitation materials and reports to holders of the Company’s or its Subsidiaries’ securities; 

(x) legal, accounting and auditing fees and expenses in addition to those described in subsection (iii) above; 

(xi) filing and recording fees for regulatory or governmental filings, approvals and notices to the extent not otherwise
covered by any of the foregoing items of this Section 9(b); 
 (xii) expenses relating to any office or office
facilities maintained by the Company or its Subsidiaries separate from the office of the Manager; 
 (xiii) software
licensing fees and other fees and costs associated with proprietary software and programs used separately by the Company; 

(xiv) the costs and expenses of all equity award or compensation plans or arrangements established by the Company or any of its
Subsidiaries, including the value of awards made by the Company or any of its Subsidiaries to the Manager or its employees, if any, and payment of any employment or withholding taxes in connection therewith; 

(xv) the equity portion of the compensation of the Company’s dedicated chief executive officer and dedicated chief
financial officer, which the Company shall be solely responsible for determining and paying; and 
 (xvi) all other costs and
expenses of the Company and its Subsidiaries, other than those to be specifically borne by the Manager pursuant to Section 9(a) above. 

Notwithstanding the foregoing, nothing in this Agreement shall be deemed to amend or modify the Property Management Agreement. 

SECTION 10. LIMITS OF MANAGER RESPONSIBILITY; INDEMNIFICATION. 

(a) The Manager assumes no responsibility under this Agreement other than to render the services called for under this Agreement in good faith
and shall not be responsible for any action of the Board of Trustees in following or declining to follow any advice or recommendations of the Manager, including as set forth in Section 7(b). The Manager, its members, managers, officers and
employees will not be liable to the Company or any Subsidiary, to the Board of Trustees, or the Company’s or any Subsidiary’s shareholders or partners for any acts or omissions by the Manager, its Affiliates, members, managers, officers or
employees, pursuant to or in accordance with this Agreement, except by reason of acts constituting bad faith, willful misconduct or gross negligence. The Company shall, to the full extent lawful, reimburse, indemnify and hold the Manager, its
Affiliates, members, managers, officers and employees, sub-advisers and each other Person, if any, controlling the Manager (each, an “Indemnified Party”), harmless of and from any and all
expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including attorneys’ fees) (collectively, “Losses”) in respect of or arising from any acts or omissions of such Indemnified Party
made in good faith in the performance of the Manager’s duties under this Agreement and not constituting such Indemnified Party’s bad faith, willful misconduct or gross negligence. 

(b) The Manager shall, to the full extent lawful, reimburse, indemnify and hold the Company, its shareholders, trustees, officers and
employees and each other Person, if any, controlling the Company (each, a “Company Indemnified Party”), harmless of and from any and all Losses in respect of or arising from any acts or omissions of the Manager constituting bad
faith, willful misconduct or gross negligence. 

  
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 SECTION 11. NO JOINT VENTURE. 

Nothing in this Agreement shall be construed to make the Company and the Manager partners or joint venturers or impose any liability as such on
either of them. 
 SECTION 12. TERM; TERMINATION. 

(a) Term. Unless terminated in accordance with Section 15(a), this Agreement shall be in effect until the date that is three
years after the date hereof (the “Original Term”). At the expiration of the Original Term, this Agreement shall be deemed renewed automatically each year for an additional one-year period
(each, a “Renewal Term”), unless terminated pursuant to Section 12(b) or Section 12(c) below. 
 (b)
Termination without Cause. 
 (i) Termination by the Company. The Company may terminate this Agreement at any time upon 180-day written notice to the Manager informing it of the Company’s intention to terminate this Agreement. Effective on the termination date of this Agreement under this Section 12(b)(i), the Company and
the Manager will enter into a transition services agreement (“Transition Services Agreement”), upon mutually acceptable terms, that shall be in effect until the date that is eight months after the date of the termination of this
Agreement. For its services under the Transition Services Agreement, the Company shall pay the Manager the Management Fee, pro rated for the eights-month term of the Transition Services Agreement, payable in equal monthly installments, in arrears,
on the tenth day of each calendar month beginning with the first calendar month after the date of termination of this Agreement. 
 (ii)
Termination by the Manager. No later than 180 days prior to the expiration of the Original Term or any Renewal Term, the Manager may deliver written notice to the Company informing it of the Manager’s intention not to renew the term,
whereupon the term of this Agreement shall not be renewed and extended, and this Agreement shall terminate effective on the expiration date of this Agreement next following the delivery of such notice. 

(c) Termination for Cause. 

(i) Termination by the Company. The Company may terminate this Agreement upon 30 days’ prior written notice to the Manager if
(A) there is a commencement of any proceeding relating to the Manager’s bankruptcy or insolvency, including an order for relief in an involuntary bankruptcy case or the Manager authorizing or filing a voluntary bankruptcy petition, and
such proceeding or order shall remain in force or unstayed for a period of 30 days, (B) the Manager dissolves as an entity, or (C) the Manager commits fraud against the Company, misappropriates or embezzles funds of the Company, or acts in
a manner constituting bad faith, willful misconduct or gross negligence in the performance of its duties under this Agreement; provided, however, that if any of the actions or omissions described in this clause (C) are caused by an employee
and/or officer of the Manager or one of its affiliates and the Manager takes appropriate action against such person and cures the damage caused by such actions or omissions within 30 days of the Manager’s actual knowledge of its commission or
omission, the Company shall not have the right to terminate this Agreement pursuant to this clause (iii). 

  
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 (ii) Termination by the Manager. The Manager may terminate this Agreement upon 60
days’ prior written notice to the Company in the event that the Company shall default in the performance or observance of any material term, condition or covenant contained in this Agreement and such default shall continue for a period of 30
days after written notice thereof specifying such default and requesting that the same be remedied in such 30-day period. The Manager may also terminate this Agreement in its sole discretion effective
immediately concurrently with or within 90 days following a Change in Control or a non-cause termination of the Property Management Agreement, in each case upon 30 days’ prior written notice to the
Company. 
 SECTION 13. TERMINATION FEE. 

In the event that this Agreement is terminated (a) by the Company pursuant to Section 12(b)(i) or (b) by the Manager pursuant to
Section 12(c)(ii), the Company shall pay to the Manager, on the Effective Termination Date or as promptly thereafter as practicable, a termination fee (the “Termination Fee”) equal to 1.75 times the sum of (x) the
Management Fee for the 12 full calendar months preceding the Effective Termination Date, plus (y) all fees due to the Manager or its Affiliates under the Property Management Agreement for the 12 full calendar months preceding the
Effective Termination Date. 
 SECTION 14. PROMOTE. 

Upon the earlier of (a) a termination of this Agreement pursuant to Section 12(b)(i), (b) a termination of this Agreement pursuant to
Section 12(c)(ii), and (c) the date that is 36 full calendar months after the date of this Agreement, the Company shall pay to the Manager, on the date of the relevant termination or other event or as promptly thereafter as practicable, a
cash promote payment (the “Promote”) if the Company TSR Percentage exceeds 10% during the Measurement Period. The Promote shall be calculated, without duplication, as follows: 

(i) to the extent that the Company TSR Percentage exceeds 10% during the Measurement Period, the Promote shall equal the product of: 

(x) the weighted-average number of Common Shares outstanding during the Measurement Period (calculated on a fully-diluted basis in accordance
with GAAP), multiplied by 
 (y) the product of (A) 10%, multiplied by (B) the difference of (I) the Company
TSR Amount not to exceed a Hurdle TSR Amount implied by a Company TSR Percentage during the Measurement Period of 12.5%, less (II) a Hurdle TSR Amount implied by a Company TSR Percentage during the Measurement Period of 10%; 

(ii) to the extent that the Company TSR Percentage exceeds 12.5% during the Measurement Period, the Promote shall equal the sum of: 

(x) the amount under (i) above, plus 

(y) the product of: 
 (A) the
weighted-average number of Common Shares outstanding during the Measurement Period (calculated on a fully-diluted basis in accordance with GAAP), multiplied by 

  
 17 

 (B) the product of (I) 15%, multiplied by (II) the difference of (1) the
Company TSR Amount not to exceed a Hurdle TSR Amount implied by a Company TSR Percentage during the Measurement Period of 15%, less (2) a Hurdle TSR Amount implied by a Company TSR Percentage during the Measurement Period of 12.5%; and

 (iii) to the extent that the Company TSR Percentage exceeds 15% during the Measurement Period, the Promote shall equal the sum of: 

(x) the amount under (ii) above, plus  

(y) the product of: 
 (A) the
weighted-average number of Common Shares outstanding during the Measurement Period (calculated on a fully-diluted basis in accordance with GAAP), multiplied by 

(B) the product of (I) 20%, multiplied by (II) the difference of (1) the Company TSR Amount, less (2) a
Hurdle TSR Amount implied by a Company TSR Percentage during the Measurement Period of 15%. 
 For avoidance of doubt, the Promote
(including the related definitions of the Company TSR Amount, the Company TSR Percentage and the Hurdle TSR Amount) shall be calculated consistent with the illustrative Promote calculation methodology set forth on Exhibit A hereto. 

SECTION 15. ASSIGNMENT. 
 (a) Except as
set forth in Section 15(b), this Agreement shall terminate automatically in the event of its assignment, in whole or in part, by the Manager, unless such assignment is consented to in writing by the Company with the consent of a majority of the
Independent Trustees; provided, however, that no such consent shall be required in the case of an assignment by the Manager to an entity whose business and operations are managed or supervised by Spirit Realty Capital, Inc. Any such permitted
assignment shall bind the assignee under this Agreement in the same manner as the Manager is bound. The Manager shall continue to be liable to the Company for all errors or omissions of any assignee that is managed or supervised by Spirit Realty
Capital, Inc. The Manager shall not be liable for errors or omissions of any other successor manager arising from and after any such assignment. In the case of any assignment, the assignee shall execute and deliver to the Company a counterpart of
this Agreement naming such assignee as Manager. This Agreement shall not be assigned by the Company without the prior written consent of the Manager, except in the case of assignment by the Company to another REIT or other organization that is a
successor (by merger, consolidation or purchase of assets) to the Company, in which case such successor organization shall be bound under this Agreement and by the terms of such assignment in the same manner as the Company is bound under this
Agreement. 
 (b) Notwithstanding any provision of this Agreement, the Manager may subcontract and assign any or all of its responsibilities
under Section 2 to any of its Affiliates in accordance with the terms of this Agreement, and the Company hereby consents to any such assignment and subcontracting. In addition, provided that the Manager provides prior written notice to the
Company for informational purposes only, nothing contained in this Agreement shall preclude any pledge, hypothecation or other transfer of any amounts payable to the Manager under this Agreement. 

  
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 SECTION 16. ACTION UPON TERMINATION. 

(a) From and after the Effective Termination Date pursuant to Section 12, the Manager shall not be entitled to compensation for further
services under this Agreement, but shall be paid all compensation accruing to the date of termination, including, without limitation, any Termination Fee or/and Promote Fee due in connection with such termination. On the Effective Termination Date
or as promptly thereafter as practicable, the Manager shall forthwith: 
 (i) after deducting any accrued compensation and reimbursement for
its expenses to which it is then entitled, pay over to the Company or a Subsidiary all money collected and held for the account of the Company or a Subsidiary pursuant to this Agreement; 

(ii) deliver to the Board of Trustees 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 of Trustees with respect to the Company or a Subsidiary; and 

(iii) deliver to the Board of Trustees all property and documents of the Company or any Subsidiary then in the custody of the Manager;
provided, however, that the Manager may retain copies of all such information. 
 (b) Upon termination of this Agreement pursuant to
Section 12, on the Effective Termination Date or as promptly thereafter as practicable, the Company shall forthwith: 
 (i) pay over to
the Manager all compensation accruing to the date of termination, including, without limitation, any Termination Fee or/and Promote Fee due in connection with such termination; and 

(ii) reimbursement the Manager for all its expenses to which it is then entitled. 

(c) The obligation of the Company to pay the Termination Fee and the Promote Fee shall survive the termination of this Agreement. In addition,
Section 9 and Section 10 shall survive the termination of this Agreement. 
 SECTION 17. RELEASE OF MONEY OR OTHER PROPERTY UPON WRITTEN
REQUEST. 
 The Manager agrees that any money or other property of the Company or a Subsidiary thereof held by the Manager under this
Agreement shall be held by the Manager as custodian for the Company or such Subsidiary, and the Manager’s records shall be appropriately marked clearly to reflect the ownership of such money or other property by the Company or such Subsidiary.
Upon the receipt by the Manager of a written request signed by a duly authorized officer of the Company requesting the Manager to release to the Company or any Subsidiary any money or other property then held by the Manager for the account of the
Company or any Subsidiary under this Agreement, the Manager shall release such money or other property to the Company or any Subsidiary within a reasonable period of time, but in no event later than 30 days following such request. The Manager shall
not be liable to the Company, any Subsidiary, the Independent Trustees, or the Company’s or a Subsidiary’s shareholders or partners for any acts performed, or omissions to act, by the Company or any Subsidiary in connection with the money
or other property released to the Company or any Subsidiary in accordance with the first sentence of this Section 17. 

  
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 SECTION 18. NOTICES. 

Unless expressly provided otherwise in this Agreement, all notices, requests, demands and other communications required or permitted under this
Agreement shall be in writing and shall be deemed to have been duly given, made and received when delivered against receipt or upon actual receipt of (i) personal delivery, (ii) delivery by reputable overnight courier, (iii) delivery
by facsimile transmission or email against answerback, (iv) delivery by registered or certified mail, postage prepaid, return receipt requested, addressed as set forth below: 

 

	 	(a)	If to the Company: 

 Spirit MTA REIT 

c/o Spirit Realty Capital, Inc. 

2727 North Harwood Street 

Suite 300, Dallas, Texas 75201 

Attention: General Counsel 
  

	 	(b)	If to the Manager: 

 Spirit Realty, L.P. 

2727 North Harwood Street 

Suite 300, Dallas, Texas 75201 

Attention: General Counsel 

Either party may alter the address to which communications or copies are to be sent by giving notice of such change of address in conformity
with the provisions of this Section 18 for the giving of notice. 
 SECTION 19. BINDING NATURE OF AGREEMENT; SUCCESSORS AND ASSIGNS. 

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives,
successors and permitted assigns as provided in this Agreement. 
 SECTION 20. ENTIRE AGREEMENT. 

This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter of this Agreement,
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 of this Agreement. The express terms of this
Agreement control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms of this Agreement. This Agreement may not be modified or amended other than by an agreement in writing executed by both parties.

 SECTION 21. ARBITRATION. 
 (a) Any
disputes, claims or controversies arising out of or relating to this Agreement, the provision of services by the Manager pursuant to this Agreement or the transactions contemplated hereby, including any disputes, claims or controversies brought by
or on behalf of the Company or the Manager or any holder of equity interests (which, for purposes of this Section 21, shall mean any holder of record 

  
 20 

 
or any beneficial owner of equity interests or any former holder of record or beneficial owner of equity interests) of the Company or the Manager, either on his, her or its own behalf, on behalf
of the Company or the Manager or on behalf of any series or class of equity interests of the Company or Manager or holders of any equity interests of the Company or the Manager against the Company or the Manager or any of their respective trustees,
directors, members, officers, managers (including the Manager or its successor), agents or employees, including any disputes, claims or controversies relating to the meaning, interpretation, effect, validity, performance or enforcement of this
Agreement, including this arbitration agreement or the governing documents of the Company or the Manager (all of which are referred to as “Disputes”), or relating in any way to such a Dispute or Disputes shall, on the demand of any
party to such Dispute or Disputes, be resolved through binding and final arbitration in accordance with the Commercial Arbitration Rules (the “Rules”) of the American Arbitration Association (“AAA”) then in effect,
except as those Rules may be modified in this Section 21. For the avoidance of doubt, and not as a limitation, Disputes are intended to include derivative actions against the trustees, directors, officers or managers of the Company or the
Manager and class actions by a holder of equity interests against those individuals or entities and the Company or the Manager. For the avoidance of doubt, a Dispute shall include a Dispute made derivatively on behalf of one party against another
party. For purposes of this Section 21, the term “equity interest” shall mean, (i) in respect of the Company, shares of beneficial interest of the Company, and (ii) in respect of the Manager, “membership interest”
in the Manager as defined in the Delaware Limited Partnership Act. 
 (b) There shall be three (3) arbitrators. If there are only two
(2) parties to the Dispute, each party shall select one (1) arbitrator within fifteen (15) days after receipt by respondent of a copy of the demand for arbitration. The arbitrators may be affiliated or interested persons of the
parties. If there are more than two (2) parties to the Dispute, all claimants, on the one hand, and all respondents, on the other hand, shall each select, by the vote of a majority of the claimants or the respondents, as the case may be, one
(1) arbitrator within fifteen (15) days after receipt of the demand for arbitration. The arbitrators may be affiliated or interested persons of the claimants or the respondents, as the case may be. If either a claimant (or all claimants)
or a respondent (or all respondents) fail(s) to timely select an arbitrator then the party (or parties) who has selected an arbitrator may request AAA to provide a list of three (3) proposed arbitrators in accordance with the Rules (each of
whom shall be neutral, impartial and unaffiliated with any party) and the party (or parties) that failed to timely appoint an arbitrator shall have ten (10) days from the date AAA provides the list to select one (1) of the three
(3) arbitrators proposed by AAA. If the party (or parties) fail(s) to select the second (2nd) arbitrator by that time, the party (or parties) who have appointed the first (1st) arbitrator shall then have ten (10) days to select one
(1) of the three (3) arbitrators proposed by AAA to be the second (2nd) arbitrator; and, if he/they should fail to select the second (2nd) arbitrator by such time, AAA shall select, within fifteen (15) days thereafter, one (1) of
the three (3) arbitrators it had proposed as the second (2nd) arbitrator. The two (2) arbitrators so appointed shall jointly appoint the third (3rd) and presiding arbitrator (who shall be neutral, impartial and unaffiliated with any party)
within fifteen (15) days of the appointment of the second (2nd) arbitrator. If the third (3rd) arbitrator has not been appointed within the time limit specified herein, then AAA shall provide a list of proposed arbitrators in accordance with
the Rules, and the arbitrator shall be appointed by AAA in accordance with a listing, striking and ranking procedure, with each party having a limited number of strikes, excluding strikes for cause. 

(c) The place of arbitration shall be Dallas, Texas, unless otherwise agreed by the parties. 

(d) There shall be only limited documentary discovery of documents directly related to the issues in dispute, as may be ordered by the
arbitrators. For the avoidance of doubt, it is intended that there shall be no depositions and no other discovery other than limited documentary discovery as described in the preceding sentence. 

  
 21 

 (e) In rendering an award or decision (the “Award”), the arbitrators shall be
required to follow the laws of the State of Maryland. Any arbitration proceedings or award rendered hereunder and the validity, effect and interpretation of this arbitration agreement shall be governed by the Federal Arbitration Act, 9 U.S.C.
§1 et seq. The Award shall be in writing and shall state the findings of fact and conclusions of law on which it is based. Any monetary award shall be made and payable in U.S. dollars free of any tax, deduction or offset. Subject to
Section 21(g), each party against which the Award assesses a monetary obligation shall pay that obligation on or before the thirtieth (30th) day following the date of the Award or such other date as the Award may provide. 

(f) Except to the extent expressly provided by this Agreement or as otherwise agreed by the parties thereto, each party involved in a Dispute
shall bear its own costs and expenses (including attorneys’ fees), and the arbitrators shall not render an award that would include shifting of any such costs or expenses (including attorneys’ fees) or, in a derivative case or class
action, award any portion of the Company’s or the Manager’s, as applicable, award to the claimant or the claimant’s attorneys. Each party (or, if there are more than two (2) parties to the Dispute, all claimants, on the one hand,
and all respondents, on the other hand, respectively) shall bear the costs and expenses of its (or their) selected arbitrator and the parties (or, if there are more than two (2) parties to the Dispute, all claimants, on the one hand, and all
respondents, on the other hand) shall equally bear the costs and expenses of the third (3rd) appointed arbitrator. 
 (g) Notwithstanding
any language to the contrary in this Agreement, the Award, including but not limited to, any interim Award, may be appealed pursuant to the AAA’s Optional Appellate Arbitration Rules (“Appellate Rules”). The Award shall not be
considered final until after the time for filing the notice of appeal pursuant to the Appellate Rules has expired. Appeals must be initiated within thirty (30) days of receipt of the Award by filing a notice of appeal with any AAA office.
Following the appeal process, the decision rendered by the appeal tribunal may be entered in any court having jurisdiction thereof. For the avoidance of doubt, and despite any contrary provision of the Appellate Rules, this Section 21(f) shall
apply to any appeal pursuant to this Section and the appeal tribunal shall not render an award that would include shifting of any costs or expenses (including attorneys’ fees) of any party. 

(h) Following the expiration of the time for filing the notice of appeal, or the conclusion of the appeal process set forth in
Section 21(g), the Award shall be final and binding upon the parties thereto and shall be the sole and exclusive remedy between those parties relating to the Dispute, including any claims, counterclaims, issues or accounting presented to the
arbitrators. Judgment upon the Award may be entered in any court having jurisdiction. To the fullest extent permitted by law, no application or appeal to any court of competent jurisdiction may be made in connection with any question of law arising
in the course of arbitration or with respect to any award made except for actions relating to enforcement of this agreement to arbitrate or any arbitral award issued hereunder and except for actions seeking interim or other provisional relief in aid
of arbitration proceedings in any court of competent jurisdiction. 
 (i) This Section 21 is intended to benefit and be enforceable by
the Company, the Manager and their respective holders of equity interests, trustees, directors, officers, managers (including the Manager or its successor), agents or employees, and their respective successors and assigns and shall be binding upon
the Company, the Manager and their respective holders of equity interests, and be in addition to, and not in substitution for, any other rights to indemnification or contribution that such individuals or entities may have by contract or otherwise.

  
 22 

 SECTION 22. NAME LICENSE. 

The Manager hereby grants to the Company and its Affiliates a personal, royalty-free, non-exclusive, non-sublicensable, and non-transferable right and license during the License Term (as defined below) and Wind-Down Term (if any, and as defined below) to use, display and
reproduce the name “Spirit” (“Licensed Name”) in connection with the operation of their respective businesses, including in the corporate names of Company and its Affiliates. The “License Term” shall mean
the period commencing on the date of this Agreement and continuing until 90 days after the Effective Date of Termination of this Agreement. For the avoidance of doubt, the license grant herein is non-exclusive
and accordingly the Manager and its Affiliates hereby retain the right to continue using the Licensed Name and to license or transfer any rights the Manager and its Affiliates may have in the Licensed Name to third parties, and Company and its
Affiliates will not take any action to challenge the Manager and its Affiliates rights in the Licensed Name. Company and its Affiliates acknowledge that certain goodwill and reputation may be associated with the Licensed Name and agree to use the
Licensed Name only in a manner that maintains and promotes such goodwill and reputation, and any use in contravention of the foregoing shall be deemed a material breach of this Agreement. Company and its Affiliates shall cooperate with Manager and
its Affiliates in facilitating the Manager’s control of the nature and quality of the products, services and other uses of the Licensed Name, including providing Manager, upon Manager’s written request, with samples of any public facing
materials produced by or on behalf of the Company and its Affiliates that bear the Licensed Name. Upon the expiration of the License Term, (i) the license grant set forth in this Section 22 will terminate, (ii) Company and its
Affiliates will cease all use of the Licensed Name and destroy, or at Manager’s election transfer to Manager, all public facing materials in the Company and its Affiliates’ possession or control containing the Licensed Names, and
(iii) Company and its Affiliates will immediately change their corporate names to no longer contain the word “Spirit” or any derivation thereof. 

SECTION 23. CONTROLLING LAW. 
 This
Agreement and all questions relating to its validity, interpretation, performance and enforcement shall be governed by and construed, interpreted and enforced in accordance with the laws of the State of New York, notwithstanding any New York or
other conflict-of-law provisions to the contrary. 
 SECTION 24.
INDULGENCES, NOT WAIVERS. 
 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. 
 SECTION 25. TITLES NOT TO AFFECT INTERPRETATION. 

The titles of paragraphs and subparagraphs 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 of this Agreement. 

  
 23 

 SECTION 26. EXECUTION IN COUNTERPARTS. 

This Agreement may be executed 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. This Agreement shall become binding when one or more counterparts of this Agreement, individually or taken together, shall bear the signatures of all
of the parties reflected hereon as the signatories. 
 SECTION 27. PROVISIONS SEPARABLE. 

The provisions of this Agreement are independent of and separable 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. 

[Remainder of this page intentionally left blank] 

  
 24 

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

			
	 COMPANY:

	
	 Spirit MTA REIT

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 MANAGER:

	
	 Spirit Realty, L.P.

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

	 By: Spirit Realty Capital, Inc., in its capacity as sole member of Spirit General OP Holdings,
LLC

		
	 By:
	 	  

		 	 Name:

		 	 Title:

 [Signature page to Asset Management Agreement] 

 EXHIBIT A 

Illustrative Total Shareholder Return Calculation Methodology 

[See attached.] 

 Spirit Promote Calculation 
  

									
	Assumptions	  	Annual	 	 	Quarterly	 
	 Illustrative Initial Share Price
	  	$	10.00	 	 	 	 	 
	 Illustrative Dividend Per Share (1)
	  	$	0.50	 	 	$	0.13	 
	 Implied Illustrative Initial Yield
	  	 	5.0	% 	 	 	 	 
	 Illustrative Share Price CAGR
	  	 	12.5	% 	 	 	3.0	% 

 

      
  

	
	 Structural
Notes

	Promote paid in month 36 on weighted average shares over that timeframe
	Initial measurement based on first 30 days SMTA trading VWAP
	SRC promote calculated on a per share basis, that per share figure is multiplied by the wtd. avg. shares outstanding over the entire period
	The measurement period to determine the exit share price is the 30 VWAP ending the day before the termination of the contract, the end of 36 months, or the cash/stock mix that SMTA
shareholders receive in a change of control transaction

 
 

  
 Total Shareholder Return Illustration
(Assuming Dividend Reinvestment) 
  

																																																					
	  	 	Q218	 	 	Q318	 	 	Q418	 	 	Q119	 	 	Q219	 	 	Q319	 	 	Q419	 	 	Q120	 	 	Q220	 	 	Q320	 	 	Q420	 	 	Q121	 	 	Q221	 
	 Share Price
	 	$	10.00	 	 	$	10.30	 	 	$	10.61	 	 	$	10.92	 	 	$	11.25	 	 	$	11.59	 	 	$	11.93	 	 	$	12.29	 	 	$	12.66	 	 	$	13.03	 	 	$	13.42	 	 	$	13.83	 	 	$	14.24	 
	 Dividends / Share - Reinvested
	 	 	 	 	 	$	0.13	 	 	$	0.13	 	 	$	0.13	 	 	$	0.13	 	 	$	0.13	 	 	$	0.13	 	 	$	0.13	 	 	$	0.13	 	 	$	0.13	 	 	$	0.13	 	 	$	0.13	 	 	$	0.13	 
	 Shares Purchased
	 	 	1.000	 	 	 	0.012	 	 	 	0.012	 	 	 	0.011	 	 	 	0.011	 	 	 	0.011	 	 	 	0.010	 	 	 	0.010	 	 	 	0.010	 	 	 	0.010	 	 	 	0.009	 	 	 	0.009	 	 	 	0.009	 
	 Adjusted Shares
	 	 	1.000	 	 	 	1.012	 	 	 	1.024	 	 	 	1.035	 	 	 	1.046	 	 	 	1.057	 	 	 	1.068	 	 	 	1.078	 	 	 	1.088	 	 	 	1.097	 	 	 	1.107	 	 	 	1.116	 	 	 	1.125	 
	 Cash Flow
	 	($	10.000	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	16.01	 
	
Total Shareholder Return
	 	 	17.0	% 	 				 				 				 				 				 				 				 				 				 				 				 			

  

																									
	Per Share Promote to SRC - 36 Months	  	 	 	 	 	 	 	Hurdle	 	  	In the
Money	 	  	SRC Value	 
	 	  	Threshold	 	 	Promote	 	 	Low	 	  	High	 	  	  
	 Amount
Eligible For Hurdle One
	  	 	10.0	% 	 	 	10.0	% 	 	$	13.310	 	  	$	14.238	 	  	$	0.928	 	  	$	0.093	 
	 Amount Eligible For Hurdle
Two
	  	 	12.5	% 	 	 	15.0	% 	 	$	14.238	 	  	$	15.209	 	  	$	0.970	 	  	$	0.146	 
	 Amount Eligible For Hurdle
Three
	  	 	15.0	% 	 	 	20.0	% 	 	$	15.209	 	  	 	NA	 	  	$	0.802	 	  	$	0.160	 
	
Per Share Value to SRC
	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	$	2.701	 	  	$	0.399	 

 Weighted Average Shares Outstanding Calculation 

 

																											
	  	 	Q218	 	Q318	 	Q418	 	Q119	 	Q219	 	Q319	 	Q419	 	Q120	 	Q220	 	Q320	 	Q420	 	Q121	 	Q221
	 1) No Share Issuance

	 Shares Outstanding
	 	90	 	90	 	90	 	90	 	90	 	90	 	90	 	90	 	90	 	90	 	90	 	90	 	90
	 Wtd.
Avg. Shares Outstanding
	 	90	 		 		 		 		 		 		 		 		 		 		 		 	
		 		 		 		 	
p     

Issuance / Buyback     
	 		 		 		 		 		 	
	
	 2) Share Buyback

	 Shares Outstanding
	 	90	 	90	 	90	 	90	 	80	 	80	 	80	 	80	 	80	 	80	 	80	 	80	 	80
	 Wtd.
Avg. Shares Outstanding
	 	83	 		 		 		 		 		 		 		 		 		 		 		 	
		 		 		 		 	
p     

Issuance / Buyback     
	 		 		 		 		 		 	
	 3) Share Issuance

	 Shares Outstanding
	 	90	 	90	 	90	 	90	 	100	 	100	 	100	 	100	 	100	 	100	 	100	 	100	 	100
	 Wtd.
Avg. Shares Outstanding
	 	97	 		 		 		 		 		 		 		 		 		 		 		 	
		 		 		 		 	
p     

Issuance / Buyback     
	 		 		 		 		 		 	
	    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Sensitivity to Illustrative Share Price
CAGR
  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Illustrative Share Price CAGR
	 	 	 	 	 	 	 	 	 	0.0%	 	2.5%	 	5.0%	 	7.5%	 	10.0%	 	12.5%	 	15.0%	 
	 SRC Promote Per Share
	 	 	 	 	 	 	 	 	 	$0.000	 	$0.000	 	$0.000	 	$0.077	 	$0.211	 	$0.399	 	$0.605	 
	 Gross Promote Assuming ($MM)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 1) No Share Issuance
	 	 	 	 	 	 	 	 	 	—  	 	—  	 	—  	 	7	 	19	 	36	 	54	 
	 2) Share Buyback
	 	 	 	 	 	 	 	 	 	—  	 	—  	 	—  	 	6	 	17	 	33	 	50	 
	 3) Share Issuance
	 	 	 	 	 	 	 	 	 	—  	 	—  	 	—  	 	7	 	20	 	39	 	58	 

 Note 

	1.	Assumes no change in dividendEX-10.3

 Exhibits 10.3 
  

 
 TAX MATTERS AGREEMENT 

by and between 
 SPIRIT
REALTY CAPITAL, INC. 
 and 

SPIRIT MTA REIT 
 dated
as of 
 [🌑], 2018 

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	Section 1. Definition of Terms	  	 	1	
		
	Section 2. Allocation of Tax Liabilities	  	 	6	
	 Section 2.1
	 	General Rule	  	 	6	
	 Section 2.2
	 	General Allocation Principles	  	 	7	
	 Section 2.3
	 	Allocation Conventions	  	 	7	
	 Section 2.4
	 	Transfer Taxes	  	 	8	
		
	Section 3. Preparation and Filing of Tax Returns	  	 	8	
	 Section 3.1
	 	SRC Separate Returns and Joint Returns	  	 	8	
	 Section 3.2
	 	SMTA Separate Returns	  	 	8	
	 Section 3.3
	 	Tax Reporting Practices	  	 	8	
	 Section 3.4
	 	SMTA Carrybacks and Claims for Refund	  	 	9	
	 Section 3.5
	 	Apportionment of Tax Attributes	  	 	9	
		
	Section 4. Tax Payments	  	 	10	
	 Section 4.1
	 	Taxes Shown on Tax Returns	  	 	10	
	 Section 4.2
	 	Adjustments Resulting in Underpayments	  	 	10	
	 Section 4.3
	 	Indemnification Payments.	  	 	10	
		
	Section 5. Tax Benefits	  	 	11	
	 Section 5.1
	 	Tax Refunds	  	 	11	
	 Section 5.2
	 	Other Tax Benefits	  	 	11	
		
	Section 6. REIT Qualification	  	 	12	
	 Section 6.1
	 	SRC	  	 	12	
	 Section 6.2
	 	SMTA	  	 	12	
		
	Section 7. Assistance and Cooperation	  	 	12	
	 Section 7.1
	 	Assistance and Cooperation	  	 	12	
	 Section 7.2
	 	Tax Return Information	  	 	13	
	 Section 7.3
	 	Reliance by SRC	  	 	13	
	 Section 7.4
	 	Reliance by SMTA	  	 	13	
		
	Section 8. Tax Records	  	 	13	
	 Section 8.1
	 	Retention of Tax Records	  	 	13	
	 Section 8.2
	 	Access to Tax Records	  	 	14	
	 Section 8.3
	 	Preservation of Privilege	  	 	14	
		
	Section 9. Tax Contests	  	 	14	
	 Section 9.1
	 	Notice	  	 	14	
	 Section 9.2
	 	Control of Tax Contests	  	 	15	
		
	Section 10. Survival of Obligations	  	 	17	
		
	Section 11. Tax Treatment of Payments	  	 	17	
	 Section 11.1
	 	General Rule	  	 	17	

  
 i 

							
	 Section 11.2
	  	Interest	  	 	17	
		
	Section 12. Indemnification Payment Escrow	  	 	17	
		
	Section 13. Dispute Resolution	  	 	18	
		
	Section 14. General Provisions	  	 	18	
	 Section 14.1
	  	Amendments and Waivers	  	 	18	
	 Section 14.2
	  	Entire Agreement	  	 	19	
	 Section 14.3
	  	Survival of Agreements	  	 	19	
	 Section 14.4
	  	Third Party Beneficiaries	  	 	19	
	 Section 14.5
	  	Notices	  	 	19	
	 Section 14.6
	  	Counterparts; Electronic Delivery	  	 	20	
	 Section 14.7
	  	Severability	  	 	20	
	 Section 14.8
	  	Assignability; Binding Effect	  	 	20	
	 Section 14.9
	  	Governing Law	  	 	20	
	 Section 14.10
	  	Construction	  	 	21	
	 Section 14.11
	  	Performance	  	 	21	
	 Section 14.12
	  	Title and Headings	  	 	21	
	 Section 14.13
	  	Other Agreements	  	 	21	
	 Section 14.14
	  	Payment Terms	  	 	21	
	 Section 14.15
	  	No Admission of Liability	  	 	22	

  
 ii 

 TAX MATTERS AGREEMENT 

This TAX MATTERS AGREEMENT (this “Agreement”) is entered into as of [🌑], 2018, by
and between Spirit Realty Capital, Inc., a Maryland corporation (“SRC”), and Spirit MTA REIT, a Maryland real estate investment trust and an indirect, wholly owned subsidiary of SRC (“SMTA”). SRC and SMTA are
sometimes referred to herein individually as a “Party,” and collectively as the “Parties.” Capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in
Section 1 of this Agreement. 
 RECITALS 

WHEREAS, SRC and SMTA have entered into a Separation and Distribution Agreement, dated as of [🌑],
2018 (the “Separation Agreement”) pursuant to which the Transactions will be consummated; and 
 WHEREAS, SRC and SMTA
desire to set forth their agreement on the rights and obligations of SRC and SMTA and the members of the SRC Group and the SMTA Group, respectively, with respect to (A) the administration and allocation of federal, state, local, and foreign
Taxes incurred in Tax Periods beginning prior to the Distribution Date, (B) Taxes resulting from the Distribution and transactions effected in connection with the Distribution and (C) various other Tax matters. 

NOW, THEREFORE, in consideration of the foregoing and the covenants and agreements set forth below and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the Parties hereby agree as follows: 

Section 1. Definition of Terms. For purposes of this Agreement (including the recitals hereof),
the following terms have the following meanings: 
 “Adjustment Request” means any formal or informal claim or request
filed with any Tax Authority, or with any administrative agency or court, for the adjustment, refund, or credit of Taxes, including (i) any amended Tax Return claiming adjustment to the Taxes as reported on the Tax Return or, if applicable, as
previously adjusted, (ii) any claim for equitable recoupment or other offset, and (iii) any claim for refund or credit of Taxes previously paid. 

“Affiliate” has the meaning set forth in the Separation Agreement. 

“Agreement” means this Tax Matters Agreement. 

“Agreement Dispute” has the meaning set forth in the Separation Agreement. 

“Allowed Amount” has the meaning set forth in Section 12 of this Agreement. 

“Ancillary Agreements” has the meaning set forth in the Separation Agreement; provided, however, that
for purposes of this Agreement, this Agreement shall not constitute an Ancillary Agreement. 

  
 1 

 “Business Day” has the meaning set forth in the Separation Agreement. 

“Code” has the meaning set forth in the Separation Agreement. 

“Controlling Party” has the meaning set forth in Section 9.2(c) of this Agreement. 

“Distribution” has the meaning set forth in the Separation Agreement. 

“Distribution Date” has the meaning set forth in the Separation Agreement. 

“Effective Time” has the meaning set forth in the Separation Agreement. 

“Escrowed Amount” has the meaning set forth in Section 12 of this Agreement. 

“Final Allocation” has the meaning set forth in Section 3.5(b) of this Agreement. 

“Final Determination” means the final resolution of liability for any Tax, which resolution may be for a specific issue or
adjustment or for any Tax Period, (i) by IRS Form 870 or 870-AD (or any successor forms thereto), on the date of acceptance by or on behalf of the taxpayer, or by a comparable form under the laws of a
state, local, or foreign taxing jurisdiction, except that a Form 870 or 870-AD or comparable form shall not constitute a Final Determination to the extent that it reserves (whether by its terms or by operation
of law) the right of the taxpayer to file a claim for refund or the right of the Tax Authority to assert a further deficiency in respect of such issue or adjustment or for such Tax Period (as the case may be); (ii) by a decision, judgment, decree,
or other order by a court of competent jurisdiction, which has become final and unappealable; (iii) by a closing agreement or accepted offer in compromise under Sections 7121 or 7122 of the Code, or a comparable agreement under the laws of a
state, local, or foreign taxing jurisdiction; (iv) by any allowance of a refund or credit in respect of an overpayment of a Tax, but only after the expiration of all periods during which such refund may be recovered (including by way of offset)
by the jurisdiction imposing such Tax; (v) by a final settlement resulting from a treaty-based competent authority determination; or (vi) by any other final disposition, including by reason of the expiration of the applicable statute of
limitations, the execution of a pre-filing agreement with the IRS or other Tax Authority, or by mutual agreement of the Parties. 

“Financing JV” means SMTA Financing, JV, a Delaware limited liability company. 

“Governmental Authority” has the meaning set forth in the Separation Agreement. 

“Group” has the meaning set forth in the Separation Agreement. 

“Income Tax” means all U.S. federal, state, local and foreign income, franchise or similar Taxes imposed on (or measured by)
net income or net profits. 
 “Indemnification Payee” has the meaning set forth in Section 12 of
this Agreement. 
 “Indemnification Payment” has the meaning set forth in Section 12 of this
Agreement. 

  
 2 

 “Indemnification Payor” has the meaning set forth in
Section 12 of this Agreement. 
 “Intended Tax Treatment” means the treatment of (i) the
transaction steps set forth on Exhibit A hereto as specified therein and (ii) the Distribution as a taxable distribution under Section 301 of the Code. 

“IRS” has the meaning set forth in the Separation Agreement. 

“Joint Return” means any Tax Return that includes, by election or otherwise, one or more members of the SRC Group together
with one or more members of the SMTA Group. 
 “Law” has the meaning set forth in the Separation Agreement. 

“Loss” has the meaning set forth in Section 5.2 of this Agreement. 

“Non-Controlling Party” has the meaning set forth in
Section 9.2(c) of this Agreement. 
 “Parties” and “Party” have the meaning set
forth in the preamble to this Agreement. 
 “Past Practices” has the meaning set forth in
Section 3.3(a) of this Agreement. 
 “Payment Date” means, with respect to a Tax Return,
(A) the due date for any required installment of estimated Taxes, (B) the due date (determined without regard to extensions) for filing such Tax Return, or (C) the date such Tax Return is filed, as the case may be. 

“Payor” has the meaning set forth in Section 4.3(a) of this Agreement. 

“Person” has the meaning set forth in the Separation Agreement. 

“Positive Tax Opinion or Ruling” has the meaning set forth in Section 12 of this Agreement. 

“Post-Distribution Period” means any Tax Period beginning after the Distribution Date and, in the case of any Straddle
Period, the portion of such Tax Period beginning on the day after the Distribution Date. 

“Pre-Distribution Period” means any Tax Period ending on or before the Distribution
Date and, in the case of any Straddle Period, the portion of such Straddle Period ending on and including the Distribution Date. 

“Prime Rate” means the “prime rate” as published in The Wall Street Journal, Eastern Edition. 

“Prior Group” means any group that filed or was required to file (or will file or be required to file) a Tax Return, for a
Tax Period or portion thereof ending at the close of the Distribution Date, on an affiliated, consolidated, combined, unitary, fiscal unity or other group basis (including as permitted by Section 1501 of the Code) that includes at least one
member of the SMTA Group. 

  
 3 

 “Privilege” means any privilege that may be asserted under applicable law,
including, any privilege arising under or relating to the attorney-client relationship (including the attorney-client and work product privileges), the accountant-client privilege and any privilege relating to internal evaluation processes. 

“Proposed Allocation” shall have the meaning set forth in Section 3.5(b) of this Agreement. 

“Protected REIT” means any entity that (i) has elected to be taxed as a REIT, and (ii) either (A) is an
Indemnification Payee or (B) owns a direct or indirect equity interest in an Indemnification Payee and is treated for purposes of Section 856 of the Code as owning all or a portion of the assets of such Indemnification Payee or as
receiving all or a portion of such Indemnification Payee’s income. 
 “Qualifying Income” has the meaning set forth in
Section 12 of this Agreement. 
 “REIT” has the meaning set forth in the Separation Agreement.

 “Required Party” has the meaning set forth in Section 4.3(a) of this Agreement. 

“Responsible Party” means, with respect to any Tax Return, the Party having responsibility for preparing and filing such Tax
Return under this Agreement. 
 “Retention Date” has the meaning set forth in Section 8.1 of this
Agreement. 
 “Ruling” means a private letter ruling from the IRS regarding the Tax treatment of all or any part of the
Transactions. 
 “Separation Agreement” has the meaning set forth in the recitals to this Agreement. 

“SMTA” has the meaning provided in the preamble to this Agreement. 

“SMTA Carryback” means any net operating loss, net capital loss, excess Tax credit, or other similar Tax item of any member
of the SMTA Group which may or must be carried from one Tax Period to another prior Tax Period under the Code or other applicable Tax Law. 

“SMTA GP” means Spirit MTA OP Holdings, LLC, a Delaware limited liability company. 

“SMTA Group” has the meaning set forth in the Separation Agreement. 

“SMTA OP” means Spirit MTA REIT, L.P., a Delaware limited partnership. 

“SMTA Separate Return” means any Tax Return of or including any member of the SMTA Group (including any
consolidated, combined or unitary return) that does not include any member of the SRC Group. 
 “SRC” has the meaning set
forth in the preamble to this Agreement. 

  
 4 

 “SRC Group” has the meaning set forth in the Separation Agreement. 

“SRC Separate Return” means any Tax Return of or including any member of the SRC Group (including any
consolidated, combined or unitary return) that does not include any member of the SMTA Group. 
 “SRLP” means Spirit
Realty, L.P., a Delaware limited partnership. 
 “Straddle Period” means any Tax Period that begins before and ends after
the Distribution Date. 
 “SubREIT” means Spirit MTA SubREIT, Inc., a Maryland corporation. 

“Subsidiary” has the meaning set forth in the Separation Agreement. 

“Tax” or “Taxes” means any income, gross income, gross receipts, profits, capital stock, franchise,
withholding, payroll, social security, workers compensation, unemployment, disability, property, ad valorem, value added, stamp, excise, severance, occupation, service, sales, use, license, lease, transfer, import, export, escheat, alternative
minimum, universal service fund, estimated or other tax (including any fee, assessment, or other charge in the nature of or in lieu of any tax), imposed by any Governmental Authority or political subdivision thereof, and any interest, penalty,
additions to tax or additional amounts in respect of the foregoing. 
 “Tax Advisor” means a Tax counsel or accountant, in
each case of recognized national standing. 
 “Tax Attribute” means a net operating loss, net capital loss, unused
investment credit, unused foreign Tax credit (including credits of a foreign company under Section 902 of the Code), excess charitable contribution, general business credit, research and development credit, earnings and profits, basis, or any
other Tax Item that could reduce a Tax or create a Tax Benefit. 
 “Tax Authority” means, with respect to any Tax, the
Governmental Authority or political subdivision thereof that imposes such Tax, and the agency (if any) charged with the collection of such Tax for such entity or subdivision. 

“Tax Benefit” means any refund, credit, or other item that causes reduction in otherwise required liability for Taxes. 

“Tax Contest” means an audit, review, examination, contest, litigation, investigation or any other administrative or judicial
proceeding with the purpose or effect of redetermining Taxes (including any administrative or judicial review of any claim for refund). 

“Tax Item” means, with respect to any Income Tax, any item of income, gain, loss, deduction, or credit. 

“Tax Law” means the Law of any Governmental Authority or political subdivision thereof relating to any Tax. 

  
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 “Tax Opinion” means an opinion from a Tax Advisor regarding the qualification of
SRC, SMTA or SubREIT as a REIT or regarding the Tax treatment of all or any part of the Transactions. 
 “Tax Period”
means, with respect to any Tax, the period for which the Tax is reported as provided under the Code or other applicable Tax Law. 

“Tax Records” means any (i) Tax Returns, (ii) Tax Return workpapers, (iii) documentation relating to any Tax
Contests, and (iv) any other books of account or records (whether or not in written, electronic or other tangible or intangible forms and whether or not stored on electronic or any other medium) maintained or required to be maintained under the
Code or other applicable Tax Laws or under any record retention agreement with any Tax Authority, in each case filed or required to be filed with respect to or otherwise relating to Taxes. 

“Tax Return” means any report of Taxes due, any claim for refund of Taxes paid, any information return with respect to Taxes,
or any other similar report, statement, declaration, or document filed or required to be filed under the Code or other Tax Law with respect to Taxes, including any attachments, exhibits, or other materials submitted with any of the foregoing, and
including any amendments or supplements to any of the foregoing. 
 “Transactions” has the meaning set forth in the
Separation Agreement. 
 “Transfer Taxes” means all sales, use, transfer, real property transfer, intangible, recordation,
registration, documentary, stamp or similar Taxes imposed in connection with the Transactions (excluding in each case, for the avoidance of doubt, any Income Taxes). 

“Treasury Regulations” means the regulations promulgated from time to time under the Code as in effect for the relevant Tax
Period. 
 Section 2. Allocation of Tax Liabilities. 

Section 2.1 General Rule . 

(a) SRC Liability. Except with respect to Taxes described in Section 2.1(b) of this Agreement, SRC shall be
liable for, and shall indemnify and hold harmless the SMTA Group from and against any liability for: 
 (i) Taxes that are
allocated to SRC under this Section 2; 
 (ii) any Tax resulting from a breach of any of SRC’s
representations or covenants in this Agreement, the Separation Agreement or any Ancillary Agreement; and 
 (iii) Taxes
imposed on SMTA or any member of the SMTA Group pursuant to the provisions of Treasury Regulations § 1.1502-6 (or similar provisions of state, local, or foreign Tax Law) as a result of any such member
being or having been a member of a Prior Group. 

  
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 (b) SMTA Liability. SMTA shall be liable for, and shall indemnify and hold harmless the
SRC Group from and against any liability for: 
 (i) Taxes that are allocated to SMTA under this
Section 2; and 
 (ii) any Tax resulting from a breach of any of SMTA’s representations or
covenants in this Agreement, the Separation Agreement or any Ancillary Agreement. 
 Section 2.2
General Allocation Principles. Except as otherwise provided in this Section 2, all Taxes shall be allocated as follows: 

(a) Allocation of Taxes for Joint Returns. SRC shall be responsible for all Taxes reported, or required to be reported, on any Joint
Return that any member of the SRC Group files or is required to file under the Code or other applicable Tax Law; provided, however, that to the extent any such Joint Return includes any Tax Item attributable to the operations or assets
of any member of the SMTA Group for any Post-Distribution Period, SMTA shall be responsible for all Taxes attributable to such Tax Items, computed in a manner reasonably determined by SRC. 

(b) Allocation of Taxes for Separate Returns. 

(i) SRC shall be responsible for all Taxes reported, or required to be reported, on (x) an SRC Separate Return or
(y) an SMTA Separate Return with respect to a Pre-Distribution Period. 
 (ii)
SMTA shall be responsible for all Taxes reported, or required to be reported, on an SMTA Separate Return with respect to a Post-Distribution Period. 

(c) Taxes Not Reported on Tax Returns. 

(i) SRC shall be responsible for any Tax attributable to any member of the SRC Group that is not required to be reported on a
Tax Return. 
 (ii) SMTA shall be responsible for any Tax attributable to any member of the SMTA Group that is not required
to be reported on a Tax Return. 
 Section 2.3 Allocation Conventions. 

(a) All Taxes allocated pursuant to Section 2.2 of this Agreement shall be apportioned between portions of a Tax
Period based on a closing of the books and records on the close of the Distribution Date (in the event that the Distribution Date is not the last day of the Tax Period, as if the Distribution Date were the last day of the Tax Period), subject to
adjustment for items accrued on the Distribution Date that are properly allocable to the Tax Period following the Distribution, as jointly determined by SRC and SMTA; provided that any items not susceptible to such apportionment shall be apportioned
on the basis of elapsed days during the relevant portion of the Tax Period. 

  
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 (b) Any Tax Item of SMTA or any member of the SMTA Group arising from a transaction engaged in
outside of the ordinary course of business on the Distribution Date after the Effective Time shall be properly allocable to SMTA and any such transaction by or with respect to SMTA or any member of the SMTA Group occurring after the Effective Time
shall be treated for all Tax purposes (to the extent permitted by applicable Tax Law) as occurring at the beginning of the day following the Distribution Date in accordance with the principles of Treasury Regulation § 1.1502-76(b) or any similar provisions of state, local or foreign Law. 

Section 2.4 Transfer Taxes. Any Transfer Taxes shall be allocated solely to SRC. 

Section 3. Preparation and Filing of Tax Returns. 

Section 3.1 SRC Separate Returns and Joint Returns. 

(a) SRC shall prepare and file, or cause to be prepared and filed, all SRC Separate Returns and Joint Returns, and each member of the SMTA
Group to which any such Joint Return relates shall execute and file such consents, elections and other documents as SRC may determine, after consulting with SMTA in good faith, are required or appropriate, or otherwise requested by SRC in connection
with the filing of such Joint Return. SMTA will elect and join, and will cause its respective Affiliates to elect and join, in filing any Joint Returns that SRC determines are required to be filed or that SRC elects to file, in each case pursuant to
this Section 3.1(a). 
 (b) The Parties and their respective Affiliates shall elect to close the Tax Period of
each SMTA Group member on the Distribution Date, to the extent permitted by applicable Tax Law. 

Section 3.2 SMTA Separate Returns. SMTA shall prepare and file (or cause to be prepared and
filed) all SMTA Separate Returns. 
 Section 3.3 Tax Reporting Practices. 

(a) General Rule. Except as provided in Section 3.3(b) of this Agreement, SRC shall prepare any Straddle
Period Joint Return in accordance with past practices, permissible accounting methods, elections or conventions (“Past Practices”) used by the members of the SRC Group and the members of the SMTA Group prior to the Distribution Date
with respect to such Tax Return, and to the extent any items, methods or positions are not covered by Past Practices, then SRC shall prepare such Tax Return in accordance with reasonable Tax accounting practices selected by SRC. With respect to any
Tax Return that SMTA has the obligation and right to prepare, or cause to be prepared, under this Section 3, to the extent such Tax Return could affect SRC, such Tax Return shall be prepared in accordance with Past
Practices used by the members of the SRC Group and the members of the SMTA Group prior to the Distribution Date with respect to such Tax Return, and to the extent any items, methods or positions are not covered by Past Practices, such Tax Return
shall be prepared in accordance with reasonable Tax accounting practices selected by SMTA, subject to the consent of SRC (which consent may not be unreasonably withheld, conditioned or delayed). 

  
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 (b) Consistency with Intended Tax Treatment. Except as otherwise agreed by the Parties,
the Parties shall prepare all Tax Returns consistent with the Intended Tax Treatment unless, and then only to the extent, an alternative position is required pursuant to a determination by a Tax Authority; provided, however, that
neither Party shall be required to litigate before any court any challenge to the Intended Tax Treatment by a Tax Authority. 
 
Section 3.4 SMTA Carrybacks and Claims for Refund. 
 (a) SMTA hereby agrees that, unless SRC consents in writing (which
consent may not be unreasonably withheld, conditioned or delayed) or as required by Law, (i) no member of the SMTA Group (nor its successors) shall file any Adjustment Request with respect to any Tax Return that could affect any Joint Return or
any other Tax Return reflecting Taxes that are allocated to SRC under Section 2 and (ii) any available elections to waive the right to claim any SMTA Carryback in any Joint Return or any other Tax Return reflecting
Taxes that are allocated to SRC under Section 2 shall be made, and no affirmative election shall be made to claim any such SMTA Carryback. In the event that SMTA (or the appropriate member of the SMTA Group) is prohibited
by applicable Law from waiving or otherwise forgoing an SMTA Carryback or SRC consents to an SMTA Carryback (which consent may not be unreasonably withheld, conditioned or delayed), SRC shall cooperate with SMTA, at SMTA’s expense, in seeking
from the appropriate Tax Authority such Tax Benefit as reasonably would result from such SMTA Carryback, to the extent that such Tax Benefit is directly attributable to such SMTA Carryback, and shall pay over to SMTA the amount of such Tax Benefit
within ten (10) days after such Tax Benefit is recognized by the SRC Group; provided, however, that SMTA shall indemnify and hold the members of the SRC Group harmless from and against any and all collateral Tax consequences
resulting from or caused by any such SMTA Carryback, including, without limitation, the loss or postponement of any benefit from the use of Tax Attributes generated by a member of the SRC Group if (i) such Tax Attributes expire unused, but
would have been utilized but for such SMTA Carryback, or (ii) the use of such Tax Attributes is postponed to a later Tax Period than the Tax Period in which such Tax Attributes would have been used but for such SMTA Carryback. 

(b) SRC hereby agrees that, unless SMTA consents in writing (which consent may not be unreasonably withheld, conditioned or delayed) or as
required by Law, no member of the SRC Group shall file any Adjustment Request with respect to any SMTA Separate Return. 
 
Section 3.5 Apportionment of Tax Attributes. 
 (a) Tax Attributes arising in a
Pre-Distribution Period will be allocated to (and the benefits and burdens of such Tax Attributes will inure to) the members of the SRC Group and the members of the SMTA Group in accordance with the Code,
Treasury Regulations, and any other applicable Tax Law, and, in the absence of controlling legal authority or unless otherwise provided under this Agreement, Tax Attributes shall be allocated to the taxpayer that created such Tax Attributes. 

(b) On or before the first anniversary of the Distribution Date, SRC shall deliver to SMTA its determination in writing of the portion, if
any, of any earnings and profits, Tax Attributes, overall foreign loss or other affiliated, consolidated, combined, unitary, fiscal unity or 

  
 9 

 
other group basis Tax Attribute which is allocated or apportioned to the members of the SMTA Group under applicable Tax Law and this Agreement (“Proposed Allocation”). SMTA shall
have sixty (60) days to review the Proposed Allocation and provide SRC any comments with respect thereto. SRC shall accept any such comments that are reasonable, and such resulting determination will become final (“Final
Allocation”). All members of the SRC Group and SMTA Group shall prepare all Tax Returns in accordance the Final Allocation. In the event of an adjustment to the earnings and profits, any Tax Attributes or other affiliated, consolidated,
combined, unitary, fiscal unity or other group basis attribute, SRC shall promptly notify SMTA in writing of such adjustment. For the avoidance of doubt, SRC shall not be liable to any member of the SMTA Group for any failure of any determination
under this Section 3.5(b) to be accurate under applicable Tax Law; provided such determination was made in good faith. 

(c) Except as otherwise provided herein, to the extent that the amount of any Tax Attribute is later reduced or increased by a Tax Authority
or Tax Proceeding, such reduction or increase shall be allocated to the Party to which such Tax Attribute was allocated pursuant to Section 3.5(a) of this Agreement, as agreed by the Parties. 

Section 4. Tax Payments. 

Section 4.1 Taxes Shown on Tax Returns. SRC shall pay (or cause to be paid) to the proper Tax
Authority the Tax shown as due on any Tax Return that a member of the SRC Group is responsible for preparing under Section 3 of this Agreement, and SMTA shall pay (or cause to be paid) to the proper Tax Authority the Tax
shown as due on any Tax Return that a member of the SMTA Group is responsible for preparing under Section 3 of this Agreement. At least seven (7) Business Days prior to any Payment Date for any Straddle Period Joint
Return, SMTA shall pay to SRC the amount SMTA is responsible for under the provisions of Section 2 as calculated pursuant to this Agreement. 

Section 4.2 Adjustments Resulting in Underpayments. In the case of any adjustment pursuant to a
Final Determination with respect to any Tax, the Party to which such Tax is allocated pursuant to this Agreement shall pay to the applicable Tax Authority when due any additional Tax required to be paid as a result of such adjustment. 

Section 4.3 Indemnification Payments. 

(a) Except as provided in the last sentence of Section 4.1 of this Agreement, if any Party (the
“Payor”) is required under applicable Tax Law to pay to a Tax Authority a Tax that another Party (the “Required Party”) is liable for under this Agreement, the Required Party shall reimburse the Payor within twenty
(20) Business Days of delivery by the Payor to the Required Party of an invoice for the amount due, accompanied by evidence of payment and a statement detailing the Taxes paid and describing in reasonable detail the particulars relating
thereto. The reimbursement shall include interest on the Tax payment computed at the Prime Rate based on the number of days from the date of the Payor’s payment to the Tax Authority to the date of reimbursement by the Required Party under this
Section 4.3. Except as otherwise provided in the following sentence, the Required Party shall also pay to the Payor any reasonable costs and expenses related to the foregoing (including reasonable attorneys’ fees and
expenses) within five (5) days after the Payor’s written demand therefor. 

  
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 (b) All indemnification payments under this Agreement shall be made by SRC directly to SMTA and
by SMTA directly to SRC; provided, however, that if the Parties mutually agree for administrative convenience with respect to any such indemnification payment, any member of the SRC Group, on the one hand, may make such indemnification
payment to any member of the SMTA Group, on the other hand, and vice versa. 
 Section 5. Tax
Benefits. 
 Section 5.1 Tax Refunds. SRC shall be entitled (subject to the limitations
provided in Section 3.4 of this Agreement) to any refund (and any interest thereon received from the applicable Tax Authority) of Taxes for which SRC is liable hereunder, and SMTA shall be entitled (subject to the
limitations provided in Section 3.4 of this Agreement) to any refund (and any interest thereon received from the applicable Tax Authority) of Taxes for which SMTA is liable hereunder. A Party receiving a refund to which
another Party is entitled hereunder shall pay over such refund to such other Party within twenty (20) Business Days after such refund is received (together with interest computed at the Prime Rate based on the number of days from the date the
refund was received to the date the refund was paid over). 
 Section 5.2 Other Tax Benefits.

 (a) If (i) a member of the SMTA Group actually realizes any Tax Benefit as a result of any liability, obligation, loss or payment
(each, a “Loss”) for which a member of the SRC Group is required to indemnify any member of the SMTA Group pursuant to this Agreement, the Separation Agreement or any Ancillary Agreement (in each case, without duplication of any
amounts payable or taken into account under this Agreement, the Separation Agreement or any Ancillary Agreement), or (ii) if a member of the SRC Group actually realizes any Tax Benefit as a result of any Loss for which a member of the SMTA
Group is required to indemnify any member of the SRC Group pursuant to this Agreement, the Separation Agreement or any Ancillary Agreement (in each case, without duplication of any amounts payable or taken into account under this Agreement, the
Separation Agreement or any Ancillary Agreement), and, in each case, such Tax Benefit would not have arisen but for such adjustment or Loss (determined on a “with and without” basis), SMTA (in the case of the foregoing clause (i)) or SRC
(in the case of the foregoing clause (ii)), as the case may be, shall make a payment to the other Party in an amount equal to the amount of such actually realized Tax Benefit in cash within ten (10) Business Days of actually realizing such Tax
Benefit. To the extent that any Tax Benefit (or portion thereof) in respect of which any amounts were paid over pursuant to the foregoing provisions of this Section 5.2(a) is subsequently disallowed by the applicable Tax
Authority, the Party that received such amounts shall promptly repay such amounts (together with any penalties, interest or other charges imposed by the relevant Tax Authority) to the other Party. 

(b) No later than ten (10) Business Days after a Tax Benefit described in Section 5.2(a) is actually realized
by a member of the SRC Group or a member of the SMTA Group, SRC or SMTA, as the case may be, shall provide the other Party with a written calculation of the amount payable to such other Party pursuant to Section 5.2(a). In
the event that SRC or SMTA, as the case may be, disagrees with any such calculation described in this Section 5.2(b), such Party shall so notify the other Party in writing within twenty (20) Business Days of receiving
such written calculation. The Parties shall endeavor in good faith to resolve such disagreement, and, failing that, the amount payable under this Section 5.2 shall be determined in accordance with
Section 13 of this Agreement. 

  
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 Section 6. REIT Qualification. 

Section 6.1 SRC. SRC represents that, commencing with its taxable year ended December 31,
2014, through its taxable year ending December 31, 2017, SRC has been organized and has operated in conformity with the requirements for qualification and taxation as a REIT under the Code. SRC covenants that it will qualify as a REIT under the
Code for its taxable year ending December 31, 2018. 
 Section 6.2 SMTA. SMTA covenants
that it will elect to qualify as a REIT under the Code and will be organized and operate so that it will qualify as a REIT under the Code for its taxable year ending December 31, 2018. 

Section 7. Assistance and Cooperation. 

Section 7.1 Assistance and Cooperation. 

(a) The Parties shall cooperate (and cause their respective Affiliates to cooperate) with each other and with each other’s agents,
including accounting firms and legal counsel, in connection with Tax matters relating to the Parties and their Affiliates, including (i) preparation and filing of Tax Returns, (ii) determining the liability for and amount of any Taxes due
(including estimated Taxes) or the right to and amount of any refund of Taxes, (iii) examinations of Tax Returns, and (iv) any administrative or judicial proceeding in respect of Taxes assessed or proposed to be assessed. Such cooperation
shall include making all information and documents in their possession relating to any other Party and its Affiliates reasonably available to such other Party as provided in Section 8 of this Agreement. Each of the Parties
shall also make available to any other Party, as reasonably requested and available, personnel (including officers, directors, employees and agents of the Parties or their respective Affiliates) responsible for preparing, maintaining, and
interpreting information and documents relevant to Taxes, and personnel reasonably required as witnesses or for purposes of providing information or documents in connection with any administrative or judicial proceedings relating to Taxes. SMTA and
each other member of the SMTA Group, on the one hand, and SRC and member of the SRC Group, on the other hand, shall cooperate with each other and take any and all actions reasonably requested by the other in connection with obtaining a Tax Opinion
or Ruling (including, without limitation, by making any new representation or covenant, confirming any previously made representation or covenant or providing any materials or information requested by any Tax Advisor; provided that no one shall be
required to make or confirm any representation or covenant that is inconsistent with historical facts or as to future matters or events occurring after December 31, 2018 or over which it has no control). 

(b) Any information or documents provided under this Agreement shall be kept confidential by the Party receiving the information or documents,
except as may otherwise be necessary in connection with the filing of Tax Returns or in connection with any administrative or judicial proceedings relating to Taxes. In addition, in the event that SRC determines that the provision of any information
or documents to SMTA or any of its Affiliates, or SMTA 

  
 12 

 
determines that the provision of any information or documents to SRC or any SRC Affiliate, could be commercially detrimental, violate any Law or agreement or waive any Privilege, the Parties
shall use commercially reasonable efforts to permit each other’s compliance with its obligations under this Section 7 in a manner that avoids any such harm or consequence. 

Section 7.2 Tax Return Information. Each of SRC and SMTA, and each member of their respective
Groups, acknowledges that time is of the essence in relation to any request for information, assistance or cooperation made pursuant to Section 7.1 of this Agreement or this Section 7.2. Each of
SRC and SMTA, and each member of their respective Groups, acknowledges that failure to conform to the reasonable deadlines set by the Party making such request could cause irreparable harm. Each Party shall provide to the other Party information and
documents relating to its Group reasonably required by the other Party to prepare Tax Returns, including any pro forma returns required by the Responsible Party for purposes of preparing such Tax Returns. Any information or documents the Responsible
Party requires to prepare such Tax Returns shall be provided in such form as the Responsible Party reasonably requests and at or prior to the time reasonably specified by the Responsible Party so as to enable the Responsible Party to file such Tax
Returns on a timely basis. 
 Section 7.3 Reliance by SRC. If any member of the SMTA Group
supplies information to a member of the SRC Group in connection with a Tax liability and an officer of a member of the SRC Group signs a statement or other document under penalties of perjury in reliance upon the accuracy of such information, then
upon the written request of such member of the SRC Group identifying the information being so relied upon, the chief financial officer of SMTA (or any officer of SMTA as designated by the chief financial officer of SMTA) shall certify in writing
that to his or her knowledge (based upon consultation with appropriate employees) the information so supplied is accurate and complete. 
 
Section 7.4 Reliance by SMTA. If any member of the SRC Group supplies information to a member of the SMTA Group in connection with a Tax liability and an officer of a member of the SMTA Group signs a statement or other
document under penalties of perjury in reliance upon the accuracy of such information, then upon the written request of such member of the SMTA Group identifying the information being so relied upon, the chief financial officer of SRC (or any
officer of SRC as designated by the chief financial officer of SRC) shall certify in writing that to his or her knowledge (based upon consultation with appropriate employees) the information so supplied is accurate and complete. 

Section 8. Tax Records. 

Section 8.1 Retention of Tax Records. Each of SRC and SMTA shall preserve and keep all Tax Records
exclusively relating to the assets and activities of its Group for Pre-Distribution Periods, and SRC shall preserve and keep all other Tax Records relating to Taxes of the SRC and SMTA Groups for Pre-Distribution Periods, for so long as the contents thereof may be or become material in the administration of any matter under the Code or other applicable Tax Law, but in any event until the later of
(i) the expiration of any applicable statutes of limitations, or (ii) seven (7) years after the Distribution Date (such later date, the “Retention Date”). After the Retention Date, each of SRC and SMTA may dispose of such
Tax Records upon sixty (60) Business Days’ prior written notice to the other Party. If, prior to the Retention Date, (a) SRC or 

  
 13 

 
SMTA reasonably determines that any Tax Records which it would otherwise be required to preserve and keep under this Section 8 are no longer material in the
administration of any matter under the Code or other applicable Tax Law and the other Party agrees, then such first Party may dispose of such Tax Records upon sixty (60) Business Days’ prior notice to the other Party. Any notice of an
intent to dispose given pursuant to this Section 8.1 shall include a list of the Tax Records to be disposed of describing in reasonable detail each file, book, or other record accumulation being disposed. The notified
Parties shall have the opportunity, at their cost and expense, to copy or remove, within such sixty (60) Business Day period, all or any part of such Tax Records. If, at any time prior to the Retention Date, a Party or any of its Affiliates
determines to decommission or otherwise discontinue any computer program or information technology system used to access or store any Tax Records, then such program or system may be decommissioned or discontinued upon ninety (90) Business
Days’ prior notice to the other Party and the other Party shall have the opportunity, at its cost and expense, to copy, within such ninety (90) Business Day period, all or any part of the underlying data relating to the Tax Records
accessed by or stored on such program or system. 
 Section 8.2 Access to Tax Records. The
Parties and their respective Affiliates shall make available to each other for inspection and copying during normal business hours upon reasonable notice all Tax Records (and, for the avoidance of doubt, any pertinent underlying data accessed or
stored on any computer program or information technology system) in their possession pertaining to (i) in the case of any Tax Return of the SRC Group, the portion of such return that relates to Taxes for which the SMTA Group may be liable
pursuant to this Agreement or (ii) in the case of any Tax Return of the SMTA Group, the portion of such return that relates to Taxes for which the SRC Group may be liable pursuant to this Agreement, and shall permit the other Party and its
Affiliates, authorized agents and representatives and any representative of a Tax Authority or other Tax auditor direct access, at the cost and expense of the requesting Party, during normal business hours upon reasonable notice to any computer
program or information technology system used to access or store any Tax Records, in each case to the extent reasonably required by the other Party in connection with the preparation of Tax Returns or financial accounting statements, audits,
litigation, or the resolution of items under this Agreement. 
 Section 8.3 Preservation of
Privilege. The Parties and their respective Affiliates shall not provide access to, copies of, or otherwise disclose to any Person any documentation relating to Taxes existing prior to the Distribution Date to which Privilege may reasonably be
asserted without the prior written consent of the other Party, such consent not to be unreasonably withheld, conditioned or delayed. 
 
Section 9. Tax Contests. 
 Section 9.1 Notice. Each Party shall provide prompt
notice to the other Party of any written communication from a Tax Authority regarding any pending Tax audit, assessment or proceeding or other Tax Contest of which it becomes aware (i) related to Taxes for Tax Periods for which it is
indemnified by the other Party hereunder or for which it may be required to indemnify the other Party hereunder or (ii) otherwise relating to the Intended Tax Treatment or the Transactions (including the resolution of any Tax Contest relating
thereto). Such notice shall attach copies of the pertinent portion of any written communication from a Tax Authority and 

  
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contain factual information (to the extent known) describing any asserted Tax liability in reasonable detail and shall be accompanied by copies of any notice and other documents received from any
Tax Authority in respect of any such matters. If an indemnified Party has knowledge of an asserted Tax liability with respect to a matter for which it is to be indemnified hereunder and such Party fails to give the indemnifying Party prompt notice
of such asserted Tax liability and the indemnifying Party is entitled under this Agreement to contest the asserted Tax liability, then (x) to the extent the indemnifying Party is precluded from contesting the asserted Tax liability in any forum
as a result of the failure to give prompt notice, the indemnifying Party shall have no obligation to indemnify the indemnified Party for any Taxes arising out of such asserted Tax liability, and (y) to the extent the indemnifying Party is not
precluded from contesting the asserted Tax liability in any forum, but such failure to give prompt notice results in a material monetary detriment to the indemnifying Party, then any amount which the indemnifying Party is otherwise required to pay
the indemnified Party pursuant to this Agreement shall be reduced by the amount of such detriment. 

Section 9.2 Control of Tax Contests. 

(a) SRC Control. Notwithstanding anything in this Agreement to the contrary, SRC shall have the right to control any Tax Contest with
respect to any Tax matters relating to (i) a Joint Return, (ii) an SRC Separate Return and (iii) Transfer Taxes. Subject to Section 9.2(c) and Section 9.2(d) of this Agreement, SRC
shall have absolute discretion with respect to any decisions to be made, or the nature of any action to be taken, with respect to any such Tax Contest. 

(b) SMTA Control. Except as otherwise provided in this Section 9.2, SMTA shall have the right to control any
Tax Contest with respect to any Tax matters relating to an SMTA Separate Return. Subject to Section 9.2(c) and Section 9.2(d) of this Agreement, SMTA shall have reasonable discretion, after
consultation with SRC, with respect to any decisions to be made, or the nature of any action to be taken, with respect to any such Tax Contest relating to an SMTA Separate Return for a Pre-Distribution Period
or Straddle Period, and absolute discretion with respect to any decisions to be made, or the nature of any action to be taken, with respect to any other such Tax Contest. 

(c) Settlement Rights. The Controlling Party shall have the sole right to contest, litigate, compromise and settle any Tax Contest
without obtaining the prior consent of the Non-Controlling Party; provided, that to the extent any such Tax Contest (i) could give rise to a claim for indemnity by the Controlling Party or
its Affiliates against the Non-Controlling Party or its Affiliates under this Agreement, or (ii) is with respect to an SMTA Separate Return for a Pre-Distribution
Period or Straddle Period, then the Controlling Party shall not settle any such Tax Contest without the Non-Controlling Party’s prior written consent (which consent may not be unreasonably withheld,
conditioned or delayed and must take into account the reasonable likelihood of success of such Tax Contest on its merits without regard to the ability of SMTA to pay). Subject to Section 9.2(e) of this Agreement, and unless
waived by the Parties in writing, in connection with any potential adjustment in a Tax Contest as a result of which adjustment the Non-Controlling Party may reasonably be expected to become liable to make any
indemnification payment to the Controlling Party under this Agreement: (I) the Controlling Party shall keep the Non-Controlling Party informed in a timely manner of all actions taken or

  
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proposed to be taken by the Controlling Party with respect to such potential adjustment in such Tax Contest; (II) the Controlling Party shall timely provide the Non-Controlling Party copies of any written materials relating to such potential adjustment in such Tax Contest received from any Tax Authority; (III) the Controlling Party shall timely provide the Non-Controlling Party with copies of any correspondence or filings submitted to any Tax Authority or judicial authority in connection with such potential adjustment in such Tax Contest; (IV) the Controlling
Party shall consult with the Non-Controlling Party and offer the Non-Controlling Party a reasonable opportunity to comment before submitting any written materials
prepared or furnished in connection with such potential adjustment in such Tax Contest; and (V) the Controlling Party shall defend such Tax Contest diligently and in good faith. The failure of the Controlling Party to take any action specified
in the preceding sentence with respect to the Non-Controlling Party shall not relieve the Non-Controlling Party of any liability and/or obligation which it may have to
the Controlling Party under this Agreement except to the extent that the Non-Controlling Party was actually harmed by such failure, and in no event shall such failure relieve the
Non-Controlling Party from any other liability or obligation which it may have to the Controlling Party. In the case of any Tax Contest described in this Section 9,
“Controlling Party” means the Party entitled to control the Tax Contest under such Section and “Non-Controlling Party” means (x) SRC if SMTA is the Controlling Party and
(y) SMTA if SRC is the Controlling Party. 
 (d) Tax Contest Participation. Subject to Section 9.2(e)
of this Agreement, and unless waived by the Parties in writing, the Controlling Party shall provide the Non-Controlling Party with written notice reasonably in advance of, and the Non-Controlling Party shall have the right to attend, any formally scheduled meetings with Tax Authorities or hearings or proceedings before any judicial authorities in connection with any potential adjustment in a
Tax Contest pursuant to which the Non-Controlling Party may reasonably be expected to become liable to make any indemnification payment to the Controlling Party under this Agreement. The failure of the
Controlling Party to provide any notice specified in this Section 9.2(d) to the Non-Controlling Party shall not relieve the Non-Controlling
Party of any liability or obligation which it may have to the Controlling Party under this Agreement except to the extent that the Non-Controlling Party was actually harmed by such failure, and in no event
shall such failure relieve the Non-Controlling Party from any other liability or obligation which it may have to the Controlling Party. 

(e) Joint Returns. Notwithstanding anything in this Section 9 to the contrary, in the case of a Tax Contest
related to a Joint Return, the rights of SMTA and its Affiliates under Section 9.2(c) and Section 9.2(d) of this Agreement shall be limited in scope to the portion of such Tax Contest relating to
Taxes for which SMTA may reasonably expected to become liable to make any indemnification payment to SRC under this Agreement. 
 (f)
Power of Attorney. Each member of the SMTA Group shall execute and deliver to SRC (or such member of the SRC Group as SRC shall designate) any power of attorney or other similar document reasonably requested by SRC (or such designee) in
connection with any Tax Contest (as to which SRC is the Controlling Party) described in this Section 9. Each member of the SRC Group shall execute and deliver to SMTA (or such member of the SMTA Group as SMTA shall
designate) any power of attorney or other similar document requested by SMTA (or such designee) in connection with any Tax Contest (as to which SMTA is the Controlling Party) described in this Section 9. 

  
 16 

 Section 10. Survival of Obligations. The
representations, warranties, covenants and agreements set forth in this Agreement shall be unconditional and absolute and shall remain in effect without limitation as to time. 

Section 11. Tax Treatment of Payments. 

Section 11.1 General Rule. Except as otherwise required by applicable Law or as otherwise agreed
to by the Parties, any payment (other than interest thereon) made by SRC or any member of the SRC Group to SMTA or any member of the SMTA Group, or by SMTA or any member of the SMTA Group to SRC or any member of the SRC Group, pursuant to this
Agreement, the Separation Agreement or any Ancillary Agreement that relates to Taxable periods (or portions thereof) ending on or before the Distribution Date shall be treated by the Parties for all Tax purposes as a distribution by SMTA to SRC, or
a capital contribution from SRC to SMTA, as the case may be, occurring immediately before the Distribution; provided, however, that any such payment that is made or received by a Person other than SRC or SMTA, as the case may be, shall be treated as
if made or received by the payor or the recipient as agent for SRC or SMTA, in each case as appropriate. No Party shall take any position inconsistent with the treatment described in the preceding sentence, and in the event that a Tax Authority
asserts that a Party’s treatment of a payment pursuant to this Agreement should be other than as set forth in the preceding sentence, such Party shall use its commercially reasonable efforts to contest such challenge. 

Section 11.2 Interest. Anything herein or in the Separation Agreement to the contrary
notwithstanding, to the extent one Party makes a payment of interest to the other Party under this Agreement with respect to the period from the date that the Party receiving the interest payment made a payment of Tax to a Tax Authority to the date
that the Party making the interest payment reimbursed the Party receiving the interest payment for such Tax payment, the interest payment shall be treated as interest expense to the Party making such payment (deductible to the extent provided by
Law) and as interest income by the Party receiving such payment (includible in income to the extent provided by Law). The amount of the payment shall not be adjusted to take into account any associated Tax Benefit to the Party making such payment or
increase in Tax to the Party receiving such payment. 
 Section 12. Indemnification Payment
Escrow. Notwithstanding anything to the contrary in this Agreement, the Separation Agreement or any Ancillary Agreement, if one party to this Agreement, the Separation Agreement or any Ancillary Agreement (the “Indemnification
Payor”) is required to pay another party to such agreement (the “Indemnification Payee”) any indemnification payment that could reasonably result in income to any Protected REIT for U.S. federal income Tax purposes if paid
(such payment, an “Indemnification Payment”), then, unless the Indemnification Payee shall have received a tax opinion of a Tax Advisor or a ruling from the IRS to the effect that the Indemnification Payee’s receipt of such
payment will be treated as qualifying income with respect to the any applicable Protected REIT for purposes of Section 856(c)(2) and 856(c)(3) of the Code (“Qualifying Income”) or shall be excluded from income for such purposes
(such opinion or ruling, a “Positive Tax Opinion or Ruling”), and notified the Indemnification Payor in writing of its receipt of such Positive Tax Opinion or Ruling and directed that payment be made otherwise than into escrow as
provided below, the amounts payable to the Indemnification Payee shall be limited to the maximum amount (“Allowed  

  
 17 

 
Amount”) that can be paid without causing the Indemnification Payee’s receipt of its share of such funds to cause any applicable Protected REIT to fail to meet the requirements
of Sections 856(c)(2) and (3) of the Code, determined as if the payment of such amount did not constitute Qualifying Income and the Protected REIT has $[🌑] of income from unknown sources during such
year that does not constitute Qualifying Income (in addition to any known or anticipated income that is not Qualifying Income), as determined by independent accountants to the Indemnification Payee, and any excess of the amount of the
Indemnification Payment over the Allowed Amount (such excess, the “Escrowed Amount”) shall be placed into escrow. Any such Escrowed Amount shall be retained by the escrow agent in a separate interest-bearing, segregated account for
the account of the Indemnification Payor. The Indemnification Payee shall pay all costs associated with obtaining any tax opinion of a Tax Advisor or ruling from the IRS described above. The Escrowed Amount shall be fully disbursed (and therefore
any unpaid portion of the Indemnification Payment shall be paid to the Indemnification Payee) upon the escrow agent’s receipt of a Positive Tax Opinion or Ruling. To the extent not previously paid, upon any determination by independent
accountants to the Indemnification Payee that any additional amount of the Indemnification Payment may be disbursed to the Indemnification Payee without causing any applicable Protected REIT to fail to meet the requirements of Sections 856(c)(2) and
856(c)(3) of the Code, determined as if the payment of such amount did not constitute Qualifying Income and the Protected REIT has $[🌑] of income from unknown sources during such year that does not
constitute Qualifying Income (in addition to any known or anticipated income that is not Qualifying Income), the determination of such independent accountants shall be provided to the escrow agent and such additional amount shall be disbursed to the
Indemnification Payee. At the end of the second calendar year beginning after the date on which the Indemnification Payor’s obligation to pay the Indemnification Payment arose (or earlier if directed by the Indemnification Payee), any remainder
of the Escrowed Amount (together with interest thereon) then being held by the escrow agent shall be disbursed to the Indemnification Payor and, in the event that the Indemnification Payment has not by then been paid in full, such unpaid portion
shall never be due. The Indemnification Payee shall bear any and all expenses associated with the escrow of the Escrowed Amount. The Indemnification Payee is hereby granted the power of attorney on behalf of the Indemnification Payor to execute,
acknowledge, swear to and deliver all such documents required in connection with the foregoing escrow account, such power to be irrevocable and coupled with an interest. 

Section 13. Dispute Resolution. Any and all Agreement Disputes arising hereunder shall be
resolved through the procedures provided in Article X of the Separation Agreement. 
 Section 14.
General Provisions. 
 Section 14.1 Amendments and Waivers. 

(a) Subject to Section [11.1] of the Separation Agreement, this Agreement may not be amended except by an agreement in writing signed by
both Parties. 

  
 18 

 (b) Any term or provision of this Agreement may be waived, or the time for its performance may be
extended, by the Party entitled to the benefit thereof and any such waiver shall be validly and sufficiently given for the purposes of this Agreement if it is in writing signed by an authorized representative of such Party. No delay or failure in
exercising any right, power or remedy hereunder shall affect or operate as a waiver thereof; nor shall any single or partial exercise thereof or any abandonment or discontinuance of steps to enforce such a right, power or remedy preclude any further
exercise thereof or of any other right, power or remedy. The rights and remedies hereunder are cumulative and not exclusive of any rights or remedies that either Party would otherwise have. 

Section 14.2 Entire Agreement. This Agreement, the Ancillary Agreements, and the Exhibits and
Schedules referenced herein and therein and attached hereto or thereto, constitute the entire agreement and understanding between the Parties with respect to the subject matter hereof and supersede all prior negotiations, agreements, commitments,
writings, courses of dealing and understandings with respect to the subject matter hereof; for the avoidance of doubt, the preceding clause shall apply to all other agreements, whether or not written, in respect of any Tax between or among any
member or members of the SRC Group, on the one hand, and any member or members of the SMTA Group, on the other hand, which agreements shall be of no further effect between the parties thereto and any rights or obligations existing thereunder shall
be fully and finally settled, calculated as of the date hereof. Except as expressly set forth in the Separation Agreement or any Ancillary Agreement: (i) all matters relating to Taxes and Tax Returns of the Parties and their respective
Subsidiaries, to the extent such matters are the subject of this Agreement, shall be governed exclusively by this Agreement; and (ii) for the avoidance of doubt, in the event of any conflict between the Separation Agreement or any Ancillary
Agreement, on the one hand, and this Agreement, on the other hand, with respect to such matters, the terms and conditions of this Agreement shall govern. 

Section 14.3 Survival of Agreements. Except as otherwise expressly contemplated by this
Agreement, all covenants and agreements of the Parties contained in this Agreement shall survive the Effective Time and remain in full force and effect in accordance with their applicable terms. 

Section 14.4 Third Party Beneficiaries. Except as specifically provided herein, this Agreement
is solely for the benefit of the Parties and should not be deemed to confer upon third parties any remedy, claim, liability, reimbursement, cause of action or other right in excess of those existing without reference to this Agreement. 

Section 14.5 Notices. All notices, requests, permissions, waivers and other communications
hereunder shall be in writing and shall be deemed to have been duly given (a) five (5) Business Days following sending by registered or certified mail, postage prepaid, (b) when sent, if sent by facsimile, (c) when delivered, if
delivered personally to the intended recipient, and (d) one (1) Business Day following sending by overnight delivery via a national courier service and, in each case, addressed to a Party at the following address for such Party. 

  
 19 

	 	(a)	If to SRC: 

 Spirit Realty Capital, Inc. 

2727 North Harwood Street, Suite 300, 

Dallas, Texas 75201 
 Attention:
General Counsel 
 Facsimile No.: (800) 973-0850 

 

	 	(b)	If to SMTA: 

 Spirit MTA REIT 

2727 North Harwood Street, Suite 300, 

Dallas, Texas 75201 
 Attention:
Chief Financial Officer 
 Facsimile No.: (800) 973-0850 

Section 14.6 Counterparts; Electronic Delivery. This Agreement may be executed in multiple
counterparts, each of which when executed shall be deemed to be an original, but all of which together shall constitute one and the same agreement. Execution and delivery of this Agreement or any other documents pursuant to this Agreement by
facsimile or other electronic means shall be deemed to be, and shall have the same legal effect as, execution by an original signature and delivery in person. 

Section 14.7 Severability. If any term or other provision of this Agreement or the Exhibits and
Schedules attached hereto or thereto is determined by a nonappealable decision by a court, administrative agency or arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and
provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the Transactions is not affected in any manner materially adverse to either Party. Upon such determination that any term or
other provision is invalid, illegal or incapable of being enforced, the court, administrative agency or arbitrator shall interpret this Agreement so as to affect the original intent of the Parties as closely as possible in an acceptable manner to
the end that the Transactions are fulfilled to the fullest extent possible. If any sentence in this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only as broad as is enforceable. 

Section 14.8 Assignability; Binding Effect. This Agreement shall be binding upon and inure to
the benefit of the Parties and their successors and permitted assigns; provided, however, that the rights and obligations of each Party under this Agreement shall not be assignable, in whole or in part, directly or indirectly, whether by operation
of law or otherwise, by such Party without the prior written consent of the other Party (such consent not to be unreasonably withheld, conditioned or delayed) and any attempt to assign any rights or obligations under this Agreement without such
consent shall be null and void. Notwithstanding the foregoing, either Party may assign its rights and obligations under this Agreement to any of their respective Affiliates provided that no such assignment shall release such assigning Party from any
liability or obligation under this Agreement. 
 Section 14.9 Governing Law. This Agreement
shall be governed by, and construed and enforced in accordance with, the substantive laws of the State of New York, without regard to any conflicts of law provisions thereof that would result in the application of the laws of any other jurisdiction.

  
 20 

 Section 14.10 Construction. This Agreement shall be construed as if jointly drafted
by the Parties and no rule of construction or strict interpretation shall be applied against either Party. The Parties represent that this Agreement is entered into with full consideration of any and all rights which the Parties may have. The
Parties have relied upon their own knowledge and judgment. The Parties have had access to independent legal advice, have conducted such investigations they thought appropriate, and have consulted with such other independent advisors as they deemed
appropriate regarding this Agreement and their rights and asserted rights in connection therewith. The Parties are not relying upon any representations or statements made by the other Party, or such other Party’s employees, agents,
representatives or attorneys, regarding this Agreement, except to the extent such representations are expressly set forth or incorporated in this Agreement. The Parties are not relying upon a legal duty, if one exists, on the part of the other Party
(or such other Party’s employees, agents, representatives or attorneys) to disclose any information in connection with the execution of this Agreement or their preparation, it being expressly understood that neither Party shall ever assert any
failure to disclose information on the part of the other Party as a ground for challenging this Agreement. 

Section 14.11 Performance. Each Party shall cause to be performed, and hereby guarantees the
performance of, all actions, agreements and obligations set forth herein to be performed by any Subsidiary or Affiliate of such Party. 
 
Section 14.12 Title and Headings. Titles and headings to Sections and Articles are inserted for the convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 

Section 14.13 Other Agreements. Except as expressly set forth herein, this Agreement is not
intended to address, and should not be interpreted to address, the matters specifically and expressly covered by the Separation Agreement or the Ancillary Agreements. 

Section 14.14 Payment Terms. 

(a) Except as otherwise expressly provided to the contrary in this Agreement, any amount to be paid or reimbursed by a Party (where applicable,
or a member of such Party’s Group) to the other Party (where applicable, or a member of such other Party’s Group) under this Agreement shall be paid or reimbursed hereunder within sixty (60) days after presentation of an invoice or a
written demand therefor, in either case setting forth, or accompanied by, reasonable documentation or other reasonable explanation supporting such amount. 

(b) Except as expressly provided to the contrary in this Agreement, any amount not paid when due pursuant to this Agreement (and any amount
billed or otherwise invoiced or demanded and properly payable that is not paid within sixty (60) days of such bill, invoice or other demand) shall bear interest at a rate per annum equal to the Prime Rate, from time to time in effect, plus two
percent (2%), calculated for the actual number of days elapsed, accrued from the date on which such payment was due up to the date of the actual receipt of payment. 

  
 21 

 (c) Without the consent of the Party receiving any payment under this Agreement specifying
otherwise, all payments to be made by either SRC or SMTA under this Agreement shall be made in U.S. dollars. Except as expressly provided herein, any amount which is not expressed in U.S. dollars shall be converted into U.S. dollars by using the
exchange rate published on Bloomberg at 5:00 pm, Eastern time, on the day before the relevant date, or in The Wall Street Journal on such date if not so published on Bloomberg. Except as expressly provided herein, in the event that any Tax
indemnity payment required to be made hereunder may be denominated in a currency other than U.S. dollars, the amount of such payment shall be converted into U.S. dollars on the date in which notice of the claim is given to the indemnifying Party.

 Section 14.15 No Admission of Liability. The allocation of assets and liabilities
herein is solely for the purpose of allocating such assets and liabilities between SRC and SMTA and is not intended as an admission of liability or responsibility for any alleged liabilities vis-à-vis any third party, including with respect to the liabilities of any non-wholly owned subsidiary of SRC or SMTA. 

[Signature Page Follows] 

  
 22 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their respective
officers as of the date first set forth above. 
  

			
	SPIRIT REALTY CAPITAL, INC.
		
	By:	 	  

		 	  Name:
		 	  Title:
	
	SPIRIT MTA REIT
		
	By:	 	  

		 	  Name:
		 	  Title:

  
 [Signature Page to
Tax Matters Agreement] 

 Exhibit A 
  

			
	 Transaction Step
	  	 Intended Tax Treatment

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00282-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00282-of-00352.parquet"}]]