Document:

Exhibit 10.2

 

FIRST AMENDMENT TO

SECOND AMENDED AND RESTATED ADVISORY
AGREEMENT

 

This FIRST AMENDMENT TO SECOND AMENDED
AND RESTATED ADVISORY AGREEMENT is entered into on August 18, 2020, by and among New York City REIT, Inc. (the “Company”),
New York City Operating Partnership, L.P. (the “Operating Partnership”) and New York City Advisors, LLC (the
“Advisor”), effective as of the commencement of trading of shares of the Company’s Class A common
stock on the New York Stock Exchange (the “Listing”).

 

RECITALS

 

WHEREAS,
the Company, the Operating Partnership and the Advisor entered into that certain Second Amended and Restated Advisory Agreement,
dated as of November 16, 2018 (as amended, the “Advisory Agreement”).

 

WHEREAS,
on August 5, 2020, in connection with the anticipated Listing, the Company: (i) effected a reverse stock split of the
issued and outstanding shares of the Company’s common stock to provide that every 9.72 issued and outstanding shares of common
stock be changed into one issued and outstanding share of common stock; (ii) renamed the Company’s common stock “Class A
common stock”; (iii) reclassified a number of authorized but unissued shares of Class A common stock, which will
be listed on the New York Stock Exchange, equal to approximately three times the number of shares of Class A common stock
then issued and outstanding, into shares of Class B common stock, which will not be listed on the New York Stock Exchange
but will automatically convert into shares of Class A common stock to be listed on the New York Stock Exchange in three equal
tranches over the 360 days following the Listing, and are otherwise substantially identical to shares of Class A common stock
in all other respects; and (iv) declared and paid to the holders of record of Class A common stock a stock dividend of
three shares of Class B common stock.

 

WHEREAS,
the parties thereto desire to amend the Advisory Agreement to adjust the thresholds of Core Earnings Per Adjusted Share necessary
to calculate the Variable Management Fee to reflect the impact of the reverse stock split and the stock dividend.

 

NOW,
THEREFORE, in consideration of the premises made hereunder, and for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

		1.	Amendment
to Section 10(a) of the Advisory Agreement. Effective as of the date hereof, Section 10(a) of the
Advisory Agreement is hereby replaced in its entirety with the following:

 

     

     

    

 

“(a)    Variable
Management Fee. The Company shall pay the Advisor a Variable Management Fee, payable quarterly in arrears, in an amount
equal to (i) the product of (A) the Adjusted Outstanding Shares for the calendar quarter multiplied by (B) 15% multiplied
by (C) the excess of Core Earnings Per Adjusted Share for the previous 3-month period over $0.1458, plus (ii) the product
of (X) the Adjusted Outstanding Shares for the calendar quarter multiplied by (Y) 10% multiplied by (Z) the excess
of Core Earnings Per Adjusted Share for the previous 3-month period over $0.1944.”

 

		2.	Miscellaneous.
Except as expressly modified hereby the terms of the Advisory Agreement shall remain in full force and effect as written. Any
capitalized term used in this amendment and not otherwise defined herein, shall have the meaning ascribed to such term in the
Advisory Agreement. This amendment may be executed in one or more counterparts, all of which shall be considered one and the same
agreement, and shall become a binding agreement when one or more counterparts have been signed by each of the parties and delivered
to the other party. Signatures on this amendment which are transmitted electronically shall be valid for all purposes, however
any party shall deliver an original signature of this amendment to the other party upon request.

 

[Signature page follows.]

 

     

     

    

 

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

 

 

	 	NEW YORK CITY REIT, INC.:
	 	 	 
	 	By:  	/s/ Christopher J. Masterson
	 	 	Name: 	Christopher J. Masterson
	 	 	Title: 	Chief Financial Officer
	 	 	 
	 	 	 
	 	NEW YORK CITY OPERATING PARTNERSHIP, L.P.:
	 	NEW YORK CITY REIT, INC., its general partner
	 	 	 
	 	By:  	/s/ Christopher J. Masterson
	 	 	Name: 	Christopher J. Masterson
	 	 	Title: 	Chief Financial Officer
	 	 	 
	 	 	 
	 	NEW YORK
    CITY ADVISORS, LLC:
	 	 	 
	 	By:  	/s/ Michael Anderson
	 	 	Name: 	Michael Anderson
	 	 	Title: 	Authorized Signatory

 

[Signature Page to First Amendment
to Second A&R Advisory Agreement]Exhibit 10.3

 

NEW YORK CITY REIT, INC.

 

2020 ADVISOR MULTI-YEAR OUTPERFORMANCE
AWARD AGREEMENT

 

This ADVISOR MULTI-YEAR
OUTPERFORMANCE AWARD AGREEMENT (this “Agreement”) entered into on August 18, 2020, effective as of the
Trading Commencement Time, by and between NEW YORK CITY REIT, INC., a Maryland corporation (the “Company”),
its subsidiary NEW YORK CITY OPERATING PARTNERSHIP, L.P., a Delaware limited partnership and the entity through which the Company
conducts substantially all of its operations (the “Partnership”), and NEW YORK CITY ADVISORS, LLC, a Delaware
limited liability company, the Company’s advisor (the “Advisor”).

 

RECITALS

 

WHEREAS, the Advisor
provides services to the Company pursuant to the Second Amended and Restated Advisory Agreement by and among the Company, the Partnership
and the Advisor, dated as of November 16, 2018, as amended from time to time (the “Advisory Agreement”).

 

WHEREAS, the Independent
Directors, acting pursuant to authority delegated by the Board, have approved this Agreement and the incentive compensation grant
described in this Agreement (the “Award”), which is subject to the terms and conditions set forth herein and
in the Partnership Agreement (as defined herein).

 

NOW, THEREFORE,
the Company, the Partnership and the Advisor agree as follows:

 

1.            Administration.
The Award granted under this Agreement shall be administered by the Compensation Committee of the Board, or such other committee
as may be delegated the power to administer the Award by the Board from time to time (as applicable, the “Committee”);
provided that all powers of the Committee hereunder can be exercised by the full Board if the Board so elects. The Board
may also elect to administer this Agreement, in which case all the functions of the Committee shall be exercised by the Board,
and the Board shall be considered the “Committee” hereunder. The Committee shall have the discretionary authority to
make all determinations regarding the Award, including, without limitation, the interpretation and construction of the Award and
the determination of relevant facts; provided such determinations are made in good faith and are consistent with the purpose
and intent of the Award. Except as expressly provided herein, no such action by the Committee shall adversely affect the rights
of the Advisor to any earned and outstanding Award LTIP Units (as defined below). Subject to the terms hereof, all decisions made
by the Committee shall be final, binding and conclusive on all persons, including the Company, the Partnership, the Advisor and
any Transferee. No member of the Committee, nor any other member of the Board or any officer or employee of the Company acting
on behalf of the Committee, shall be personally liable for any action, determination or interpretation taken or made in good faith
with respect to the Award, and all members of the Committee and each other member of the Board and any officer or employee of the
Company acting on their behalf shall, to the extent permitted by law, be fully indemnified and held harmless by the Company in
respect of any such action, determination or interpretation.

 

     

     

    

 

2.            Definitions.
Capitalized terms used herein but not otherwise defined are set forth in Exhibit A.

 

3.            Outperformance
Award.

 

a.            Grant;
Performance Period; Valuation Date. On the date of this Agreement (the “Grant Date”), the Advisor was granted
the Award, consisting of the issuance to the Advisor at the Trading Commencement Time of the Master LTIP Unit, which will, in accordance
the terms of the Partnership Agreement, automatically convert into a number of LTIP Units equal to the LTIP Award Number effective
on the Effective Date (such LTIP Units as so converted, together with the Master LTIP Unit to the extent applicable, the “Award
LTIP Units”), with such Award LTIP Units being subject to vesting and forfeiture as provided in this Section 3
based on performance during the period (the “Performance Period”) commencing on the Grant Date and ending on
the earlier of (i) the third anniversary of the Grant Date, (ii) the effective date of any Change of Control and (iii) the
effective date of any termination of the Advisor’s service as advisor of the Company (such end date, as applicable, the “Valuation
Date”). The Absolute TSR Award LTIPs may be earned based on Absolute TSR during the Performance Period and the Relative
TSR Award LTIPs may be earned based on Relative TSR during the Performance Period.

 

b.            Determination
Date; Outperformance Amounts.

 

(i)            Determination
Date. On a date as soon as practicable following the Valuation Date (the “Determination Date”), but as of
the Valuation Date, the Committee shall determine the number of Award LTIP Units that have been earned as of the Valuation Date
based on the Absolute TSR Amount, the Relative TSR Amount and the Total Outperformance Amount, in each case, as calculated in accordance
with this Section 3(b) by an independent consultant engaged by the Committee and as approved by the Committee in its
reasonable and good faith discretion. The Determination Date shall be the Determination Date with respect to the Award LTIP Units
for purposes of the Partnership Agreement.

 

(ii)           Absolute
TSR Amount. Subject to the provisions of Sections 3(c) and 3(d) below and the paragraph immediately
below the following table, the following table sets forth the percentages that shall be used to calculate the number of Absolute
TSR Award LTIPs that shall be earned based on the Absolute TSR as of the Valuation Date (such number of earned Absolute TSR Award
LTIPs, the “Absolute TSR Amount”):

 

	Performance Level 	Absolute TSR	Absolute TSR Amount

 (% of Absolute TSR Award 

LTIPs Earned)
	Below Threshold 	Less than 12.0%	0
	Threshold 	12.0% 	25%
	Target 	18.0%	50%
	Maximum 	24.0% or higher	100%

 

    	 	2	 

     

    

 

No Absolute TSR Award LTIPs will
be earned if the Absolute TSR is less than 12 percent. If the Absolute TSR is more than 12 percent but less than 18 percent, or
more than 18 percent but less than 24 percent, the percentage of the Absolute TSR Award LTIPs earned will be determined using linear
interpolation as between those tiers, respectively.

 

(iii)          Relative
TSR Amount. Subject to the provisions of Section 3(c) and 3(d) below and the paragraph immediately
below the following table, the following table sets forth the percentages that shall be used to calculate the number of Relative
TSR Award LTIPs that shall be earned based on Relative TSR as of the Valuation Date (such number of earned Relative TSR Award LTIPs,
the “Relative TSR Amount”):

 

	Performance Level 	Relative TSR Excess	Relative TSR Amount

 (% of Relative TSR Award 

LTIPs Earned)
	Below Threshold 	Less than -600 bps 	0
	Threshold 	-600 bps 	25%
	Target 	0 bps 	50%
	Maximum 	+600 bps or more	100%

 

No Relative TSR Award LTIPs will
be earned if the Relative TSR Excess is below -600 bps. If the Relative TSR Excess is more than -600 bps but less than 0 bps, or
more than 0 bps but less than +600 bps, the percentage of the Relative TSR Award LTIPs earned will be determined using linear interpolation
as between those tiers, respectively.

 

(iv)          Total
Outperformance Amount. The “Total Outperformance Amount” as of the Valuation Date shall be the algebraic
sum of: (A) the Absolute TSR Amount, and (B) the Relative TSR Amount.

 

c.            Change
of Control. If the Valuation Date is the effective date of a Change of Control, then the calculations contemplated by Section 3(b) shall
be made based on actual performance as of (and including) the effective date of such Change of Control; provided, however,
that (i) the Absolute TSR Amount shall be determined (without pro-ration) based on performance as of (and including) the last
Trading Day prior to such date, as measured against the Absolute TSR hurdles set forth in Section 3(b)(ii) above,
and as such Absolute TSR hurdles are reduced on a pro-rata basis based on the number of full days elapsed in the Performance Period
through such effective date of a Change of Control, and (ii) the Relative TSR Amount shall be determined (without pro-ration)
based on the performance as of (and including) the last Trading Day prior to such date.

 

d.            Termination
of Advisor.

 

(i)            Termination
of Advisor for Cause. If the Valuation Date is the effective date of any termination of the Advisor’s service as advisor
of the Company for Cause pursuant to and in accordance with the Advisory Agreement, then the calculations contemplated by Section 3(b) shall
be made based on actual performance as of (and including) such date of termination; provided, however, that (A) the
Absolute TSR Amount shall be (1) determined based on performance as of (and including) the last Trading Day prior to such
date, as measured against the Absolute TSR hurdles set forth in Section 3(b)(ii) above reduced on a pro-rata basis
based on the number of full days elapsed in the Performance Period through the effective date of such termination for Cause, and
(2) pro-rated based on the number of full days elapsed in the Performance Period through the effective date of such termination
for Cause; and (B) the Relative TSR Amount shall be (1) determined based on the performance as of (and including) the
last Trading Day prior to such date, and (2) pro-rated based on the number of full days elapsed in the Performance Period
through the effective date of such termination for Cause.

 

    	 	3	 

     

    

 

(ii)           Termination
of Advisor other than for Cause. If the Valuation Date is the effective date of the termination of the Advisor’s service
as advisor of the Company for any reason other than for Cause pursuant to and in accordance with the Advisory Agreement, the calculations
contemplated by Section 3(b) shall be made based on actual performance as of (and including) such date; provided,
however, that (A) the Absolute TSR Amount shall be determined (without pro-ration) based on performance as of (and
including) the last Trading Day prior to such date, as measured against the Absolute TSR hurdles set forth in Section 3(b)(ii) above,
and as such Absolute TSR hurdles are reduced on a pro-rata basis based on the number of full days elapsed in the Performance Period
through the effective date of such termination without Cause, and (B) the Relative TSR Amount shall be determined (without
pro-ration) based on the performance as of (and including) the last Trading Day prior to such date.

 

e.            Vesting.
Any Award LTIP Units that are earned pursuant to Section 3(b) shall be deemed to be fully vested as of the Valuation
Date. Thereafter, subject to and in accordance with the terms of the Partnership Agreement, the Advisor, in its sole discretion,
shall be entitled to convert any earned and vested Award LTIP Units into Class A Units (as so converted, the “Award
Class A Units”).

 

f.            Forfeiture.
Any Award LTIP Units that do not become earned and vested pursuant to, and in accordance with, this Section 3 shall
automatically and without notice be forfeited on the Determination Date, effective as of the Valuation Date, without payment of
any consideration by the Partnership or the Company, and neither the Advisor nor any of its successors, heirs, assigns, members
or their respective assigns or personal representatives will thereafter have any further rights or interests in such forfeited
Award LTIP Units.

 

4.            Rights
of Advisor. The Advisor shall have no rights with respect to this Agreement (and the Award evidenced hereby) unless the Advisor
shall have accepted this Agreement prior to the Trading Commencement Time by signing and delivering to the Partnership a copy of
this Agreement. Upon acceptance of this Agreement by the Advisor, effective at the Trading Commencement Time, the Partnership Agreement
shall be amended to reflect the issuance to the Advisor of the Award LTIP Units so accepted. Thereupon, the Advisor shall have
all the rights of a Limited Partner of the Partnership with respect to the Award LTIP Units, as set forth in the Partnership Agreement,
subject, however, to the restrictions and conditions specified herein. Award LTIP Units constitute and shall be treated for all
purposes as the property of the Advisor, subject to the terms of this Agreement and the Partnership Agreement.

 

    	 	4	 

     

    

 

5.            Distributions.
The holder of Award LTIP Units shall be entitled to receive distributions with respect to the Award LTIP Units as described below
and in accordance with the Partnership Agreement. The day following the Valuation Date shall be the LTIP Unit Distribution Participation
Date with respect to the Award LTIP Units for purposes of the Partnership Agreement. Pursuant to the Partnership Agreement, and
subject in all respects to the terms and conditions set forth therein, a holder of the Award LTIP Units shall be entitled to distributions
per Award LTIP Unit as follows: (a) during the Performance Period, as and when distributions are made with respect to Class A
Units, distributions in an amount equal to ten percent (10%) of the amount distributable with respect to a Class A Unit;
(b) following the Valuation Date, only with respect to each Award LTIP Unit that has been earned in accordance with Section 3,
distributions in the same amount and at the same time as distributions on a Class A Unit; and (c) promptly after the
Determination Date, only with respect to each Award LTIP Unit earned in accordance with Section 3, a priority catch-up
distribution in an amount in cash equal to the aggregate amount of cash distributed with respect to a Class A Unit during
the Performance Period less the aggregate amount distributed with respect to such Award LTIP Unit during the Performance Period.
All distributions paid with respect to Award LTIP Units, both before and after the LTIP Unit Distribution Participation Date,
shall be fully vested and non-forfeitable when paid, whether or not the underlying Award LTIP Units are earned in accordance with
Section 3.

 

6.            Restrictions
on Transfer. Except as otherwise approved by the Committee in its sole discretion, none of the Award LTIP Units granted hereunder
nor any of the Award Class A Units shall be sold, assigned, transferred, pledged, hypothecated, given away or in any other
manner disposed of, encumbered, whether voluntarily or by operation of law (each such action a “Transfer”).
Any Transferee approved by the Committee must agree in writing with the Company and the Partnership to be bound by all the terms
and conditions of this Agreement and that subsequent transfers shall be prohibited except those in accordance with this Section 6.
Additionally, all Transfers of Award LTIP Units or Award Class A Units must be in compliance with all applicable securities
laws (including, without limitation, the Securities Act), and the applicable terms and conditions of the Partnership Agreement.
In connection with any Transfer of Award LTIP Units or Award Class A Units, the Partnership may require the Advisor to provide
an opinion of counsel, satisfactory to the Partnership, that such Transfer is in compliance with all federal and state securities
laws (including, without limitation, the Securities Act). Any attempted Transfer of Award LTIP Units or Award Class A Units
not approved by the Committee or otherwise in accordance with the terms and conditions of this Section 6 shall be null
and void, and the Partnership shall not reflect on its records any change in record ownership of any Award LTIP Units or Award
Class A Units as a result of any such Transfer, shall otherwise refuse to recognize any such Transfer and shall not in any
way give effect to any such Transfer of any Award LTIP Units or Award Class A Units. Except as provided in this Section 6,
this Agreement is personal to the Advisor, is non-assignable and is not transferable in any manner, by operation of law or otherwise.

 

    	 	5	 

     

    

 

7.            Changes
in Capital Structure. If (a) the Company shall at any time be involved in a merger, consolidation, dissolution, liquidation,
reorganization, exchange of shares, sale of all or substantially all of the assets or stock of the Company or other transaction
similar thereto, (b) any reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split,
significant repurchases of stock, or other similar change in the capital stock of the Company or the Partnership, (c) any
cash dividend or other distribution to holders of shares of Common Stock or Partnership Units shall be declared and paid other
than in the ordinary course, or (d) any other extraordinary corporate event shall occur that in each case in the good faith
judgment of the Committee necessitates action by way of equitable or proportionate adjustment in the terms of this Agreement or
the Award LTIP Units to avoid distortion in the value of this Award, the Committee shall, taking into account, among other factors,
the provisions of the Partnership Agreement, make equitable or proportionate adjustment and take such other action as it deems
necessary to maintain the Advisor’s rights hereunder so that they are substantially proportionate to the rights existing
under this Award and the terms of the Award LTIP Units prior to such event, including, without limitation: (x) interpretations
of or modifications to any defined term in this Agreement; (y) adjustments in any calculations provided for in this Agreement,
and (z) substitution of other awards; provided, however any such adjustment shall be subject in all respects
to, shall be consistent with and shall not conflict with the operation of the Conversion Factor, any adjustment pursuant to Section 13.01(a) of
the Partnership Agreement in connection with an Adjustment Event and other provisions of the Partnership Agreement, as it may be
amended from time to time in accordance with its terms, solely in connection with any adjustment or action by the Committee pursuant
to this Section 7. All adjustments pursuant to this Section 7 made by the Committee shall be final, binding
and conclusive.

 

		8.	Miscellaneous.

 

a.            Amendments.
This Agreement may be amended or modified only with the consent of the Company and the Partnership acting through the Committee;
provided that any such amendment or modification that adversely affects the rights of the Advisor hereunder must be consented
to by the Advisor to be effective as against it. Notwithstanding the foregoing, this Agreement may be amended in writing signed
only by the Company and the Partnership to correct any errors or ambiguities in this Agreement or to make such changes that do
not adversely affect the Advisor’s rights hereunder.

 

b.            Legend.
The records of the Partnership evidencing the Award LTIP Units and Award Class A Units shall bear an appropriate legend, as
determined by the Partnership in its sole discretion, to the effect that such Award LTIP Units and Award Class A Units are
subject to restrictions as set forth herein and in the Partnership Agreement.

 

c.            Compliance
with Law. Notwithstanding any provision of this Agreement to the contrary, no Award LTIP Units will become vested, earned or
payable, and no dividends or distributions will be paid, at a time that any such vesting, earning or payment would result in a
violation of any applicable securities law.

 

    	 	6	 

     

    

 

d.            Advisor
Representations; Registration.

 

(i)            The
Advisor hereby represents and warrants that: (A) it understands that it is responsible for consulting its own tax advisor
with respect to the application of the U.S. federal income tax laws, and the tax laws of any state, local or other taxing jurisdiction
to which the Advisor is or by reason of this Award may become subject, to its particular situation; (B) the Advisor has not
received or relied upon business or tax advice from the Company, the Partnership or any of their respective Affiliates, employees,
agents, consultants or advisors, in their capacity as such; (C) the Advisor provides services to the Partnership on a regular
basis and in such capacity has access to such information, and has such experience of and involvement in the business and operations
of the Partnership, as the Advisor believes to be necessary and appropriate to make an informed decision to accept this Award;
(D) Award LTIP Units are subject to substantial risks; (E) the Advisor has been furnished with, and has reviewed and
understands, information relating to this Award; (F) the Advisor has been afforded the opportunity to obtain such additional
information as it deemed necessary before accepting this Award; and (G) the Advisor has had an opportunity to ask questions
of representatives of the Partnership and the Company, or persons acting on their behalf, concerning this Award.

 

(ii)           The
Advisor hereby acknowledges that: (A) there is no public market for Award LTIP Units or Award Class A Units and neither
the Partnership nor the Company has any obligation or intention to create such a market; (B) sales and other Transfers of
Award LTIP Units and Award Class A Units are subject to restrictions under the Securities Act and applicable state securities
laws; and (C) because of the restrictions on Transfer of Award LTIP Units and Award Class A Units set forth in the Partnership
Agreement and in this Agreement, the Advisor may have to bear the economic risk of its ownership of the Award LTIP Units covered
by this Award for an indefinite period of time.

 

e.            Interpretation
by Committee. The Committee may make such rules and regulations and establish such procedures for the administration of
this Agreement, which are consistent with the terms of this Agreement, as it deems appropriate.

 

f.             Section 83(b) Election.
In connection with the issuance of LTIP Units pursuant to this Agreement, the Advisor may elect to include in gross income for
the year in which the Grant Date occurs the applicable Award LTIP Units pursuant to an election under Section 83(b) of
the Code in substantially the form attached hereto as Exhibit B. The Advisor agrees to file such election (or to permit
the Partnership to file such election on the Advisor’s behalf) within thirty (30) days after the Grant Date with the IRS
Service Center where the Advisor files its personal income tax returns, provide a copy of such election to the Partnership and
the Company.

 

g.            Severability.
If, for any reason, any provision of this Agreement is held invalid, such invalidity shall not affect any other provision of this
Agreement not so held invalid, and each such other provision shall to the full extent consistent with law continue in full force
and effect. If any provision of this Agreement shall be held invalid in part, such invalidity shall in no way affect the rest of
such provision not held so invalid, and the rest of such provision, together with all other provisions of this Agreement, shall
to the full extent consistent with law continue in full force and effect.

 

    	 	7	 

     

    

 

h.            Governing
Law. This Agreement is made under, and will be construed in accordance with, the laws of State of Delaware, without giving
effect to the principles of conflict of laws of such state.

 

i.             No
Obligation to Continue Service as a Consultant or Advisor. Neither the Company nor any Affiliate is obligated solely by, or
solely as a result of, this Agreement to continue to have the Advisor as a consultant, advisor or other service provider and this
Agreement shall not interfere in any way with the right of the Company or any Affiliate to terminate the Advisor’s service
relationship in accordance with the Advisory Agreement.

 

j.             Notices.
Any notice to be given to the Company shall be addressed to the Secretary of the Company at 650 Fifth Avenue, 30th Floor,
New York, New York, 10019, and any notice to be given the Advisor shall be addressed to the Advisor at the Advisor’s address
as it appears on the records of the Company, or at such other address as the Company or the Advisor may hereafter designate in
writing to the other.

 

k.            Withholding
and Taxes. The Advisor shall be solely responsible for all federal, state, local, foreign, or other taxes or any taxes under
the Federal Insurance Contributions Act with respect to this Award. Notwithstanding the foregoing, if at any time the Company or
Partnership are required to withhold any such taxes, the Advisor shall make arrangements satisfactory to the Committee regarding
the payment of any United States federal, state, local, foreign or other taxes required by law to be withheld with respect to such
amount. The obligations of the Company under this Agreement will be conditional on such payment or arrangements, and the Company
and its affiliates shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due
to the Advisor with respect to this Award (including, with respect to distributions in respect of the Award LTIP Units). So long
as the Advisor holds any Award LTIP Units, the Advisor shall disclose to the Partnership in writing such information as may be
reasonably requested with respect to ownership of LTIP Units as the Partnership may deem reasonably necessary to ascertain and
to establish compliance with provisions of the Code applicable to the Partnership or to comply with requirements of any other appropriate
taxing authority.

 

l.             Headings.
The headings of paragraphs hereof are included solely for convenience of reference and shall not control the meaning or interpretation
of any of the provisions of this Agreement.

 

m.           Counterparts.
This Agreement may be executed in multiple counterparts with the same effect as if each of the signing parties had signed the same
document. All counterparts shall be construed together and constitute the same instrument.

 

n.            Successors
and Transferees. This Agreement shall be binding upon and inure to the benefit of the parties hereto and any successors to
or Transferees the Company and the Partnership, on the one hand, and any successors to or Transferees of the Advisor, on the other
hand, by will or the laws of descent and distribution, but this Agreement shall not otherwise be assignable or otherwise subject
to Transfer by the Advisor.

 

    	 	8	 

     

    

 

o.            Section 409A.
This Agreement shall be construed, administered and interpreted in accordance with a good faith interpretation of Section 409A
of the Code. The Award and all Award LTIP Units under this Agreement are intended to be exempt from, or comply with, Section 409A
of the Code and shall be interpreted in accordance with such intent. Any provision of this Agreement that is inconsistent with
Section 409A of the Code, or that may result in penalties under Section 409A of the Code, shall be amended, with the
reasonable cooperation of the Advisor and the Company and the Partnership, to the extent necessary to exempt it from, or bring
it into compliance with, Section 409A of the Code. Notwithstanding anything contained herein, the Company and the Partnership
make no representations that the payments and benefits provided under this Agreement comply with or are exempt from Section 409A
and in no event shall the Company or the Partnership be liable for all or any portion of any taxes, penalties, interest or other
expenses that may be incurred by or imposed upon the Advisor or any transferee thereof for failure to comply with, or satisfy an
exemption from, Section 409A of the Code.

 

[Signature page follows]

 

    	 	9	 

     

    

 

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

 

 

	 	NEW YORK CITY REIT, INC.:
	 	 	 
	 	By:  	/s/ Christopher J. Masterson
	 	 	Name: 	Christopher J. Masterson
	 	 	Title: 	Chief Financial Officer
	 	 	 
	 	 	 
	 	NEW YORK CITY OPERATING PARTNERSHIP, L.P.:
	 	NEW YORK CITY REIT, INC., its general partner
	 	 	 
	 	By:  	/s/ Christopher J. Masterson
	 	 	Name: 	Christopher J. Masterson
	 	 	Title: 	Chief Financial Officer
	 	 	 
	 	 	 
	 	NEW YORK CITY ADVISORS, LLC:
	 	 	 
	 	By:  	/s/ Michael Anderson
	 	 	Name: 	Michael Anderson
	 	 	Title: 	Authorized Signatory

 

[Signature Page to 2020 Advisor Multi-Year
Outperformance Award Agreement]

 

     

     

    

 

EXHIBIT A

 

DEFINITIONS

 

“Absolute
TSR” means the Company’s Total Shareholder Return.

 

“Absolute
TSR Award LTIPs” means a number of LTIP Units equal to the quotient, rounded down to the nearest whole number, of
(a) the LTIP Award Number, divided by (b) two.

 

“Adjustment
Event” has the meaning set forth in the Partnership Agreement.

 

“Affiliate”
means (A) with respect to any individual Person, any member of the immediate family of such Person or a trust established
for the benefit of such member, (B) any Person that, directly or indirectly, controls or is controlled by or is under common
control with such Person, (C) any other Person that owns, beneficially, directly or indirectly, 10% or more of the outstanding
capital stock, shares or equity interests of such Person, or (D) any officer, director, employee, partner, member, manager
or trustee of such Person or any Person controlling, controlled by or under common control with such Person (excluding trustees
and Persons serving in similar capacities who are not otherwise an Affiliate of such Person).  For the purposes of this definition,
“control” (including the correlative meanings of the terms “controlled by” and “under common control
with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of such Person, through the ownership of voting securities or partnership interests
or otherwise.

 

“Beneficial
Owner” has the meaning set forth in Rule 13d-3 under the Exchange Act.

 

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

 

“bps”
means basis points.

 

“Cause”
has the meaning set forth in the Advisory Agreement.

 

“Change
of Control” means and includes any of the following events:

 

(i)            any
Person is or becomes Beneficial Owner, directly or indirectly, of securities of the Company representing thirty percent (30%) or
more of the combined voting power of the then outstanding securities of the Company, excluding (A) any Person who becomes
such a Beneficial Owner in connection with a transaction described in clause (x) of subsection (ii) below and (B) any
Person who becomes such a Beneficial Owner through the issuance of such securities with respect to purchases made directly from
the Company; or

 

(ii)           the
consummation of a merger or consolidation of the Company with any other Person or the issuance of voting securities of the Company
in connection with a merger or consolidation of the Company (or any direct or indirect subsidiary of the Company) pursuant to applicable
stock exchange requirements, other than (x) a merger or consolidation which would result in the voting securities of the Company
outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity or any parent thereof) seventy percent (70%) or more of the combined voting
power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger
or consolidation, or (y) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction)
in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing thirty
percent (30%) or more of the combined voting power of the then outstanding securities of the Company; or

 

    Exhibit A-1

     

    

 

(iii)          the
consummation of a sale or disposition by the Company of all or substantially all of the assets of the Company; or

 

(iv)          persons
who, as of the Grant Date, constitute the Board (the “Incumbent Directors”) cease for any reason, including,
without limitation, as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority
of the Board; provided that any person becoming a director of the Company subsequent to such date shall be considered an Incumbent
Director if such person’s election was approved by, or such person was nominated for election by, a vote of at least a majority
of the Incumbent Directors.

 

Notwithstanding the foregoing, with respect
to any payment in respect of an Award LTIP Units that is triggered or accelerated upon a Change of Control, then to the extent
that the payment is subject to Code Section 409A, then such payment shall not occur until the earliest of (i) the Change
of Control if such Change of Control constitutes a “change in the ownership of the corporation,” a “change in
the effective control of the corporation” or a “change in the ownership of a substantial portion of the assets of the
corporation,” within the meaning of Code Section 409A(2)(A)(v), (ii) the date such payment would otherwise be made
pursuant to the terms of the Award, and (iii) the Advisor’s “separation of service” within the meaning of
Code Section 409A.

 

“Class A
Units” has the meaning set forth in the Partnership Agreement.

 

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

 

“Common
Stock” means the class of common stock of the Company, $0.01 par value per share, designated as “Class A
Common Stock,” individually, or, to the extent applicable, collectively with the class of common stock of the Company, $0.01
par value per share, designated as “Class B Common Stock.”

 

“Common
Stock Price” means as of any date, the average of the Fair Market Value of one share of Common Stock (or, as applicable,
one share of common stock of a Peer Group Company) over the fifteen (15) consecutive Trading Days ending on, and including, such
date (or, if such date is not a Trading Day, the most recent Trading Day immediately preceding such date); provided, however,
that if such date is the date upon which a Transactional Change of Control occurs, the Common Stock Price as of such date shall
be equal to the fair value, as determined by the Committee, of the total consideration paid or payable in the transaction resulting
in the Transactional Change of Control for one share of Common Stock.

 

“Conversion
Factor” has the meaning set forth in the Partnership Agreement.

 

    Exhibit A-2

     

    

 

“Effective
Date” means September 30, 2020, the thirtieth (30th) Trading Day following the Grant Date.

 

“Entity”
means any general partnership, limited partnership, corporation, joint venture, trust, business trust, real estate investment trust,
limited liability company, limited liability partnership, cooperative or association.

 

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

 

“Fair Market
Value” means, with respect to any security, the average of the daily market price of such security for the ten consecutive
Trading Days immediately preceding the date of such valuation.  The market price for each such Trading Day shall be: (A) if
the security is listed or admitted to trading on the NYSE or any national securities exchange, the last reported sale price, regular
way, on such day, or if no such sale takes place on such day, the average of the closing bid and asked prices, regular way, on
such day; (B) if the security is not listed or admitted to trading on the NYSE or any national securities exchange, the last
reported sale price on such day or, if no sale takes place on such day, the average of the closing bid and asked prices on such
day, as reported by a reliable quotation source designated by the Company; or (C) if the security is not listed or admitted
to trading on the NYSE or any national securities exchange and no such last reported sale price or closing bid and asked prices
are available, the average of the reported high bid and low asked prices on such day, as reported by a reliable quotation source
designated by the Company, or if there shall be no bid and asked prices on such day, the average of the high bid and low asked
prices, as so reported, on the most recent day (not more than ten days prior to the date in question) for which prices have been
so reported; provided, that if there are no bid and asked prices reported during the ten days prior to the date in question,
the value of the security shall be determined by the Company acting in good faith on the basis of such quotations and other information
as it considers, in its reasonable judgment, appropriate.  In the event the security includes any additional rights, then
the value of such rights shall be determined by the Company acting in good faith on the basis of such quotations and other information
as it considers, in its reasonable judgment, appropriate.

 

“Initial
Share Price” means the average of the Fair Market Value of one share of Common Stock over the ten (10) consecutive
Trading Days immediately prior to the Effective Date.

 

“Independent
Directors” means the independent directors on the Board.

 

“Listing”
means the listing of the Common Stock on the NYSE.

 

“LTIP Award
Number” means the quotient, rounded down to the nearest whole number, of (a) 50,000,000, divided by (b) the
Initial Share Price.

 

“LTIP Units”
means LTIP Units, as such term is defined in the Partnership Agreement.

 

“LTIP Unit
Distribution Participation Date” has the meaning set forth in the Partnership Agreement.

 

    Exhibit A-3

     

    

 

“NYSE”
means The New York Stock Exchange.

 

“Master
LTIP Unit” means Master LTIP Unit, as such term is defined in the Partnership Agreement.

 

“Partnership
Agreement” means the Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of August 18,
2020 and effective as the Trading Commencement Time, among the Company, as general partner, the Advisor, as a limited partner,
and any limited partners that are admitted from time to time to the Partnership and listed on Schedule A thereto, as amended, restated
or supplemented from time to time in accordance with its terms.

 

“Partnership
Record Date” has the meaning set forth in the Partnership Agreement.

 

“Partnership
Units” has the meaning set forth in the Partnership Agreement.

 

“Peer Group
Companies” means Empire State Realty Trust, Inc., Franklin Street Properties Corp., Paramount Group, Inc.
and Clipper Realty Inc.; provided that if the common stock of any of entities included in the definition of Peer Group Companies
ceases to be listed on a national securities exchange at any time during the Performance Period for any reason, then the entity
shall be excluded from the Peer Group.

 

“Peer Group
TSR” means the average unweighted cumulative Total Shareholder Return of the Peer Group Companies for the Performance
Period.

 

“Person”
means an individual, Entity, corporation, unincorporated organization, or other entity or “group” (as defined in the
Exchange Act).

 

“Relative
TSR” means the Company’s Total Shareholder Return relative to the average unweighted cumulative Total Shareholder
Return of the Peer Group Companies.

 

“Relative
TSR Award LTIPs” means a number of LTIP Units equal to the quotient, rounded down to the nearest whole number, of
(a) the LTIP Award Number, divided by (b) two.

 

“Relative
TSR Excess” means an amount, expressed in terms of bps, whether positive or negative, by which the Company’s
Absolute TSR as of the Valuation Date exceeds the Peer Group TSR as of the Valuation Date.

 

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

 

“Subsidiary”
means any corporation or other entity (other than the Company) in which the Company has more than a fifty percent (50%) interest,
either directly or indirectly.

 

“Total
Shareholder Return” means, for each of the Company and the Peer Group Companies, with respect to the Performance
Period, the total return (expressed as a percentage) that would have been realized by a holder who (a) bought one share of
common stock of such company at the Initial Share Price (or the closing price, with respect to any Peer Group Company) on the Effective
Date, (b) reinvested each dividend and other distribution declared during the Performance Period with respect to such share
(and any other shares, or fractions thereof, previously received upon reinvestment of dividends or other distributions or on account
of stock dividends), without deduction for any taxes with respect to such dividends or other distributions or any charges in connection
with such reinvestment, in additional shares of common stock at a price per share equal to (i) the Fair Market Value on the
Trading Day immediately preceding the ex-dividend date for such dividend or other distribution less (ii) the amount of such
dividend or other distribution, and (c) sold such shares on the Valuation Date at the Common Stock Price on the Valuation
Date, without deduction for any taxes with respect to any gain on such sale or any charges in connection with such sale.

 

    Exhibit A-4

     

    

 

“Trading
Commencement Time” means the date and time when the trading of shares of Common Stock on the NYSE commences pursuant
to the Listing.

 

“Trading
Day” means a day on which the principal national securities exchange on which a security is listed or admitted to
trading is open for the transaction of business or, if a security is not listed or admitted to trading on any national securities
exchange, shall mean any day other than a Saturday, a Sunday or a day on which banking institutions in the State of New York are
authorized or obligated by law or executive order to close.

 

“Transactional
Change of Control” means (A) a Change of Control described in clause (i) of the definition thereof where
the Person makes a tender offer for Common Stock, (B) a Change of Control described in clause (ii) of the definition
thereof where the Company is not the surviving entity, or (C) a Change of Control described in clause (iii) of the definition
thereof.

 

“Transferee”
shall mean the transferee in any Transfers of Award LTIP Units or Award Class A Units approved by the Committee pursuant to
Section 6 hereof.

 

    Exhibit A-5

     

    

 

EXHIBIT B

 

ELECTION TO INCLUDE IN GROSS INCOME IN
YEAR OF TRANSFER OF

PROPERTY PURSUANT TO SECTION 83(b) OF THE INTERN REVENUE CODE

 

The undersigned Taxpayer
hereby makes an election pursuant to Section 83(b) of the Internal Revenue Code with respect to the property described
below and supplies the following information in accordance with the regulations promulgated thereunder:

 

		1.	The name, address and taxpayer identification number of the undersigned are:

 

Name: New York City Advisors, LLC (the “Taxpayer”)

 

Address:

 

___________________

 

Taxpayer Identification No.: ____-____-____

 

		2.	Description of property with respect to which the election is being made: one Master LTIP Unit
in New York City Operating Partnership, L.P. (the “Partnership”), that will, pursuant to its terms and the terms
contained in the Partnership’s Agreement of Limited Partnership, convert into a number of LTIP Units in the Partnership (such
LTIP Units as so converted, together with the Master LTIP Unit to the extent applicable, the “Award LTIP Units”)
based on the average closing price of the common stock of New York City REIT, Inc. on the NYSE over the 10 consecutive trading
days immediately prior to the 30th trading day following the first trading day on which shares of such stock were so
listed or admitted to trading.

 

		3.	The date on which the property was transferred is August 18, 2020. The taxable year to which
this election relates is calendar year 2020.

 

		4.	Nature of restrictions to which the property is subject: With limited exceptions, until the Award
LTIP Units vest, the Taxpayer may not transfer in any manner any portion of the Award LTIP Units without the consent of the Partnership.
The Award LTIP Units are subject to performance-based vesting conditions related to the performance of New York City REIT, Inc.
(including the distributions made by it to its stockholders). The unvested Award LTIP Units are subject to forfeiture if such conditions
are not met.

 

		5.	The fair market value at time of transfer (determined without regard to any restrictions other
than restrictions which by their terms will never lapse) of the property with respect to which this election is being made was
$0 per Award LTIP Unit.

 

		6.	The amount paid by the Taxpayer for the property was $0 per Award LTIP Unit. The amount to be included
in Taxpayer’s income as a result of this election is $0.00.

 

		7.	A copy of this statement has been furnished to the Partnership and New York City REIT, Inc.

 

    Exhibit B-6

     

    

 

	 	 	 	NEW YORK CITY ADVISORS, LLC
	 	 	 	 	 
	Dated:	 	 	Signed:	              
	 	 	 	By:  	  
	 	 	 	Name: 	  
	 	 	 	Title: 	  

 

    Exhibit B-7

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