Document:

Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management
Trust Agreement (this “Agreement”) is made effective as of October 1, 2014 by and between AR Capital
Acquisition Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust
Company, a New York corporation (the “Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, No. 333-198014 (the “Registration Statement”) and prospectus (the
“Prospectus”) for the initial public offering of the Company’s units (the “Units”),
each of which consists of one share of the Company’s common stock, par value $0.0001 per share (the “Common Stock”),
and one-half of one warrant, each whole warrant entitling the holder thereof to purchase one share of Common Stock (such initial
public offering hereinafter referred to as the “Offering”), has been declared effective as of the date
hereof by the U.S. Securities and Exchange Commission; and

 

WHEREAS, the Company
has entered into an Underwriting Agreement (the “Underwriting Agreement”) with Citigroup Global Markets
Inc. as representative of the several underwriters (the “Underwriters”) named therein; and

 

WHEREAS, as described
in the Registration Statement, $240,000,000 of the gross proceeds of the Offering and sale of the Private Placement Warrants (as
defined in the Underwriting Agreement) (or $276,000,000 if the Underwriters’ over-allotment option is exercised in full)
will be delivered to the Trustee to be deposited and held in a segregated trust account located at all times in the United States
(the “Trust Account”) for the benefit of the Company and the holders of the Common Stock included in
the Units issued in the Offering as hereinafter provided (the amount to be delivered to the Trustee (and any interest subsequently
earned thereon) is referred to herein as the “Property,” the stockholders for whose benefit the
Trustee shall hold the Property will be referred to as the “Public Stockholders,” and the Public Stockholders
and the Company will be referred to together as the “Beneficiaries”); and

 

WHEREAS, pursuant to
the Underwriting Agreement, a portion of the Property equal to (i) $5,760,000 (or $6,624,000 if the Underwriters’ over-allotment
option is exercised in full) is attributable to deferred underwriting discounts and commissions that may be payable by the Company
to the Underwriters (the “Deferred Discount”), and (ii) $2,640,000 (or $3,036,000 if the Underwriters’
over-allotment option is exercised in full) is attributable to an advisory fee that may be payable by the Company to RCS Capital
(“RCS”), a division of Realty Capital Securities, LLC (the “Advisory Fee”),
in each case upon the consummation of the Business Combination (as defined below); and

 

WHEREAS, the Company
and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold
the Property.

 

NOW THEREFORE, IT IS
AGREED:

 

1.          Agreements
and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

    	 

    	 

    

  

(a)          Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by
the Trustee at J.P. Morgan Chase Bank, N.A. and at a brokerage institution selected by the Trustee that is reasonably satisfactory
to the Company;

 

(b)          Manage,
supervise and administer the Trust Account subject to the terms and conditions set forth herein;

 

(c)          In
a timely manner, upon the written instruction of the Company, invest and reinvest the Property in United States government securities
within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 180 days or less,
or in money market funds meeting the conditions of paragraphs (c)(2), (c)(3), (c)(4) and (c)(5) of Rule 2a-7 promulgated under
the Investment Company Act of 1940, as amended, which invest only in direct U.S. government treasury obligations, as determined
by the Company; the Trustee may not invest in any other securities or assets, it being understood that the Trust Account will earn
no interest while account funds are uninvested awaiting the Company’s instructions hereunder;

 

(d)          Collect
and receive, when due, all interest or other income arising from the Property, which shall become part of the “Property,”
as such term is used herein;

 

(e)          Promptly
notify the Company of all communications received by the Trustee with respect to any Property requiring action by the Company;

 

(f)          Supply
any necessary information or documents as may be requested by the Company (or its authorized agents) in connection with the Company’s
preparation of the tax returns relating to assets held in the Trust Account;

 

(g)          Participate
in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed
by the Company to do so;

 

(h)          Render
to the Company monthly written statements of the activities of, and amounts in, the Trust Account reflecting all receipts and disbursements
of the Trust Account;

 

(i)           Commence
liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter
from the Company (“Termination Letter”) in a form substantially similar to that attached hereto as either
Exhibit A or Exhibit B signed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer or
Chairman of the board of directors (the “Board”) or other authorized officer of the Company, and complete
the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest not previously released
to the Company to pay its franchise and income taxes (and, if applicable, less up to $100,000 of interest that may be released
to the Company to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred to therein,
or (y) October 7, 2016, if a Termination Letter has not been received by the Trustee prior to such date, in which case the
Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit
B and the Property in the Trust Account (less up to $100,000 of interest that may be released to the Company to pay dissolution
expenses) shall be distributed to the Public Stockholders of record as of such date; provided, however, that in the
event the Trustee receives a Termination Letter in a form substantially similar to Exhibit B hereto, or if the Trustee begins
to liquidate the Property because it has received no such Termination Letter by October 7, 2016, the Trustee shall keep the Trust
Account open until twelve (12) months following the date the Property has been distributed to the Public Stockholders;

 

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(j)          Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit C (a “Tax Payment Withdrawal Instruction”), withdraw from the Trust Account and distribute
to the Company the amount of interest earned on the Property requested by the Company to cover any income or franchise tax obligation
owed by the Company as a result of assets of the Company or interest or other income earned on the Property, which amount shall
be delivered directly to the Company by electronic funds transfer or other method of prompt payment, and the Company shall forward
such payment to the relevant taxing authority; provided, however, that to the extent there is not sufficient cash
in the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets held in the Trust Account as shall be
designated by the Company in writing to make such distribution; provided, further, that if the tax to be paid is
a franchise tax, the written request by the Company to make such distribution shall be accompanied by a copy of the franchise tax
bill from the State of Delaware for the Company and a written statement from the principal financial officer of the Company setting
forth the actual amount payable. The written request of the Company referenced above shall constitute presumptive evidence that
the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said request; and

 

(k)          Not
make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i) or (j) above.

 

2.           Agreements
and Covenants of the Company. The Company hereby agrees and covenants to:

 

(a)          Give
all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board, President, Chief Executive
Officer or Chief Financial Officer. In addition, except with respect to its duties under Sections 1(i) and 1(j) hereof,
the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction
which it, in good faith and with reasonable care, believes to be given by any one of the persons authorized above to give written
instructions, provided that the Company shall promptly confirm such instructions in writing;

 

(b)          Subject
to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all expenses, including
reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it hereunder
and in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with
any claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the
Property or any interest earned on the Property, except for expenses and losses resulting from the Trustee’s gross negligence,
fraud or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any
action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this Section 2(b), it shall
notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”). The
Trustee shall have the right to conduct and manage the defense against such Indemnified Claim; provided that the Trustee
shall obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld.
The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which such consent
shall not be unreasonably withheld. The Company may participate in such action with its own counsel;

 

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(c)          Pay
the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration fee, and
transaction processing fee which fees shall be subject to modification by the parties from time to time. It is expressly understood
that the Property shall not be used to pay such fees unless and until it is distributed to the Company pursuant to Sections
1(i) through 1(j) hereof. The Company shall pay the Trustee the initial acceptance fee and the first monthly fee at
the consummation of the Offering. The Trustee shall refund to the Company the monthly fee (on a pro rata basis) with respect to
any period after the liquidation of the Trust Account. The Company shall not be responsible for any other fees or charges of the
Trustee except as set forth in this Section 2(c), Schedule A and as may be provided in Section 2(b) hereof;

 

(d)          In
connection with any vote of the Company’s stockholders regarding a merger, capital stock exchange, asset acquisition, stock
purchase, reorganization or similar business combination involving the Company and one or more businesses (the “Business
Combination”), provide to the Trustee an affidavit or certificate of the inspector of elections for the stockholder
meeting verifying the vote of such stockholders regarding such Business Combination;

 

(e)          Provide
Citigroup Global Markets Inc. with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee
with respect to any proposed withdrawal from the Trust Account promptly after it issues the same; and

 

(f)          Instruct
the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing the Trustee
to make any distributions that are not permitted under this Agreement.

 

3.           Limitations
of Liability. The Trustee shall have no responsibility or liability to:

 

(a)          Imply
obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement
or document other than this agreement and that which is expressly set forth herein;

 

(b)          Take
any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee shall have no liability
to any party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct;

 

(c)          Institute
any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of
any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided
herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto;

 

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(d)          Refund
any depreciation in principal of any Property;

 

(e)          Assume
that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided
otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;

 

(f)          The
other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted,
in good faith and in the Trustee’s best judgment, except for the Trustee’s gross negligence, fraud or willful misconduct.
The Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice
of counsel (including counsel chosen by the Trustee, which counsel may be the Company’s counsel), statement, instrument,
report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also
as to the truth and acceptability of any information therein contained) which the Trustee believes, in good faith and with reasonable
care, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice
or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced
by a written instrument delivered to the Trustee, signed by the proper party or parties and, if the duties or rights of the Trustee
are affected, unless it shall give its prior written consent thereto;

 

(g)          Verify
the accuracy of the information contained in the Registration Statement;

 

(h)          Provide
any assurance that any Business Combination entered into by the Company or any other action taken by the Company is as contemplated
by the Registration Statement;

 

(i)          File
information returns with respect to the Trust Account with any local, state or federal taxing authority or provide periodic written
statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned on the Property;

 

(j)          Prepare,
execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated by, and activities
relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including, but not
limited to, income tax obligations, except pursuant to Section 1(j) hereof; or

 

(k)          Verify
calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections 1(i)
and 1(j) hereof.

 

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4.           Trust
Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including,
without limitation, under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such Claim solely against
the Company and its assets outside the Trust Account and not against the Property or any monies in the Trust Account.

 

5.           Termination.
This Agreement shall terminate as follows:

 

(a)          If
the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement. At such
time that the Company notifies the Trustee that a successor trustee has been appointed and has agreed to become subject to the
terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including but
not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall
terminate; provided, however, that in the event that the Company does not locate a successor trustee within ninety
(90) days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited
with any court in the State of New York or with the United States District Court for the Southern District of New York and upon
such deposit, the Trustee shall be immune from any liability whatsoever; or

 

(b)          At
such time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with the provisions
of Section 1(i) hereof (which section may not be amended under any circumstances) and distributed the Property in accordance
with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 2(b).

 

6.           Miscellaneous.

 

(a)          The
Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds
transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating
to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe
unauthorized persons may have obtained access to such confidential information, or of any change in its authorized personnel. In
executing funds transfers, the Trustee shall rely upon all information supplied to it by the Company, including, account names,
account numbers, and all other identifying information relating to a Beneficiary, Beneficiary’s bank or intermediary bank.
Except for any liability arising out of the Trustee’s gross negligence, fraud or willful misconduct, the Trustee shall not
be liable for any loss, liability or expense resulting from any error in the information or transmission of the funds.

 

(b)          This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. This
Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together
shall constitute but one instrument.

 

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(c)          This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
for Section 1(i) hereof (which section may not be amended under any circumstances), this Agreement or any provision hereof
may only be changed, amended or modified (other than to correct a typographical error) by a writing signed by each of the parties
hereto.

 

(d)          This
Agreement or any provision hereof may only be changed, amended or modified pursuant to Section 6(c) hereof with the Consent
of the Stockholders; provided, however, that no such change, amendment or modification may be made to Section
1(i) hereof (which section may not be amended under any circumstances), it being the specific intention of the parties hereto
that each of the Company’s stockholders is, and shall be, a third party beneficiary of this Section 6(d) with the
same right and power to enforce this Section 6(d) as the other parties hereto. For purposes of this Section 6(d),
the “Consent of the Stockholders” means receipt by the Trustee of a certificate from the inspector of
elections of the stockholder meeting certifying that either (i) the Company’s stockholders of record as of a record date
established in accordance with Section 213(a) of the Delaware General Corporation Law, as amended (“DGCL”),
who hold sixty-five percent (65%) or more of all then outstanding shares of the Common Stock, have voted in favor of such change,
amendment or modification, or (ii) the Company’s stockholders of record as of the record date who hold sixty-five percent
(65%) or more of all then outstanding shares of the Common Stock, have delivered to such entity a signed writing approving such
change, amendment or modification. Except for any liability arising out of the Trustee’s gross negligence, fraud or willful
misconduct, the Trustee may rely conclusively on the certification from the inspector of elections referenced above and shall be
relieved of all liability to any party for executing the proposes amendment in reliance thereon.

 

(e)          The
parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, State of New
York, for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS
AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

 

(f)          Any
notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing
and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery
or by facsimile transmission:

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Frank Di Paolo and Cynthia Jordan

Fax No.: (212) 509-5150

 

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if to the Company, to:

 

AR Capital Acquisition Corp.

405 Park Avenue — 2nd
Floor

New York, New York 10022

Attn: Nicholas S. Schorsch

Fax No.: (212) 421-5799

 

in each case, with copies to:

 

McDermott Will & Emery LLP

340 Madison Avenue

New York, New York 10173

Attn: Joel L. Rubinstein

Fax No.: (212) 547-5444

 

and

 

Citigroup Global Markets Inc.

388 Greenwich Street

New York, NY 10013

Attn.: Eric Wooley

Fax No.: (212) 816-7912

 

and

 

Citigroup Global Markets Inc.

388 Greenwich Street

New York, NY 10013

Attn.: General Counsel

Fax No.: (212) 816-7912

 

and

 

Akin Gump Strauss Hauer & Feld LLP

One Bryant Park

New York, New York 10036

Attn: Bruce S. Mendelsohn, Esq.

Fax No.: (212) 872-1002

 

(g)          Each
of the Company and the Trustee hereby represents that it has the full right and power and has been duly authorized to enter into
this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it
shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds
in the Trust Account under any circumstance.

 

(h)          Each
of the Company and the Trustee hereby acknowledges and agrees that Citigroup Global Markets Inc., on behalf of the Underwriters,
is a third party beneficiary of this Agreement.

 

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(i)          Except
as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other person
or entity.

 

[Signature Page
Follows]

 

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IN WITNESS WHEREOF,
the parties have duly executed this Investment Management Trust Agreement as of the date first written above.

 

	 	Continental Stock Transfer & Trust Company, as

Trustee
	 	 	 
	 	By:	/s/ Frank Di Paolo
	 	 	Name: Frank Di Paolo
	 	 	Title: Vice President
	 	 	 
	 	AR Capital Acquisition Corp.
	 	 	 
	 	By:	/s/ William M. Kahane
	 	 	Name: William M. Kahane
	 	 	Title:   Chief Executive Officer

 

[Signature Page to Investment Management
Trust Agreement]

 

    	 

    	 

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial set-up fee.	 	Initial closing of Offering by wire transfer.	 	$	1,500	 
	 	 	 	 	 	 	 
	Trustee administration fee	 	Payable annually. First year fee payable, at initial closing of Offering by wire transfer, thereafter by wire transfer or check.	 	$	10,000	 
	 	 	 	 	 	 	 
	Transaction processing fee for disbursements to Company under Sections 1(i) and 1(j)	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 1	 	$	250	 
	 	 	 	 	 	 	 
	Paying Agent services as required pursuant to Section 1(i)	 	Billed to Company upon delivery of service pursuant to Section 1(i)	 	 	Prevailing rates
 
	 

 

    	 

    	 

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust
Company

17 Battery Place

New York, New York 10004

Attn: Accounting Department: Frank Di Paolo and Cynthia Jordan

 

		Re:	Trust Account No.       Termination
Letter

 

Gentlemen:

 

Pursuant to Section
1(i) of the Investment Management Trust Agreement between AR Capital Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of October 1, 2014 (the
“Trust Agreement”), this is to advise you that the Company has entered into an agreement with ___________
(the “Target Business”) to consummate a business combination with Target Business (the “Business
Combination”) on or about [insert date]. The Company shall notify you at least forty-eight (48) hours in advance
of the actual date of the consummation of the Business Combination (the “Consummation Date”).
Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with
the terms of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account on [insert
date], and to transfer the proceeds into the trust checking account at JP Morgan Chase Bank, N.A. to the effect that, on
the Consummation Date, all of funds held in the Trust Account will be immediately available for transfer to the account or accounts
that the Company shall direct on the Consummation Date. It is acknowledged and agreed that while the funds are on deposit in the
trust checking account at JP Morgan Chase Bank, N.A. awaiting distribution, the Company will not earn any interest or dividends.

 

On the Consummation
Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated,
or will be consummated concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”)
and (ii) the Company shall deliver to you (a) [an affidavit] [a certificate] of the Chief Executive Officer, which verifies that
the Business Combination has been approved by a vote of the Company’s stockholders, if a vote is held and (b) joint written
instruction signed by the Company, Citigroup Global Markets Inc. and RCS Capital, respectively, with respect to the transfer of
the funds held in the Trust Account, including payment of the Deferred Discount and the Advisory Fee from the Trust Account (the
“Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust
Account immediately upon your receipt of the Notification and the Instruction Letter, in accordance with the terms of the Instruction
Letter. In the event that certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty,
you will notify the Company in writing of the same and the Company shall direct you as to whether such funds should remain in the
Trust Account and be distributed after the Consummation Date to the Company. Upon the distribution of all the funds, net of any
payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust
Agreement shall be terminated.

 

    	 

    	 

    

 

In the event that the
Business Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified you on
or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from
the Company, the funds held in the Trust Account shall be reinvested as provided in Section 1(c) of the Trust Agreement
on the business day immediately following the Consummation Date as set forth in the notice as soon thereafter as possible.

 

	 	Very truly yours,
	 	 
	 	AR Capital Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

cc: Citigroup Global Markets Inc.

 

    	 

    	 

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust
Company

17 Battery Place

New York, New York 10004

Attn: Accounting Department: Frank Di Paolo
and Cynthia Jordan

 

		Re:	Trust Account No.       Termination
Letter

 

Gentlemen:

 

Pursuant to Section
1(i) of the Investment Management Trust Agreement between AR Capital Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of October 1, 2014 (the
“Trust Agreement”), this is to advise you that the Company has been unable to effect a business combination
with a Target Business (the “Business Combination”) within the time frame specified in the Company’s
Amended and Restated Certificate of Incorporation, as described in the Company’s Prospectus relating to the Offering. Capitalized
terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with
the terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account on ____________,
20___ and to transfer the total proceeds into the trust checking account at JP Morgan Chase Bank, N.A. to await distribution to
the Public Stockholders. The Company has selected October 7, 2016 as the record date for the purpose of determining the Public
Stockholders entitled to receive their share of the liquidation proceeds. You agree to be the Paying Agent of record and, in your
separate capacity as Paying Agent, agree to distribute said funds directly to the Company’s Public Stockholders in accordance
with the terms of the Trust Agreement and the Amended and Restated Certificate of Incorporation of the Company. Upon the distribution
of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account,
your obligations under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(j)
of the Trust Agreement.

 

	 	Very truly yours,
	 	 
	 	AR Capital Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

cc: Citigroup Global Markets Inc.

 

    	 

    	 

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust
Company

17 Battery Place

New York, New York 10004

Attn: Accounting Department: Frank Di Paolo
and Cynthia Jordan

 

		Re:	Trust Account No.       Tax
Payment Withdrawal Instruction

 

Gentlemen:

 

Pursuant to Section
1(j) of the Investment Management Trust Agreement between AR Capital Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of October 1, 2014
(the “Trust Agreement”), the Company hereby requests that you deliver to the Company $ ___________ of
the interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the
meanings set forth in the Trust Agreement.

 

The Company needs such
funds to pay for the tax obligations as set forth on the attached tax return or tax statement. In accordance with the terms of
the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt
of this letter to the Company’s operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 
	 	AR Capital Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

cc: Citigroup Global Markets Inc.Exhibit 10.3

 

 

A
Division of Realty Capital Securities, LLC, Member FINRA

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

T:
(212) 415-6500

 

PERSONAL AND CONFIDENTIAL

 

October 1, 2014

 

AR Capital Acquisition Corporation

405 Park Avenue

New York, NY 10022

 

Ladies and Gentlemen:

 

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

 

		1.	Strategic Services

 

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

 

		·	performing customary financial analyses of potential Transaction targets;

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

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

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

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

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

 

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

 

    	 

    	 

    

 

		2.	Compensation

 

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

 

		3.	Expenses

 

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

 

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

 

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

 

		4.	Term and Termination

 

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

 

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

 

    	 

    	 

    

 

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

 

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

 

		5.	Indemnity; Trust Waiver; Other Relationships 

 

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

 

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

 

    	 

    	 

    

 

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

 

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

 

		6.	General Provisions

 

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

 

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

 

    	 

    	 

    

 

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

 

    	 

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 

    	 

    

 

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

 

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

 

[Remainder of page left blank intentionally]

 

    	 

    	 

    

 

Very truly yours,

 

RCS CAPITAL, the investment banking and capital markets

division
of REALTY CAPITAL SECURITIES, LLC

 

By: RCS Capital Corporation, its managing member

 

	By:	/s/ Brian D. Jones	 
	 	Name: Brian D. Jones	 
	 	Title: Chief Financial Officer	 

 

Acknowledged and Agreed to

as of the date first above written:

 

AR Capital Acquisition Corp.

 

	By:	
        /s/ Nicholas Radesca
	 
	 	Name: Nicholas Radesca	 
	 	Title: Chief Financial Officer	 

 

    	 

    	 

    

 

Annex A

 

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

 

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

 

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

 

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

 

    	 

    	 

    

 

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

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