Document:

Exhibit 10.1

 

AMENDMENT NO. 2 TO

THIRD AMENDED AND RESTATED ADVISORY
AGREEMENT

 

This AMENDMENT NO.
2 TO THIRD AMENDED AND RESTATED ADVISORY AGREEMENT (this “Amendment”) is entered into as of March 18, 2019 (“Effective
Date”), by and among American Finance Trust, Inc. (f/k/a American Realty Capital Trust V, Inc.) (the “Company”),
American Finance Operating Partnership, L.P. (f/k/a American Realty Capital Operating Partnership V, L.P.) (the “Operating
Partnership”) and American Finance Advisors, LLC (f/k/a American Realty Capital Advisors V, LLC) (the “Advisor”).

 

RECITALS

 

WHEREAS, the
Company, the Operating Partnership and the Advisor entered into that certain Third Amended and Restated Advisory Agreement, dated
as of September 6, 2016 (as amended by the First Amendment thereto dated as of July 19, 2018, the “Advisory Agreement”);

 

WHEREAS, the
parties desire to amend a certain provision of the Advisory Agreement.

 

WHEREAS, the
independent directors of the Board, the Company and the Operating Partnership have approved the amendment.

 

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 11(a)(xiii) of the Advisory Agreement. Section 11(a)(xiii) of the Advisory
Agreement is hereby amended by inserting:

 

		a.	after “such services” and before “;”
the following:

 

“which, for the avoidance
of doubt, shall include the Company’s chief executive officer, president, chief financial officer, secretary and treasurer”;
and

 

		b.	before “; and” the following

 

“provided further that, the
aggregate amount of expenses relating to salaries, wages and benefits (which, for the avoidance of doubt excludes expenses related
to overhead, travel, conferences and related expenses) that the Company shall be required to reimburse pursuant to this Section
11(a)(xiii) for any fiscal year shall not exceed the Capped Reimbursement Amount. For these purposes, the “Capped Reimbursement
Amount” for any fiscal year shall be the greater of (a) $7,000,000 (the “Fixed Component”) and (b) the Variable
Component as calculated pursuant to the next sentence. The Variable Component for any fiscal year shall be (i) the sum of the total
real estate investments, at cost as recorded on the balance sheet dated as of the last day of each fiscal quarter (the “Real
Estate Cost”) in such year divided by four (4), which amount shall be (ii) multiplied by 0.20%. Each of the
Fixed Component and the Variable Component of the Capped Reimbursement Amount shall also be increased by an annual cost of living
adjustment equal to such portion of the Capped Reimbursement Amount (as determined above) multiplied by the greater of (x)
3.0% and (y) the CPI for the prior year ended December 31st. For these purposes, CPI shall be calculated by reference
to the United States Department of Labor’s Bureau of Labor Statistics Consumer Price Index, All Urban Consumer Price Index,
New York-Newark-Jersey City with reference date (1982-1984) that equals 100.0 or the successor of this index. Notwithstanding anything
to the contrary herein, (a) in no event shall the Advisor or its affiliates be entitled to reimbursement for the salary, wages
or benefits of any person who is a partner, member or equity owner of the Sponsor and (b) in the event of a board instructed reduction
in the Real Estate Cost by 25% or more, in one or a series of related dispositions in which the proceeds of such disposition(s)
are not reinvested in Investments, then within twelve (12) months following the closing of such disposition(s) the Advisor and
the Company will enter into good faith negotiations to reset the Fixed Component, provided that if the proceeds of such disposition(s)
are paid to shareholders as a special distribution or used to repay Loans with no intent of subsequently re-financing and re-investing
the proceeds thereof in Investments, the Advisor and the Company will enter into good faith negotiations to reset the Fixed Component
within ninety (90) days thereof, in each case taking into account reasonable projections of reimbursable costs in light of the
reduced assets of the Company.

 

     

     

    

 

		2.	Miscellaneous. Except as expressly modified by this Amendment, the terms, covenants and
conditions of the Advisory Agreement shall remain in full force and effect. Capitalized terms used herein but not defined herein
shall have the respective meanings ascribed to such terms in the Advisory Agreement. 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.

 

	 	AMERICAN FINANCE TRUST, INC.
	 	 	 
	 	 	 
	 	By:	/s/
Edward M. Weil, Jr.
	 	Name: 	Edward M. Weil, Jr.
	 	Title:	Chief Executive Officer and President
	 	 	 
	 	 	 
	 	AMERICAN FINANCE OPERATING PARTNERSHIP, L.P.
	 	 	 
	 	By: American Finance Trust, Inc., its general partner
	 	 	 
	 	 	 
	 	By:	/s/
Edward M. Weil, Jr.
	 	Name: 	Edward M. Weil, Jr.
	 	Title:	Chief Executive Officer and President
	 	 	 
	 	 	 
	 	AMERICAN FINANCE ADVISORS, LLC
	 	 	 
	 	By: American Finance Special Limited Partner, LLC, its sole member
	 	 	 
	 	By: AR Global Investments, LLC, its sole member
	 	 	 
	 	 	 
	 	By:	/s/
Michael R. Anderson
	 	Name: 	Michael R. Anderson
	 	Title:	Authorized SignatoryExhibit 10.1

 

 

 

March 12, 2019

 

Name: Manish Shah

 

 

Dear Manish,

 

 

I am pleased to inform you that the board
had approved your promotion to “President and Chief Product Officer” with effect from March 15, 2019.

 

Additionally, Effective
as of April 1, 2019, the Compensation Committee of the Board has approved and increased in your base salary to $350,000 (Three
Hundred and Fifty Thousand Dollars) per year.

 

In addition, effective
as of April 1, 2019, your target bonus under Majesco’s Performance Bonus Plan will be up to $175,000 (One Hundred and Seventy-Five
Thousand Dollars) per year.

 

All other terms and conditions of your
employment agreement remain unchanged.

 

Going forward, as you play a larger role
I am counting on you to deliver even greater results for Majesco. I am confident that you will meet the challenging expectations
in your new role as well. I wish you the very best in your new role.

 

 

Regards,

 

/s/ Adam Elster

 

Adam Elster

 

Chief Executive OfficerExhibit 10.2

  

 

 

 

March 12, 2019

 

Mr. Jim Miller

 

Dear Mr. Miller,

 

We are pleased to offer you the position
of Chief Revenue Officer for Majesco.

 

Your start date will be on or before March
18, 2019. You will report to Mr. Adam Elster, CEO.

 

		1.	Compensation and Benefits

 

		a.	Base Salary: Your base salary will be $325,000 per annum
(Three Hundred Twenty-Five Thousand only), payable to you on a semi- monthly basis.

		b.	Annual Cash Bonus: In addition, you will be entitled to
an annual cash bonus up to $ 250,000 of your base salary from April 1, 2019 onwards. Annual cash bonus is paid annually based on
annual corporate targets.

 

		2.	Sign-On Restricted Stock Units: You will be granted an award
of 75,000 Restricted Stock Units (“RSUs”) under the Majesco equity incentive plan effective your joining date or as
soon thereafter as reasonably practicable. These RSU will vest equally over the 3 years.

 

		a.	Notice Period: The
employment which is “at will”, is subject to termination by the Company at any time Without Cause with two (2) weeks’
notice or with Cause. If you decide to terminate your employment, you shall provide the Company with two (2) weeks prior notice
exclusive of any vacation time accrued and will return to Majesco, all Majesco’s property. This at-will employment relationship
cannot be changed except in a written format signed by the CEO of Majesco. 

 

		3.	Severance: In the event that your employment with the Company is terminated at any time
by the Company Without Cause (solely as determined by the Company), you will be entitled to receive a lump sum payment on the 60th
day following termination equal to six (6) months’ base salary and the prorated portion of annual bonus as severance, subject
to execution of a release of all claims reasonably satisfactory to the Company.

 

     

     

    

 

 

 

		4.	Severance and Change of Control

		a.	In the event that your employment with the Company is terminated at any time by the Company for
a reason defined as Change in Control and for resignation as a Good Reason as a consequence of Change of Control as defined in
this Section 4.a.:

 

		i.	Severance: You will be entitled to receive a lump sum payment on the 60th day following
termination equal to six (6) months Base Salary and the prorated portion of annual bonus as severance.

 

		ii.	Acceleration Upon Change of Control: In the event that your employment is terminated
Without Cause and in connection with a Change of Control transaction, or as resignation for a Good Reason as a consequence of a
Change of Control, 100% of your then outstanding unvested Equity Awards will immediately vest.

 

		b.	Definitions:

 

		i.	Cause means termination of employment by Company to (i) your conviction of, or plea of nolo
contendre with respect to: (1) any felony, (2) any act of fraud or embezzlement against the Company or its affiliates, (3) any
act of moral turpitude, or (4) any conduct tending to bring the Company or its affiliates into substantial public disgrace or disrepute,
(ii) the commission by you of any act or omission involving fraud with respect to the Company or its affiliates or in connection
with any relationship between the Company or its affiliates on the one hand and any customer or supplier thereof on the other hand,
(iii) use by you of illegal drugs or repetitive abuse of other drugs or repetitive excessive consumption of alcohol interfering
with the performance of your duties, (iv) the gross negligence or willful misconduct of you in the performance of your duties with
respect to the Company or its affiliates, (v) the material breach of this Offer Letter or any other confidentiality agreement or
agreement with respect to your employment, between you and the Company or its affiliates, which breach is not cured after the Company
gives you notice, (vi) your failure to follow the lawful directives of the Company or its affiliates after the Company gives you
notice of such performance deficiency, or (vii) your failure to observe the material policies of the Company or its affiliates
applicable to you and communicated to you in writing and your failure to cure after the Company gives you notice of such failure.

 

		ii.	Change of Control means (i) a dissolution or liquidation of the Company, (ii) a merger or
consolidation in which the Company is not the surviving corporation (other than a merger or consolidation with a wholly owned subsidiary,
(iii) the sale of substantially all of the assets of the Company.

 

     

     

    

 

 

 

		iii.	Good Reason means a material change
in your primary role & responsibilities (excluding ‘change(s) in your reporting relationship/hierarchy).

 

		iv.	Without Cause means termination of employment by the Company for reasons other than Cause.

 

In addition, you will be entitled to the
following benefits offered by Majesco per the rules of the company and consistent with the package offered to other Majesco staff:

 

		·	Medical, Dental and Vision Health Insurance

		·	Life, Accidental Death and Dismemberment

		·	Short-term and Long-term Disability Insurance

		·	Fifteen days earned paid vacation per year plus holidays

		·	In addition, Majesco provides a completely employer paid insurance protection under Life and AD&D
which is 1.5 X times the base salary and up to $500,000.

 

The position is currently based in Morristown,
NJ. The position may also require frequent travel. This may include travel to India and other countries outside the United
States of America.

 

Terms of employment

 

This offer is conditioned on your signing
this offer letter and Majesco’s Non-Disclosure Agreement.  This offer is also based on (i) a satisfactory background
investigation and reference check; and (ii) satisfactory proof of your legal right to work in the United States. 

 

This offer is contingent upon compliance
with Form I-9 completion timelines and confirmation of employment authorization by E-Verify.

 

The terms and conditions of your employment
will be governed by applicable Majesco policies, including but not limited to our Employee Handbook and Information Security Policy
and procedures. By accepting employment with Majesco, you have consented to Majesco’s limited use of your personal information
for the purposes of fulfilling certain aspects of the employer-employee relationship, such as hiring, administering benefits, payment,
and ensuring the health and safety of its employees.

 

The employment terms in this letter supersede
any other agreements or promises made to you by anyone, whether oral or written.

 

This letter shall be governed by and construed
in accordance with the laws of the State of New Jersey.

 

Please return a signed acceptance of this
letter within two (2) business days as indication that you find the offer acceptable. We look forward to your joining the Majesco
team. Please sign below so we may begin the process of indoctrinating you to Majesco.

 

Sincerely,

 

	Adam Elster	Accepted  	/s/ Adam Elster

 

	CEO	Date  	3/13/19

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00293-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00293-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00293-of-00352.parquet"}]]