Document:

EX-10.4

 Exhibit 10.4 

GUARANTY 
 THIS GUARANTY
dated as of January 14, 2019 (this “Guaranty”) executed and delivered by each of the undersigned and the other Persons from time to time party hereto pursuant to the execution and delivery of an Accession Agreement in
the form of Annex I hereto (subject to Section 33(b) hereunder, all of the undersigned, together with such other Persons each a “Guarantor” and collectively, the “Guarantors”) in
favor of BANK OF AMERICA, N.A., in its capacity as Administrative Agent (the “Administrative Agent”) for the Lenders under that certain Term Loan Agreement dated as of the date hereof, by and among Spirit Realty, L.P., a
Delaware limited partnership (the “Borrower”), the financial institutions party thereto and their assignees under Section 13.5 thereof (the “Lenders”), the Administrative
Agent, and the other parties thereto (as amended, restated, supplemented or otherwise modified from time to time, the “Term Loan Agreement”), for its benefit and the benefit of the Lenders and the Specified Derivatives
Providers (the Administrative Agent, the Lenders and the Specified Derivatives Providers, each individually a “Guarantied Party” and collectively, the “Guarantied Parties”). 

WHEREAS, pursuant to the Term Loan Agreement, the Administrative Agent and the other Lenders have agreed to make available to the Borrower
certain financial accommodations on the terms and conditions set forth in the Term Loan Agreement; 
 WHEREAS, the Specified Derivatives
Providers may from time to time enter into Specified Derivatives Contracts with the Borrower and/or its Subsidiaries; 
 WHEREAS, each
Guarantor is owned or controlled by the Borrower, or is otherwise an Affiliate of the Borrower; 
 WHEREAS, the Borrower and the Guarantors,
though separate legal entities, are mutually dependent on each other in the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financial accommodations from the
Guarantied Parties through their collective efforts; 
 WHEREAS, each Guarantor acknowledges that it will receive direct and indirect
benefits from the Guarantied Parties making such financial accommodations; and 
 WHEREAS, each Guarantor’s execution and delivery of
this Guaranty is a condition to the Guarantied Parties’ making, and continuing to make, such financial accommodations. 
 NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each Guarantor, each Guarantor agrees as follows: 

Section 1. Guaranty. Each Guarantor hereby absolutely, irrevocably and unconditionally guaranties the due and punctual payment and
performance when due, whether at stated maturity, by acceleration or otherwise, of all of the following (collectively referred to as the “Guarantied Obligations”): (a) all indebtedness and obligations owing by the Borrower or
any other Loan Party to any Lender, or the Administrative Agent under or in connection with the Term Loan Agreement or any other Loan Document, including the repayment of all principal of the Loans, and the payment of all interest, fees, charges,
attorneys’ fees and other amounts payable to any Lender or the Administrative Agent thereunder or in connection therewith; (b) all existing or 

 
future payment and other obligations owing by any Loan Party under any Specified Derivatives Contract (other than any Excluded Swap Obligation); (c) any and all extensions, renewals,
modifications, amendments or substitutions of the foregoing; (d) all expenses, including attorneys’ fees and disbursements, that are incurred by the Administrative Agent or any other Guarantied Party in the enforcement of any of the
foregoing or any obligation of such Guarantor hereunder; and (e) all other Guaranteed Obligations. 
 Section 2. Guaranty of
Payment and Not of Collection. This Guaranty is a guaranty of payment, and not of collection, and a debt of each Guarantor for its own account. Accordingly, the Guarantied Parties shall not be obligated or required before enforcing this Guaranty
against any Guarantor: (a) to pursue any right or remedy the Guarantied Parties may have against the Borrower, any other Loan Party or any other Person or commence any suit or other proceeding against the Borrower, any other Loan Party or any
other Person in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of the Borrower, any other Loan Party or any other Person; or (c) to make demand of the Borrower, any other Loan Party or any other Person or
to enforce or seek to enforce or realize upon any collateral security held by the Guarantied Parties which may secure any of the Guarantied Obligations. 

Section 3. Guaranty Absolute. Each Guarantor guarantees that the Guarantied Obligations will be paid strictly in accordance with
the terms of the documents evidencing the same, regardless of any Applicable Law now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Guarantied Parties with respect thereto. The liability of each Guarantor
under this Guaranty shall be absolute, irrevocable and unconditional in accordance with its terms and shall remain in full force and effect until a Discharge of Guarantied Obligations without regard to, and shall not be released, suspended,
discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever including the following (whether or not such Guarantor consents thereto or has notice thereof): 

(a) (i) any change in the amount, interest rate or due date or other term of any of the Guarantied Obligations, (ii) any change in
the time, place or manner of payment of all or any portion of the Guarantied Obligations, (iii) any amendment or waiver of, or consent to the departure from or other indulgence with respect to, the Term Loan Agreement, any other Loan Document,
any Specified Derivatives Contract or any other document, instrument or agreement evidencing or relating to any Guarantied Obligations (the “Guarantied Documents”), or (iv) any waiver, renewal, extension, addition, or
supplement to, or deletion from, or any other action or inaction under or in respect of, any Guarantied Document or any assignment or transfer of any Guarantied Document; 

(b) any lack of validity or enforceability of any Guarantied Document or any assignment or transfer of any Guarantied Document; 

(c) any furnishing to any of the Guarantied Parties of any security for any of the Guarantied Obligations, or any sale, exchange, release or
surrender of, or realization on, any collateral securing any of the Guarantied Obligations; 
 (d) any settlement or compromise of any of the
Guarantied Obligations, any security therefor, or any liability of any other party with respect to any of the Guarantied Obligations, or any subordination of the payment of any of the Guarantied Obligations to the payment of any other liability of
the Borrower or any other Loan Party; 

  
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 (e) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution,
liquidation or other like proceeding relating to such Guarantor, any other Loan Party or any other Person, or any action taken with respect to this Guaranty by any trustee or receiver, or by any court, in any such proceeding; 

(f) any act or failure to act by any Loan Party or any other Person which may adversely affect such Guarantor’s subrogation rights, if
any, against any other Loan Party or any other Person to recover payments made under this Guaranty; 
 (g) any nonperfection or impairment of
any security interest or other Lien on any collateral, if any, securing in any way any of the Guarantied Obligations; 
 (h) any application
of sums paid by any Loan Party or any other Person with respect to the liabilities of any Loan Party to any of the Guarantied Parties, regardless of what liabilities of the Borrower remain unpaid; 

(i) any defect, limitation or insufficiency in the borrowing powers of the Borrower or in the exercise thereof; 

(j) any defense, set off, claim or counterclaim (other than indefeasible payment and performance in full) which may at any time be available to
or be asserted by any Loan Party or any other Person against any Guarantied Party; 
 (k) any change in the corporate existence, structure or
ownership of any Loan Party; 
 (l) any statement, representation or warranty made or deemed made by or on behalf of any Loan Party under any
Guarantied Document, or any amendment hereto or thereto, proves to have been incorrect or misleading in any respect; or 
 (m) any other
circumstance which might otherwise constitute a defense available to, or a discharge of, a Guarantor hereunder (other than indefeasible payment and performance in full). 

Section 4. Action with Respect to Guarantied Obligations. The Guaranteed Parties may, in accordance with the applicable provisions
of the Guarantied Documents, at any time and from time to time, without the consent of, or notice to, any Guarantor, and without discharging any Guarantor from its obligations hereunder, take any and all actions described in
Section 3 and may otherwise: (a) amend, modify, alter or supplement the terms of any of the Guarantied Obligations, including extending or shortening the time of payment of any of the Guarantied Obligations or changing
the interest rate that may accrue on any of the Guarantied Obligations; (b) amend, modify, alter or supplement any Guarantied Document; (c) sell, exchange, release or otherwise deal with all, or any part, of any collateral securing any of
the Guarantied Obligations; (d) release any Loan Party or other Person liable in any manner for the payment or collection of any of the Guarantied Obligations; (e) exercise, or refrain from exercising, any rights against any Loan Party or
any other Person; and (f) apply any sum, by whomsoever paid or however realized, to the Guarantied Obligations in such order as the Guarantied Parties shall elect. 

  
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 Section 5. Representations and Warranties. Each Guarantor hereby makes to the
Administrative Agent and the other Guarantied Parties all of the representations and warranties made by the Borrower with respect to or in any way relating to such Guarantor in the Term Loan Agreement and the other Guarantied Documents, as if
the same were set forth herein in full; provided, that each reference in each such representation and warranty to any Borrower’s knowledge shall, for the purposes of this Section 5, be deemed to be a reference
to such Guarantor’s knowledge. 
 Section 6. Covenants. Each Guarantor will comply with all covenants with which the
Borrower is to cause such Guarantor to comply under the terms of the Term Loan Agreement or any of the other Guarantied Documents. 

Section 7. Waiver. Each Guarantor, to the fullest extent permitted by Applicable Law, hereby waives notice of acceptance hereof or
any presentment, demand, protest or notice of any kind, and any other act or thing, or omission or delay to do any other act or thing, which in any manner or to any extent might vary the risk of such Guarantor or which otherwise might operate to
discharge such Guarantor from its obligations hereunder. 
 Section 8. Inability to Accelerate. If the Guarantied Parties or any
of them are prevented under Applicable Law or otherwise, from demanding or accelerating payment of any of the Guarantied Obligations by reason of any automatic stay or otherwise, to the extent permitted by Applicable Law, the Administrative Agent
and/or the other Guarantied Parties shall be entitled to receive from each Guarantor, upon demand therefor, the sums which otherwise would have been due had such demand or acceleration occurred. 

Section 9. Reinstatement of Guarantied Obligations. If claim is ever made on the Administrative Agent or any other Guarantied
Party for repayment or recovery of any amount or amounts received in payment or on account of any of the Guarantied Obligations, and the Administrative Agent or such other Guarantied Party repays all or part of said amount by reason of (a) any
judgment, decree or order of any court or administrative body of competent jurisdiction, or (b) any settlement or compromise of any such claim effected by the Administrative Agent or such other Guarantied Party with any such claimant (including
the Borrower or a trustee in bankruptcy for the Borrower), then and in such event each Guarantor agrees that any such judgment, decree, order, settlement or compromise shall be binding on it, notwithstanding any revocation hereof or the cancellation
of any of the Guarantied Documents and such Guarantor shall be and remain liable to the Administrative Agent or such other Guarantied Party for the amounts so repaid or recovered to the same extent as if such amount had never originally been paid to
the Administrative Agent or such other Guarantied Party. 
 Section 10. Subrogation. Upon the making by any Guarantor of any
payment hereunder for the account of another Loan Party, such Guarantor shall be subrogated to the rights of the payee against such Loan Party; provided that such Guarantor shall not enforce any right or receive any payment by way of
subrogation or otherwise take any action in respect of any other claim or cause of action such Guarantor may have against such Loan Party arising by reason of any payment or performance by such Guarantor pursuant to this Guaranty, unless and until a
Discharge of the Guarantied Obligations. If any amount shall be paid to such Guarantor on account of or in respect of such subrogation rights or other claims or causes of action, such Guarantor shall hold such

  
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amount in trust for the benefit of the Guarantied Parties and shall forthwith pay such amount to the Administrative Agent to be credited and applied against the Guarantied Obligations, whether
matured or unmatured, in accordance with the terms of the Term Loan Agreement or to be held by the Administrative Agent to cash collateralize any Guarantied Obligations, as applicable, in accordance with the terms of the Term Loan Agreement. 

Section 11. Payments Free and Clear. All sums payable by each Guarantor hereunder, whether of principal, interest, fees, expenses,
premiums or otherwise, shall be paid in full, without set-off or counterclaim or any deduction or withholding whatsoever (including any Taxes), subject to the provisions of
Section 3.10 of the Term Loan Agreement. 
 Section 12.
Set-off. In addition to any rights now or hereafter granted under any of the other Guarantied Documents or Applicable Law and not by way of limitation of any such rights, each Guarantor hereby
authorizes each Guarantied Party, at any time while an Event of Default exists, without any prior notice to such Guarantor or to any other Person, any such notice being hereby expressly waived, but in the case of a Guarantied Party (other than the
Administrative Agent), subject to receipt of the prior written consent of the Requisite Lenders exercised in their sole discretion, to set-off and to appropriate and to apply any and all deposits (general or
special, including indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by a Guarantied Party to or for the credit or the account of such Guarantor against and on
account of any of the Guarantied Obligations, although such obligations shall be contingent or unmatured. Each Guarantor agrees, to the fullest extent permitted by Applicable Law, that any Participant may exercise rights of setoff or counterclaim
and other rights with respect to its participation as fully as if such Participant were a direct creditor of such Guarantor in the amount of such participation. 

Section 13. Subordination. Each Guarantor hereby expressly covenants and agrees for the benefit of the Guarantied Parties that all
obligations and liabilities of any other Loan Party to such Guarantor of whatever description, including all intercompany receivables of such Guarantor from any other Loan Party (collectively, the “Junior Claims”) shall be
subordinate and junior in right of payment to all Guarantied Obligations. If an Event of Default shall exist, no Guarantor shall accept any direct or indirect payment (in cash, property or securities, by setoff or otherwise) from or any other Loan
Party on account of or in any manner in respect of any Junior Claim until a Discharge of the Guarantied Obligations. 
 Section 14.
Avoidance Provisions. It is the intent of each Guarantor and the Guarantied Parties that in any Proceeding, such Guarantor’s maximum obligation hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the
obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Guarantied Parties) to be avoidable or unenforceable against such Guarantor in such Proceeding as a result of Applicable Law, including (a) Section 548
of the Bankruptcy Code and (b) any state fraudulent transfer or fraudulent conveyance act or statute applied in such Proceeding, whether by virtue of Section 544 of the Bankruptcy Code or otherwise. The Applicable Laws under which the
possible avoidance or unenforceability of the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Guarantied Parties) shall be determined in any such Proceeding are referred to as the “Avoidance
Provisions”. Accordingly, to the extent that the obligations of any Guarantor hereunder would otherwise be subject to avoidance under the Avoidance Provisions, the maximum 

  
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Guarantied Obligations for which such Guarantor shall be liable hereunder shall be reduced to that amount which, as of the time any of the Guarantied Obligations are deemed to have been incurred
under the Avoidance Provisions, would not cause the obligations of any Guarantor hereunder (or any other obligations of such Guarantor to the Guarantied Parties), to be subject to avoidance under the Avoidance Provisions. This Section is intended
solely to preserve the rights of the Administrative Agent and the other Guarantied Parties hereunder to the maximum extent that would not cause the obligations of any Guarantor hereunder to be subject to avoidance under the Avoidance Provisions, and
no Guarantor or any other Person shall have any right or claim under this Section as against the Guarantied Parties that would not otherwise be available to such Person under the Avoidance Provisions. 

Section 15. Information. Each Guarantor assumes all responsibility for being and keeping itself informed of the financial
condition of the Loan Parties, and of all other circumstances bearing upon the risk of nonpayment of any of the Guarantied Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that
neither of the Administrative Agent nor any other Guarantied Party shall have any duty whatsoever to advise any Guarantor of information regarding such circumstances or risks. 

Section 16. Governing Law. THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 17. WAIVER OF JURY
TRIAL. 
 (a) EACH GUARANTOR, AND EACH OF THE GUARANTIED PARTIES BY ACCEPTING THE BENEFITS HEREOF, ACKNOWLEDGES THAT ANY DISPUTE OR
CONTROVERSY BETWEEN OR AMONG SUCH GUARANTOR AND ANY OF THE GUARANTIED PARTIES WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE
LAW, EACH OF THE GUARANTORS, AND THE GUARANTIED PARTIES BY ACCEPTING THE BENEFITS HEREOF, HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR
AGAINST ANY PARTY HERETO ARISING OUT OF THIS GUARANTY OR IN CONNECTION WITH OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG EACH OF THE GUARANTORS AND THE GUARANTIED PARTIES OF ANY KIND OR NATURE RELATING TO
THIS GUARANTY. 
 (b) EACH GUARANTOR IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF
ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY OTHER GUARANTIED PARTY, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS GUARANTY OR ANY OTHER
LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER 

  
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THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY, BOROUGH OF MANHATTAN AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK SITTING IN NEW YORK COUNTY,
BOROUGH OF MANHATTAN, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR
PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING
SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS GUARANTY OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR ANY OTHER
GUARANTIED PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT AGAINST ANY GUARANTOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY
NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM, AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS
SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY ANY GUARANTIED PARTY OR THE ENFORCEMENT BY ANY GUARANTIED PARTY OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 

(c) EACH GUARANTOR HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS ISSUED THEREIN, AND AGREES THAT
SERVICE OF SUCH SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO EACH GUARANTOR AT ITS ADDRESS FOR NOTICES PROVIDED FOR HEREIN. SHOULD EACH GUARANTOR FAIL TO APPEAR OR ANSWER ANY SUMMONS,
COMPLAINT, PROCESS OR PAPERS SO SERVED WITHIN THIRTY (30) DAYS AFTER THE MAILING THEREOF, SUCH GUARANTOR SHALL BE DEEMED IN DEFAULT AND AN ORDER AND/OR JUDGMENT MAY BE ENTERED AGAINST IT AS DEMANDED OR PRAYED FOR IN SUCH SUMMONS, COMPLAINT,
PROCESS OR PAPERS. 
 (d) THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL
UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER GUARANTIED DOCUMENTS, THE TERMINATION OR EXPIRATION OF ALL LETTERS OF CREDIT AND THE TERMINATION
OF THIS GUARANTY. 

  
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 Section 18. Loan Accounts. The Administrative Agent and each other Guarantied
Party may maintain books and accounts setting forth the amounts of principal, interest and other sums paid and payable with respect to the Guarantied Obligations arising under or in connection with the Loan Documents, and in the case of any dispute
relating to any of the outstanding amount, payment or receipt of any of such Guarantied Obligations or otherwise, the entries in such books and accounts shall be binding on the Guarantors absent manifest error. The failure of the Administrative
Agent or any other Guarantied Party to maintain such books and accounts shall not in any way relieve or discharge any Guarantor of any of its obligations hereunder. 

Section 19. Waiver of Remedies. No delay or failure on the part of the Administrative Agent or any other Guarantied Party in the
exercise of any right or remedy it may have against any Guarantor hereunder or otherwise shall operate as a waiver thereof, and no single or partial exercise by the Administrative Agent or any other Guarantied Party of any such right or remedy shall
preclude any other or further exercise thereof or the exercise of any other such right or remedy. 
 Section 20. Termination.

 (a) Except as provided in Section 20(b) below, this Guaranty shall remain in full force and effect with respect
to each Guarantor until the Discharge of Guarantied Obligations. Upon the Discharge of Guarantied Obligations, this Guaranty and all obligations hereunder shall be terminated automatically without further action by any Person. 

(b) If (i) all of the Equity Interests of any Guarantor or any of its successors in interest hereunder shall be sold or otherwise disposed
of in accordance with the terms and conditions of Section 10.4 of the Term Loan Agreement to a Person that is not a Loan Party or (ii) a Guarantor that is no longer required to be a party to this Guaranty pursuant to
Section 8.14(b) or (c) of the Term Loan Agreement, then in the case of each of clauses (i) and (ii) of this Section 20(b), the guaranty of such Guarantor or such successor in interest
hereunder shall automatically be discharged and released without further action by any Person, effective upon satisfaction of the conditions set forth in the Term Loan Agreement. 

(c) Upon the Discharge of Guarantied Obligations or a release of any Guarantor from this Guaranty in accordance with
Section 20(b), the Administrative Agent shall deliver to the Borrower or such Guarantor a letter or other release confirming such discharge or release, as applicable. 

Section 21. Successors and Assigns. Each reference herein to the Administrative Agent or any other Guarantied Party shall be deemed
to include such Person’s respective successors and assigns (including any holder of the Guarantied Obligations) in whose favor the provisions of this Guaranty also shall inure, and each reference herein to each Guarantor shall be deemed to
include such Guarantor’s successors and assigns, upon whom this Guaranty also shall be binding. The Guarantied Parties may, in accordance with the applicable provisions of the Guarantied Documents, assign, transfer or sell any Guarantied
Obligation, or grant or sell participations in any Guarantied Obligations, to any Person without the consent of, or notice to, any Guarantor and without releasing, discharging or modifying any Guarantor’s obligations hereunder. Each Guarantor
hereby consents to the delivery by the Administrative Agent and any other Guarantied Party to any Assignee or Participant (or any prospective Assignee or Participant) of any financial 

  
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or other information regarding the Borrower or any Guarantor. No Guarantor may assign or transfer its obligations hereunder to any Person without the prior written consent of all Lenders and any
such assignment or other transfer to which all of the Lenders have not so consented shall be null and void. 
 Section 22. Joint and
Several Obligations. the obligations of the Guarantors HEREUNDER SHALL BE joint and several, and ACCORDINGLY, each Guarantor CONFIRMS THAT IT is liable for the full amount of the “GUARANTEED Obligations” AND ALL OF THE OBLIGATIONS AND
LIABILITIES OF EACH OF THE OTHER GUARANTORS HEREUNDER. 
 Section 23. Amendments. This Guaranty may not be amended except in
writing signed by the Administrative Agent and each Guarantor, subject to Section 13.6 of the Term Loan Agreement. 

Section 24. Payments. All payments to be made by any Guarantor pursuant to this Guaranty shall be made in Dollars, in immediately
available funds to the Administrative Agent at its Principal Office, not later than 1:00 p.m. on the date one Business Day after demand therefor. 

Section 25. Notices. All notices, requests and other communications hereunder shall be in writing (including facsimile
transmission or similar writing) and shall be given (a) to each Guarantor at its address set forth below its signature hereto, (b) to the Administrative Agent or any other Guarantied Party at its address for notices provided for in the
Guarantied Documents, as applicable, or (c) as to each such party at such other address as such party shall designate in a written notice to the other parties. Each such notice, request or other communication shall be effective (i) if
mailed, upon the first to occur of receipt or the expiration of 3 days after the deposit in the United States Postal Service mail, postage prepaid and addressed to the address of a Guarantor or Guarantied Party at the addresses specified;
(ii) if telecopied, when transmitted; or (iii) if hand delivered or sent by overnight courier, when delivered; provided that in the case of the immediately preceding clauses (i) through (iii),
non-receipt of any communication as the result of any change of address of which the sending party was not notified or as the result of a refusal to accept delivery shall be deemed receipt of such
communication. 
 Section 26. Severability. In case any provision of this Guaranty shall be invalid, illegal or unenforceable in
any jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 27. Headings. Section headings used in this Guaranty are for convenience only and shall not affect the construction of
this Guaranty. 
 Section 28. Limitation of Liability. None of the Administrative Agent, any other Guarantied Party or any of
their respective Related Parties shall have any liability with respect to, and each Guarantor hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential damages suffered or
incurred by a Guarantor in connection with, arising out of, or in any way related to, this Guaranty, any of the other Guarantied Documents, or any of the transactions contemplated by this Guaranty or any of the other Guarantied Documents. Each
Guarantor hereby waives, releases, and agrees not to sue the 

  
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Administrative Agent, any other Guarantied Party or any of their respective Related Parties for punitive damages in respect of any claim in connection with, arising out of, or in any way related
to, this Guaranty, any of the other Guarantied Documents, or any of the transactions contemplated by thereby. 
 Section 29.
Electronic Delivery of Certain Information. Each Guarantor acknowledges and agrees that information regarding the Guarantor may be delivered electronically pursuant to Section 9.5 of the Term Loan Agreement. 

Section 30. Right of Contribution. The Guarantors hereby agree as among themselves that, if any Guarantor shall make an Excess
Payment, such Guarantor shall have a right of contribution from each other Guarantor in an amount equal to such other Guarantor’s Contribution Share of such Excess Payment. The payment obligations of any Guarantor under this Section shall be
subordinate and subject in right of payment to the Guarantied Obligations until the Discharge of Guarantied Obligations, and none of the Guarantors shall exercise any right or remedy under this Section against any other Guarantor until the Discharge
of Guarantied Obligations. Subject to Section 10 of this Guaranty, this Section shall not be deemed to affect any right of subrogation, indemnity, reimbursement or contribution that any Guarantor may have under Applicable
Law against any other Loan Party in respect of any payment of Guarantied Obligations. Notwithstanding the foregoing, all rights of contribution against any Guarantor shall terminate after such time, if ever, that such Guarantor shall cease to be a
Guarantor for any reason in accordance with the applicable provisions of the Loan Documents. 
 Section 31. Keepwell. Each
Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this
Guaranty in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this
Section, or otherwise under this Guaranty, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section shall remain in
full force and effect until termination of this Guaranty in accordance with Section 20 hereof. Each Qualified ECP Guarantor intends that this Section constitute, and this Section shall be deemed to constitute, a “keepwell, support, or
other agreement” for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

Section 32. Continuing Guaranty. This Guaranty is a continuing guaranty of payment and not of collection. 

Section 33. Definitions. (a) For the purposes of this Guaranty: 

“Contribution Share” means, for any Guarantor in respect of any Excess Payment made by any other Guarantor, the ratio
(expressed as a percentage) as of the date of such Excess Payment of (i) the amount by which the aggregate present fair salable value of all of its assets and properties exceeds the amount of all debts and liabilities of such Guarantor
(including contingent, subordinated, unmatured, and unliquidated liabilities, but excluding the obligations of such 

  
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Guarantor hereunder) to (ii) the amount by which the aggregate present fair salable value of all assets and other properties of the Loan Parties other than the maker of such Excess Payment
exceeds the amount of all of the debts and liabilities (including contingent, subordinated, unmatured, and unliquidated liabilities, but excluding the obligations of the Loan Parties) of the Loan Parties other than the maker of such Excess Payment;
provided that, for purposes of calculating the Contribution Shares of the Guarantors in respect of any Excess Payment, any Guarantor that became a Guarantor subsequent to the date of any such Excess Payment shall be deemed to have been a
Guarantor on the date of such Excess Payment and the financial information for such Guarantor as of the date such Guarantor became a Guarantor shall be utilized for such Guarantor in connection with such Excess Payment. 

“Discharge of Guarantied Obligations” shall have occurred when (a) all Commitments have been terminated, and
(b) all Guarantied Obligations shall have been paid and satisfied in full (other than (i) those expressly stated to survive termination, (ii) contingent obligations as to which no claim, notice of a claim, action or other proceeding
which could give rise to such obligations has been asserted, made, filed, commenced or threatened in writing, and (iii) obligations and liabilities under any Specified Derivatives Contract as to which arrangements satisfactory to the applicable
Specified Derivatives Provider shall have been made). 
 “Excess Payment” means the amount paid by any Guarantor in excess
of its Ratable Share of any Guarantied Obligations. 
 “Proceeding” means any of the following: (i) a voluntary or
involuntary case concerning any Guarantor shall be commenced under the Bankruptcy Code; (ii) a custodian (as defined in such Bankruptcy Code or any other applicable bankruptcy laws) is appointed for, or takes charge of, all or any substantial
part of the property of any Guarantor; (iii) any other proceeding under any Applicable Law, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up or composition for
adjustment of debts, whether now or hereafter in effect, is commenced relating to any Guarantor; (iv) any Guarantor is adjudicated insolvent or bankrupt; (v) any order of relief or other order approving any such case or proceeding is
entered by a court of competent jurisdiction; (vi) any Guarantor makes a general assignment for the benefit of creditors; (vii) any Guarantor shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts
generally as they become due; (viii) any Guarantor shall call a meeting of its creditors with a view to arranging a composition or adjustment of its debts; (ix) any Guarantor shall by any act or failure to act indicate its consent to,
approval of or acquiescence in any of the foregoing; or (x) any corporate action shall be taken by any Guarantor for the purpose of effecting any of the foregoing. 

“Ratable Share” means, for any Guarantor in respect of any payment of Guarantied Obligations, the ratio (expressed as a
percentage) as of the date of such payment of Guarantied Obligations of (i) the amount by which the aggregate present fair salable value of all of its assets and properties exceeds the amount of all debts and liabilities of such Guarantor
(including contingent, subordinated, unmatured, and unliquidated liabilities, but excluding the obligations of such Guarantor hereunder) to (ii) the amount by which the aggregate present fair salable value of all assets and other properties of
all of the Loan Parties exceeds the amount of all of the debts and liabilities (including contingent, subordinated, unmatured and unliquidated liabilities, but excluding the obligations of the Loan Parties hereunder) of the Loan Parties;
provided that, for 

  
 11 

 
purposes of calculating the Ratable Shares of the Guarantors in respect of any payment of Guarantied Obligations, any Guarantor that became a Guarantor subsequent to the date of any such payment
shall be deemed to have been a Guarantor on the date of such payment and the financial information for such Guarantor as of the date such Guarantor became a Guarantor shall be utilized for such Guarantor in connection with such payment. 

“Specified Derivatives Obligations” means all indebtedness, liabilities, obligations, covenants and duties of the Borrower or
its Subsidiaries under or in respect of any Specified Derivatives Contract, whether direct or indirect, absolute or contingent, due or not due, liquidated or unliquidated, and whether or not evidenced by any written confirmation. 

(b) As used herein, “Guarantors” shall mean, as the context requires, collectively, (a) each Subsidiary identified as a
“Guarantor” on the signature pages hereto, (b) each Person that joins this Guaranty as a Guarantor pursuant to Section 8.14 of the Term Loan Agreement, (c) with respect to any Specified Derivatives
Obligations between any Loan Party (other than the Borrower) and any Specified Derivatives Provider, the Borrower, and (d) the successors and permitted assigns of the foregoing. 

(c) Terms not otherwise defined herein are used herein with the respective meanings given them in the Term Loan Agreement. 

[Signatures on Following Page] 

  
 12 

 IN WITNESS WHEREOF, each Guarantor has duly executed and delivered this Guaranty as of the
date and year first written above. 
  

			
	GUARANTOR:
	
	SPIRIT REALTY CAPITAL, INC.
		
	By:	 	 /s/ Michael Hughes_________

		 	Name: Michael Hughes
		 	Title: Executive Vice President, Chief Financial Officer and Treasurer
	
	Address for Notices for all Guarantors:
	
	c/o Spirit Realty, L.P. 2727 North Harwood Street, Suite 300
	Dallas, Texas 75201
	Attention: Carl Wade
	
	with a copy to:
	
	c/o Spirit Realty, L.P. 2727 North Harwood Street, Suite 300
	Dallas, Texas 75201
	Attention: Rochelle Thomas

  

			
	BORROWER:
	
	SPIRIT REALTY, L.P.,
	a Delaware limited partnership
		
	By:	 	Spirit General OP Holdings, LLC,
		 	a Delaware limited liability company, its general partner

  

					
	By:	 	 /s/ Michael Hughes_________

		 	Name: Michael Hughes
		 	Title: Executive Vice President, Chief Financial Officer and Treasurer

 ANNEX I 

FORM OF ACCESSION AGREEMENT 

THIS ACCESSION AGREEMENT dated as of ____________, ____, executed and delivered by ______________________, a _____________ (the “New
Guarantor”) in favor of BANK OF AMERICA, N.A., in its capacity as Administrative Agent (the “Administrative Agent”) under that certain Term Loan Agreement, dated as of January 14, 2019, by and among Spirit
Realty, L.P., a Delaware limited partnership (the “Borrower”), the financial institutions party thereto and their assignees under Section 13.5 thereof (the “Lenders”), the Administrative Agent,
and the other parties thereto (as amended, restated, supplemented or otherwise modified from time to time, the “Term Loan Agreement”), for its benefit and the benefit of the other Guarantied Parties. 

WHEREAS, pursuant to the Term Loan Agreement, the Administrative Agent and the other Lenders have agreed to make available to the Borrower
certain financial accommodations on the terms and conditions set forth in the Term Loan Agreement; 
 WHEREAS, the Specified Derivatives
Providers may from time to time enter into Specified Derivatives Contracts with the Borrower and/or its Subsidiaries; 
 WHEREAS, the New
Guarantor is owned or controlled by the Borrower; 
 WHEREAS, the Borrower, the New Guarantor and the other Guarantors, though separate
legal entities, are mutually dependent on each other in the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financial accommodations from the Guarantied Parties
through their collective efforts; 
 WHEREAS, the New Guarantor acknowledges that it will receive direct and indirect benefits from the
Guarantied Parties making such financial accommodations available; and 
 WHEREAS, the New Guarantor’s execution and delivery of this
Agreement is a condition to the Guarantied Parties continuing to make such financial accommodations. 
 NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the New Guarantor, the New Guarantor agrees as follows: 

Section 1. Accession to Guaranty. The New Guarantor hereby agrees that it is a “Guarantor” under the Guaranty, dated as
of January 14, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”), made by the Guarantors party thereto in favor of the Administrative Agent, for its benefit and the benefit
of the other Guarantied Parties, and assumes all obligations of a “Guarantor” thereunder, all as if the New Guarantor had been an original signatory to the Guaranty. Without limiting the generality of the foregoing, the New Guarantor
hereby: 
 (a) irrevocably and unconditionally guarantees the due and punctual payment and performance when due, whether at stated maturity,
by acceleration or otherwise, of all Guarantied Obligations (as defined in the Guaranty); 

  
 Annex I-1 

 (b) makes to the Administrative Agent and the other Guarantied Parties as of the date hereof
each of the representations and warranties contained in Section 5 of the Guaranty and agrees to be bound by each of the covenants contained in Section 6 of the Guaranty; and 

(c) consents and agrees to each provision set forth in the Guaranty. 

Section 2. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 3. Definitions. Capitalized
terms used herein and not otherwise defined herein shall have their respective defined meanings given them in the Term Loan Agreement. 

[Signatures on Following Page] 

  
 2 

 IN WITNESS WHEREOF, the New Guarantor has caused this Accession Agreement to be duly
executed and delivered under seal by its duly authorized officers as of the date first written above. 
  

			
	[NEW GUARANTOR]
		
	By:	 	  

		 	Name:
                                         
                    
		 	Title:
                                         
                     
	([CORPORATE] SEAL)
	
	Address for Notices:
	
	 c/o Spirit Realty, L.P.
 2727 North
Harwood Street, Suite 300

	Dallas, Texas 75201
	Attention: Carl Wade
	
	with a copy to:
	
	 c/o Spirit Realty, L.P.
 2727 North
Harwood Street, Suite 300

	Dallas, Texas 75201
	Attention: Rochelle Thomas

  

			
	ACCEPTED:
	
	BANK OF AMERICA, N.A., as Administrative Agent
	By:	 	                                      
                              
	Name:	 	                                      
                              
	Title:	 	                                      
                              

  
 3Blueprint

Exhibit
4.1

FORM OF COMMON STOCK PURCHASE WARRANT

 

THE SECURITIES EVIDENCED BY THIS WARRANT HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE
SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED
OR OTHERWISE DISPOSED OF WITHOUT (i) EFFECTIVE REGISTRATION
STATEMENT RELATED THERETO, (ii) AN OPINION OF COUNSEL OR OTHER
EVIDENCE, REASONABLY SATISFACTORY TO THE BRIGHT MOUNTAIN MEDIA,
INC., THAT SUCH REGISTRATION IS NOT REQUIRED, OR (iii) RECEIPT OF
NO-ACTION LETTERS FROM THE APPROPRIATE GOVERNMENTAL
AUTHORITIES.

 

December 28, 2018  No. W-__

 

BRIGHT MOUNTAIN MEDIA, INC.

 

COMMON STOCK PURCHASE WARRANT

 

This
certifies that, for good and valuable consideration, receipt of
which is hereby acknowledged, [●] (“Holder”)
is entitled to purchase, subject to the terms and conditions of
this Warrant, from Bright Mountain Media, Inc., a Florida
corporation (the “Company”),
[●] fully paid and nonassessable shares of the
Company’s common stock, par value $0.01 per share
(“Common
Stock”). Holder shall be entitled to purchase the
shares of Common Stock in accordance with Section 2 at any time
subsequent to the date of this Warrant set forth above and prior to
the Expiration Date (as defined below). The shares of Common Stock
of the Company for which this Warrant is exercisable, as adjusted
from time to time pursuant to the terms hereof, are hereinafter
referred to as the “Shares.”
This Warrant is one of a series of Warrants included in the Units
issued and sold pursuant to the terms and conditions of the
Company’s Confidential Private Offering Memorandum for
Accredited Investors dated December 13, 2018 and the exhibits (the
“Offering
Documents”), as may be supplemented from time to
time.

 

1.           Exercise
Period; Price.

 

1.1           Exercise
Period. This Warrant shall be immediately exercisable and
the exercise period (“Exercise
Period”) shall terminate at 5:00 p.m. Eastern time on
December 28, 2023 (the “Expiration
Date”).

 

1.2           Exercise
Price. The initial purchase price for each of the Shares
shall be $0.65 per share. Such price shall be subject to adjustment
pursuant to the terms hereof (such price, as adjusted from time to
time, is hereinafter referred to as the “Exercise
Price”).

 

2.           Exercise
and Payment.

 

2.1           Exercise.
At any time after the date of this Warrant, this Warrant may be
exercised, in whole or in part, from time to time by the Holder,
during the term hereof, by surrender of this Warrant and the Notice
of Exercise attached hereto as Annex I, duly completed and
executed by the Holder, to the Company at the principal executive
offices of the Company, together with payment in the amount
obtained by multiplying the Exercise Price then in effect by the
number of Shares thereby purchased, as designated in the Notice of
Exercise. Payment may be in cash, wire transfer or by check payable
to the order of the Company in immediately available funds. If not
exercised in full, this Warrant must be exercised for a whole
number of Shares.

 

2.2           Cashless
Exercise. If: (i) the Company shall have failed to timely
file the Resale Registration Statement (as hereinafter defined); or
(ii) at any time thereafter during the Exercise Period there is not
an effective registration statement registering the Shares, or the
prospectus contained therein is not available for the issuance of
the Shares to the Holder, for a period of at least sixty (60) days
following the delivery of the Suspension Notice (as hereinafter
defined), then this Warrant may also be exercised, in whole or in
part, at such time by means of a “cashless exercise” in
which the Holder shall be entitled to receive a certificate for the
number of Shares equal to the quotient obtained by dividing [(A-B)
(X)] by (A), where:

 

(A) =
the average of the closing sale prices for the five (5) trading
days immediately prior to (but not including) the exercise
date;

 

(B) =
the Exercise Price of this Warrant, as adjusted hereunder;
and

 

(X) =
the number of Shares that would be issuable upon exercise of this
Warrant in accordance with the terms of this Warrant if such
exercise were by means of a cash exercise rather than a cashless
exercise.

 

When
used herein, a “Suspension
Notice” shall mean the occurrence of any of the
following events: (i) any request by the Securities and Exchange
Commission (“SEC”)
or any other federal or state governmental authority, during the
period of effectiveness of the Resale Registration Statement, for
amendments or supplements to such registration statement or related
prospectus or for additional information; (ii) the issuance by the
SEC or any other federal or state governmental authority of any
stop order suspending the effectiveness of the Resale Registration
Statement or the initiation of any proceedings for that purpose;
(iii) the receipt by the Company of any notification with respect
to the suspension of the qualification or exemption from
qualification of any of the Shares for sale in any jurisdiction
from a state governmental authority or the initiation of any
proceeding for such purpose by a state governmental authority; or
(iv) any event or circumstance which necessitates the making of any
changes to the Resale Registration Statement or related prospectus,
or any document incorporated or deemed to be incorporated therein
by reference, so that, in the case of the Resale Registration
Statement, it will not include any untrue statement of a material
fact or omit to state a material fact required to be stated therein
or necessary to make the statements made therein not misleading
and, in the case of the prospectus, it will not contain any untrue
statement of a material fact or omit to state a material fact
necessary to make the statements made therein, in the light of the
circumstances under which they were made, not misleading. The
Company will promptly provide written notice to the Holder of the
occurrence of any Suspension Event. The Company shall thereafter
promptly prepare a supplement or amendment to the Resale
Registration Statement to correct such untrue statement or
omission, and provide a copy of such supplement or amendment to the
Holder. The Company shall also promptly notify the Holder in
writing (x) when a prospectus or any prospectus supplement or
post-effective amendment has been filed, and when a registration
statement or any post-effective amendment has become effective and
(y) of the Company’s reasonable determination that a
post-effective amendment to a registration statement would be
appropriate.

 

For
purposes of Rule 144 promulgated under the Securities Act of 1933,
as amended (the “Act”),
it is intended, understood and acknowledged that the Shares issued
in a cashless exercise transaction shall be deemed to have been
acquired by the Holder, and the holding period for the Shares shall
be deemed to have commenced, on the date this Warrant was
originally issued pursuant to the Offering Documents (provided the
SEC continues to take the position that such treatment is proper at
the time of such exercise).

 

2.3           Holder's
Exercise Limitation. The Company shall not effect any
exercise of this Warrant, and a Holder shall not have the right to
exercise any portion of this Warrant, pursuant to Section 2.1,
Section 2.2 or otherwise, to the extent that after giving effect to
such issuance after exercise as set forth on the applicable Notice
of Exercise, the Holder (together with the Holder’s
Affiliates (as that term is defined in the Securities Exchange Act
of 1934, as amended (the “Exchange
Act”)), and any other persons acting as a group
together with the Holder or any of the Holder’s Affiliates),
would beneficially own in excess of the Beneficial Ownership
Limitation (as defined below). For purposes of the foregoing
sentence, the number of shares of Common Stock beneficially owned
by the Holder and its Affiliates shall include the number of shares
of Common Stock issuable upon exercise of this Warrant with respect
to which such determination is being made, but shall exclude the
number of shares of Common Stock which would be issuable upon (i)
exercise of the remaining, nonexercised portion of this Warrant
beneficially owned by the Holder or any of its Affiliates, and (ii)
exercise or conversion of the unexercised or nonconverted portion
of any other securities of the Company (including, without
limitation, any other Common Stock Equivalents) subject to a
limitation on conversion or exercise analogous to the limitation
contained herein beneficially owned by the Holder or any of its
Affiliates. Except as set forth in the preceding sentence, for
purposes of this Section 2.3, beneficial ownership shall be
calculated in accordance with Section 13(d) of the Exchange Act and
the rules and regulations promulgated thereunder, it being
acknowledged by the Holder that the Company is not representing to
the Holder that such calculation is in compliance with Section
13(d) of the Exchange Act and the Holder is solely responsible for
any schedules required to be filed in accordance therewith. To the
extent that the limitation contained in this Section 2.3 applies,
the determination of whether this Warrant is exercisable (in
relation to other securities owned by the Holder together with any
Affiliates) and of which portion of this Warrant is exercisable
shall be in the sole discretion of the Holder, and the submission
of a Notice of Exercise shall be deemed to be the Holder’s
determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any
Affiliates) and of which portion of this Warrant is exercisable, in
each case subject to the Beneficial Ownership Limitation, and the
Company shall have no obligation to verify or confirm the accuracy
of such determination and shall have no liability for exercises of
the Warrant that are not in compliance with the Beneficial
Ownership Limitation. In addition, a determination as to any group
status as contemplated above shall be determined in accordance with
Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder and the Company shall have no obligation to
verify or confirm the accuracy of such determination and shall have
no liability for exercises of the Warrant that are not in
compliance with the Beneficial Ownership Limitation. For purposes
of this Section 2.3, in determining the number of outstanding
shares of Common Stock, a Holder may rely on the number of
outstanding shares of Common Stock as reflected in (A) the
Company’s most recent periodic or annual report filed with
the Securities and Exchange Commission, as the case may be, (B) a
more recent public announcement by the Company or (C) a more recent
written notice by the Company or its transfer agent setting forth
the number of shares of Common Stock outstanding. Upon the written
or oral request of a Holder, the Company shall as promptly as
practicable confirm orally and in writing to the Holder the number
of shares of Common Stock then outstanding. In any case, the number
of outstanding shares of Common Stock shall be determined after
giving effect to the conversion or exercise of securities of the
Company, including this Warrant, by the Holder or its Affiliates
since the date as of which such number of outstanding shares of
Common Stock was reported. The “Beneficial
Ownership Limitation” shall be 4.99% of the number of
shares of the Common Stock outstanding immediately after giving
effect to the issuance of shares of Common Stock issuable upon
exercise of this Warrant. The Holder, upon not less than 61
days’ prior notice to the Company, may increase or decrease
the Beneficial Ownership Limitation provisions of this Section 2.3,
provided that the Beneficial Ownership Limitation in no event
exceeds 9.99% of the number of shares of the Common Stock
outstanding immediately after giving effect to the issuance of
shares of Common Stock upon exercise of this Warrant held by the
Holder and the provisions of this Section 2.3 shall continue to
apply. Any such increase or decrease will not be effective until
the 61st
day after such notice is delivered to the Company. The provisions
of this paragraph shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this Section
2.3 to correct this paragraph (or any portion hereof) which may be
defective or inconsistent with the intended Beneficial Ownership
Limitation herein contained or to make changes or supplements
necessary or desirable to properly give effect to such limitation.
The limitations contained in this paragraph shall apply to a
successor holder of this Warrant.

 

3. Company’s
Right to Call this Warrant. Subject to the terms and
conditions set forth herein, and providing that there is an
effective registration statement registering the Shares issuable
upon exercise of this Warrant, during the Exercise Period, upon
thirty (30) days prior written notice to the Holder (each, a
“Call
Notice”) following the date on which the last sale
price of the Company’s Common Stock equals or exceeds $1.50
per share for ten (10) consecutive trading days, as may be adjusted
for stock splits, stock dividends and similar corporate events, if
the average daily trading volume of the Company’s Common
Stock is not less than thirty thousand (30,000) shares during such
ten (10) consecutive trading day period, the Company shall have the
right to call any or all of the Warrants at a call price of $0.01
per underlying Share (the “Call
Price”). Warrant holders shall have the period from
the date of the Call Notice until 5 p.m., Eastern time, on the
twentieth (20th) day following the Call Notice (the
“Call
Date”) to exercise the Warrant pursuant to the terms
hereof. Any Warrants which have been called but remain unexercised
by the Call Date shall automatically terminate and no longer
entitle the Holder to exercise such Warrant or to receive any
consideration therefor, other than the Call Price. For any Warrants
which are not exercised by the Call Date, the Company shall
promptly as possible following the Call Date pay the Call Price to
the Holder of any Warrants which have been called and not
exercised.

 

4.           Registration
Rights. No later than
one hundred and twenty (120) days (the “Filing
Deadline”) following the Final Closing (as that term
is defined in the Offering Documents), the Company will file a
registration statement with the SEC to register the resale of the
Shares by the Holder so as to permit the public resale thereof (the
“Resale Registration
Statement”). The Company will use its reasonable
efforts to ensure that such Resale Registration Statement is
declared effective by the SEC as soon as practicable. The Company
will keep such Resale Registration Statement effective until the
earlier of the date upon which all Shares may be sold without
registration under Rule 144 or the date which is six months after
the expiration of the Warrants. If the Company should fail to file
the Resale Registration Statement by the Filing Deadline, then
within five (5) business days of the end of month the Company shall
pay the Holder an amount in cash, as partial liquidated damages,
equal to two percent (2%) of the aggregate Purchase Price (as that
term is defined in the Offering Documents) paid by such Holder for
each 30 days, or portion thereof, until the earlier of the date the
deficiency is cured or the expiration of six (6) months from Filing
Deadline (the “Penalty”).
No Holder shall be entitled to a Penalty payment pursuant to this
Section 4 if the
filing of the Resale Registration Statement has been delayed as the
result of the failure by such Holder to promptly provide on request
by the Company the information required under the Subscription
Agreement which is part of the Offering Documents. Notwithstanding
any other provision of this Warrant, if any (i) any
publicly-available written guidance, or rule of general
applicability of the SEC staff, or (ii) oral or written comments,
requirements or requests of the SEC staff to the Company in
connection with the review of the Resale Registration Statement
sets forth a limitation on the number of Shares to be registered in
the Resale Registration Statement (and the Company has used its
best efforts to advocate with the SEC for the registration of all
or the maximum number of Shares), the number of Shares to be
registered on such Resale Registration Statement will be reduced on
a pro rata basis among the purchasers of Warrants issued and sold
pursuant to the Offering Documents based on the total number of
Shares underlying Warrants held by such purchasers.

 

6. Reservation
of Shares. The
Company hereby agrees that at all times there shall be reserved for
issuance and delivery upon exercise of this Warrant such number of
Shares or other shares of capital stock of the Company from time to
time issuable upon exercise of this Warrant. All such shares shall
be duly authorized, and when issued upon such exercise, shall be
validly issued, fully paid and non-assessable, free and clear of
all liens, security interests, charges and other encumbrances or
restrictions on sale and free and clear of all preemptive
rights.

 

 

6.           Delivery
of Stock Certificates. Within three (3) trading days after
exercise, in whole or in part, of this Warrant, the Company shall
issue in the name of and deliver to the Holder a certificate or
certificates for the number of fully paid and nonassessable Shares
which the Holder shall have requested in the Notice of Exercise. If
this Warrant is exercised in part, the Company shall deliver to the
Holder a new Warrant (dated the date hereof and of like tenor) for
the unexercised portion of this Warrant at the time of delivery of
such stock certificate or certificates.

 

7.           No
Fractional Shares.
This Warrant must be exercised for a whole number of Shares. No
fractional shares or scrip representing fractional Shares will be
issued upon exercise of this Warrant. Any fractional Share which
otherwise might be issuable on the exercise of this Warrant as a
result of the anti-dilution provisions Section 10 hereof will be
rounded up to the nearest whole Share.

 

8.           Charges,
Taxes and Expenses.
The Company shall pay all transfer taxes or other incidental
charges, if any, in connection with the transfer of the Shares
purchased pursuant to the exercise hereof from the Company to the
Holder.

 

9.           Loss,
Theft, Destruction or Mutilation of Warrant. Upon receipt by the Company of
evidence reasonably satisfactory to it of the loss, theft,
destruction or mutilation of this Warrant, and in case of loss,
theft or destruction, of indemnity or security reasonably
satisfactory to the Company, and upon reimbursement to the Company
of all reasonable expenses incidental thereto, and upon surrender
and cancellation of this Warrant, if mutilated, the Company will
make and deliver a new Warrant of like tenor and dated as of such
cancellation, in lieu of this Warrant.

 

10.           Saturdays,
Sundays, Holidays, Etc. If the last or appointed day for the
taking of any action or the expiration of any right required or
granted herein shall be a Saturday or a Sunday or shall be a legal
holiday, then such action may be taken or such right may be
exercised on the next succeeding weekday which is not a legal
holiday.

 

11.           Adjustment
of Exercise Price and Number of Shares. The Exercise Price and the number of
and kind of securities purchasable upon exercise of this Warrant
shall be subject to adjustment from time to time as
follows:

 

11.1           Subdivisions,
Combinations and Other Issuances. If the Company shall at
any time after the date hereof but prior to the expiration of this
Warrant subdivide its outstanding securities as to which purchase
rights under this Warrant exist, by split-up or otherwise, or
combine its outstanding securities as to which purchase rights
under this Warrant exist, the number of Shares as to which this
Warrant is exercisable as of the date of such subdivision, split-up
or combination shall forthwith be proportionately increased in the
case of a subdivision, or proportionately decreased in the case of
a combination. Appropriate adjustments shall also be made to the
Exercise Price, but the aggregate purchase price payable for the
total number of Shares purchasable under this Warrant as of such
date shall remain the same.

 

11.2           Stock
Dividend. If at any time after the date hereof the Company
declares a dividend or other distribution on its Common Stock
payable in Common Stock or other securities or rights convertible
into Common Stock (“Common Stock
Equivalents”) without payment of any consideration by
such holder for the additional shares of Common Stock or the Common
Stock Equivalents (including the additional shares of Common Stock
issuable upon exercise or conversion thereof), then the number of
Shares for which this Warrant may be exercised shall be increased
as of the record date (or the date of such dividend distribution if
no record date is set) for determining which holders of Common
Stock shall be entitled to receive such dividend, in proportion to
the increase in the number of outstanding shares (and shares of
Common Stock issuable upon conversion of all such securities
convertible into Common Stock) of Common Stock as a result of such
dividend, and the Exercise Price shall be adjusted so that the
aggregate amount payable for the purchase of all the Shares
issuable hereunder immediately after the record date (or on the
date of such distribution, if applicable), for such dividend shall
equal the aggregate amount so payable immediately before such
record date (or on the date of such distribution, if
applicable).

 

11.3.                      Other
Distributions. If at any time after the date hereof the
Company distributes to holders of its Common Stock, other than as
part of its dissolution or liquidation or the winding up of its
affairs, any shares of its capital stock, any evidence of
indebtedness or any of its assets (other than cash, Common Stock or
Common Stock Equivalents), then the Company may, at its option,
either (i) decrease the Exercise Price of this Warrant by an
appropriate amount based upon the value distributed on each share
of Common Stock as determined in good faith by the Company’s
Board of Directors, or (ii) provide by resolution of the
Company’s Board of Directors that on exercise of this
Warrant, the Holder hereof shall thereafter be entitled to receive,
in addition to the shares of Common Stock otherwise receivable on
exercise hereof, the number of shares or other securities or
property which would have been received had this Warrant at the
time been exercised.

 

11.4           Effect
of Consolidation, Merger or Sale. In case of any
reclassification, capital reorganization, or change of securities
of the class issuable upon exercise of this Warrant (other than a
change in par value, or from par value to no par value, or from no
par value to par value, or as a result of any subdivision,
combination, stock dividend or other distribution provided for in
Sections 11.1,
11.2 and
11.3 above), or in
case of any consolidation or merger of the Company with or into any
corporation (other than a consolidation or merger with another
corporation in which the Company is the acquiring and the surviving
corporation and which does not result in any reclassification or
change of outstanding securities issuable upon exercise of this
Warrant), or in case of any sale of all or substantially all of the
assets of the Company, the Company, or such successor or purchasing
corporation, as the case may be, shall duly execute and deliver to
the holder of this Warrant a new Warrant (in form and substance
satisfactory to the holder of this Warrant), or the Company shall
make appropriate provision without the issuance of a new Warrant,
so that the holder of this Warrant shall have the right to receive,
at a total purchase price not to exceed that payable upon the
exercise of the unexercised portion of this Warrant, and in lieu of
the Shares theretofore issuable upon exercise of this Warrant, the
kind and amount of shares of stock, other securities, money and
property receivable upon such reclassification, capital
reorganization, change, merger or sale by a holder of the number of
Shares then purchasable under this Warrant. In any such case,
appropriate provisions shall be made with respect to the rights and
interest of Holder so that the provisions hereof shall thereafter
be applicable to any shares of stock or other securities and
property deliverable upon exercise hereof, or to any new Warrant
delivered pursuant to this Section 11.4, and appropriate
adjustments shall be made to the Exercise Price per share payable
hereunder, provided, that the aggregate Exercise Price shall remain
the same. The provisions of this Section 11.4 shall similarly
apply to successive reclassifications, capital reorganizations,
changes, mergers and transfers.

 

12.           Notice
of Adjustments; Notices. Whenever the Exercise Price or number
of Shares purchasable hereunder shall be adjusted pursuant to
Section 11 hereof,
the Company shall execute and deliver to the Holder a certificate
setting forth, in reasonable detail, the event requiring the
adjustment, the amount of the adjustment, the method by which such
adjustment was calculated and the Exercise Price and number of and
kind of securities purchasable hereunder after giving effect to
such adjustment, and shall cause a copy of such certificate to be
mailed (by first class mail, postage prepaid) to the
Holder.

 

13.           Rights
As Shareholder; Notice to Holders. Nothing contained in this Warrant
shall be construed as conferring upon the Holder or his or its
transferees the right to vote or to receive dividends or to consent
or to receive notice as a shareholder in respect of any meeting of
shareholders for the election of directors of the Company or of any
other matter, or any rights whatsoever as shareholders of the
Company. The Company shall give notice to the Holder by registered
mail if at any time prior to the expiration or exercise in full of
the Warrants, any of the following events shall occur:

 

(i)           a
dissolution, liquidation or winding up of the Company shall be
proposed;

 

(ii)           a
capital reorganization or reclassification of the Common Stock
(other than a change in par value, or from par value to no par
value, or from no par value to par value, or as a result of any
subdivision, combination, stock dividend or other distribution) or
any consolidation or merger of the Company with or into another
corporation (other than a consolidation or merger with another
corporation in which the Company is the acquiring and the surviving
corporation and which does not result in any reclassification or
change of outstanding securities issuable upon exercise of this
Warrant), or in case of any sale of all or substantially all of the
assets of the Company; or

 

(iii)           a
taking by the Company of a record of the holders of any class of
securities for the purpose of determining the holders thereof who
are entitled to receive any dividend (other than a cash dividend)
for other distribution, any right to subscribe for, purchase or
otherwise acquire any shares of stock of any class or any other
securities or property, or to receive any other
rights.

 

Such
giving of notice shall be simultaneous with (or in any event, no
later than) the giving of notice to holders of Common Stock. Such
notice shall specify the record date or the date of closing the
stock transfer books, as the case may be. Failure to provide such
notice shall not affect the validity of any action contemplated in
this Section
13.

 

14.           Restricted
Securities. The
Holder understands that this Warrant and the Shares purchasable
hereunder constitute “restricted securities” under the
federal securities laws inasmuch as they are, or will be, acquired
from the Company in transactions not involving a public offering
and accordingly may not, under such laws and applicable
regulations, be resold or transferred without registration under
the Act, or an applicable exemption from such registration. The
Holder further acknowledges that a securities legend to the
foregoing effect shall be placed on any Shares issued to the Holder
upon exercise of this Warrant.

 

 

 

 

 

 

 

 

15.           Disposition
of Shares; Transferability.

 

15.1           Transfer.
This Warrant shall be transferable only on the books of the
Company, upon delivery thereof duly endorsed by the Holder or by
its duly authorized attorney or representative, accompanied by
proper evidence of succession, assignment or authority to transfer.
Upon any registration of transfer, the Company shall execute and
deliver new Warrants to the person entitled thereto.

 

15.2           Rights,
Preferences and Privileges of Common Stock. The powers,
preferences, rights, restrictions and other matters relating to the
shares of Common Stock will be as determined in the Company’s
Amended and Restated Articles of Incorporation, as amended, as then
in effect.

 

16.           Miscellaneous.

 

16.1           Binding
Effect. This Warrant and the various rights and obligations
arising hereunder shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and
assigns.

 

 

16.2           Entire
Agreement. This Warrant and the Offering Documents
constitute the entire agreement between the parties with respect to
the subject matter hereof and supersede all prior and
contemporaneous agreements, whether oral or written, between the
parties hereto with respect to the subject matter
hereof.

 

16.3           Amendment
and Waiver. Any term of this Warrant may be amended and the
observance of any term hereof may be waived (either generally or in
a particular instance and either retroactively or prospectively),
with the written consent of the Company and the
Holder.

 

16.4           Governing
Law. This Agreement shall be governed by and construed under
the laws of the State of Florida without reference to the conflicts
of law principles thereof. The exclusive jurisdiction for any legal
suit, action or proceeding arising out of or related to this
Warrant shall be the United States District Court for the Southern
District of Florida.

 

16.5           Headings.
The headings in this Agreement are for convenience only and shall
not alter or otherwise affect the meaning hereof.

 

16.6           Severability.
If one or more provisions of this Warrant are held to be
unenforceable under applicable law, such provision shall be
excluded from this Warrant and the balance of the Warrant shall be
interpreted as if such provision were so excluded and the balance
shall be enforceable in accordance with its terms.

 

16.7           Notices.
Unless otherwise provided, any notice required or permitted under
this Warrant shall be given in the same manner as provided in the
Agreement.

 

 

 

IN WITNESS WHEREOF, the parties hereto
have executed and delivered this Warrant as of the date appearing
on the first page of this Warrant.

 

 

 

THE
COMPANY:

 

BRIGHT
MOUNTAIN MEDIA, INC.

 

 

By:
_______________________________

W. Kip
Speyer, Chief Executive Officer

 

 

ANNEX I

 

NOTICE OF EXERCISE

 

To:            

Bright
Mountain Media, Inc.

 

1.            

The undersigned
Holder hereby elects to purchase _____________ shares of common
stock, $0.01 par value per share (the “Shares”)
of Bright Mountain Media, Inc., a Florida corporation (the
“Company”),
pursuant to the terms of the attached Warrant. The Holder shall
make payment of the Exercise Price by delivering the sum of
$____________, in lawful money of the United States, to the Company
in accordance with the terms of the Warrant.

 

2.            

Please issue and
deliver certificates representing the Warrant Shares purchased
hereunder to Holder: ,Address: in the following
denominations: ____________________________.

 

3.            

Please issue a new
Warrant for the unexercised portion of the attached Warrant, if
any, in the name of the undersigned.

 

Holder:                                           

Dated:                                           

By:                                

Its:                                

Address:                                

 

4.            

The undersigned is
an “accredited investor” as defined in Regulation D
promulgated under the Securities Act of 1933, as
amended.

 

SIGNATURE OF HOLDER

 

Name of Investing
Entity:                                                                                                                                          

Signature of Authorized Signatory of Investing
Entity:                                                                                                                                           

Name of Authorized
Signatory:                                                                                                                                          

Title of Authorized
Signatory:                                                                                                                                          

Date:

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