Document:

Exhibit 10.8

 

SECURITIES ESCROW AGREEMENT

 

SECURITIES ESCROW AGREEMENT,
dated as of [_], 2014 (the “Agreement”) by and among AR Capital Acquisition Corp., a Delaware corporation (the
“Company”), AR Capital, LLC, a Delaware limited liability company (the “Sponsor”), David Gong, P. Sue Perrotty, Dr. Robert J. Froehlich
(together with the Sponsor, the “Initial Holders”), and Continental Stock Transfer & Trust Company (the
“Escrow Agent”).

 

WHEREAS, the Company
has entered into an Underwriting Agreement, dated [_], 2014 (the “Underwriting Agreement”), with Citigroup Global
Markets Inc. (the “Representative”), acting as representative of the several underwriters (collectively, the
“Underwriters”), pursuant to which, among other matters, the Underwriters have agreed to purchase in a public
offering (the “IPO”) 30,000,000 units (plus up to 4,500,000 units to cover over-allotments, if any) (the “Units”)
of the Company’s securities, each Unit consisting of one share of the Company’s common stock, par value $0.0001 per
share (the “Common Stock”), and one-half of one warrant (a “Warrant”), each whole Warrant
entitling the holder to purchase one share of Common Stock, all as more fully described in the Company’s Prospectus dated
[_], 2014 (“Prospectus”), comprising part of the Company’s Registration Statement on Form S-1 (File No.
333-198014) under the Securities Act of 1933, as amended (the “Registration Statement”), declared effective
on [_], 2014 (the “Effective Date”);

 

WHEREAS, the Initial
Holders have agreed, as a condition to the Underwriters’ obligation to purchase the Units pursuant to the Underwriting Agreement
and to offer them to the public, to deposit all of their shares of Common Stock, as set forth opposite its name on Exhibit A
attached hereto, in aggregate 8,625,000 shares (up to 1,125,000 of which will be forfeited if the Underwriters’ over-allotment
option is not exercised in full) (the “Escrow Shares”), which includes all shares of Common Stock outstanding
prior to the Closing Date (as defined below);

 

WHEREAS, on August
8, 2014, the Company and the Sponsor entered into that certain Private Placement Warrants Purchase Agreement, pursuant to which
the Sponsor has agreed to purchase an aggregate of 7,750,000 warrants (or 8,650,000 if the Underwriters’ over-allotment option
is exercised in full) (the “Private Warrants” and, together with the Escrow Shares, the “Escrow Securities”)
in a private placement transaction to occur simultaneously on the date of the closing of the IPO (the “Closing Date”);

 

WHEREAS, the Sponsor
has agreed as a condition of the sale of the Private Warrants to deposit all of its Private Warrants, as set forth opposite its
name on Exhibit A attached hereto, in escrow with the Escrow Agent as hereinafter provided; and

 

WHEREAS, the Company
and the Initial Holders desire that the Escrow Agent accept the Escrow Securities, in escrow, to be held and disbursed as hereinafter
provided.

 

IT IS AGREED:

 

1.           Appointment
of Escrow Agent. The Company and the Initial Holders hereby appoint the Escrow Agent to act in accordance with and subject
to the terms of this Agreement, and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject
to such terms.

 

    	 

    	 

    

 

2.           Deposit
of Escrow Securities. On or before the Closing Date, the Initial Holders shall deliver to the Escrow Agent certificates representing
their respective Escrow Securities, in proper transfer order with Medallion guaranteed stock powers, to be held and disbursed subject
to the terms and conditions of this Agreement.  The Initial Holders acknowledge and agree that the certificates representing
the Escrow Securities will bear a legend to reflect the deposit of such Escrow Securities under this Agreement.

 

3.           Disbursement
of the Escrow Securities. The Escrow Agent shall hold each of the Escrow Shares and the Private Warrants until the termination
of the Escrow Period (as defined below).  In the case of the Escrow Shares, the “Escrow Period” shall be
the period beginning on the date the certificates representing the Escrow Shares are deposited with the Escrow Agent and ending
on the earlier of (x) the first anniversary of the completion of the Company’s initial business combination (as such term
is defined in the Registration Statement), (y) such time subsequent to the Company’s initial business combination as the
last sales price of the Company’s Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150
days after our initial business combination, or (z) the date on which the Company completes a liquidation, merger, stock exchange
or other similar transaction after the Company’s initial business combination that results in all of the Company’s
stockholders having the right to exchange their shares of Common Stock for cash, securities or other property.

 

In the case of Private
Warrants, the “Escrow Period” shall be 30 days after completion of the initial business combination. Subject to Section
4.3, the Private Warrants will not be transferable, assignable or saleable until such time.

 

On the termination
date of the Escrow Period, the Escrow Agent shall, upon written instructions from the Company, disburse the Escrow Securities to
the Initial Holders; provided, however, that if the Escrow Agent is notified by the Company pursuant to Section 6.7 that
up to an aggregate of 1,125,000 of the Escrow Shares have been forfeited because the Underwriters did not exercise their over-allotment
option in full, then the Escrow Agent shall promptly destroy the certificates representing such Escrow Securities (or portion thereof,
as applicable).  In addition, notwithstanding anything to the contrary contained herein, the Escrow Agent shall disburse
the Escrow Securities to the Initial Holders upon being notified by the Company that the trust account into which substantially
all of the proceeds of the IPO and the sale of the Private Warrants has been deposited as described in the Prospectus (the “Trust
Account”) is being liquidated because the Company has been unable to consummate its initial business combination within
the required time frame.  The Escrow Agent shall have no further duties hereunder after the disbursement or destruction
of the Escrow Securities in accordance with this Section 3.

 

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4.           Rights
of Initial Holders in Escrow Securities.

 

4.1           Voting
Rights as a Stockholder.  Subject to the terms of the Insider Letter described in Section 4.4 hereof and except
as herein provided, the Initial Holders shall retain all of their rights as stockholders of the Company during the Escrow Period,
including, without limitation, the right to vote the Escrow Shares.

 

4.2           Dividends
and Other Distributions in Respect of the Escrow Securities.  During the applicable Escrow Period, all dividends
payable in cash with respect to the Escrow Securities shall be paid to the Initial Holders, but all dividends payable in stock
or other non-cash property with respect to the Escrow Securities (“Non-Cash Dividends”) shall be delivered to
the Escrow Agent to hold in accordance with the terms hereof.  As used herein, the term “Escrow Securities”
shall be deemed to include the Non-Cash Dividends distributed thereon, if any.

 

4.3           Restrictions
on Transfer.  During the applicable Escrow Period, no sale, transfer or other disposition may be made of any or all
of the Escrow Securities except (i) to the Company’s officers or directors, any affiliates or family members of any of the
Company’s officers or directors, any members of the Sponsor or their affiliates, or any affiliates of the Sponsor, (ii) in
the case of an individual, by gift to a member of the individual’s immediate family, to a trust, the beneficiary of which
is a member of the individual’s immediate family or an affiliate of such person, or to a charitable organization; (iii) in
the case of an individual, by virtue of laws of descent and distribution upon the death of the individual; (iv) in the case of
an individual, pursuant to a qualified domestic relations order; (v) by virtue of the laws of the state of Delaware or the Sponsor’s
limited liability company agreement upon dissolution of the Sponsor; (vi) by private sales or transfers made in connection with
the consummation of a business combination at prices no greater than the price at which the Escrow Securities were originally purchased;
(vii) in the event of the Company’s liquidation prior to the Company’s completion of our initial business combination;
or (viii) in the event of the Company’s completion of a liquidation, merger, stock exchange or other similar transaction
which results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities
or other property subsequent to the Company’s completion of the Company’s initial business combination; provided, however,
that in the case of clauses (i) through (vi), these permitted transferees must enter into a written agreement agreeing to be bound
by these transfer restrictions.  Even if transferred in accordance with this Section 4.3, the Escrow Securities
will remain subject to this Agreement and may be released from escrow only in accordance with Section 3 hereof.  During
the applicable Escrow Period, the Sponsor shall not pledge or grant a security interest in the Escrow Securities or grant a security
interest in its rights under this Agreement. The Escrow Shares and Private Warrants each shall bear the respective legend provided
on Exhibit B attached hereto.

 

4.4           Insider
Letters.  Each Initial Holder has executed a letter agreement with the Company, dated as of the Effective Date, a
form of which is filed as an exhibit to the Registration Statement (each an “Insider Letter”), which contains
certain rights and obligations of such Initial Holder with respect to the Company, including, but not limited to, certain voting
obligations in respect of the Escrow Shares.

 

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5.           Concerning
the Escrow Agent.

 

5.1           Good
Faith Reliance.  The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in
the exercise of its own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand,
certificate, opinion or advice of counsel (including counsel chosen by the Escrow Agent, which counsel may be company counsel),
statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of
its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Escrow
Agent to be genuine and to be signed or presented by the proper person or persons.  The Escrow Agent shall not be bound
by any notice or demand, or any waiver, modification, termination or rescission of this Agreement unless evidenced by a writing
delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected,
unless it shall have given its prior written consent thereto.

 

5.2           Indemnification.  The
Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses, including reasonable counsel
fees and disbursements, or loss suffered by the Escrow Agent in connection with any action taken by it hereunder, action, suit
or other proceeding involving any claim which in any way, directly or indirectly, arises out of or relates to this Agreement, the
services of the Escrow Agent hereunder, or the Escrow Securities held by it hereunder, other than expenses or losses arising from
the gross negligence, willful misconduct or bad faith of the Escrow Agent.  Promptly after the receipt by the Escrow
Agent of notice of any demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent shall notify the
other parties hereto in writing.  In the event of the receipt of such notice, the Escrow Agent, in its sole discretion,
may commence an action in the nature of interpleader in an appropriate court to determine ownership or disposition of the Escrow
Securities or it may deposit the Escrow Securities with the clerk of any appropriate court or it may retain the Escrow Securities
pending receipt of a final, non-appealable order of a court having jurisdiction over all of the parties hereto directing to whom
and under what circumstances the Escrow Securities are to be disbursed and delivered.  The provisions of this Section
5.2 shall survive in the event the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below.

 

5.3           Compensation.  The
Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered by it hereunder, as set forth
on Exhibit C hereto.  The Escrow Agent shall also be entitled to reimbursement from the Company for all reasonable
expenses paid or incurred by it in the administration of its duties hereunder including, but not limited to, all counsel, advisors’
and agents’ fees and disbursements and all taxes or other governmental charges.

 

5.4           Further
Assurances.  From time to time on and after the date hereof, the Company and the Initial Holders shall deliver or
cause to be delivered to the Escrow Agent such further documents and instruments and shall do or cause to be done such further
acts as the Escrow Agent shall reasonably request to carry out more effectively the provisions and purposes of this Agreement,
to evidence compliance herewith or to assure itself that it is protected in acting hereunder.

 

5.5           Resignation.  The
Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties
hereto written notice and such resignation shall become effective as hereinafter provided.  Such resignation shall become
effective at such time that the Escrow Agent shall turn over to a successor escrow agent appointed by the Company and approved
by the Representative, which approval will not be unreasonably withheld, conditioned or delayed, the Escrow Securities held hereunder.  If
no new escrow agent is so appointed within the 60 day period following the giving of such notice of resignation, the Escrow Agent
may deposit the Escrow Securities with any court it reasonably deems appropriate in the State of New York.

 

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5.6           Discharge
of Escrow Agent.  The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so
requested in writing at any time by the other parties hereto, jointly, provided, however, that such resignation shall become effective
only upon acceptance of appointment by a successor escrow agent as provided in Section 5.5.

 

5.7           Liability.  Notwithstanding
anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross negligence,
fraud or willful misconduct.

 

6.           Miscellaneous.

 

6.1           Governing
Law.  This Agreement shall for all purposes be deemed to be made under and shall be construed in accordance with
the laws of the State of New York without reference to its principles of conflicts of law which would require the application of
the laws of another jurisdiction.  Each of the parties hereby agrees that any action, proceeding or claim against it
arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or
the United States District Court for the Southern District of New York, and irrevocably submits to such personal jurisdiction,
which jurisdiction shall be exclusive.  Each of the parties hereby waives any objection to such exclusive jurisdiction
and that such courts represent an inconvenient forum.

 

6.2           Entire
Agreement.  This Agreement and the Insider Letters contain the entire agreement of the parties hereto with respect
to the subject matter hereof and, except as expressly provided herein, may not be changed or modified except by an instrument in
writing signed by the party to be charged.  In connection with any proposed amendment, the Escrow Agent may request an
opinion of the Company’s counsel as to the validity of the proposed amendment as a condition to its execution of said amendment.

 

6.3           Headings.  The
headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
thereof.

 

6.4           Binding
Effect.  This Agreement shall be binding upon and inure to the benefit of the respective parties hereto and their
legal representative, successors and assigns.

 

6.5           Notices.  Any
notice or other communication required or which may be given hereunder shall be in writing and either be delivered personally or
by private national courier service, or be mailed, certified or registered mail, return receipt requested, postage prepaid, and
shall be deemed given when so delivered personally or by private national courier service, or, if mailed, four business days after
the date of mailing, as follows:

 

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if to the Escrow Agent, to:

 

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven G. Nelson or Frank Di Paolo

Fax No.: (212) 509-5150

 

if to the Company, to:

 

AR Capital Acquisition Corp.

405 Park Avenue — 2nd Floor

New York, New York 10022

Attn: Nicholas S. Schorsch

Fax No.: [_]

 

and a copy, which shall not constitute notice, to:

 

McDermott Will & Emery LLP

340 Madison Avenue

New York, New York 10173

Attn: Joel L. Rubinstein, Esq.

Fax No.: (212) 547-5444

 

if to the Initial Holders, to the address set forth
in Exhibit A hereto.

 

if to the Underwriters, to:

 

Citigroup Global Markets Inc.

388 Greenwich Street

New York, NY 10013

Attn: General Counsel

Fax No.: (212) 816-7912

 

with a copy, to:

 

Akin Gump Strauss Hauer & Feld LLP

One Bryant Park

New York, New York 10036

Attn: Bruce S. Mendelsohn, Esq.

Fax No.: (212) 872-1002

 

The parties may change
the persons and addresses to which the notices or other communications are to be sent by giving written notice to any such change
in the manner provided herein for giving notice.

 

6.6           Liquidation
of Company; Forfeiture.  The Company shall give the Escrow Agent prompt written notification of (i) the liquidation
of the Trust Account or (ii) forfeiture of up to an aggregate of 1,125,000 Escrow Shares held by the Initial Holders to the extent
the Underwriters’ over-allotment option is not exercised in full, as further described in the Registration Statement.

 

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6.7           Trust
Account Waiver.  Notwithstanding anything herein to the contrary, the Escrow Agent hereby waives any and all right,
title, interest, demand, damages, action, causes of action or claim of any kind whatsoever, known or unknown, foreseen or unforeseen,
in law or equity (a “Claim”) that it has or may have against the Company or in or to any distribution of the
Trust Account, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account
for any reason whatsoever.

 

6.8           Third-Party
Beneficiaries.  Each Initial Holder hereby acknowledges that the Underwriters, including, without limitation, the
Representative, are third-party beneficiaries of this Agreement and this Agreement cannot be modified or changed without the prior
written consent of the Representative.

 

6.9           Counterparts.  This
Agreement may be executed in several counterparts each one of which shall constitute an original and may be delivered by facsimile
transmission and together shall constitute one instrument.

 

[remainder of page intentionally left
blank]

 

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IN WITNESS WHEREOF,
the Company has caused the execution of this Agreement as of the date first above written.

 

	 	AR CAPITAL ACQUISITION CORP.,

 

	 	By:	 
	 	 	Name: William M. Kahane
	 	 	Title:  Chief Executive Officer

 

	 	
        CONTINENTAL STOCK TRANSFER & TRUST

        COMPANY

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	AR CAPITAL, LLC

 

	 	By:	 
	 	 	Name: Nicholas S. Schorsch
	 	 	Title:  Manager

 

	 	 
	 	Name:  David Gong
	 	 
	 	 
	 	Name:  P. Sue Perrotty
	 	 
	 	 
	 	Name:  Dr. Robert J. Froehlich

 

[Signature Page to Securities Escrow Agreement]

 

    	 

    	 

    

 

EXHIBIT A

 

LIST OF INITIAL HOLDERS

 

	Name	 	Founder Shares	 	Warrants
	 	 	 	 	 
	
        AR Capital, LLC 

405 Park Avenue — 2nd Floor

        New York, New York 10022 

Fax No.: [_]
	 	8,550,000 (up to 1,115,217 of which will be forfeited if the Underwriters’ over-allotment option is not exercised in full)	 	7,750,000 warrants1
	 	 	 	 	 
	
        David Gong
5 Charles Street
Lafayette, CA 94549

         
	 	25,000 shares (up to  3,261 of which will be forfeited if the Underwriters’ over-allotment option is not exercised
    in     full)	 	 
	 	 	 	 	 
	P. Sue Perrotty
5 Wyndham Hill Drive
Reading, PA 19606	 	25,000 shares (up to  3,261 of which will be forfeited if the Underwriters’ over-allotment option is not exercised
    in     full)	 	 
	 	 	 	 	 
	Dr. Robert J. Froehlich
504 Ridgemoor Drive
Willowbrook, IL 60527	 	 25,000 shares (up to  3,261 of which will be forfeited if the Underwriters’ over-allotment option is not exercised
    in     full)	 	 

 

 

 

 

1 or 8,650,000 if the Underwriters’
over-allotment option is exercised in full.

 

    	 

    	 

    

 

EXHIBIT B

 

LEGENDS

 

The following legend shall be included
on the certificates representing the Founder Shares:

 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR ANY STATE SECURITIES LAWS, AND, SUBJECT TO
ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE SECURITIES ESCROW AGREEMENT BY AND AMONG AR CAPITAL ACQUISITION CORP.,
(THE “COMPANY”), AR CAPITAL, LLC AND THE OTHER PARTIES THERETO, MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE
DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION
FROM REGISTRATION IS AVAILABLE.

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER AND OTHER AGREEMENTS SET FORTH IN THE LETTER AGREEMENT DATED AS OF [_], 2014
BY AND BETWEEN THE HOLDER AND THE COMPANY.”

 

The following legend shall be included
on the certificates representing the Private Warrants:

 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE
OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE
STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER
DESCRIBED IN THE SECURITIES ESCROW AGREEMENT BY AND AMONG AR CAPITAL ACQUISITION CORP., (THE “COMPANY”), AR CAPITAL,
LLC AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE
THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION
3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 2 OF THE WARRANT AGREEMENT)
WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

 

SECURITIES EVIDENCED BY THIS CERTIFICATE
AND SHARES OF COMMON STOCK OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER
A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.”

 

    	 

    	 

    

 

EXHIBIT C

 

ESCROW AGENT FEES

 

$200 escrow agent fee per month to be billed on the Closing
Date.Exhibit 10.10

A
Division of Realty Capital Securities, LLC, Member FINRA

405
Park Avenue, 12th Floor, New York, NY 10022

T:
(212) 415-6500

 

PERSONAL AND CONFIDENTIAL

 

[•], 2014

 

AR Capital Acquisition Corporation

405 Park Avenue

New York, NY 10022

 

Ladies and Gentlemen:

 

We are pleased to confirm the arrangements
under which RCS Capital, the investment banking and capital markets division of Realty Capital Securities, LLC (“RCS”
or “we”, “us” or “our”), is engaged by AR
Capital Acquisition Corp. (together with its subsidiaries, the “Company”) as a financial advisor
to the Company in connection with the Company’s identification, negotiation and consummation of a merger, acquisition, asset
purchase, or other business combination involving the Company (the “Transaction”). Each of RCS and the
Company acknowledge and agree, that the Company may engage other advisors in connection with a Transaction and that such other
advisors will be entitled to be paid fees by the Company in connection with such engagement.

 

		1.	Strategic Services

 

In connection with the Company’s identification, negotiation
and consummation of a Transaction, RCS will provide the Company with the following services:

  

		·	performing
                                         customary financial analyses of potential Transaction targets;

 

		·	assisting
                                         in coordinating the business due diligence process with potential targets (it being expressly
                                         understood and agreed that the Company shall be solely responsible for setting the scope
                                         of, conducting and the results of its own due diligence in connection with any Transaction,
                                         and we shall have no responsibility therefor);

 

		·	assisting
                                         the Company in its review and consideration of the financial aspects of the financial
                                         aspects of proposals by the Company, as applicable;

 

		·	assisting
                                         the Company in its negotiation of the financial aspects of the Transaction;

 

		·	other
                                         financial advisory services (as we may mutually agree) rendered in advance of the time
                                         the Board of Directors of the Company makes its ultimate decision to execute definitive
                                         documentation related to any Transaction; and

 

		·	if
                                         the Company executes a definitive agreement with respect to an Transaction, post-signing
                                         and pre-closing financial advisory services, as we may mutually agree.

 

For the avoidance
of doubt, the Company understands that RCS is not required to provide a fairness opinion with regard to a Transaction.

  

    	 

    	 

    

  

		2.	Compensation

 

Subject to Section 4, the Company
shall pay to RCS a transaction fee (the “Transaction Fee”), which will be paid in cash promptly upon
consummation of the Transaction, equal to 1.1% of the total gross proceeds (exclusive of any applicable finders’ fees which
might become payable) raised in the registered initial public offering of securities of the Company (the “IPO”)
(inclusive of any “green shoe” or over-allotment option actually exercised by the underwriters in the IPO).
If a Transaction is not consummated for any reason, no Transaction Fee shall be due or payable to RCS hereunder.

 

		3.	Expenses

 

The Company agrees to reimburse RCS monthly
or within five days of receipt of an invoice, and upon consummation of the Transaction or upon termination of our services pursuant
to this letter agreement (this “Agreement”), for our reasonable out-of-pocket expenses, including the
reasonable fees and disbursements of our attorneys, plus any sales, use or similar taxes (including additions to such taxes, if
any) arising in connection with any matter referred to in this Agreement, regardless of whether a Transaction is consummated.
The Company instructs RCS to send any invoice related to expenses to Nicholas Radesca, Chief Financial Officer at the address
above. Furthermore, none of the limitations on reimbursable expenses described in this Section 3 shall in affect in any
way the Company’s obligations under Section 5 hereunder.

 

For purposes of this Agreement, the term
“out-of-pocket expenses” also shall include expenses relating to document production, graphics, word processing, communications
and other similar expenses that may not be directly payable to third party vendors.

 

For the avoidance of doubt, this Section
3 shall not apply to Annex A to this Agreement. Upon closing of the Transaction, any unreimbursed expenses due and
payable upon such closing shall be reimbursed by the Company to RCS in connection with the payment of the Transaction Fee and
no further expenses shall be reimbursed pursuant to this Agreement.

 

		4.	Term and Termination

 

Our services hereunder may be terminated
by the Company or RCS at any time with or without cause (as defined below) effective upon receipt of written notice to that effect
without liability or continuing obligation of the Company or RCS, except that RCS shall be entitled to only one of the following:
(a) the fee payable pursuant to Section 2 to the extent then due and payable (if not then paid) as well as any expenses
incurred by RCS prior to such termination (only in accordance with Section 3 hereof) as a result of services rendered prior
to the date of such termination, all of which shall become immediately payable in full; or (b) pursuant to this Section 4,
payment of the Transaction Fee during the Tail Period or the Break-Up Fee described herein, as applicable. Additionally, upon
termination of this Agreement, Section 5, Section 6 (other than the first paragraph thereof) and Annex A
to this Agreement shall remain operative and in full force and effect.

 

In addition, unless RCS’ services
have been terminated by the Company for cause, RCS will be entitled to the Transaction Fee set forth above if the Transaction
is consummated at any time prior to the expiration of the Tail Period (as defined below) or an agreement is entered into at any
time prior to the expiration of the Tail Period which agreement eventually results in a consummated Transaction.

  

    	 

    	 

    

  

For purposes of this Agreement, “cause”
shall mean the gross negligence or willful misconduct by RCS in performing its obligations under this Agreement (it being expressly
understood and agreed that if the Company and RCS dispute the existence of cause, then a final judicial determination by a court
of competent jurisdiction as to the existence or absence of cause shall prevail, and pending such determination no Offering Fee
shall be due or paid, notwithstanding anything herein that may be to the contrary); provided, however, that the
Company shall not be entitled to claim that it terminated RCS’s engagement hereunder for cause unless the Company shall
have first given RCS reasonable prior written notice of the Company’s intent to terminate RCS’s engagement (such notice
to specify in reasonable detail the facts alleged to give rise to the Company’s right to terminate for cause) and shall
have provided RCS with a reasonable opportunity to cure and RCS shall have so failed to cure.

 

For purposes of this Agreement, “Tail Period”
means the period ending on the earlier of (A) the date RCS resigns its engagement hereunder or is terminated for cause (as defined
above) and (B) 24 months from the date of any other termination of this Agreement by the Company.

 

		5.	Indemnity; Trust Waiver; Other
                                         Relationships 

 

		(a)	In connection with engagements such
                                         as this, it is our firm policy to receive indemnification. The Company agrees to the
                                         provisions with respect to our indemnity and other matters set forth in Annex A
                                         to this Agreement, which is incorporated by reference into this Agreement. Notwithstanding
                                         the foregoing and Annex A, RCS agrees (i) that it does not have any right, title, interest
                                         or claim of any kind in or to any monies in the Company’s trust account (“Trust
                                         Account”) established in connection with the IPO (each, a “Claim”);
                                         (ii) to waive any Claim it may have in the future as a result of, or arising out of,
                                         any services provided to the Company; and (iii) to not seek recourse against the Trust
                                         Account for any reason whatsoever.

  

		(b)	Please be advised that one or more
                                         of AR Capital, LLC, RCS Capital Corporation and their respective subsidiaries and affiliates
                                         (collectively, the “ARC/RCS Group”) are engaged in investment
                                         banking and securities and brokerage activities and principal investing activities, as
                                         well as providing investment, banking, asset and investment management, financing and
                                         financial advisory services and other commercial services and products to a wide range
                                         of clients, from which conflicting interests or duties, or a perception thereof, may
                                         arise (collectively, “Services”). The Company expressly acknowledges
                                         and agrees that, in the ordinary course of business, RCS and other parts of the ARC/RCS
                                         Group at any time (i) may invest on a principal basis or on behalf of customers or manage
                                         funds that invest, make or hold long or short positions, finance positions or trade or
                                         otherwise effect transactions, for their own accounts or the accounts of customers, in
                                         equity, debt or other securities or financial instruments (including derivatives, bank
                                         loans or other obligations) of any potential purchaser, the Company or any other company
                                         that may be involved in any proposed transaction, and (ii) may be providing or arranging
                                         financing and other financial services to one or more potential purchasers or other companies
                                         that may be involved in a competing transaction, in the case of clauses (i) and (ii)
                                         whose interests may conflict with those of the Company.

  

    	 

    	 

    

  

		(c)	Although information may be acquired
                                         in the course of (i) providing Services to parties other than the Company, (ii) engaging
                                         in any transaction (on its own account or otherwise), or (iii) otherwise carrying out
                                         its business, neither RCS nor any other part of the ARC/RCS Group shall have any obligation
                                         to disclose such information, or the fact that it or any other part of the ARC/RCS Group
                                         is in possession of such information, to the Company or to use such information for the
                                         benefit of the Company. In addition, parts of the ARC/RCS Group may have (A) fiduciary
                                         or other relationships whereby such parts may exercise voting power over securities of
                                         various persons, which securities may from time to time include securities of the Company,
                                         any company that may be involved in a potential Transaction or others with interests
                                         with respect to an Transaction, and (B) commercial relationships (including acting as
                                         a vendor or customer) with the Company or any other company that may be involved in any
                                         proposed Transaction. The Company acknowledges that any such parts of the ARC/RCS Group
                                         may exercise such powers and otherwise perform its functions in connection with such
                                         fiduciary, commercial or other relationships without regard to RCS’s relationship
                                         to the Company hereunder. In addition, the Company acknowledges that neither this engagement
                                         nor the receipt by RCS of confidential information nor any other matter shall restrict
                                         or prevent the ARC/RCS Group from undertaking any business activity, acting on behalf
                                         of its own account, or acting on behalf of, or providing any Services to, other customers
                                         and the ARC/RCS Group may undertake any business activity or provide any Services without
                                         further notification to the Company.

  

		(d)	The Company acknowledges that (i) as
                                         part of its engagement hereunder RCS may retain the services of outside counsel whose
                                         fees and expenses would be reimbursed by the Company in accordance with the terms of
                                         this Agreement, and (ii) RCS and/or its affiliates may receive a benefit (including a
                                         discount, credit or other accommodation) from such outside counsel based on the fees
                                         such outside counsel may receive on account of their relationship with RCS and/or its
                                         affiliates, including fees and expenses paid in connection with this engagement.

  

		6.	General Provisions

 

In order to coordinate most effectively
our efforts together to effect a Transaction satisfactory to the Company during the term of our engagement, the Company will keep
RCS promptly informed of any material developments relating to a Transaction.

 

The Company acknowledges and agrees that
RCS has been retained hereunder only as an advisor to the Company, and not as an advisor to any other person, and that any written
or oral analyses or advice provided by RCS in connection with our engagement are exclusively for the information of the Board
of Directors and senior management of the Company (in each case solely in their capacities as directors and officers of the Company)
in connection with their consideration of the Transaction. Such analyses, such advice and the terms of this Agreement may not
be disclosed to any third party or circulated or referred to publicly or used or relied on by any other party or for any other
purpose without our prior written consent, except as such disclosure may be required pursuant to a subpoena or order issued by
a court of competent jurisdiction or by a judicial, administrative, regulatory or legislative body; provided, however,
that the Company shall have, except as prohibited by law, (a) promptly notified RCS of the receipt of any such subpoena or
order, (b) consulted with RCS as to the advisability of taking steps to resist or narrow the scope of the disclosure contemplated
thereby and (c) cooperated with RCS, at RCS’ expense, in any commercially reasonable efforts it may make to obtain an order
or other reliable assurance that confidential treatment will be accorded to such analyses, advice and the terms of this Agreement.

  

    	 

    	 

    

  

The Company recognizes that, in providing
our services pursuant to this Agreement, we will use, rely upon and assume the accuracy and completeness of all of the financial,
legal, regulatory, accounting, tax and other information provided to, discussed with or reviewed by us for such purposes (including
publicly available information), and we do not assume any liability therefor or responsibility for the accuracy, completeness
or independent verification thereof. RCS will have no obligation to conduct any independent evaluation or appraisal of the assets
or liabilities (including any contingent, derivative or off-balance sheet assets and liabilities) of the Company or any other
party or any of their respective affiliates or to advise or opine on any related solvency or viability issues.
The Company confirms all information relating to the Company, a Transaction or, to the knowledge of the Company, a potential
target furnished by or on behalf of the Company will be accurate and complete in all material respects and not misleading. With
respect to any financial forecasts and projections (including cost savings and synergies) made available to RCS by the Company
or a potential target, RCS shall be entitled to assume that such forecasts and projections have been reasonably prepared on bases
reflecting the best currently available estimates and good faith judgments of the management of the Company or such potential
target, as the case may be, as to the matters covered thereby. The Company will notify RCS promptly if it learns of any material
change in any information previously made available to RCS by or on behalf of the Company or, to the Company’s knowledge,
any potential target. It is understood and agreed that RCS will act under this Agreement
as an independent contractor with duties solely to the Company and nothing in this Agreement or the nature of our services in
connection with this engagement or otherwise shall be deemed to create a fiduciary duty or fiduciary or agency relationship between
us and the Company or its stockholders, employees or creditors, and RCS is not assuming any duties or obligations other than those
expressly set forth in this Agreement. Accordingly, the Company agrees that it shall not make, and hereby waives, any claim based
on an assertion of such a fiduciary duty or fiduciary or agency relationship. Except as set forth in Annex A to this Agreement,
nothing in this Agreement is intended to confer upon any other person (including equity holders, employees or creditors of the
Company) any rights or remedies hereunder or by reason hereof.  The rights and obligations
the Company may have under any other agreement with RCS or its affiliates are separate from the Company’s rights and obligations
under this Agreement and will not be affected in any way by this Agreement. RCS may, to the extent it deems appropriate, retain
the services of any of its affiliates or entities under common ownership (including RCS Capital Corporation, AR Capital, LLC and
their respective subsidiaries) to assist RCS in providing its services hereunder and share with any such affiliates any information
made available in connection with the engagement hereunder.

  

    	 

    	 

    

  

Following public announcement of the Transaction,
RCS may, at its option and expense, place customary tombstone announcements and advertisements or otherwise publicize the Transaction
and RCS’s role in it (which may include the reproduction of the Company’s logo) in financial and other newspapers
and journals and marketing materials describing its services hereunder. In addition, following public announcement of the Transaction,
the Company acknowledges that RCS may disclose its engagement hereunder in any research report relating to the Company or its
industry to the extent necessary to comply with applicable laws, rules and regulations and its internal policies. If requested
by RCS, the Company will include a mutually acceptable reference to RCS as financial advisor to the Company in any press release
or other similar public announcement made by the Company with respect to the Transaction.

 

In accordance with the requirements of
the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), RCS is required to obtain, verify and record
information that identifies its clients, including the Company, which information may include the name and address of its clients,
as well as other information that will allow RCS to properly identify its clients.

 

The Company understands that RCS does
not provide (nor is the Company relying on them for) accounting, tax, legal or regulatory advice and that RCS’s role in
any due diligence will be limited to performing such review as it shall deem necessary to support its own advice and analysis
and shall not be on behalf of the Company. Notwithstanding anything herein to the contrary, the Company is authorized to disclose
to any person the U.S. federal and state income tax treatment and tax structure of the Transaction and all materials of any kind
(including tax opinions and other tax analyses) provided to the Company relating to that treatment and structure, without RCS
imposing any limitation of any kind. However, any information relating to the tax treatment and tax structure shall remain confidential
(and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For
this purpose, “tax structure” is limited to any facts that may be relevant to that treatment.

 

As used in the Agreement, (i) the
words “include”, “includes” and “including” are deemed to be followed
by the phrase “without limitation”, and (ii) “person” means any natural person, corporation,
firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity
or other entity.

 

This Agreement (including Annex A
to this Agreement) embodies the entire agreement and understanding between the parties hereto and supersedes all prior agreements
and understandings relating to the subject matter hereof, has been duly authorized and executed by each of the parties hereto
and constitutes the legal, binding obligation of each such party. If any provision of this Agreement is determined to be invalid
or unenforceable in any respect, such determination will not affect such provision in any other respect or any other provision
of this Agreement, which will remain in full force and effect. This Agreement may be executed (including by facsimile and PDF
transmission) in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and
the same agreement.

 

This Agreement (including Annex A
to this Agreement) shall inure to the benefit of and be binding upon the Company and RCS
and their respective permitted successors and permitted assigns. This Agreement may not be assigned (whether by contract, operation
of law or otherwise) without the prior written consent of the parties hereto.

  

    	 

    	 

    

  

This Agreement shall be governed by
and construed and interpreted in accordance with the laws of the State of New York. The Company hereby submits to the jurisdiction
of any New York state or federal court sitting in the Borough of Manhattan of the City of New York in any proceeding arising out
of or relating to this Agreement, agrees not to commence any suit, action or proceeding relating thereto except in such courts,
and waives, to the fullest extent permitted by law, the right to move to dismiss or transfer any action brought in such court
on the basis of any objection to personal jurisdiction, venue or inconvenient jurisdiction. Any rights to trial by jury with respect
to any suit, action, proceeding or claim (whether based upon contract, tort or otherwise), directly or indirectly, arising out
of or relating to this Agreement or RCS’s engagement hereunder are expressly and irrevocably waived by RCS and the Company
(on its own behalf and, to the extent permitted by applicable law, on behalf of its security holders).

 

Please confirm that the foregoing is in
accordance with the Company’s understanding by signing and returning to us the enclosed copy of this Agreement, which shall
become a binding letter agreement upon our receipt. We are delighted to accept this engagement and look forward to working with
the Company on this assignment.

  

[Remainder of page left blank intentionally]

 

    	 

    	 

    

 

Very truly yours,

 

RCS CAPITAL, the investment banking and
capital markets division of REALTY CAPITAL SECURITIES, LLC

 

By: RCS Capital Corporation, its managing
member

 

	By:	 	 
	 	Name: Brian D. Jones	 
	 	Title: Chief Financial Officer	 
	 	 	 
	Acknowledged and Agreed to	 
	as of the date first above written:	 
	 	 	 
	AR Capital Acquisition Corp.	 
	 	 	 
	By:	 

	 

	 	Name: Nicholas Radesca	 
	 	Title: Chief Financial Officer	 

 

    	 

    	 

    

 

Annex A

 

The Company agrees to indemnify RCS, any
of its affiliates and entities under common ownership (including Realty Capital Securities, LLC, AR Capital, LLC and their respective
subsidiaries), its and their respective directors, officers, employees and agents and each other person controlling RCS or any
of its affiliates (each, an “Indemnified Party”), and hold each of them harmless, from and against any
and all losses, claims, damages and liabilities (collectively, “Liabilities”) to which any of the Indemnified
Parties may become subject relating to, arising in any manner out of or in connection with the rendering of services pursuant
to the Agreement to which this Annex A is attached (including any related activities and services rendered prior to the
date hereof), the Transaction or an Indemnified Party’s role in connection therewith, except and solely to the extent it
is finally judicially determined that such Liabilities resulted from the gross negligence or willful misconduct of such Indemnified
Party.

 

The Company also agrees to reimburse each
Indemnified Party for any legal and other expenses reasonably incurred in connection with investigating, preparing for, defending,
responding to third party subpoenas, preparing to serve or serving as a witness with respect to, providing evidence in, or otherwise
relating to any pending or threatened action, claim, suit, proceeding or investigation (each and collectively, an “Action”),
whether or not such Action is initiated or brought by or on behalf of the Company, relating to, arising in any manner out of or
in connection with the rendering of services pursuant to the Agreement to which this Annex A is attached (including any
related activities and services prior to the date hereof), the Transaction or an Indemnified Party’s role in connection
therewith (whether or not any Indemnified Party is a party to such Action) or in enforcing the Agreement to which this Annex
A is attached (including this Annex A), in each case as such expenses are incurred.

 

The Company further agrees that no Indemnified
Party shall have any Liability (whether direct or indirect, in contract or tort or otherwise) to the Company or any person asserting
claims on behalf of or in right of the Company relating to, arising in any manner out of or in connection with the rendering of
services pursuant to the Agreement to which this Annex A is attached (including any related activities and services rendered
prior to the date hereof), the Transaction or an Indemnified Party’s role in connection therewith, except and solely to
the extent it is finally judicially determined that such Liability resulted from the gross negligence or willful misconduct
of such Indemnified Party.

 

If the foregoing indemnification or reimbursement
is judicially determined to be unavailable for any reason (other than due to the gross negligence or willful misconduct of an
Indemnified Party to the extent finally judicially determined), then the Company and RCS shall contribute to the Liabilities for
which such indemnification or reimbursement is held unavailable (a) in such proportion as is appropriate to reflect the relative
benefits to the Company, on the one hand, and RCS, on the other hand, in connection with the transactions to which such indemnification
or reimbursement relates or (b) if (but only if) the allocation provided by clause (a) above is judicially determined not to be
permitted, in such proportion as is appropriate to reflect not only the relative benefits referred to in such clause (a), but
also the relative fault of the Company, on the one hand, and RCS, on the other hand, as well as any other relevant equitable considerations;
provided that, in no event shall the amount to be contributed by RCS pursuant to this paragraph exceed the fees actually received
by RCS as a financial advisor under the Agreement to which this Annex A is attached. For the purposes of this Annex
A, the relative benefits to the Company and RCS of the Transaction shall be deemed to be in the same proportion as (i) the
total value paid or contemplated to be paid or received or contemplated to be received by the Company or its security holders,
as the case may be, in connection with such Transaction, whether or not any such Transaction is consummated, bears to (ii) the
fees paid to RCS as financial advisor under the Agreement to which this Annex A is attached for such Strategic Alternative.

 

    	 

    	 

    

 

The Company agrees that, without RCS’s
prior written consent, it will not agree to any settlement of, compromise or consent to the entry of any judgment in or other
termination of (each and collectively, a “Settlement”) any Action in respect of which indemnification
could be sought hereunder (whether or not RCS or any other Indemnified Party is an actual or potential party to such Action),
unless (A) such Settlement includes an unconditional and irrevocable release from the party bringing such Action of all Indemnified
Parties, (B) such Settlement involves only the payment of money and does not provide for injunctive or other nonmonetary relief
affecting any Indemnified Party, and (C) does not contain any adverse statement with respect to any Indemnified Party, and
(D) the parties agree that the terms of such Settlement shall remain confidential. Prior to entering into any agreement or arrangement
with respect to any proposed transaction involving the sale of all or substantially all of the Company that does not directly
or indirectly provide for the assumption of the obligations of the Company set forth in this Annex A, the Company will
notify RCS (if not previously so notified) and, if requested by RCS, shall arrange in connection therewith a reasonable alternative
means of providing for the obligations of the Company set forth in this Annex A, which could include the assumption of
such obligations by another party, insurance, surety bonds or the creation of an escrow in each case in an amount and upon terms
and conditions reasonably satisfactory to RCS. The rights of the Indemnified Parties referred to in this Annex A shall
be in addition to any rights that any Indemnified Party may have at common law or otherwise and shall survive any termination
or completion of the engagement provided by the Agreement to which this Annex A is attached.

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