Document:

AMENDMENT

 

This AMENDMENT (“Amendment”)
dated as of November 16, 2011 (“Effective Date”) between Net Element, Inc. (“Tenant”) and 1450 South Miami,
LLC (“Landlord”) amends that certain Lease Agreement for 1450 South Miami Avenue (the “Lease”) dated October
8, 2010 between Landlord and Tenant. All capitalized terms not otherwise defined herein shall have the meaning so proscribed in
the Lease Agreement.

 

WHEREAS, the parties
mutually agree to modify certain terms and conditions in the Lease Agreement and extend the Lease Term as provided herein.

 

WHEREAS, each Party
acknowledges that as of the Effective Date, to such Party’s knowledge, the other Party is not in material breach or Default
pursuant to the terms of the Lease Agreement.

 

NOW THEREFORE, for
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

		1.	Lease Extension. The Parties agree to extend the Lease Agreement for a period of
twelve (12) months starting on January 1, 2012 and ending on December 31, 2012 (“Lease Extension”). The Base Rent shall
be calculated as follows:
	 	 	 

	 	 	PER SQFT	ANNUALLY	MONTHLY
	Base Rent	 	$27.00	175,500.00	14,625.00
	 	 	 	 	 
	Sales Tax	7.00%	$1.89	12,285.00	1,023.75
	 	 	 	 	 
	TOTAL PAYMENT	 	$28.89	187,785.00	15,648.75

 

		2.	Deposits. Landlord is holding currently a Rent Deposit in the amount of $15,648.75
and a Security Deposit in the amount of $14,625.00.

 

		3.	Renewal Option. Tenant shall have one (1) option to renew the Lease, such option
shall be for an additional twelve (12) month period, provided that Tenant has not been in default under this Lease at any time
(“Renewal Option”). Tenant shall deliver written notice to Landlord of its desire to exercise this option no later
than three (3) months prior to the expiration of the Lease Extension, or by September 30, 2012. Otherwise, the Renewal Option will
automatically be terminated. The Base Rent for the Renewal Option shall be calculated as follows:

 

	 	 	PER SQFT	ANNUALLY	MONTHLY
	Base Rent	 	$29.00	188,500.00	15,708.33
	 	 	 	 	 
	Sales Tax	7.00%	$2.03	13,195.00	1,099.58
	 	 	 	 	 
	TOTAL PAYMENT	 	$31.03	201,695.00	16,807.92

    	Page 1 of 2

    	 

    
 

 

Holding over by Tenant shall not
be deemed an exercise of the Renewal Option.

 

		4.	Signage. The Parties acknowledge that Tenant has made a non-refundable down payment
for the modification of the monument signs in the amount of $3,742.50 with Saul Signs (“Sign Deposit”). Should Landlord
be able to apply the Sign Deposit for another sign at another project, which is currently not contemplated, then Landlord will
give Tenant a credit in the amount of the Sign Deposit at that time. However, Landlord agrees to give Tenant a credit for the Sign
Deposit no later than the date Tenant is moving out of the Building.
	 	 	 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed by their respective authorized signatories as of the Effective
Date.

 

	 	 	 	 
	 	TENANT
	 	 	 	 
	 	NET ELEMENT, INC.,
	 	a Delaware corporation
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Mike Zoi	 
	 	Name: Mike Zoi, Chief Executive Officer
	 	 	 	 
	 	 	 	 
	 	LANDLORD	 
	 	 	 	 
	 	1450 SOUTH MIAMI, LLC,
	 	a Florida limited liability company
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Nickel Goeseke	 
	 	Name: Nickel Goeseke, Managing Member

 

 

 

 

    	Page 2 of 2EXECUTION
VERSION

AMENDED
AND RESTATED NOTE

	$50,000,000.00	New
    York, New York
	 	February
    28, 2012

FOR
VALUE RECEIVED, the undersigned (“Borrower”), hereby promises to pay to the order of CAPITAL ONE, NATIONAL
BANK or registered assigns (“Lender”), in accordance with the provisions of the Agreement (as hereinafter
defined), the principal amount of FIFTY MILLION DOLLARS ($50,000,000.00) DOLLARS or, if less than such amount, the unpaid principal
amount of each Loan from time to time made by the Lender to Borrower under that certain Credit Agreement, dated as of August 17,
2011 (as amended, restated, extended, supplemented, or otherwise modified in writing from time to time, the “Agreement;”
the terms defined therein being used herein as therein defined), among AMERICAN REALTY CAPITAL OPERATING PARTNERSHIP, L.P., a
Delaware limited partnership (“Borrower”), AMERICAN REALTY CAPITAL TRUST, INC., a Maryland corporation
and the sole member of the sole general partner of Borrower (“Parent”), the Lenders from time to time
party thereto, and RBS Citizens, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer.

Borrower
promises to pay interest on the unpaid principal amount of each Loan from the date of such Loan until such principal amount is
paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal and interest shall
be made to Administrative Agent for the account of Lender in Dollars in immediately available funds at Administrative Agent’s
Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand,
from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate
set forth in the Agreement.

This
Note is one of the Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part
subject to the terms and conditions provided therein. This Note is also entitled to the benefits of the Guaranties and is secured
by the Collateral. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all
amounts then remaining unpaid on this Note shall become, or may be declared to be, immediately due and payable all as provided
in the Agreement. Loans made by Lender shall be evidenced by one or more loan accounts or records maintained by Lender in the
ordinary course of business. Lender may also attach schedules to this Note and endorse thereon the date, amount and maturity of
its Loans and payments with respect thereto.

Borrower,
for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand,
dishonor and non-payment of this Note.

[Signature
Page Follows]

    	 

    	 	

    
 

 

THIS
NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

	 	BORROWER:

         

	 	 
	 	AMERICAN REALTY CAPITAL OPERATING PARTNERSHIP,
    L.P., 

    a Delaware limited partnership
	 	 
		By: 	/s/
    Brian S. Block
	Name:
        Brian S. Block

        Title:
        Secretary & Treasurer

 

[Signature
Page to Capital One Amended and Restated Note]

 

    	 

    	 	

    

 

 

LOANS
AND PAYMENTS WITH RESPECT THERETO

 

	Date	 	Type
    of 

    Loan Made	 	Amount
    of 

    Loan Made	 	End
    of 

    Interest 

    Period	 	Amount
    of 

    Principal or 

    Interest Paid 

    This Date	 	Outstanding

        Principal
        

        Balance This Date
	 	Notation

        Made
        ByEXECUTION
VERSION

NOTE

	$40,000,000.00	New
    York, New York
	 	February
    28, 2012

FOR
VALUE RECEIVED, the undersigned (“Borrower”), hereby promises to pay to the order of RAYMOND JAMES BANK,
N.A. or registered assigns (“Lender”), in accordance with the provisions of the Agreement (as hereinafter
defined), the principal amount of 40 MILLION ($40,000,000.00) DOLLARS or, if less than such amount, the unpaid principal amount
of each Loan from time to time made by the Lender to Borrower under that certain Credit Agreement, dated as of August 17, 2011
(as amended, restated, extended, supplemented, or otherwise modified in writing from time to time, the “Agreement;”
the terms defined therein being used herein as therein defined), among AMERICAN REALTY CAPITAL OPERATING PARTNERSHIP, L.P., a
Delaware limited partnership (“Borrower”), AMERICAN REALTY CAPITAL TRUST, INC., a Maryland corporation
and the sole member of the sole general partner of Borrower (“Parent”), the Lenders from time to time
party thereto, and RBS Citizens, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer.

Borrower
promises to pay interest on the unpaid principal amount of each Loan from the date of such Loan until such principal amount is
paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal and interest shall
be made to Administrative Agent for the account of Lender in Dollars in immediately available funds at Administrative Agent’s
Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand,
from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate
set forth in the Agreement.

This
Note is one of the Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part
subject to the terms and conditions provided therein. This Note is also entitled to the benefits of the Guaranties and is secured
by the Collateral. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all
amounts then remaining unpaid on this Note shall become, or may be declared to be, immediately due and payable all as provided
in the Agreement. Loans made by Lender shall be evidenced by one or more loan accounts or records maintained by Lender in the
ordinary course of business. Lender may also attach schedules to this Note and endorse thereon the date, amount and maturity of
its Loans and payments with respect thereto.

Borrower,
for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand,
dishonor and non-payment of this Note.

[Signature
Page Follows]

 

    	 

    	 	

    

 

THIS
NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

	 	BORROWER:

         

	 	 
	 	AMERICAN
    REALTY CAPITAL OPERATING PARTNERSHIP, L.P., 

    a Delaware limited partnership
	 	 
		By: 	/s/
    Brian S. Block
	Name:
        Brian S. Block

        Title:
        Secretary & Treasurer

 

[Signature
Page to Raymond James Note]

 

    	 

    	 	

    
 

 

LOANS
AND PAYMENTS WITH RESPECT THERETO

 

	Date	 	Type
    of 

    Loan Made	 	Amount
    of 

    Loan Made	 	End
    of 

    Interest 

    Period	 	Amount
    of 

    Principal or 

    Interest Paid 

    This Date	 	Outstanding

        Principal
        

        Balance This Date
	 	Notation

        Made
        By

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