Document:

Exhibit 10.4

 

2014 AMERICAN REALTY CAPITAL CENTERS,
INC.

 

EQUITY PLAN

 

    	 

    	 

    

 

2014 AMERICAN REALTY CAPITAL CENTERS,
INC.

 

EQUITY PLAN

 

	 	 	Page
	 	 	 
	1.	Purpose; Types of Awards	1
	 	 	 
	2.	Definitions	1
	 	 	 
	3.	Administration	4
	 	 	 
	4.	Eligibility	4
	 	 	 
	5.	Stock Subject to the Plan	5
	 	 	 
	6.	Terms of Awards	6
	 	 	 
	7.	Change in Control	9
	 	 	 
	8.	Excise Tax	10
	 	 	 
	9.	General Provisions	12

 

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2014 AMERICAN REALTY CAPITAL CENTERS,
INC.

 

EQUITY PLAN

 

		1.	Purpose; Types of Awards.

 

The purposes of the
2014 American Realty Capital Centers, Inc. Equity Plan (the “Plan”) are to afford an incentive to the non-executive
directors, officers and other employees, advisors and consultants of American Realty Capital Centers, Inc. (the “Company”)
that are providing services to the Company, including, without limitation, the Manager and individuals who are employees, officers
or directors of the Manager or one of its Affiliates, to continue its services for and/or on behalf of the Company or as directors,
officers, advisors and consultants, to increase their efforts on behalf of the Company and to promote the success of the Company’s
business. The Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units
and other equity-based awards.

 

		2.	Definitions.

 

For purposes of the
Plan, the following terms shall be defined as set forth below:

 

(a)          “Affiliate”
means each of the following: (a) any Subsidiary; (b) any Parent; (c) any corporation, trade or business (including, without
limitation, a partnership or limited liability company) which is directly or indirectly controlled 50% or more (whether by ownership
of stock, assets or an equivalent ownership interest or voting interest) by the Company or one of its Affiliates; (d) any corporation,
trade or business (including, without limitation, a partnership or limited liability company) which directly or indirectly controls
50% or more (whether by ownership of stock, assets or an equivalent ownership interest or voting interest) of the Company; and
(e) any other entity in which the Company or any of its Affiliates has a material equity interest and which is designated
as an “Affiliate” by resolution of the Board.

 

(b)          “Award”
means any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit or Other Stock-Based Award granted under the
Plan.

 

(c)          “Award
Agreement” means any written agreement, contract or other instrument or document evidencing an Award.

 

(d)          “Board”
means the Board of Directors of the Company.

 

(e)          “Change
in Control” means and includes any of the following events: (i) any Person is or becomes Beneficial Owner (as defined
under Rule 13d-3 of the Exchange Act), 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) thirty percent
(30%) 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 (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 Effective 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 a
vote of at least a majority of the Incumbent Directors.

 

    	 

    	 

    

 

Notwithstanding the foregoing,
with respect to any payment pursuant to any Award granted under the Plan that constitutes “non-qualified deferred compensation”
pursuant to Section 409A of the Code that is triggered upon a Change in Control, a transaction shall not be deemed to be a Change
in Control unless such transaction constitutes a “change in control event” within the meaning of Section 409A of the
Code.

 

(f)          “Code”
means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder.

 

(g)          “Committee”
means the committee that may be established by the Board to administer the Plan, the composition of which shall at all times consist
of (i) “non-employee directors” within the meaning of Rule 16b-3 under the Exchange Act, (ii) to the extent required
by Section 162(m) of the Code, an “outside director” as defined under Section 162(m) of the Code; (iii) an
“independent director” as defined under the stock exchange on which the Stock is listed; and (iv) as may be applicable,
“independent” as provided pursuant to rules promulgated by the Securities and Exchange Commission under The Dodd-Frank
Wall Street Reform and Consumer Protection Act. If for any reason the appointed Committee does not meet the requirements of Rule 16b-3
under the Exchange Act or Section 162(m) of the Code, such noncompliance shall not affect the validity of the awards, grants,
interpretations or other actions of the Committee.

 

(h)          “Common
Stock” or “Stock” means shares of common stock, par value $0.01 per share, of the Company.

 

(i)        
  “Company” means American Realty Capital Centers, Inc., a Maryland corporation, or any
successor corporation.

 

(j)       
   “Effective Date” means [•], the date on which the Plan was adopted by the Board,
subject to obtaining the approval of the Company’s stockholders.

 

(k)          “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations promulgated
thereunder.

 

(l)    
      “Fair Market Value” means, with respect to Stock or other property,
the fair market value of such Stock or other property determined by such methods or procedures as shall be established from
time to time by the Board. Unless otherwise determined by the Board in good faith, the per share Fair Market Value of Stock
as of a particular date shall mean (i) the closing sales price per share of Stock on the national securities exchange on
which the Stock is principally traded, for the last preceding date on which there was a sale of such Stock on such exchange;
(ii) if the shares of Stock are then traded in an over-the-counter market, the average of the closing bid and asked prices
for the shares of Stock in such over-the-counter market for the last preceding date on which there was a sale of such Stock
in such market; or (iii) if the shares of Stock are not then listed on a national securities exchange or traded in an
over-the-counter market, such value as the Board, in its sole discretion, shall determine using such method as it deems
reasonable and consistent with the applicable requirements of the Code and the regulations issued thereunder,
including without limitation the requirements of Section 422 or 409A of the Code, as applicable.

 

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(m)          “Incentive
Stock Option” means any Option awarded to an employee of the Company, its Parent and its Subsidiaries under Section
6(b)(i) intended to be and designated as an “Incentive Stock Option” within the meaning of Section 422 of the Code.

 

(n)          “Management
Agreement” means the Advisory Agreement, to be dated as of [•], by and between the Company and the Manager, as such
may be amended, supplemented or otherwise modified from time to time.

 

(o)          “Manager”
means ARCP Advisors, LLC, a Delaware limited liability company.

 

(p)          “Non-Qualified
Stock Option” means any Option awarded under Section 6(b)(i) that is not an Incentive Stock Option.

 

(q)          “OP
Units” means units of limited partner interest in ARCenters Operating Partnership, L.P., a Delaware limited partnership.

 

(r)        
  “Option” means a right, granted to a Participant under Section 6(b)(i), to purchase
shares of Stock.

 

(s)          “Other
Stock-Based Award” means a right or other interest granted to a Participant that may be denominated or payable in, valued
in whole or in part by reference to, or otherwise based on, or related to, Stock, including but not limited to unrestricted shares
of Stock or dividend equivalent rights.

 

(t)     
     “Parent” means any parent corporation of the Company within the meaning of
Section 424(e) of the Code.

 

(u)          “Participant”
means an eligible person who has been granted an Award under the Plan.

 

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

 

(w)          “Plan”
means this 2014 American Realty Capital Centers, Inc. Equity Plan, as amended from time to time.

 

(x)     
     “Restricted Stock” means an Award of shares of Stock to a Participant under Section
6(b)(iii) that may be subject to certain restrictions and to a risk of forfeiture.

 

(y)          “Restricted
Stock Unit” or “RSU” means a right granted to a Participant under Section 6(b)(iv) to receive
Stock, cash or other property at the end of a specified period, which right may be conditioned on the satisfaction of specified
performance or other criteria.

 

(z)    
      “Securities Act” means the Securities Act of 1933, as amended from
time to time, and the rules and regulations promulgated thereunder.

 

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(aa)        “Separation
from Service” shall have the meaning attributed to such term under Section 409A of the Code.

 

(bb)        “Stock
Appreciation Right” or “SAR” means the right granted to a Participant under Section 6(b)(ii)
to be paid an amount measured by the appreciation in the Fair Market Value of Stock from the date of grant to the date of exercise
of the right.

 

(cc)        “Subsidiary”
means any subsidiary corporation of the Company within the meaning of Section 424(f) of the Code.

 

(dd)        “Ten
Percent Stockholder” means a person owning stock possessing more than 10% of the total combined voting power of all classes
of stock of the Company, its Parent and its Subsidiaries.

 

		3.	Administration.

 

The Plan shall be administered
by the Board. Except with respect to the amendment, modification, suspension or early termination of the Plan, the Board may appoint
a Committee to administer all or a portion of the Plan. To the extent that the Board so delegates its authority, references herein
to the Board shall be deemed references to the Committee. The Board may delegate to one or more agents such administrative duties
as it may deem advisable, and the Committee or any other person to whom the Board has delegated duties as aforesaid may employ
one or more persons to render advice with respect to any responsibility the Board or such Committee or person may have under the
Plan. No member of the Board or Committee shall be liable for any action taken or determination made in good faith with respect
to the Plan or any Award granted hereunder.

 

The Board shall have
the authority in its discretion, subject to and not inconsistent with the express provisions of the Plan, to administer the Plan
and to exercise all the powers and authorities either specifically granted to it under the Plan or necessary or advisable in the
administration of the Plan, including, without limitation, the authority to: (i) grant Awards; (ii) determine the persons
to whom and the time or times at which Awards shall be granted; (iii) determine the type and number of Awards to be granted,
the number of shares of Stock to which an Award may relate and the terms, conditions, restrictions and performance criteria relating
to any Award; (iv) determine whether, to what extent, and under what circumstances an Award may be settled, cancelled, forfeited,
exchanged, or surrendered; (v) make adjustments in the terms and conditions of Awards; (vi) construe and interpret the Plan and
any Award; (vii) prescribe, amend and rescind rules and regulations relating to the Plan; (viii) determine the terms and provisions
of the Award Agreements (which need not be identical for each Participant); and (ix) make all other determinations deemed necessary
or advisable for the administration of the Plan. All decisions, determinations and interpretations of the Board shall be final
and binding on all persons, including but not limited to the Company, any parent or subsidiary of the Company, any Participant
(or any person claiming any rights under the Plan from or through any Participant) and any stockholder. Notwithstanding any provision
of the Plan or any Award Agreement to the contrary, except as provided in Section 5(b), neither the Board nor the Committee
may take any action which would have the effect of reducing the aggregate exercise, base or purchase price of any Award without
obtaining the approval of the Company’s stockholders.

 

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		4.	Eligibility.

 

Awards (other than
Incentive Stock Options) may be granted, in the discretion of the Board, to (i) individuals who are, as of the date of grant, (a)
non-executive directors, officers and other employees of the Company or its Affiliates, or (b) advisors or consultants to the Company
or any of its Affiliates that are providing services to the Company or the Affiliate pursuant to a written agreement, which are
not in connection with the offer and sale of securities in a capital-raising transaction, and do not, directly or indirectly, promote
or maintain a market for the Company’s or its Affiliates’ securities, and (ii) subject the Management Agreement remaining
in effect on the date of grant, the Manager and individuals who are, as of the date of grant, employees, officers or directors
of the Manager or one of its Affiliates. Incentive Stock Options may be granted, in the discretion of the Board, to individuals
who are, as of the date of grant, employees of the Company, its Parent and its Subsidiaries. In determining the persons to whom
Awards shall be granted and the type of any Award (including the number of shares to be covered by such Award), the Board shall
take into account such factors as the Board shall deem relevant in connection with accomplishing the purposes of the Plan. Notwithstanding
anything herein to the contrary, no Option or SAR under which a Participant may receive Stock may be granted under the Plan to
a non-executive director, officer or other employee, advisor or consultants of the Company if such Stock does not constitute “service
recipient stock” for purposes of Section 409A of the Code with respect to such non-executive director, officer or other employee,
advisor or consultant unless such Option or SAR is structured in a manner intended to comply with, or be exempt from, Section 409A
of the Code.

 

		5.	Stock Subject to the Plan.

 

(a)          The
maximum number of shares of Stock reserved for the grant of Awards under the Plan shall be Common Stock equal to ten percent (10%)
of the total number of issued and outstanding shares of Common Stock (on a fully diluted basis assuming the redemption of all OP
Units for shares of Common Stock) at any time, subject to adjustment as provided herein; provided that the maximum number of shares
of Stock that may be granted through Incentive Stock Options shall at all times be equal to the number of shares of Stock reserved
for the grant of Awards under the Plan on the Effective Date. Stock issued under the Plan may, in whole or in part, be authorized
but unissued shares or shares that shall have been or may be reacquired by the Company in the open market, in private transactions
or otherwise. If any vested Award granted under the Plan is paid or otherwise settled without the issuance of shares of Stock,
or if shares of Stock are surrendered to or withheld by the Company as payment of either the exercise price of an Award and/or
withholding taxes in respect of an Award, the shares of Stock that were subject to such Award shall not again be available for
Awards under the Plan. If any shares subject to an Award are forfeited, cancelled, exchanged or surrendered or if an Award terminates
or expires without a distribution of shares to the Participant (other than as provided in the immediately preceding sentence),
the shares of Stock with respect to such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender,
termination or expiration, again be available for Awards under the Plan. Upon the exercise of any Award granted in tandem with
any other Award, such related Award shall be cancelled to the extent of the number of shares of Stock as to which the Award is
exercised and, notwithstanding the foregoing, such number of shares shall no longer be available for Awards under the Plan.

 

(b)          In
the event that the Board shall determine that any dividend or other distribution (whether in the form of cash, Stock, or other
property), recapitalization, Stock split, reverse split, reorganization, merger, consolidation, spin-off, combination, repurchase,
or share exchange, or other similar corporate transaction or event, affects the Stock such that an adjustment is appropriate in
order to prevent dilution or enlargement of the rights of Participants under the Plan, then the Board shall make equitable changes
or adjustments to any or all of: (i) the number and kind of shares of Stock or other property (including cash) that may thereafter
be issued in connection with Awards; (ii) the number and kind of shares of Stock or other property (including cash) issued or issuable
in respect of outstanding Awards; (iii) the exercise price, base price or purchase price relating to any Award and (iv) the performance
goals, if any, applicable to outstanding Awards. In addition, the Board may determine that any such equitable adjustment may be
accomplished by making a payment to the Award holder, in the form of cash or other property (including but not limited to shares
of Stock).

 

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		6.	Terms of Awards.

 

(a)          General.
The term of each Award shall be for such period as may be determined by the Board. Subject to the terms of the Plan and any applicable
Award Agreement, payments to be made by the Company upon the grant, vesting, maturation or exercise of an Award may be made in
such forms as the Board shall determine at the date of grant or thereafter, including, without limitation, cash, Stock or other
property, and may be made in a single payment or transfer, in installments or on a deferred basis in a manner intended to comply
with Section 409A of the Code. The Board may make rules relating to installment or deferred payments with respect to Awards that
are intended to comply with or be exempt from Section 409A of the Code, including the rate of interest to be credited with respect
to such payments. In addition to the foregoing, the Board may impose on any Award or the exercise thereof, at the date of grant
or thereafter, such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Board shall determine.

 

(b)          Terms
of Specified Awards. The Board is authorized to grant the Awards described in this Section 6(b), under such terms and
conditions as deemed by the Board to be consistent with the purposes of the Plan. Such Awards may be granted with vesting, value
and/or and payment contingent upon attainment of one or more performance goals. Except as otherwise set forth herein or as may
be determined by the Board, each Award granted under the Plan shall be evidenced by an Award Agreement containing such terms and
conditions applicable to such Award as the Board shall determine at the date of grant or thereafter.

 

(i)          Options.
The Board is authorized to grant Options to Participants on the following terms and conditions:

 

(A)         Exercise
Price. The exercise price per share of Stock purchasable under an Option shall be determined by the Board, but in no event
shall the per share exercise price of any Option be less than 100% (or, in the case of an Incentive Stock Option granted to a Ten
Percent Stockholder, 110%) of the Fair Market Value of a share of Stock on the date of grant of such Option. The exercise price
for Stock subject to an Option may be paid in cash or by an exchange of Stock previously owned by the Participant, through a “broker
cashless exercise” procedure approved by the Board (to the extent permitted by law) or a combination of the above, in any
case in an amount having a combined value equal to such exercise price. An Award Agreement may provide that a Participant may pay
all or a portion of the aggregate exercise price by having shares of Stock with a Fair Market Value on the date of exercise equal
to the aggregate exercise price withheld by the Company.

 

(B)         Term
and Exercisability of Options. The date on which the Board adopts a resolution expressly granting an Option shall be considered
the day on which such Option is granted. Options shall be exercisable over the exercise period (which shall not exceed ten years
from the date of grant, or five years for a Ten Percent Stockholder), at such times and upon such conditions as the Board may determine,
as reflected in the Award Agreement; provided, that the Board shall have the authority to accelerate the exercisability
of any outstanding Option at such time and under such circumstances as it, in its sole discretion, deems appropriate. An Option
may be exercised to the extent of any or all full shares of Stock as to which the Option has become exercisable, by giving written
notice of such exercise to the Board or its designated agent and paying the applicable exercise price as provided in Section 6(b)(1)(A).

 

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(C)         Termination
of Service. Subject to Section 7, an Option may not be exercised unless (1) the Participant is then providing services
to the Company and (2) the Participant has continuously maintained such relationship since the date of grant of the Option; provided,
that the Award Agreement may contain provisions extending the exercisability of vested Options, in the event of specified terminations
of service, to a date not later than the expiration date of such Option.

 

(D)         Other
Provisions. Options may be subject to such other conditions including, but not limited to, restrictions on transferability
of the shares acquired upon exercise of such Options, as the Board may prescribe in its discretion or as may be required by applicable
law.

 

(E)         Incentive
Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined as of the time of grant) of the Stock
with respect to which Incentive Stock Options are exercisable for the first time by an employee during any calendar year under
this Plan and/or any other stock option plan of the Company, any Subsidiary or any Parent exceeds $100,000, such Options shall
be treated as Non-Qualified Stock Options. Should any provision of this Plan not be necessary in order for the Options to qualify
as Incentive Stock Options, or should any additional provisions be required, the Board may, in its sole discretion, amend this
Plan accordingly, without the necessity of obtaining the approval of the stockholders of the Company.

 

(ii)         Stock
Appreciation Rights. The Board is authorized to grant SARs to Participants on the following terms and conditions:

 

(A)         In
General. Unless the Board determines otherwise, an SAR granted in tandem with an Option may be granted at the time of grant
of the related Option or at any time thereafter. An SAR granted in tandem with an Option shall be exercisable only to the extent
the underlying Option is exercisable. Payment of an SAR may be made in cash, Stock, or property as specified in the Award or determined
by the Board.

 

(B)         Right
Conferred. An SAR shall confer on the Participant a right to receive an amount with respect to each share subject thereto,
upon exercise thereof, equal to the excess of (1) the Fair Market Value of one share of Stock on the date of exercise over (2)
the base price of the SAR (which in the case of an SAR granted in tandem with an Option shall be equal to the exercise price of
the underlying Option, and which in the case of any other SAR shall be such price as the Board may determine, provided it is no
less than 100% of the Fair Market Value of a share of Stock on the date of grant of such SAR).

 

(C)         Term
and Exercisability of SARs. The date on which the Board adopts a resolution expressly granting an SAR shall be considered the
day on which such SAR is granted. SARs shall be exercisable over the exercise period (which shall not exceed the lesser of ten
(10) years from the date of grant or, in the case of a tandem SAR, the expiration of its related Award), at such times and upon
such conditions as the Board may determine, as reflected in the Award Agreement; provided, that the Board shall have the
authority to accelerate the exercisability of any outstanding SAR at such time and under such circumstances as it, in its sole
discretion, deems appropriate. An SAR may be exercised to the extent of any or all full shares of Stock as to which the SAR (or,
in the case of a tandem SAR, its related Award) has become exercisable, by giving written notice of such exercise to the Board
or its designated agent.

 

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(D)         Termination
of Service. Subject to Section 7, an SAR may not be exercised unless (1) the Participant is then providing services
to the Company and (2) the Participant has continuously maintained such relationship since the date of grant of the SAR; provided,
that the Award Agreement may contain provisions extending the exercisability of vested SARs, in the event of specified terminations
of service, to a date not later than the expiration date of such SARs (or, in the case of a tandem SAR, its related Award).

 

(E)         Other
Provisions. SARs may be subject to such other conditions including, but not limited to, restrictions on transferability of
the shares acquired upon exercise of such SARs, as the Board may prescribe in its discretion or as may be required by applicable
law.

 

(iii)        Restricted
Stock. The Board is authorized to grant Restricted Stock to Participants on the following terms and conditions:

 

(A)         Issuance
and Restrictions. Restricted Stock shall be subject to such restrictions on transferability and other restrictions, if any,
as the Board may impose at the date of grant or thereafter, which restrictions may lapse separately or in combination at such times,
under such circumstances, in such installments, or otherwise, as the Board may determine. The Board may place restrictions on Restricted
Stock that shall lapse, in whole or in part, only upon the attainment of one or more performance goals. Unless otherwise determined
by the Board, a Participant granted Restricted Stock shall have all of the rights of a stockholder including, without limitation,
the right to vote Restricted Stock and the right to receive dividends thereon.

 

(B)         Forfeiture.
Subject to Section 7, upon termination of service to the Company during the applicable restriction period, Restricted Stock
and any accrued but unpaid dividends that are then subject to restrictions shall be forfeited; provided, that the Board
may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture
conditions relating to Restricted Stock will be waived in whole or in part in the event of terminations resulting from specified
causes, and the Board may in other cases waive in whole or in part the forfeiture of Restricted Stock.

 

(C)         Certificates
for Stock. Restricted Stock granted under the Plan may be evidenced in such manner as the Board shall determine. If certificates
representing Restricted Stock are registered in the name of the Participant, such certificates shall bear an appropriate legend
referring to the terms, conditions and restrictions applicable to such Restricted Stock, and the Company shall retain physical
possession of the certificate.

 

(D)         Dividends/Distributions.
Unless otherwise determined by the Board, dividends paid on Restricted Stock shall be paid on the same date and in the same amount
as the dividend or distribution payment date and amount with respect to the Stock, provided that such payments may be deferred
to such date as determined by the Board in a manner intended to comply with Section 409A of the Code, and in any event shall be
payable in cash or in shares of Stock having a Fair Market Value equal to the amount of such dividends and distributions. Unless
otherwise determined by the Board, Stock distributed in connection with a stock split or stock dividend, and other property distributed
as a dividend or distribution, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock
with respect to which such Stock or other property has been distributed.

 

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(iv)         Restricted
Stock Units. The Board is authorized to grant RSUs to Participants, subject to the following terms and conditions:

 

(A)         Award
and Restrictions. Delivery of Stock, cash or other property, as determined by the Board, will occur upon expiration of the
period specified for RSUs by the Board during which forfeiture conditions apply, or such later date as the Board shall determine.
The Board may place restrictions on RSUs that shall lapse, in whole or in part, only upon the attainment of one or more performance
goals.

 

(B)         Forfeiture.
Subject to Section 7, upon termination of service to the Company prior to the vesting of RSUs, or upon failure to satisfy
any other conditions precedent to the delivery of Stock or cash to which such RSUs relate, all RSUs and any accrued but unpaid
dividend equivalents that are then subject to deferral or restriction shall be forfeited; provided, that the Board may provide,
by rule or regulation or in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture conditions
relating to RSUs will be waived in whole or in part in the event of termination resulting from specified causes, and the Board
may in other cases waive in whole or in part the forfeiture of RSUs.

 

(v)          Other
Stock-Based Awards. The Board is authorized to grant Awards to Participants in the form of Other Stock-Based Awards, as deemed
by the Board to be consistent with the purposes of the Plan. Awards granted pursuant to this paragraph may be granted with vesting,
value and/or payment contingent upon the attainment of one or more performance goals. The Board shall determine the terms and conditions
of such Awards at the date of grant or thereafter. Without limiting the generality of this paragraph, Other Stock-Based Awards
may include grants of shares of Stock that are not subject to any restrictions or a substantial risk of forfeiture. Without
limiting the generality of this paragraph, Other Stock-Based Awards may include grants of shares of Stock that are not subject
to any restrictions or a substantial risk of forfeiture and shares of Common Stock in payment of the amounts due under a plan or
arrangement sponsored or maintained by the Company or an Affiliate, including without limitation shares issuable upon redemption
or exchange of OP Units.

 

(vi)         Dividend/Distribution
Equivalents. The Board is authorized to grant to Participants the right to receive dividend equivalent payments and/or distribution
equivalent payments for the period prior to settlement of the RSU or vesting of Restricted Stock. Dividend equivalents or distribution
equivalents may be paid currently or credited to an account for the Participant, and may be settled in cash or Stock, as determined
by the Board. Any such settlements, and any such crediting of dividend equivalents or distribution equivalents or reinvestment
in Stock, may be subject to such conditions, restrictions and contingencies as the Board shall establish, including the reinvestment
of such credited amounts in Stock equivalents. Unless otherwise determined by the Board, any such dividend equivalents or distribution
equivalents shall be paid or credited, as applicable, on the dividend payment date to the Participant as though each RSU or share
of Restricted Stock held by such Participant were a share of outstanding Stock.

 

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7.             Change
in Control. In the event of a Change in Control, any Award that was not previously vested will become fully vested and/or payable,
and any performance conditions imposed with respect to the Award will be deemed to be fully achieved; provided, however,
that for any Award subject to Section 409A of the Code, no payment may be made to the holder of such Award unless the transaction
constituting a Change in Control also constitutes, within the meaning of Section 409A of the Code, a “change in the ownership
or effective control” of the Company or a “change in the ownership of a substantial portion of the assets” of
the Company.

 

		8.	Excise Tax.

 

(a)          In
the event that a Participant shall become entitled to payments and/or benefits provided by this Plan or any other amounts in the
“nature of compensation” (whether pursuant to the terms of this Plan or any other plan, arrangement or agreement with
the Company, any person whose actions result in a change of ownership or effective control covered by Section 280G(b)(2) of the
Code or any person affiliated with the Company or such person) as a result of a Change in Control (collectively the “Company
Payments”), and if such Company Payments will be subject to the tax (the “Excise Tax”) imposed by Section 4999
of the Code (and any similar tax that may hereafter be imposed by any taxing authority), the Company shall pay to the Participant
at the time specified in Section 8(e) hereof an additional amount (the “Gross-Up Payment”) such that the net
amount retained by the Participant, after deduction of any Excise Tax on the Company Payments and any U.S. federal, state, and
local income or payroll tax upon the Gross-Up Payment provided for by this Section 8(a), but before deduction for any U.S.
federal, state, and local income or payroll tax on the Company Payments, shall be equal to the Company Payments.

 

(b)          Notwithstanding
the foregoing provisions of Section 8(a) to the contrary, if it shall be determined that the Participant is entitled to
a Gross-Up Payment, but the Company Payments do not exceed 110% of the greatest amount (the “Reduced Amount”) that
could be paid to the Participant such that the receipt of the Company Payments would not give rise to any Excise Tax, then no Gross-Up
Payment shall be made to the Participant and the Company Payments, in the aggregate, shall be reduced to an amount that is one
dollar ($1) less than the Reduced Amount; provided, however, that the reduction shall occur only if the reduced Company
Payments received by the Participant (after taking into account further reductions for applicable federal, state and local income,
social security and other taxes) would be greater than the unreduced Company Payments to be received by the Participant minus (i)
the Excise Tax payable with respect to such Company Payments and (ii) all applicable federal, state and local income, social security
and other taxes on such Company Payments. If the Reduced Amount is to be effective, the Company Payments shall be reduced in the
following order: (A) any cash amounts payable to the Participant, (B) any benefits valued as “parachute payments,”
(C) acceleration of vesting of any stock option or similar awards for which the exercise price exceeds the then fair market value,
and (D) acceleration of vesting of any equity not covered by clause (C) above. In the event that the Internal Revenue Service or
court ultimately makes a determination that the “excess parachute payments” plus the “base amount” is an
amount other than as determined initially, an appropriate adjustment shall be made with regard to the Gross-Up Payment or Reduced
Amount, as applicable, to reflect the final determination and the resulting impact on whether this Section 8(b) applies.

 

(c)          For
purposes of determining whether any of the Company Payments will be subject to the Excise Tax and the amount of such Excise Tax,
(x) the Company Payments shall be treated as “parachute payments” within the meaning of Section 280G(b)(2) of the Code,
and all “parachute payments” in excess of the “base amount” (as defined under Section 280G(b)(3) of the
Code) shall be treated as subject to the Excise Tax, unless and except to the extent that, in the opinion of the Company’s
independent certified public accountants appointed prior to any change in ownership (as defined under Section 280G(b)(2) of the
Code) or tax counsel selected by such accountants (the “Accountants”) such Company Payments (in whole or in part) either
do not constitute “parachute payments,” including giving effect to the recalculation of stock options in accordance
with Treasury Regulation Section 1.280G-1 Q/A33, represent reasonable compensation for services actually rendered within the meaning
of Section 280G(b)(4) of the Code in excess of the “base amount” or are otherwise not subject to the Excise Tax, and
(y) the value of any non-cash benefits or any deferred payment or benefit shall be determined by the Accountants in accordance
with the principles of Section 280G of the Code. All determinations hereunder shall be made by the Accountants which shall provide
detailed supporting calculations both to the Company and the Participant at such time as it is requested by the Company or the
Participant. The determination of the Accountants, subject to the adjustments provided below, shall be final and binding upon the
Company and the Participant.

 

    	10

    	 

    

 

(d)          For
purposes of determining the amount of the Gross-Up Payment, the Participant’s marginal blended actual rates of federal, state
and local income taxation in the calendar year in which the change in ownership or effective control that subjects the Participant
to the Excise Tax occurs shall be used. In the event that the Excise Tax is subsequently determined by the Accountants to be less
than the amount taken into account hereunder at the time the Gross-Up Payment is made, the Participant shall repay to the Company,
at the time that the amount of such reduction in Excise Tax is finally determined, the portion of the prior Gross-Up Payment attributable
to such reduction (plus the portion of the Gross-Up Payment attributable to the Excise Tax and U.S. federal, state and local income
tax imposed on the portion of the Gross-Up Payment being repaid by the Participant if such repayment results in a reduction in
Excise Tax or a U.S. federal, state and local income tax deduction), plus interest on the amount of such repayment at the rate
provided in Section 1274(b)(2)(B) of the Code. Notwithstanding the foregoing, in the event that any portion of the Gross-Up Payment
to be refunded to the Company has been paid to any U.S. federal, state and local tax authority, repayment thereof (and related
amounts) shall not be required until actual refund or credit of such portion has been made to the Participant, and interest payable
to the Company shall not exceed the interest received or credited to the Participant by such tax authority for the period it held
such portion. The Participant and the Company shall mutually agree upon the course of action to be pursued (and the method of allocating
the expense thereof) if the Participant’s claim for refund or credit is denied. In the event that the Excise Tax is later
determined by the Accountants or the Internal Revenue Service (or other taxing authority) to exceed the amount taken into account
hereunder at the time the Gross-Up Payment is made (including by reason of any payment the existence or amount of which cannot
be determined at the time of the Gross-Up Payment), the Company shall make an additional Gross-Up Payment in respect of such excess
(plus any interest or penalties payable with respect to such excess) promptly after the amount of such excess is finally determined.

 

(e)          The
Gross-Up Payment or portion thereof provided for in Section 8(d) above shall be paid not later than the sixtieth (60th)
day following an event occurring which subjects the Participant to the Excise Tax; provided, however, that if the
amount of such Gross-Up Payment or portion thereof cannot be finally determined on or before such day, the Company shall pay to
the Participant on such day an estimate, as determined in good faith by the Accountants, of the minimum amount of such payments
and shall pay the remainder of such payments (together with interest at the rate provided in Section 1274(b)(2)(B) of the Code),
subject to further payments pursuant to Section 8(d) above, as soon as the amount thereof can reasonably be determined,
but in no event later than the ninetieth (90th) day after the occurrence of the event subjecting the Participant to the Excise
Tax. Subject to Sections 8(d) and 8(i), in the event that the amount of the estimated payments exceeds the amount
subsequently determined to have been due, such excess shall constitute a loan by the Company to the Participant, payable on the
fifth (5th) day after demand by the Company (together with interest at the rate provided in Section 1274(b)(2)(B) of the Code).

 

(f)          In
the event of any controversy with the Internal Revenue Service (or other taxing authority) with regard to the Excise Tax, the Participant
shall permit the Company to control issues related to the Excise Tax (at its expense), provided that such issues do not potentially
materially adversely affect the Participant, but the Participant shall control any other issues. In the event the issues are interrelated,
the Participant and the Company shall in good faith cooperate so as not to jeopardize resolution of either issue, but if the parties
cannot agree the Participant shall make the final determination with regard to the issues. In the event of any conference with
any taxing authority as to the Excise Tax or associated income taxes, the Participant shall permit the representative of the Company
to accompany the Participant, and the Participant and the Participant’s representative shall cooperate with the Company and
its representative.

 

    	11

    	 

    

 

(g)          The
Company shall be responsible for all charges of the Accountants.

 

(h)          The
Company and the Participant shall promptly deliver to each other copies of any written communications, and summaries of any verbal
communications, with any taxing authority regarding the Excise Tax.

 

(i)          Nothing
in this Section 8 is intended to violate the Sarbanes-Oxley Act of 2002 and to the extent that any advance or repayment
obligation hereunder would do so, such obligation shall be modified so as to make the advance a nonrefundable payment to the Participant
and the repayment obligation null and void.

 

		9.	General Provisions.

 

(a)          Nontransferability.
Unless otherwise provided in an Award Agreement, Awards shall not be transferable by a Participant except by will or the laws of
descent and distribution and shall be exercisable during the lifetime of a Participant only by such Participant or his guardian
or legal representative.

 

(b)          No
Right to Continued Service, etc. Nothing in the Plan or in any Award, any Award Agreement or other agreement entered into pursuant
hereto shall confer upon any Participant the right to continue as a director of, or continue to provide services to, the Company
or any parent, subsidiary or Affiliate of the Company or the Manager or to be entitled to any remuneration or benefits not set
forth in the Plan or such Award Agreement or other agreement or to interfere with or limit in any way the right of the Company
to terminate such Participant’s service.

 

(c)          Taxes.
The Company or any parent or subsidiary of the Company is authorized to withhold from any Award granted, any payment relating to
an Award under the Plan, including from a distribution of Stock, or any other payment to a Participant, amounts of withholding
and other taxes due in connection with any transaction involving an Award, and to take such other action as the Board may deem
advisable to enable the Company and Participants to satisfy obligations for the payment of withholding taxes and other tax obligations
relating to any Award. This authority shall include authority to withhold or receive Stock or other property and to make cash payments
in respect thereof in satisfaction of a Participant’s tax obligations. The Board may provide in the Award Agreement that
in the event that a Participant is required to pay any amount to be withheld in connection with the issuance of shares of Stock
in settlement or exercise of an Award, the Participant may satisfy such obligation (in whole or in part) by electing to have the
Company withhold a portion of the shares of Stock to be received upon settlement or exercise of such Award that is equal to the
minimum amount required to be withheld.

 

(d)          Effective
Date; Amendment and Termination.

 

(i)          The
Plan shall take effect upon the Effective Date, subject to the approval of the Company’s stockholders.

 

    	12

    	 

    

 

(ii)         The
Board may at any time and from time to time terminate, amend, modify or suspend the Plan in whole or in part; provided,
however, that unless otherwise determined by the Board, an amendment that requires stockholder approval in order for the
Plan to comply with any law, regulation or stock exchange requirement shall not be effective unless approved by the requisite vote
of stockholders. The Board may at any time and from time to time amend any outstanding Award in whole or in part. Notwithstanding
the foregoing sentence of this clause (ii), no amendment or modification to or suspension or termination of the Plan or amendment
of any Award shall affect adversely any of the rights of any Participant, without such Participant’s consent, under any Award
theretofore granted under the Plan.

 

(e)          Expiration
of Plan. Unless earlier terminated by the Board pursuant to the provisions of the Plan, the Plan shall expire on the tenth
anniversary of the Effective Date. No Awards shall be granted under the Plan after such expiration date. The expiration of the
Plan shall not affect adversely any of the rights of any Participant, without such Participant’s consent, under any Award
theretofore granted.

 

(f)          Deferrals.
The Board shall have the authority to establish such procedures and programs that it deems appropriate to provide Participants
with the ability to defer receipt of cash, Stock or other property payable with respect to Awards granted under the Plan in manner
that is intended to comply with Section 409A of the Code.

 

(g)          No
Rights to Awards; No Stockholder Rights. No Participant shall have any claim to be granted any Award under the Plan. There
is no obligation for uniformity of treatment among Participants. Except as provided specifically herein, a Participant or a transferee
of an Award shall have no rights as a stockholder with respect to any shares covered by the Award until the date of the issuance
of a stock certificate to him for such shares.

 

(h)          Unfunded
Status of Awards. The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation.
With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award shall
give any such Participant any rights that are greater than those of a general creditor of the Company.

 

(i)           No
Fractional Shares. No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any Award. The Board
shall determine whether cash, other Awards or other property shall be issued or paid in lieu of such fractional shares or whether
such fractional shares or any rights thereto shall be forfeited or otherwise eliminated.

 

(j)           Regulations
and Other Approvals.

 

(i)          The
obligation of the Company to sell or deliver Stock with respect to any Award granted under the Plan shall be subject to all applicable
laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals
by governmental agencies as may be deemed necessary or appropriate by the Board.

 

(ii)         Each
Award is subject to the requirement that, if at any time the Board determines, in its absolute discretion, that the listing, registration
or qualification of Stock issuable pursuant to the Plan is required by any securities exchange or under any state or federal law,
or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with,
the grant of an Award or the issuance of Stock, no such Award shall be granted or payment made or Stock issued, in whole or in
part, unless listing, registration, qualification, consent or approval has been effected or obtained free of any conditions not
acceptable to the Board.

 

    	13

    	 

    

 

(iii)        In
the event that the disposition of Stock acquired pursuant to the Plan is not covered by a then-current registration statement under
the Securities Act and is not otherwise exempt from such registration, such Stock shall be restricted against transfer to the extent
required by the Securities Act or regulations thereunder, and the Board may require a Participant receiving Stock pursuant to the
Plan, as a condition precedent to receipt of such Stock, to represent to the Company in writing that the Stock acquired by such
Participant is acquired for investment only and not with a view to distribution.

 

(iv)         The
Board may require a Participant receiving Stock pursuant to the Plan, as a condition precedent to receipt of such Stock, to enter
into a stockholder agreement or “lock-up” agreement in such form as the Board shall determine is necessary or desirable
to further the Company’s interests.

 

(k)          Registration
on Form S-8. The Company shall file with the Securities and Exchange Commission a registration statement on Form S-8 with respect
to the securities to be offered to Participants under the Plan and shall during the term of the Plan use commercially reasonable
efforts to keep such registration statement effective.

 

(l)          Governing
Law. The Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of Maryland without
giving effect to the conflict of laws principles thereof.

 

(m)          Section
409A. Although the Company does not guarantee the particular tax treatment of an Award granted under the Plan, it is intended
that Awards made under the Plan comply with, or as applicable, constitute a short-term deferral or otherwise be exempt from, the
provisions of Section 409A of the Code. The Plan and any Award Agreement will be limited, construed, administered and interpreted
in a manner consistent with this intent, and any provision that would cause the Plan or any Award to fail to satisfy Section 409A
of the Code will have no force and effect until amended to comply therewith (which amendment may be retroactive to the extent permitted
by Section 409A of the Code). In no event whatsoever shall the Company or any of its Affiliates be liable for any additional tax,
interest or penalties that may be imposed on a Participant by Section 409A of the Code or any damages for failing to comply with
Section 409A of the Code. Notwithstanding anything in the Plan or in an Award Agreement to the contrary, the following provisions
shall apply to any Award granted under the Plan that constitutes “non-qualified deferred compensation” pursuant to
Section 409A of the Code (a “409A Covered Award”):

 

(i)          A
termination of employment shall not be deemed to have occurred for purposes of any provision of a 409A Covered Award providing
for payment upon or following a termination of the Participant’s employment unless such termination is also a “Separation
from Service” within the meaning of Code Section 409A and, for purposes of any such provision of the 409A Covered Award,
references to a “termination,” “termination of employment” or like terms shall mean Separation from Service.

 

(ii)         If
the Participant is deemed on the date of the Participant’s Separation from Service to be a “specified employee”
within the meaning of that term under Section 409A(a)(2)(B) of the Code and using the identification methodology selected by the
Company from time to time, or if none, the default methodology set forth in Code Section 409A, then with regard to any such payment
under a 409A Covered Award, to the extent required to be delayed in compliance with Section 409A(a)(2)(B) of the Code, such payment
shall not be made prior to the earlier of (i) the expiration of the six (6)-month period measured from the date of the Participant’s
Separation from Service, and (ii) the date of the Participant’s death. All payments delayed pursuant to this Section 9(m)(ii)
shall be paid to the Participant on the first day of the seventh month following the date of the Participant’s Separation
from Service or, if earlier, on the date of the Participant’s death.

 

    	14

    	 

    

 

(iii)        Whenever
a payment under a 409A Covered Award specifies a payment period with reference to a number of days, the actual date of payment
within the specified period shall be within the sole discretion of the Company.

 

(iv)         With
regard to any installment payments provided for under a 409A Covered Award, each installment thereof shall be deemed a separate
payment for purposes of Code Section 409A.

 

    	15Exhibit 10.5

 

FORM OF INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT (this “Agreement”)
is made and entered into as of the ____ day of ________, 20__ (the “Effective Date”), by and between
American Realty Capital Centers, Inc., a Maryland corporation (the “Company”), and ___________________
(“Indemnitee”).

 

WHEREAS, at the request of the Company,
Indemnitee currently serves as [a director] [and] [an officer] of the Company and may, therefore, be subjected to claims,
suits or proceedings arising as a result of [his][her] service; and

 

WHEREAS, as an inducement to Indemnitee
to serve or continue to serve as [a director] [and] [an officer], the Company has agreed to indemnify and to advance expenses
and costs incurred by Indemnitee in connection with any such claims, suits or proceedings, to the maximum extent permitted by law;
and

 

WHEREAS, the parties by this Agreement desire
to set forth their agreement regarding indemnification and advance of expenses.

 

NOW, THEREFORE, in consideration of the
premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

Section
1.             Definitions. For purposes
of this Agreement:

 

(a)          “Bylaws”
means the Bylaws of the Company, as amended from time to time. 

 

(b)          “Charter”
means the charter of the Company, as amended, supplemented or otherwise modified from time to time.

 

(c)          “Change
in Control” means a change in control of the Company occurring after the Effective Date of a nature that would be
required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar
schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
whether or not the Company is then subject to such reporting requirement; provided, however, that, without limitation, such a Change
in Control shall be deemed to have occurred if, after the Effective Date (i) any “person” (as such term is used in
Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, of securities of the Company representing 15% or more of the combined voting power of
all the Company’s then-outstanding securities entitled to vote generally in the election of directors without the prior approval
of at least two-thirds of the members of the Board of Directors of the Company (the “Board of Directors”)
in office immediately prior to such person’s attaining such percentage interest; (ii) the Company is a party to a merger,
consolidation, sale of assets, plan of liquidation or other reorganization not approved by at least two-thirds of the members of
the Board of Directors then in office, as a consequence of which members of the Board of Directors in office immediately prior
to such transaction or event constitute less than a majority of the Board of Directors thereafter; or (iii) at any time, a majority
of the members of the Board of Directors are not individuals (A) who were directors as of the Effective Date or (B) whose election
by the Board of Directors or nomination for election by the Company’s stockholders was approved by the affirmative vote of
at least two-thirds of the members of the Board of Directors then in office who were directors as of the Effective Date or whose
election for nomination for election was previously so approved.

 

    	 

    	 

    

 

(d)          “Corporate
Status” means the status of a person as a present or former director, officer, employee or agent of the Company or
as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic
corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan
or other enterprise that such person is or was serving in such capacity at the request of the Company. As a clarification and without
limiting the circumstances in which Indemnitee may be serving at the request of the Company, service by Indemnitee shall be deemed
to be at the request of the Company if Indemnitee serves or served as a director, trustee, officer, partner, manager, managing
member, fiduciary, employee or agent of any foreign or domestic corporation, real estate investment trust, partnership, limited
liability company, joint venture, trust, employee benefit plan or other enterprise (i) of which a majority of the voting power
or equity interest is owned directly or indirectly by the Company or (ii) the management of which is controlled directly or indirectly
by the Company.

 

(e)          “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
and/or advance of Expenses is sought by Indemnitee.

 

(f)          “Effective
Date” means the date set forth in the first paragraph of this Agreement.

 

(g)          “Expenses”
means any and all reasonable and out-of-pocket attorneys’ fees and costs, retainers, court costs, transcript costs, fees
of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery
service fees, federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments
under this Agreement, the Employee Retirement Income Security Act of 1974, as amended, excise taxes and penalties and any other
disbursements or expenses incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating,
being or preparing to be a witness in or otherwise participating in a Proceeding. Expenses shall also include Expenses incurred
in connection with any appeal resulting from any Proceeding including, without limitation, the premium, security for and other
costs relating to any cost bond, supersedeas bond or other appeal bond or its equivalent.

 

(h)          “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither
is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either
such party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar
indemnification agreements), or (ii) any other party to or participant or witness in the Proceeding giving rise to a claim for
indemnification or advance of Expenses hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall
not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest
in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

(i)          “Proceeding”
means any threatened, pending or completed action, suit, arbitration, alternative dispute resolution mechanism, investigation,
inquiry, administrative hearing or any other proceeding, whether brought by or in the right of the Company or otherwise and whether
of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative (formal or informal)
nature, including any appeal therefrom, except one pending or completed on or before the Effective Date, unless otherwise specifically
agreed in writing by the Company and Indemnitee. If Indemnitee reasonably believes that a given situation may lead to or culminate
in the institution of a Proceeding, such situation shall also be considered a Proceeding.

 

    	2

    	 

    

 

Section
2.             Services by Indemnitee.
Indemnitee [will serve][serves] as [a director] [and] [an officer] of the Company. However, this Agreement shall
not impose any independent obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company. This
Agreement shall not be deemed an employment contract between the Company (or any other entity) and Indemnitee.

 

Section
3.             General. The Company
shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement and (b) otherwise to the maximum extent
permitted by Maryland law in effect on the Effective Date and as amended from time to time; provided, however, that no change in
Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect
on the Effective Date. The rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth
in the other sections of this Agreement, including any additional indemnification permitted by Section 2-418(g) of the Maryland
General Corporation Law (the “MGCL”).

 

Section
4.             Standard for Indemnification.
If, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the
Company shall indemnify Indemnitee against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually
and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with any such Proceeding unless it is established
that (a) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding and (i) was committed in bad
faith or (ii) was the result of active and deliberate dishonesty, (b) Indemnitee actually received an improper personal benefit
in money, property or services or (c) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that [his][her]
conduct was unlawful.

 

Section
5.             Certain Limits on Indemnification.
Notwithstanding any other provision of this Agreement (other than Section 6), Indemnitee shall not be entitled to:

 

(a)          indemnification
hereunder if the Proceeding was one by or in the right of the Company and Indemnitee is adjudged to be liable to the Company;

 

(b)          indemnification
hereunder if Indemnitee is adjudged to be liable on the basis that personal benefit was improperly received in any Proceeding charging
improper personal benefit to Indemnitee, whether or not involving action in the Indemnitee’s Corporate Status; or

 

(c)          indemnification
or advance of Expenses hereunder if the Proceeding was brought by Indemnitee, unless: (i) the Proceeding was brought to enforce
indemnification under this Agreement, and then only to the extent in accordance with and as authorized by Section 12 of this Agreement,
or (ii) the Charter or Bylaws, a resolution of the stockholders entitled to vote generally in the election of directors or of the
Board of Directors or an agreement approved by the Board of Directors to which the Company is a party expressly provide otherwise.

 

Section
6.             Court-Ordered Indemnification.
Notwithstanding any other provision of this Agreement, a court of appropriate jurisdiction, upon application of Indemnitee and
such notice as the court shall require, may order indemnification of Indemnitee by the Company in the following circumstances:

 

(a)          if
such court determines that Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order
indemnification, in which case Indemnitee shall be entitled to recover the Expenses of securing such reimbursement; or

 

    	3

    	 

    

 

(b)          if
such court determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances,
whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged
liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification
as the court shall deem proper. However, indemnification with respect to any Proceeding by or in the right of the Company or in
which liability shall have been adjudged in the circumstances described in Section 2-418(c) of the MGCL shall be limited to Expenses.

 

Section
7.             Indemnification for Expenses
of an Indemnitee Who Is Wholly or Partially Successful. Notwithstanding any other provision of this Agreement, and without
limiting any such provision, to the extent that Indemnitee was or is, by reason of [his][her] Corporate Status, made a party
to (or otherwise becomes a participant in) any Proceeding and is successful, on the merits or otherwise, in the defense of such
Proceeding, Indemnitee shall be indemnified for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise,
as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee under
this Section 7 for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with
each such claim, issue or matter, allocated on a reasonable and proportionate basis. For purposes of this Section 7 and without
limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be
deemed to be a successful result as to such claim, issue or matter.

 

Section
8.             Advance of Expenses for Indemnitee.
If, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the
Company shall, without requiring a preliminary determination of Indemnitee’s ultimate entitlement to indemnification hereunder,
advance all reasonable Expenses incurred by or on behalf of Indemnitee in connection with such Proceeding within ten days after
the receipt by the Company of a statement or statements requesting such advance or advances from time to time, whether prior to
or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by
Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee of Indemnitee’s good faith
belief that the standard of conduct necessary for indemnification by the Company as authorized by law and by this Agreement has
been met and a written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A
or in such form as may be required under applicable law as in effect at the time of the execution thereof, to reimburse the portion
of any Expenses advanced to Indemnitee relating to claims, issues or matters in the Proceeding as to which it shall ultimately
be established that the standard of conduct has not been met by Indemnitee and which have not been successfully resolved as described
in Section 7 of this Agreement. To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or
matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The undertaking required by
this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without reference to
Indemnitee’s financial ability to repay such advanced Expenses and without any requirement to post security therefor.

 

Section
9.             Indemnification and Advance
of Expenses as a Witness or Other Participant. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee
is or may be, by reason of Indemnitee’s Corporate Status, made a witness or otherwise asked to participate in any Proceeding,
whether instituted by the Company or any other party, and to which Indemnitee is not a party, Indemnitee shall be advanced all
reasonable Expenses and indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection therewith within ten days after the receipt by the Company of a statement or statements requesting any such
advance or indemnification from time to time, whether prior to or after final disposition of such Proceeding. Such statement or
statements shall reasonably evidence the Expenses incurred by Indemnitee.

 

    	4

    	 

    

 

Section
10.           Procedure for Determination of
Entitlement to Indemnification.

 

(a)          To
obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and
to what extent Indemnitee is entitled to indemnification. Indemnitee may submit one or more such requests from time to time and
at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion. The officer of the Company receiving any
such request from Indemnitee shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors
in writing that Indemnitee has requested indemnification.

 

(b)          Upon
written request by Indemnitee for indemnification pursuant to Section 10(a) above, a determination, if required by applicable law,
with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change in Control
shall have occurred, by Independent Counsel, in a written opinion to the Board of Directors, a copy of which shall be delivered
to Indemnitee, which Independent Counsel shall be selected by the Indemnitee and approved by the Board of Directors in accordance
with Section 2-418(e)(2)(ii) of the MGCL, which approval shall not be unreasonably withheld; or (ii) if a Change in Control shall
not have occurred, (A) by the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors or, if such
a quorum cannot be obtained, then by a majority vote of a duly authorized committee of the Board of Directors consisting solely
of one or more Disinterested Directors, (B) if Independent Counsel has been selected by the Board of Directors in accordance with
Section 2-418(e)(2)(ii) of the MGCL and approved by the Indemnitee, which approval shall not be unreasonably withheld, by Independent
Counsel, in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee or (C) if so directed
by a majority of the members of the Board of Directors, by the stockholders of the Company. If it is so determined that Indemnitee
is entitled to indemnification, payment to Indemnitee shall be made within ten days after such determination. Indemnitee shall
cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification,
including providing to such person, persons or entity upon reasonable advance request any documentation or information which is
not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary
to such determination in the discretion of the Board of Directors or Independent Counsel if retained pursuant to clause (ii)(B)
of this Section 10(b). Any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination
shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the
Company shall indemnify and hold Indemnitee harmless therefrom.

 

(c)          The
Company shall pay the reasonable fees and expenses of Independent Counsel, if one is appointed.

 

Section
11.           Presumptions and Effect of Certain
Proceedings.

 

(a)          In
making any determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such
determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request
for indemnification in accordance with Section 10(a) of this Agreement, and the Company shall have the burden of proof to overcome
that presumption in connection with the making of any determination contrary to that presumption.

 

    	5

    	 

    

 

(b)          The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, upon a plea
of nolo contendere or its equivalent, or entry of an order of probation prior to judgment, does not create a presumption
that Indemnitee did not meet the requisite standard of conduct described herein for indemnification.

 

(c)          The
knowledge and/or actions, or failure to act, of any other director, officer, employee or agent of the Company or any other director,
trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation,
real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise
shall not be imputed to Indemnitee for purposes of determining any other right to indemnification under this Agreement.

 

Section
12.           Remedies of Indemnitee.

 

(a)          If
(i) a determination is made pursuant to Section 10(b) of this Agreement that Indemnitee is not entitled to indemnification under
this Agreement, (ii) advance of Expenses is not timely made pursuant to Sections 8 or 9 of this Agreement, (iii) no determination
of entitlement to indemnification shall have been made pursuant to Section 10(b) of this Agreement within 60 days after receipt
by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Sections 7 or 9 of this
Agreement within ten days after receipt by the Company of a written request therefor, or (v) payment of indemnification pursuant
to any other section of this Agreement or the Charter or Bylaws is not made within ten days after a determination has been made
that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court located
in the State of Maryland, or in any other court of competent jurisdiction, of Indemnitee’s entitlement to such indemnification
or advance of Expenses. Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration to be conducted
by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence
a proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has
the right to commence such proceeding pursuant to this Section 12(a); provided, however, that the foregoing clause shall not apply
to a proceeding brought by Indemnitee to enforce [his][her] rights under Section 7 of this Agreement. Except as set forth
herein, the provisions of Maryland law (without regard to its conflicts of laws rules) shall apply to any such arbitration. The
Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

(b)          In
any judicial proceeding or arbitration commenced pursuant to this Section 12, Indemnitee shall be presumed to be entitled to indemnification
or advance of Expenses, as the case may be, under this Agreement and the Company shall have the burden of proving that Indemnitee
is not entitled to indemnification or advance of Expenses, as the case may be. If Indemnitee commences a judicial proceeding or
arbitration pursuant to this Section 12, Indemnitee shall not be required to reimburse the Company for any advances pursuant to
Section 8 of this Agreement until a final determination is made with respect to Indemnitee’s entitlement to indemnification
(as to which all rights of appeal have been exhausted or lapsed). The Company shall, to the fullest extent not prohibited by law,
be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures
and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such
arbitrator that the Company is bound by all the provisions of this Agreement.

 

(c)          If
a determination shall have been made pursuant to Section 10(b) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12,
absent a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification.

 

    	6

    	 

    

 

(d)          If
Indemnitee is successful in seeking, pursuant to this Section 12, a judicial adjudication of or an award in arbitration to enforce
Indemnitee’s rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from
the Company, and shall be indemnified by the Company for, any and all Expenses actually and reasonably incurred by Indemnitee in
such judicial adjudication or arbitration. If it shall be determined in such judicial adjudication or arbitration that Indemnitee
is entitled to receive part of but not all the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee
in connection with such judicial adjudication or arbitration shall be appropriately prorated.

 

(e)          Interest
shall be paid by the Company to Indemnitee at the maximum rate allowed to be charged for judgments under the Courts and Judicial
Proceedings Article of the Annotated Code of Maryland for amounts which the Company pays or is obligated to pay for the period
(i) commencing with either the tenth day after the date on which the Company was requested to advance Expenses in accordance
with Sections 8 or 9 of this Agreement or the 60th day after the date on which the Company was requested to make the
determination of entitlement to indemnification under Section 10(b) of this Agreement, as applicable, and (ii) ending on the date
such payment is made to Indemnitee by the Company.

 

Section
13.           Defense of the Underlying Proceeding.

 

(a)          Indemnitee
shall notify the Company promptly in writing upon being served with any summons, citation, subpoena, complaint, indictment, request
or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder
and shall include with such notice a description of the nature of the Proceeding and a summary of the facts underlying the Proceeding.
The failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right
of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the Company’s ability to defend
in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only
to the extent the Company is thereby actually so prejudiced.

 

(b)          Subject
to the provisions of the last sentence of this Section 13(b) and of Section 13(c) below, the Company shall have the right to defend
Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify
Indemnitee of any such decision to defend within 15 calendar days following receipt of notice of any such Proceeding under Section
13(a) above. The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or
delayed, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes
an admission of fault of Indemnitee, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from
all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee
or (iii) would impose any Expense, judgment, fine, penalty or limitation on Indemnitee. This Section 13(b) shall not apply to a
Proceeding brought by Indemnitee under Section 12 of this Agreement.

 

    	7

    	 

    

 

(c)          Notwithstanding
the provisions of Section 13(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s Corporate
Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not
be unreasonably withheld, that Indemnitee may have separate defenses or counterclaims to assert with respect to any issue which
may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of
counsel approved by the Company, which approval shall not be unreasonably withheld, that an actual or apparent conflict of interest
or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense
of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s
choice, subject to the prior approval of the Company, which approval shall not be unreasonably withheld, at the expense of the
Company. In addition, if the Company fails to comply with any of its obligations under this Agreement or if the Company or any
other person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover
from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel
of Indemnitee’s choice, subject to the prior approval of the Company, which approval shall not be unreasonably withheld,
at the expense of the Company (subject to Section 12(d) of this Agreement), to represent Indemnitee in connection with any such
matter.

 

Section
14.           Non-Exclusivity; Survival of Rights;
Subrogation.

 

(a)          The
rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights
to which Indemnitee may at any time be entitled under applicable law, the Charter or Bylaws, any agreement or a resolution of the
stockholders entitled to vote generally in the election of directors or of the Board of Directors, or otherwise. Unless consented
to in writing by Indemnitee, no amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict
any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in [his][her] Corporate
Status prior to such amendment, alteration or repeal, regardless of whether a claim with respect to such action or inaction is
raised prior or subsequent to such amendment, alteration or repeal. No right or remedy herein conferred is intended to be exclusive
of any other right or remedy, and every other right or remedy shall be cumulative and in addition to every other right or remedy
given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion of any right or remedy hereunder,
or otherwise, shall not prohibit the concurrent assertion or employment of any other right or remedy.

 

(b)          In
the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all the rights
of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including
execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

Section
15.         Insurance. The Company will
use its reasonable best efforts to acquire directors and officers liability insurance, on terms and conditions deemed appropriate
by the Board of Directors, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee by reason of [his][her]
Corporate Status and covering the Company for any indemnification or advance of Expenses made by the Company to Indemnitee
for any claims made against Indemnitee by reason of [his][her] Corporate Status. Without in any way limiting any other obligation
under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee arising out of the amount of any deductible
or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses incurred
by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in the previous sentence. The purchase,
establishment and maintenance of any such insurance shall not in any way limit or affect the rights or obligations of the Company
or Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the
Company and the Indemnitee shall not in any way limit or affect the rights or obligations of the Company under any such insurance
policies. If, at the time the Company receives notice from any source of a Proceeding to which Indemnitee is a party or a participant
(as a witness or otherwise) the Company has director and officer liability insurance in effect, the Company shall give prompt notice
of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies.

 

    	8

    	 

    

 

Section
16.           Coordination of Payments.
The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable
as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy,
contract, agreement or otherwise.

 

Section
17.           Reports to Stockholders. To
the extent required by the MGCL, the Company shall report in writing to its stockholders the payment of any amounts for indemnification
of, or advance of Expenses to, Indemnitee under this Agreement arising out of a Proceeding by or in the right of the Company with
the notice of the meeting of stockholders of the Company next following the date of the payment of any such indemnification or
advance of Expenses or prior to such meeting.

 

Section
18.           Duration of Agreement; Binding
Effect.

 

(a)          This
Agreement shall continue until and terminate on the later of (i) the date that Indemnitee shall have ceased to serve as a director,
officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee
or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited liability company, joint
venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of
the Company and (ii) the date that Indemnitee is no longer subject to any actual or possible Proceeding (including any rights of
appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement).

 

(b)          The
indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable
by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger,
consolidation or otherwise to all or substantially all the business or assets of the Company), shall continue as to an Indemnitee
who has ceased to be a director, officer, employee or agent of the Company or a director, trustee, officer, partner, manager, managing
member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited
liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity
at the request of the Company, and shall inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees,
executors and administrators and other legal representatives.

 

(c)          The
Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all,
substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that
the Company would be required to perform this Agreement if no such succession had taken place.

 

(d)          The
Company and Indemnitee agree that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable
and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto
agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity
of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall
not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled. Indemnitee shall further be entitled
to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent
injunctions, without the necessity of posting bonds or other undertakings in connection therewith. The Company acknowledges that,
in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court, and the Company hereby waives any such
requirement of such a bond or undertaking.

 

    	9

    	 

    

 

Section
19.           Severability. If any provision
or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity,
legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section,
paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not
itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to
the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform
to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the
provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement
containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable)
shall be construed so as to give effect to the intent manifested thereby.

 

Section
20.           Identical Counterparts. This
Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all
of which together shall constitute one and the same Agreement. One such counterpart signed by the party against whom enforceability
is sought shall be sufficient to evidence the existence of this Agreement.

 

Section
21.           Headings. The headings of
the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement
or to affect the construction thereof.

 

Section
22.           Modification and Waiver. No
supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto.
No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof
(whether or not similar) nor shall such waiver constitute a continuing waiver.

 

Section
23.           Notices. All notices, requests,
demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by
hand and receipted for by the party to whom said notice or other communication shall have been directed, on the day of such delivery,
or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so
mailed:

 

(a)          If
to Indemnitee, to the address set forth on the signature page hereto.

 

(b)          If
to the Company, to:

 

American Realty Capital Centers, Inc.

405 Park Avenue

New York, New York 10022

Attention: David S. Kay

 

with a copy to:

 

Proskauer Rose LLP

Eleven Times Square

New York, New York 10036

Attention: Peter M. Fass, Esq.

Steven L. Lichtenfeld, Esq.

 

    	10

    	 

    

  

or to such other address as may have been furnished in writing
to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

 

Section
24.           Governing Law. This Agreement
shall be governed by, and construed and enforced in accordance with, the laws of the State of Maryland, without regard to its conflicts
of laws rules.

 

[SIGNATURE PAGE FOLLOWS]

 

    	11

    	 

    

 

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

 

	 	COMPANY:
	 	 
	 	AMERICAN REALTY CAPITAL CENTERS, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	INDEMNITEE:
	 	 
	 	 
	 	Name:
	 	Address:

 

    	12

    	 

    

 

EXHIBIT
A

 

AFFIRMATION
AND UNDERTAKING TO REPAY EXPENSES ADVANCED

 

To: The Board of Directors of American Realty Capital Centers,
Inc.

 

Re: Affirmation and Undertaking

 

Ladies and Gentlemen:

 

This Affirmation and Undertaking is being
provided pursuant to that certain Indemnification Agreement dated the ____day of ________ 20__, by and between American
Realty Capital Centers, Inc., a Maryland corporation (the “Company”), and the undersigned Indemnitee (the “Indemnification
Agreement”), pursuant to which I am entitled to advance of Expenses in connection with [Description of Proceeding] (the
“Proceeding”).

 

Terms used herein and not otherwise defined
shall have the meanings specified in the Indemnification Agreement.

 

I am subject to the Proceeding by reason
of my Corporate Status or by reason of alleged actions or omissions by me in such capacity. I hereby affirm my good faith belief
that at all times, insofar as I was involved as [a director] [an officer] of the Company, in any of the facts or events
giving rise to the Proceeding, I (1) did not act with bad faith or active or deliberate dishonesty, (2) did not receive any improper
personal benefit in money, property or services and (3) in the case of any criminal proceeding, had no reasonable cause to believe
that any act or omission by me was unlawful.

 

In consideration of the advance by the Company
of Expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I hereby agree that
if, in connection with the Proceeding, it is established that (1) an act or omission by me was material to the matter giving rise
to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty, (2) I actually
received an improper personal benefit in money, property or services or (3) in the case of any criminal proceeding, I had reasonable
cause to believe that the act or omission was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses relating
to the claims, issues or matters in the Proceeding as to which the foregoing findings have been established.

 

IN WITNESS WHEREOF, I have executed this
Affirmation and Undertaking on this __ day of _________________, 20__.

 

	 	Name:

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