Document:

Exhibit 10.15

 

CONFIDENTIALITY, COLLABORATION & SUPPLY
AGREEMENT

 

THIS CONFIDENTIALITY COLLABORATION & SUPPLY
AGREEMENT (“Agreement”) dated December 1, 2013 (“Effective Date”) is entered into among TAIDA COMPANY,
LLC, a Delaware, U.S.A. limited liability company (“Taida”), WOODBRIDGE FOAM CORPORATION,
an Ontario, Canada corporation (“Woodbridge”) and CUSTOM FOAM SYSTEMS, LTD., an Ontario,
Canada corporation (“CFS”). For the purposes of this Agreement, Taida, Woodbridge and CFS are collectively referred
to as the “parties”.

 

RECITALS

 

WHEREAS Taida has developed proprietary audio headset technology;
and

 

WHEREAS Woodbridge has expertise in the design,
development, manufacture, assembly and sales of polyurethane formulations and foam products including, without limitation, Woodbridge's
bio-based polyurethane formulation; and

 

WHEREAS CFS is a manufacturer of polyurethane
foam products and will manufacture and supply to Taida wearable electronics, sensor product, or audio product (including components
and packaging of such product) incorporating or using Taida Intellectual Property including, without limitation, EarPuff® and
TaidaTOPTM audio headset products (collectively, the “Products”); and

 

WHEREAS the parties desire to enter into a
collaborative contractual relationship whereby CFS will manufacture and supply to Taida the Products leveraging Taida’s proprietary
audio headset technology and Woodbridge’s proprietary bio-based polyurethane foam technology, on the terms and conditions of this
Agreement (the “Purpose”); and

 

NOW THEREFORE, in consideration of the mutual
covenants and promises contained herein, the parties, intending to be legally bound, agree as follows:

 

A.
       DEFINITIONS

 

	1.		In this Agreement, the following are defined terms:

 

	(a)		“CFS Information” means CFS has developed certain information concerning
the manufacture and supply of polyurethane foam products which includes, without limitation, concepts, samples, tooling, processes,
Intellectual Property and other confidential information;

	(b)		“Discloser” means (i) Taida with respect to the disclosure of the Taida
Information, (ii) Woodbridge with respect to the disclosure of the Woodbridge Information and (iii) CFS with respect to the disclosure
of the CFS Information;

	(c)		"Information” means (i) Taida Information with respect to the disclosure
or receipt of Taida information, (ii) Woodbridge Information with respect to the disclosure or receipt of Woodbridge Information,
(PI) CFS Information with respect to the disclosure or receipt of CFS information;

	(d)		“Intellectual Property” means trademarks, trade names, know-how, show-how,
trade secrets, copyrights, patents and patent applications (whether or not patented or reduced to practice), industrial design
and other proprietary and intellectual property rights including, but not limited to manufacturing, processes, formulations, chemical
compositions, venting technology and tooling technology.

	(e)		“Products” has the meaning set forth in the Recitals of this Agreement;

	(f)		“Purpose” has the meaning set forth in the Recitals of this Agreement;

	(g)		“Recipient” means (i) Taida and its Affiliates with respect to the receipt
of Woodbridge Information and CFS Information, (ii) Woodbridge and its Affiliates with respect to the receipt of Taida Information
and CFS Information, and (iii) CFS and its Affiliates with respect to the receipt of Taida Information and Woodbridge information;

	(h)		“Taida
Information” means Taida has developed certain information concerning the design and development of audio headset technology
including, without limitation, Products, designs, customers, Intellectual Property and other confidential information; “Taida
Intellectual Property” means all Intellectual Property covering the Products, whether owned or licensed by Taida. For greater
certainty, Taida Intellectual Property specifically excludes Pre-existing Intellectual Property of Woodbridge and CFS; and

	(j)		“Taida Intellectual Property” means all Intellectual Property covering
the Products, whether owned or licensed by Taida. For greater certainty, Taida Intellectual Property specifically excludes Pre-existing
Intellectual Property of Woodbridge and CFS; and;

	(k)		“Woodbridge Information” means Woodbridge has developed certain proprietary
and confidential information in connection the design, development, manufacture, assembly and sales of polyurethane formulations
and foam products which Includes, without limitation, concepts, designs, formulations, composition, samples, specifications, products,
processes, tooling, Intellectual Property and other confidential Information.

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B.       CONFIDENTIALITY

 

	2.		Discloser shall at its discretion provide such Information to Recipient as is required
for the Purpose. Nothing in this Agreement obligates Discloser to make any particular disclosure of Information.

	3.		All right, title and interest in and to the Information shall remain the exclusive
property of Discloser, No interest, licence or any right respecting the Information, other than as expressly set out herein, is
granted to Recipient under this Agreement.

	4.		In the event that Discloser conveys to Recipient, or its subcontractors, Information
in the form of a sample or prototype, Recipient shall not reverse engineer or analyse the sample or prototype for the purpose
of determining the nature of the composition of the sample or prototype without the consent of Discloser.

	5.		Recipient shall not use the Information in any manner except as reasonably
required for the Purpose.

	6.		The parties acknowledge and agree that the Information is confidential and proprietary,

	7.		Recipient shall use all reasonable efforts to protect Discloser's interest in the
Information and keep it confidential, using a standard of care no less than the degree of care that Recipient would be reasonably
expected to employ for its own similar confidential information. In particular, Recipient shall not, directly or indirectly, disclose,
allow access to, transmit or transfer the Information to a third party without Discloser's prior written consent. Recipient shall
disclose the Information only to those of its employees, agents and consultants who have a need to know the Information for the
Purpose. Recipient shall, prior to disclosing the Information to such employees, agents and consultants, issue appropriate instructions
to them to satisfy its obligations herein and obtain their agreement to receive and use the information on a confidential basis
on the same conditions as contained in this Agreement.

	8.		The Information shall not be copied, reproduced in any form or stored in a retrieval
system or data base by Recipient without the prior written consent of Discloser, except for such copies and storage as may reasonably
be required internally by Recipient for the Purpose. For greater certainty, the limitations set out in this Section 8 shall not
apply to computer and data back-up systems of general application in Recipient's business operations.

	9.		The confidentiality and non-disclosure obligations of Recipient under Part B of this
Agreement shall not apply to Information:

 

	(a)		which at the time of disclosure is readily available to the trade or the public;

	(b)		which after disclosure becomes readily available to the trade or the public, other
than through a breach of this Agreement;

	(c)		which is subsequently lawfully and in good faith obtained by Recipient from an independent
third party without breach of this Agreement, as shown by documentation sufficient to establish the third party as a source of
the Information, and not obtained by the third party from Discloser;

	(d)		which Recipient can establish by documented and competent evidence, was in its knowledge
                                                                               or possession prior to the date of disclosure of such information by Discloser;

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	(e)		which is disclosed by Recipient with Discloser's specific and prior written consent;

	(f)		which Recipient is by law required to disclose provided that Recipient will give notice
to Discloser and will allow Discloser the opportunity to contest such disclosure.

 

	10.		Recipient shall, upon request of Discloser, immediately return the Information and
all copies thereof in any form whatsoever to Discloser, and delete the Information from all retrieval systems and databases (i.e.
active electronic media), provided that one copy of all such Information may be retained by the Recipient's legal advisors solely
for purposes of referencing its compliance with its obligations hereunder.

	11.		Due to the valuable and proprietary nature of the Information to Discloser, the confidentiality
obligations assumed by Recipient hereunder shall continue during the term of this Agreement and, upon the expiration or termination
of this Agreement, for a period of five (5) years thereafter and shall be unlimited in territory. Notwithstanding the forgoing,
if any Information is a trade secret, the confidentiality obligations assumed by Recipient hereunder shall continue for the life
of the trade secret.

 

C.TERM, TERMINATION & DESIGNATED REPRESENTATIVES

 

	12.		Term. Unless terminated earlier in accordance with this Section 13, the term of this
Agreement shall be for a period of three (3) years commencing on the Effective Date (“Initial Term”) and, unless a party terminates
the Agreement by written notice given at least thirty (30) days before the expiration of the Initial Term, this Agreement shall
automatically renew for successive one (1) year terms (“Renewal Term(s)”) which Renewal Term(s) may be terminated by
any party (with or without reason or cause) at any time on written notice to the other parties. For the purpose of this Agreement,
the Initial Term and the Renewal Term(s) (if any) shall be collectively referred to as the “Term”.

Notwithstanding  the foregoing, to the extent permitted by applicable law, this Agreement shall terminate for a party automatically in the event that (a) that party enters into voluntary bankruptcy proceedings or (b) involuntary bankruptcy proceedings are instituted against that party which are not dismissed within thirty (30) days or such longer period as may be permitted by the other parties.

 

	13.		Termination with Cause. If a party breaches this Agreement, the non-breaching parties
shall notify the breaching party in writing outlining in sufficient detail the grounds for termination. If the breaching party
cannot or is unable to cure the breach within thirty (30) days of receiving such notice, the non-breaching parties may terminate
this Agreement upon further written notice to the breaching party.

	14.		Effect of Expiration or Termination. In addition to any obligations hereunder which,
by their terms, are Intended to survive the expiration or termination of this Agreement, the obligations under Sections 1 to 11
(inclusive), Sections 17, 18 and 19, Section 22, and Sections 23 to 31 (inclusive) shall survive such expiration or termination.

	15.		Designated Representatives for the Agreement. Each party will designate representatives
who will be the primary contact(s) among the parties to oversee the operation or Purpose of this Agreement. Each party may change
its designated representative(s) by providing written notice to the other parties. The parties designated representatives for
this Agreement are:

Woodbridge.  Paul Murrell       Taida: Randy Granovetter       CFS: Bob Germann

 

	16.		Executive Review. During the Term, two (2) executive members from each party shall
meet periodically (e.g. every six (6) months or more frequently if required) to review the progress of the parties under this
Agreement.

    

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D.       COLLABORATION AND SUPPLY

 

	17.		Woodbridge
                                         Obligations. During the Term, Woodbridge and its wholly-owned subsidiaries agree
                                         to:

 

	(a)		supply polyurethane formulations for the manufacture of the Products including, without
limitation, Woodbridge's proprietary BioFoamTM polyurethane formulation;

	(b)		exclusively supply
the BioFoamTM polyurethane formulation to Taida for in-ear and on-ear Products for a period of three (3) years;

	(c)		issue a Woodbridge quote and Conditions of Sale to Taida for the supply of its polyurethane
formulations including, without limitation, pricing and payment terms; and

	(d)		work with Taida to investigate and explore global manufacturing
opportunities. For purposes of this Section, both parties agree to act reasonably, diligently and
good faith in the circumstances.

 

For the purposes of Section 17, Woodbridge
and its wholly-owned subsidiaries are free to sell the BioFoamTM formulation for products and service unrelated
to in-ear and on-ear Products.

 

	18.		Taida
                                         Obligations. During the Term, Taida, its subsidiaries, related entities and/or subcontractors
                                         (collectively “Taida”), agree to:

 

	(a)		exclusively purchase all polyurethane formulations from Woodbridge for the manufacture
and supply of any in-ear and on-ear Products worldwide for a period of three (3) years;

	(b)		compensate Woodbridge for Taida’s polyurethane formulation requirements in accordance
with the Woodbridge quote and Conditions of Sale; and

	(c)		offer Woodbridge the right of first refusal to manufacture and supply its Products
outside of the U.S.A. and Canada.

 

For the purposes of Section 18, Taida is free
to purchase polyurethane formulations from third parties for applications unrelated to in-ear and on-ear Products.

 

	19.		CFS Obligations.
                                         During the Term, CFS and its wholly-owned subsidiaries agree to:

 

	(a)		exclusively purchase all polyurethane formulations from Woodbridge for the manufacture
and supply of any in-ear and on-ear Products for a period of three (3) years;

	(b)		pay Woodbridge for polyurethane formulation requirements for the manufacture and supply
of Products in accordance with the quote and conditions of sale; and

	(c)		manufacture and supply Products to Taida in accordance with a separate agreement between
Taida and CFS;

 

E.       INTELLECTUAL PROPERTY AND OWNERSHIP / LIMITATION OF
LIABILITY

 

	20.		"Pre-existing
                                         Intellectual Property” means all Intellectual Property owned, conceived, developed,
                                         first reduced to practice or otherwise made or acquired (collectively, “invented”)
                                         by a party prior to the Effective Date, or outside of this Agreement, and all modifications,
                                         adjustments or improvements thereto by whomever invented.

	21.		Intellectual
                                         Property Ownership. All Preexisting Intellectual Property of each party will remain
                                         the exclusive property of that party and, except as specifically provided in this Agreement,
                                         no party will acquire any rights or interests in the other party’s Pre-existing Intellectual
                                         Property.

 

	22.		LIMITATION
                                         OF LIABILITY. UNDER NO CIRCUMSTANCES SHALL ANY PARTY BE LIABLE TO THE OTHER FOR LOSS
                                         OF USE OR PROFITS OR OTHER INDIRECT COLLATERAL, SPECIAL, CONSEQUENTIAL INCIDENTAL OR
                                         PUNITIVE DAMAGES, WHETHER SUCH CLAIMS ARE FOUNDED IN TORT OR CONTRACT.

 

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F.       GENERAL

 

	23.		In the event of any dispute or disagreement arising from or relating to this Agreement
(or the breach thereof), the parties shall use their reasonable efforts to settle the dispute or disagreement. To this effect,
the parties shall consult and negotiate with each other in good faith and, recognizing their respective interests, attempt to
reach a just and equitable solution satisfactory to all parties.

	24.		If any provision of this Agreement is determined to be invalid or unenforceable in
whole or in part, such invalidity or unenforceability shall attach only to such provision and all other provisions hereof shall
continue in full force and effect.

	25.		This Agreement is not intended to create any joint venture, partnership or agency
relationship among the parties, and no party has the authority to make any statement, representation or commitment of any kind
or take any action binding upon the other parties, without the other party’s prior written consent.

	26.		Save and except for the Term Sheet between Woodbridge and CFS, this Agreement constitutes
the entire agreement among the parties with respect to the subject matter hereof and cancels and supersedes any prior understandings
and agreements between the parties with respect thereto. There are no representations, warranties, terms, conditions, undertakings
or collateral agreements, express, implied or statutory, between the parties other than as expressly set forth in this Agreement.
This Agreement may be modified or amended only by way of a written amendment executed by all the parties.

	27.		This Agreement may not be assigned by any party without the prior written consent
of the other party.

	28.		This Agreement shall enure to the benefit of and be binding upon the parties and their
respective successors and permitted assigns, To the extent that this Agreement applies to the subsidiaries, related entities and/or
subcontractors of a party, that party shall cause its subsidiaries, related entitles and/or subcontractors to comply with the
provisions of this Agreement applicable to such subsidiaries, related entities and/or subcontractors.

	29.		Any demand, notice or other communication required or permitted to be given in connection
with this Agreement shall be given in writing and shall be given by personal delivery or by electronic means of communication
addressed to the recipient as follows:

 

	
        To Woodbridge at:

        Woodbridge Foam Corporation

        4240 Sherwoodlowne Blvd.

        Mississauga, Ontario

        Canada L4Z 2G6

        Attention:Corporate Secretary 

        Email: marie.manseau@woodbridegroup.com

        To CFS at:

        360 Trillium Drive

        Kitchener, ON

        Canada N2E 2K6

        Attention: Bob Germann

        Email: bob.germann@customfoam.com
	To Talda at:

        Taida Company, LLC

        #5568 Caminito Consuelo

        La Jolla, CA 92037

        U.S.A.

        Attention: Randy Granovetter

        Email: randy.granovetter@voiceassist.com

 

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or to such other address, individual or electronic
communication number or email address as may be designated by notice given by any party to the other in accordance with this Section
31. Any demand, notice or other communication given by personal delivery shall be conclusively deemed to have been given on the
date of actual delivery thereof and, if given by facsimile or email, on the date of transmittal thereof if given during the normal
business hours of the recipient or on the business day during which such normal business hours next occur if not given during
such hours on any day.

 

	30.		This Agreement shall be governed by and construed in accordance with the laws of the
Province of Ontario and the laws of Canada applicable therein.

	31.		This Agreement may be executed in two or more identical counterparts, each of which
shall be deemed to be an original and all of which taken together shall be deemed to constitute the Agreement when a duly authorized
representative of each party has signed a counterpart. Each party agrees that the delivery of the Agreement by facsimile or other
electronic form shall have the same force and effect as delivery or original signature and that each party may use such facsimile
or electronic signatures as evidence of the execution and delivery of the Agreement by all parties to the same extent that an
original signature could be used.

 

 

IN WITNESS WHEREOF the parties have executed this Agreement as of the Effective Date.

 

	WOODBRIDGE FOAM CORPORATION	TAIDA COMPANY, LLC
	 	 
	By: /s/ Vik Shah	By: Randy Granovetter
	Name: Vik Shah	Name: Randy Granovetter
	Position: Vice President	Position: Chairman/CEO
	 	 
	 	CUSTOM FOAM SYSTEMS, LTD.
	 	 
	By: /s/ David Miller	By: /s/ Bob Germann
	Name: David Miller	Name: Bob Germann
	Position: Sr. V.P.	Position: President/CEO
	 	 

 

    	6Exhibit 10.2

 

PROPERTY MANAGEMENT AGREEMENT

 

by and between

 

AMERICAN REALTY CAPITAL RETAIL II ADVISORS,
LLC

 

and

 

AMERICAN REALTY CAPITAL − RETAIL
CENTERS OF AMERICA II, INC.

 

    	 

    	 

    

 

PROPERTY MANAGEMENT AGREEMENT

TABLE OF CONTENTS

 

	ARTICLE 1 Definitions	1
	1.1.	Definitions	1
	1.2.	Certain Defined Terms	1
	ARTICLE 2 Engagement of the Property Manager	1
	2.1.	Engagement	1
	2.2.	Status of the Property Manager; Limitation on Authority	1
	ARTICLE 3 Duties of the Property Manager	2
	3.1.	Duties; Standard of Performance	2
	3.2.	Specific Duties of the Property Manager	2
	 	A.	Collection of Moneys; Enforcement of Rights	2
	 	B.	Property Documents	2
	 	C.	Maintenance	2
	 	D.	Services	3
	 	E.	Taxes	3
	 	F.	Insurance; Reports and Claims	3
	 	G.	Compliance with Laws; Matters of Record	3
	 	H.	Construction	4
	 	I.	Employees	4
	 	J.	Notices	4
	 	K.	Extraordinary Services	4
	 	L.	Lease Obligations	4
	 	M.	Third-Party Property Managers	4
	 	N.	Inspections	4
	 	O.	Accounting Services	4
	3.3.	Contracts	5
	3.4.	Use of Property	5
	3.5.	Cash Management	5
	 	A.	Clearing Account	5
	 	B.	Order of Priority of Funds in Clearing Account	5
	 	C.	Operating Account	5
	3.6.	Indemnification	6
	3.7.	Complaints and Notices	6
	3.8.	Tenant Insurance Certificates	7
	3.9.	Licenses and Authorizations	7
	3.10.	Asbestos and Similar Compliance Matters	7
	3.11.	Special Billings	7
	ARTICLE 4 Accounting, Records, Reports	7
	4.1.	Records	7
	4.2.	Reports and Supporting Documentation	8
	4.3.	Budgets	8
	4.4.	Audit	9
	ARTICLE 5 Expenses and Compensation	9
	5.1.	Payment of Expenses	9
	5.2.	Expenditure Authorization	10
	 	A.	Utilities	10
	 	B.	Expenses per Budget	10
	 	C.	Emergencies	10
	5.3.	Compensation for Management Services	10
	 	A.	Management Fee	10
	 	B.	Transition Fee	11
	 	C.	Construction Fee	11
	ARTICLE 6 Term	11
	6.1.	Term	11

 

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	6.2.	Sale of Properties	11
	6.3.	Termination for Cause	11
	6.4.	Effect of Termination	12
	ARTICLE 7 Representations and Warranties of the Property Manager	12
	7.1.	Organization	12
	7.2.	Authorization	12
	7.3.	Validity	12
	7.4.	Licenses	12
	7.5.	Independent Contractor	13
	ARTICLE 8 Miscellaneous	13
	8.1.	Company’s Rights	13
	8.2.	Company’s Representative	13
	8.3.	No Personal Liability	13
	8.4.	Nature of Relationship	13
	8.5.	No Third Party Beneficiaries	13
	8.6.	Notices	13
	8.7.	Amendments	14
	8.8.	Exhibits	14
	8.9.	Laws	14
	8.10.	No Implied Waivers	14
	8.11.	Severability	14
	8.12.	Governing Law	14
	8.13.	Benefit and Assignment	14
	8.14.	Headings	15
	8.15.	Counterparts	15
	8.16.	Entire Agreement	15
	 	 	 
	SCHEDULE A Transition Fee	17

 

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PROPERTY MANAGEMENT AGREEMENT

 

THIS PROPERTY MANAGEMENT AGREEMENT
is made as of                       ,
2014 (the “Property Management Agreement”) by and between AMERICAN REALTY CAPITAL − RETAIL CENTERS OF
AMERICA II, INC., a Maryland corporation (the “Company”) and AMERICAN REALTY CAPITAL RETAIL II ADVISORS, LLC,
a Delaware limited liability company (the “Property Manager”).

 

WHEREAS, the Company intends to raise money
from the sale of its common stock to be used, net of payment of certain offering costs and expenses, for investment in the acquisition
of certain real estate and other real estate-related investments, some or all of which are to be acquired and held by the Owner
(as hereinafter defined) on behalf of the Company; and

 

WHEREAS, the Company is retaining the Property
Manager to manage and coordinate the day-to-day operations of the Properties acquired by the Owner, and the Property Manager desires
to be so retained, all under the terms and conditions set forth in this Property Management Agreement.

 

NOW, THEREFORE, in consideration of the premises
and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending
to be legally bound hereby, do hereby agree, as follows:

 

ARTICLE
1

Definitions

 

1.1.          Definitions.
The following defined terms used in this Property Management Agreement shall have the meaning specified below:

 

“Owner” means the Company,
the operating partnership of which the Company is the general partner, and all Owner Subsidiaries that own, in whole or in part,
on behalf of the Company, any Properties.

 

“Owner Subsidiary” or
“Owner Subsidiaries” means an entity or entities formed by or at the direction of the Company to directly own,
in whole or in part, on behalf of the Company, any Properties.

 

“Properties” means all
real estate properties owned, directly or indirectly, by the Owner and all tracts as yet unspecified but to be acquired by the
Owner containing income-producing improvements or on which the Owner will develop or rehabilitate income-producing improvements.

 

1.2.          Certain
Defined Terms. Capitalized terms used herein but not defined shall have the meanings ascribed to them in the Advisory Agreement,
dated as of             , 2014, by and between the Company and
American Realty Capital Retail II Advisors, LLC (the “Advisory Agreement”).

 

ARTICLE
2

Engagement of the Property Manager

 

2.1.          Engagement.
The Company hereby engages and retains the Property Manager to manage, operate and maintain the Properties as property manager
on behalf of the Owner, on the terms in this Property Management Agreement, and the Property Manager accepts such engagement and
agrees to perform such service on such terms; it being understood, that the Property Manager may engage a
third party (each a “Sub-Manager”) as the Property Manager deems necessary or desirable, without the consent
of the Company, and may delegate to a Sub-Manager all or a portion of the services to be provided hereunder to such Sub-Manager.
Any fees payable to a Sub-Manager (i) shall be the responsibility of the Property Manager out of payments received from the Company
and (ii) may, at the instruction of the Property Manager, be deducted from the Operating Account (as hereinafter defined) or the
fees payable hereunder and paid by the Owner to such Sub-Manager, or be paid directly by the Property Manager to such Sub-Manager,
in the Property Manager’s sole discretion.

 

2.2.          Status
of the Property Manager; Limitation on Authority. The Property Manager shall act under this Property Management Agreement
as an independent contractor and not as the Owner’s agent or employee. The Property Manager shall not have the right, power
or authority to enter into agreements or incur liability on behalf of the Owner except as expressly set forth herein. Any action
taken by the Property Manager which is not expressly permitted by this Property Management Agreement shall not bind the Owner.

 

    	 

    	 

    

 

ARTICLE
3

Duties of the Property Manager

 

3.1.          Duties;
Standard of Performance. The Property Manager shall devote its commercially reasonable efforts to performing its duties hereunder
to manage, operate and maintain the Properties in a diligent, careful and professional manner to maximize all potential revenues
to the Owner Subsidiaries and to minimize expenses and losses to the Owner Subsidiaries. The services of the Property Manager
are to be of a scope and quality not less than those generally performed by first class, professional managers of properties similar
in type and quality to the Properties and located in the same market area as the Properties. The Property Manager will at all
times act in good faith, in a commercially reasonable manner and in a fiduciary capacity with respect to the proper protection
of and accounting for each Owner Subsidiary’s assets; it being understood, that, the Property Manager’s
fiduciary relationship with each Owner Subsidiary is limited solely to the proper protection of and accounting for the Owner Subsidiary’s
assets and the Property Manager owes no other fiduciary duties to the Owner or security holders of any Owner entity.

 

3.2.          Specific
Duties of the Property Manager. Without limiting the obligations of the Property Manager under other provisions of this Property
Management Agreement, the Property Manager will have the following specific duties:

 

A.           Collection
of Moneys; Enforcement of Rights. The Property Manager will use diligent, commercially reasonable efforts to collect all rent
and other payments due from tenants in the Properties and any other sums due the Owner Subsidiaries regarding the Properties.
To the extent tenant leases affecting any Property so require, the Property Manager shall timely make or verify any calculations
that are required to determine the amount of rent due from tenants, including without limitation calculating percentage rent,
operating expense “pass-throughs” and consumer price index adjustments and, where required, shall give timely notice
thereof to tenants.

 

The Property Manager will promptly and diligently
enforce the Owner Subsidiaries’ rights under any tenant leases affecting any Property, including without limitation taking
the following actions where appropriate, in accordance with the procedures specified in the Property Manager’s property management
handbook in effect as of the date hereof: (i) terminating tenancies, (ii) instituting and prosecuting actions, and evicting tenants,
(iii) settling, compromising and releasing such actions or suits or re-instituting such tenancies, (iv) recovering rents and other
sums due by legal proceedings in a court of general jurisdiction, (v) signing and serving such notices as are deemed necessary
by the Property Manager, and (vi) recovering rents and other sums due by legal proceedings in a magistrates court or similar jurisdiction;
in each case, the Property Manager shall promptly notify the Company of such action in writing. If authorized by the Company, the
Property Manager shall consult an attorney for the purpose of enforcing an Owner Subsidiary’s rights or taking any such actions
and the Company shall have the right to designate counsel for any matter and to control all litigation affecting or arising out
of the operation of any Property. The Property Manager shall keep the Company informed of any dissatisfaction with the law firm
or such services or the reasonableness of the cost thereof.

 

B.           Property
Documents. The Property Manager will pay all sums out of the applicable Operating Account from time to time due from each
Owner Subsidiary and otherwise comply with the obligations of each Owner Subsidiary under any mortgages, deed of trust, leases,
easements, restrictions, service contracts and other agreements now or hereafter affecting the Properties as instructed by the
Company (the “Property Documents”).

 

C.           Maintenance.
Subject to the applicable Budget or any Company constraints, the Property Manager shall perform or cause to be performed under
contract or agreement with contractors, subcontractors or consultants, entered into in the name and on behalf of each Owner Subsidiary,
all ordinary maintenance, repairs, alterations, replacements and installations, do all decorating and landscaping, and purchase
all supplies necessary for (i) the proper operation of each Property, (ii) the fulfillment of the applicable Owner Subsidiary’s
obligations under any lease of space in any Property, (iii) the fulfillment of the Owner’s obligations under any mortgage
encumbering any Property of which the Property Manager has actual knowledge, and (iv) compliance with all covenants, conditions
and restrictions affecting any Property of which the Property Manager has actual knowledge.

 

Subject to the applicable Budget or the Company’s
constraints, the Property Manager shall obtain all necessary receipts, releases, waivers, discharges and assurances necessary to
keep each Property free of any mechanics’, laborers’, materials suppliers’ or vendors’ liens in connection
with work, materials or supplies for which the Property Manager contracts. All such documentation shall be in such form as reasonably
specified and required by the Company.

 

    	2

    	 

    

 

D.           Services.
The Property Manager shall arrange for, and negotiate contracts on behalf of the Owner Subsidiaries for, gas, electricity, water,
telephone, trash collection, sewer, elevator service, landscaping, janitorial service, security service and such other services
as are, or will be, furnished to the Properties for terms of not greater than one year, unless otherwise approved by the Company.
All such service contracts shall be entered into by the Property Manager for the account of and in the name of the applicable
Owner Subsidiary and shall be terminable on thirty (30) days’ notice or less, unless otherwise approved by the Company.
The funds necessary to pay for such services shall be paid from the applicable Operating Account. All utilities contracts shall
be in the name of the applicable Owner Subsidiary, with all notices to be addressed to the Company, with a copy to the Property
Manager, at the Property Manager’s address.

 

E.           Taxes.
Promptly following receipt, the Property Manager shall send to the Company all notices concerning the Properties regarding taxes
or valuations. The Owner shall pay all such taxes unless the Owner requests the Property Manager to pay such taxes, in which case
the Property Manager shall pay such taxes from the applicable Operating Account. Upon the Company’s written request, the
Property Manager in conjunction with an outside third party named by the Company, shall protest and attempt to reduce the property
taxes or adjust the valuation for any Property through administrative appeal for a fee to be negotiated.

 

F.           Insurance;
Reports and Claims. The Property Manager shall, on behalf of and at each Owner Subsidiary’s expense, procure and maintain
throughout the term hereof through Independent Insurance Advisors, as each Owner Subsidiary’s designated insurance representative,
insurance coverages with respect to each Property, including: (i) all-risk replacement value property damage coverage insuring
the full value of the Properties and the applicable Owner Subsidiary’s personal property and fixtures and rent loss coverage
for at least twelve (12) months; (ii) commercial general liability and umbrella liability coverages in an amount not less than
$10,000,000 combined single limit per occurrence and in the aggregate per year; and (iii) such other insurance as the Property
Manager deems appropriate. All insurance policies shall have provisions giving the Property Manager thirty (30) days’ prior
notice of cancellation, non-renewal or material modification of the coverage. All insurance policies maintained by the Owner with
respect to the Properties shall be issued through insurers with an A.M. Best rating of A or better and shall include waiver of
subrogation provisions in favor of the Owner. The Property Manager, any Sub-Manager engaged by the Property Manager in accordance
with Section 2.1 of this Property Management Agreement, the Company and the Company’s Representative as defined in Section
8.2 hereof shall be named as additional insureds (with form CG 2010 85 or equivalent) on any liability insurance maintained by
the Owner on each Property, and such liability insurance shall be primary to and not contribute with any liability insurance maintained
by the Property Manager.

 

The Property Manager shall promptly investigate
and make a full, timely, written report to the Company and Independent Insurance Advisors as to all accidents, claims for damages
relating to the ownership or operation and maintenance of any Property, and any damage or destruction to any Property and the estimated
cost of repair thereof. Thereafter, unless otherwise directed by the Company, Independent Insurance Advisors will timely process
all casualty insurance claims on behalf of the applicable Owner Subsidiary, obtain the necessary documentation therefor and the
Property Manager will prepare any and all reports required by Independent Insurance Advisors or any insurance company in connection
therewith. All such reports shall be timely filed with the insurance company as required under the terms of the insurance policy
involved. The Property Manager is authorized to settle any and all claims against insurance companies arising out of any policies,
including the execution of proofs of loss, the adjustment of losses, signing of receipts and the collection of money. Finally,
the Property Manager will fully cooperate with and assist all liability insurance carriers and their authorized agents and adjusters
in defending, litigating or settling any liability claims.

 

G.           Compliance
with Laws; Matters of Record. Subject to the other provisions of this Property Management Agreement, the Property Manager
will take such action as may be necessary to comply with any and all laws applicable to any Property and the Property Manager’s
employees and all known ordinances, regulations and orders relative to the use, operation, repair and maintenance of the Properties
and with the rules, regulations or orders of the local Board of Fire Underwriters or other similar body. Expenses incurred in
so complying and in correcting any such violation shall be included in the Budget or otherwise approved in advance by the Company.
The Property Manager agrees to perform all obligations of each Owner Subsidiary and pay all costs, expenses and other amounts
(including, without limitation, any liquidated damages) which each Owner Subsidiary or the Property Manager may be required to
pay in accordance with, and to comply and cause a Property to comply in all respects with all of the terms and conditions of,
any reciprocal easement agreement, any ground lease, mortgage, deed of trust or other security instruments affecting such Property
of which the Property Manager has actual knowledge, or any other agreement or document of record now affecting such Property or
hereafter executed or filed with the Company’s written consent (each, herein referred to as a “Matter of Record,”
and collectively as the “Matters of Record “) during the term of this Property Management Agreement. Further,
the Property Manager shall not cause, or fail to take commercially reasonable actions to prevent, a divestiture of title from
any of the Owner Subsidiaries under any encumbrance or any other Matter of Record. Each Owner Subsidiary shall be responsible
for any expenses, costs or other amounts paid by the Property Manager in respect of compliance with this Section 3.2(G) which
are not otherwise included in the applicable Budget.

 

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H.           Construction.
If the Company has authorized any construction or renovation on any Property, including but not limited to construction of tenant
finish-out, and the Company has requested in writing the services of the Property Manager with regard to any construction, renovation
or tenant finish-out, then the Property Manager will (i) review and forward to the Company all space planning layouts, drawings,
plans and specifications pertaining to such construction, together with a recommendation as to approval thereof by the Company;
(ii) supervise third party contractors responsible for construction or renovation work for a fee to be negotiated; (iii) solicit
or supervise the solicitation of competitive bids following the Company’s guidelines for all construction contracts in excess
of $10,000; (iv) require that all construction contracts and subcontracts contain provisions adequately protecting the applicable
Owner Subsidiary, in accordance with local procedures and any requirements of the Company, against mechanic’s, materialman’s
or similar liens affecting such Property and requiring ten percent (10%) retainage until at least thirty (30) days after completion;
(v) inspect all work in place; (vi) prepare and review all draws requested for submission to the Company and, if requested by
the Company, pay all draw requests on approval by the Company; and (vii) compile all documentation related to a construction project
necessary for the release of any lender reserves related to such construction project.

 

I.           Employees:
The Property Manager has the right to be reimbursed for (i) employees that are employed at the Properties or at management field
offices or corporate offices, should there be no office located on site. These employees shall be charged to the respective Property
on the basis of the percentage of time spent attending to such Property based on actual wages and fringe benefits, unless the
Company and the Property Manager agree in writing to another basis; and (ii) roving maintenance personnel to the extent needed
at the Properties from time to time, and these employees shall be charged to the respective Properties at a reasonable hourly
rate pre-approved by the Company and only for the actual and reasonably necessary time spent on such Property by such personnel.
The Company shall have no right to supervise or direct such agents or employees.

 

J.           Notices.
The Property Manager will promptly notify the Company of any of the following if in any way relating to the Properties: notice
of any claim of violation of any governmental or legal requirement, any notice of any claim of liability, any summons or other
legal process, any damage, any default or alleged default by landlord or tenant under any lease, and any other material information.
The Property Manager will fully cooperate with the Company in all legal and arbitration proceedings relating to any Property.

 

K.          Extraordinary
Services. For those efforts of the Property Manager requested by an Owner Subsidiary or the Company, which are not standard,
recurring property management activities and not anticipated to occur at least once per year, the Property Manager shall be compensated
on a basis to be agreed to in writing and in advance by such Owner Subsidiary (or the Company on its behalf) and the Property
Manager. For illustrative purposes, examples of such additional services include, but are not limited to, efforts related to estoppel
certificates, subordination and non-disturbance agreements, information pertaining to sale or financing of any Property, tax matters
(other than ad valorum real estate taxes), casualty or condemnation to any Property, lawsuit defense, except for intentional misdeeds
of the Property Manager, and other items of a similar non-recurring nature.

 

L.           Lease
Obligations. The Property Manager shall perform all duties of the landlord under all leases insofar as such duties relate
to operation, maintenance and day-to-day management of the Properties. The Property Manager shall also provide or cause to be
provided, at each Owner Subsidiary’s expense, all services normally provided to tenants of like premises, including where
applicable and without limitation, gas, electricity or other utilities required to be furnished to tenants under leases, normal
repairs and maintenance, and cleaning, and janitorial service. The Property Manager shall arrange for and supervise the performance
of all installations and improvements in space leased to any tenant which are either expressly required under the terms of the
lease of such space or that are customarily provided to tenants. The Property Manager shall maintain business-like relations with
the tenants of the Properties.

 

M.           Third-Party
Property Managers. The Property Manager shall be responsible for overseeing the performance of any third-party property managers
appointed in accordance with this Property Management Agreement.

 

N.           Inspections.
The Property Manager shall conduct periodic on-site property visits to some or all (as the Company or its designee deems reasonably
necessary or desirable) of the Properties to inspect the physical condition of the Properties and to evaluate the performance
of the third-party property managers and on-site personnel of the Property Manager.

 

O.           Accounting
Services. The Property Manager shall use the Company’s accounting application and follow the Company’s processes
required in connection with the preparation of the Budget and financial reporting for each of the Properties.

 

    	4

    	 

    

 

3.3.          Contracts.
In fulfilling its duties to the Owner, the Property Manager may and hereby is authorized to enter into any leases, contracts or
other agreements on behalf of the Owner in the ordinary course of the management, operation and maintenance and leasing of the
Properties.

 

3.4.          Use
of Property. The Property Manager will not knowingly permit the use of any Property for any purpose which might impair any
policy of insurance on such Property or which might render any loss insured thereunder uncollectible or which would be in violation
of any applicable law. The Property Manager will operate and maintain the Properties according to the highest standards achievable
consistent with the Company’s authorization. The Property Manager will use commercially reasonable efforts to secure compliance
by tenants with their respective leases.

 

3.5.          Cash
Management.

 

A.           Clearing
Account. The Property Manager shall cause all gross revenue in respect of each Property to be transmitted directly into an
individual clearing account (each a “Clearing Account”) controlled by the applicable Owner Subsidiary, established
with a financial institution to be determined by the Property Manager (the “Clearing Bank”), except to the
extent the payments in respect of a Property are required by a lender to be made into a lockbox account, in which case payments
will be deposited in the Clearing Account for such Property after release from such lockbox account. Without in any way limiting
the foregoing if the Property Manager receives any gross revenue from a Property, then (i) such amounts shall not be commingled
with any other funds or property of the Property Manager, and (ii) the Property Manager shall deposit such amounts in the Clearing
Account for such Property within one (1) business day of receipt.

 

B.           Order
of Priority of Funds in Clearing Account. On the 10th day of each month, all funds deposited into each Clearing Account shall
be applied on such date in the following order of priority: (i) first, if applicable, to make the required payments of
debt service, including late payment charges, if any, for such Property; and (ii) second, any remaining funds in such Clearing
Account shall be swept by the Clearing Bank into the Operating Account (as hereinafter defined) for such Property and applied
and disbursed in accordance with this Property Management Agreement.

 

C.           Operating
Account. All monies swept from each Clearing Account by the Clearing Bank shall be deposited in a separate depository account
for each Property in the applicable Owner Subsidiary’s name (each an “Operating Account”). Each Operating
Account shall be opened by the Property Manager, upon receipt of a fully-executed Owner Subsidiary Property Management Agreement
between the Property Manager and the applicable Owner Subsidiary and a W9 completed by such Owner Subsidiary, at U.S. Bank, N.A.
or another bank to be determined by the Property Manager. The signature card for each Operating Account shall indicate that the
Property Manager is dealing with the Operating Account as a fiduciary of the applicable Owner Subsidiary. Each Operating Account
and all funds therein shall at all times be the property of the applicable Owner Subsidiary. Each Owner Subsidiary shall have
electronic banking system access to its Operating Account, which shall permit it to obtain account information and make withdrawals
from such Operating Account.

 

Notwithstanding anything to the contrary
contained herein, the Company may direct payments or deposits received by the Property Manager to an operating account relating
to any Property to be controlled by the Owner Subsidiary and direct payments to be made into the Operating Account. In such event,
the Property Manager shall provide the Owner Subsidiary with all information necessary to make payments of expenses with respect
to such Property.

 

The Property Manager shall remit to each
Owner Subsidiary monthly, on or before the 20th day of each month, excess cash as of the end of the preceding month, held in the
Operating Account and not applied to the payment of (i) the applicable Owner Subsidiary’s expenses as herein provided, (ii)
expenses permitted by Section 5.1 hereof, and (iii) amounts payable to the Property Manager in accordance with Section 5.3 hereof,
less applicable reserves for real estate taxes, debt service, capital improvements or operating expenses and Ten Thousand Dollars
($10,000) as reserve for working capital and other contingencies, and any additional amount as the Company may authorize for such
purposes. The remittance of funds to an Owner Subsidiary shall be compatible with the financial reports provided by the Property
Manager pursuant to Section 4.2.

 

If an Owner Subsidiary should make any request
for a distribution other than the standard monthly distribution to such Owner Subsidiary on or before the 20th day of each month
as noted immediately above, such request by the Owner Subsidiary must be directed to the Property Manager in writing with a minimum
of two (2) full working days’ advance notice. Except to the extent it would cause there to be insufficient funds to pay amounts
due to the Property Manager under Section 5.1 and Section 5.3 hereof, every attempt will be made to process the additional distribution
request through the Property Manager’s accounting department in a timely manner, but the Property Manager will not process
any distribution based on a telephone call or be expected to accomplish such distribution with less than two (2) full working days’
advance written notice.

 

    	5

    	 

    

Other than the monthly distribution noted
above, if required by state law, the Property Manager will deposit security deposits and/or advance rentals in separate accounts
in the name of the applicable Owner Subsidiary at said financial institution. All monies held in Operating Accounts shall in no
event be commingled with the Property Manager’s own funds or with funds held by the Property Manager for the account of other
parties. The Property Manager shall have no proprietary interest in the Operating Accounts, or in any other account authorized
hereby, and all sums collected by the Property Manager relating to each of the Properties and all sums placed in such account or
accounts by the applicable Owner Subsidiary or the Company will be the property of such Owner Subsidiary and held in trust by the
Property Manager for such Owner Subsidiary. The Property Manager agrees to pay all invoices directly from the Operating Account
unless directed otherwise by the applicable Owner Subsidiary or the Company. The Property Manager may draw on each Operating Account
only to pay (i) operating expenses permitted by Section 5.1 hereof, (ii) amounts payable to the applicable Owner Subsidiary, (iii)
amounts payable to the Property Manager under Section 5.3 hereof, and (iv) a specified amount to a payee which the applicable Owner
Subsidiary may from time to time expressly authorize in writing.

 

Each of the Management Fee, the
Transition Fee, the Construction Fee and the Oversight Fee shall be paid to the Property Manager in accordance with
Section 5.3 hereof. In accordance with and pursuant to Section 4.2 hereof, the Property Manager shall prepare and submit an
invoice to the Company which shall include a computation of the fees paid to the Property Manager in accordance with Section
5.3 and any expenses to be reimbursed to the Property Manager in accordance with Sections 5.1 and 5.2. The Company shall have
the right to review such invoice and obtain any supporting documentation with respect thereto from the Property Manager. To
the extent that the Company believes the computation provided by the Property Manager is inconsistent with the
computation permitted hereunder, the Company and the Property Manager shall work together in good faith to reach a
computation of such fees which is reasonably agreeable to both parties. If the Company and the Property Manager agree that
one or more of the fees paid to the Property Manager for a prior period exceeded the amount permitted hereunder, the Property
Manager shall deduct the amount of such excess from the fees it is to be paid in accordance with Section 5.3 hereof for the
current calendar month.

 

3.6.          Indemnification.
The Owner shall indemnify, defend and hold the Property Manager and any Sub-Manager directly or indirectly engaged by the Property
Manager in accordance with Section 2.1 of this Property Management Agreement harmless from and against all claims, damages and
costs (including counsel fees) arising out of or in connection with the management of the Properties and the operation thereof,
except for acts of the Property Manager or a Sub-Manager, as applicable, taken outside of the scope of this Property Management
Agreement or an agreement with the Sub-Manager, as applicable, and the Property Manager’s, or a Sub-Manager’s, as
applicable, engagement in acts of negligence, misconduct or fraud. Notwithstanding anything to the contrary stated herein, the
Property Manager shall be held strictly accountable for all receipts and disbursements; and the Property Manager shall indemnify
and hold the Owner harmless from and against all claims, damages and costs (including counsel fees) arising out of or in connection
with the management of the Properties and the operation thereof to the extent such claims arise out of or result from acts of
the Property Manager taken outside of the scope of this Property Management Agreement or the Property Manager’s engagement
in acts of negligence, misconduct or fraud. The Property Manager shall indemnify the Company and its Affiliates from any claims,
damages and costs (including counsel fees) arising out of or in connection with the acts of the Property Manager taken in connection
with the management of the Properties and the operation thereof or the Property Manager’s engagement in acts of negligence,
misconduct or fraud. The indemnities herein contained shall not apply to any claim with respect to which and to the extent the
indemnified party is covered by insurance; provided, that the foregoing exclusion does not invalidate the indemnified party’s
insurance coverage. Each party will procure a waiver of subrogation with respect to claims against the other party under policies
in which the other party is not a named insured, and shall promptly notice the other party in the event that any such waiver is
unobtainable or is obtainable only upon payment of an additional premium. If such waiver is obtainable only upon payment of an
additional premium, the other party shall have the right at its option to pay such additional premium.

 

3.7.          Complaints
and Notices. The Property Manager shall promptly handle complaints and requests from tenants, concessionaires and licensees.
The Property Manager shall notify the Company promptly of: (A) any notice received by the Property Manager or known to the Property
Manager of violation of any governmental requirements (and make recommendations regarding compliance therewith); (B) any notice
received by the Property Manager or known to the Property Manager of violation of covenants, conditions and restrictions affecting
any Property or noncompliance with loan documents affecting any Property, if any; (C) any fire, accident or other casualty or
damage to any Property; (D) any condemnation proceedings, rezoning or other governmental order, lawsuit or threat thereof involving
any Property known to the Property Manager; (E) any violations relative to the leasing, use, repair and maintenance of any Property
under governmental laws, rules, regulations, ordinances or like provisions known to the Property Manager; or (F) any violation
of any insurance requirement of which the Property Manager has actual knowledge. The Property Manager shall promptly deliver to
the Company copies of any documentation in its possession relating to such matters. The Property Manager shall keep the Company
reasonably informed of the status of the particular matter through the final resolution thereof. In the event the Property Manager
becomes aware of any fire or other damage to any Property or violation or alleged violation of laws respecting hazardous materials,
the Property Manager shall immediately give telephonic notice thereof to the Company. The Property Manager shall complete all
necessary and customary loss reports in connection with any fire or other damage to any Property. The Property Manager shall retain
in the records it maintains for each Property copies of all supporting documentation with reference to such notices.

 

    	6

    	 

    

 

3.8.          Tenant
Insurance Certificates. The Property Manager shall use its commercially reasonable efforts to obtain from all tenants certificates
of insurance and renewals thereof required to be furnished by the terms of their leases. The Property Manager shall forward copies
of the certificates to the Company if requested by the Company. The Property Manager shall establish systems and procedures to
enforce lease requirements with regard to insurance certificates.

 

3.9.          Licenses
and Authorizations.

 

A.           The
Property Manager shall obtain and keep in full force and effect all licenses, permits, consents and authorizations as may be necessary
for the maintenance, operation, management, repair, servicing or occupancy of each Property. All of such licenses, permits, consents
and authorizations shall be in the name of the applicable Owner Subsidiary, if required in writing by the Company.

 

B.           The
Property Manager hall obtain and keep in full force and effect all real estate and business licenses and governmental authorizations,
at the applicable Owner Subsidiary’s expense, (including qualifications to do business) as may be necessary for the proper
performance by the Property Manager of its duties and obligations under this Property Management Agreement. All such licenses and
authorizations shall be in the name of the Property Manager.

 

3.10.         Asbestos
and Similar Compliance Matters. If any Property is subject to the Occupational Safety and Health Administration’s regulations
relating to asbestos, or to any state law or regulation relating to asbestos, or to any state law or regulation relating to carcinogenic
or toxic chemicals, the Property Manager shall, at the applicable Owner Subsidiary’s expense, comply with such laws and
regulations as they relate to such Property.

 

3.11.         Special
Billings. For purposes of this Property Management Agreement, the term “Special Billing” is defined as
any periodic billing requirement or change in a billing rate charged to a tenant under such tenant’s lease as a result of
a Property’s operating expenses, a tenant’s volume of business, or a CPI or other index, including, but not limited
to, such items as commonly are described as expense pass-throughs, recoveries, escalations, CAM or CPI adjustments, and percentage
sales or rent. Within ninety (90) days after the date each Property is acquired and becomes subject to this Property Management
Agreement, the Property Manager shall deliver a statement to the Company describing all of the information, data and documents
which the Property Manager has used to establish a basis for calculation of Special Billings for each tenant at the Properties.
During the term of this Property Management Agreement, the Property Manager shall be responsible for sending Special Billings
to each tenant in accordance with the terms of such tenant’s lease.

 

ARTICLE
4

Accounting, Records, Reports

 

4.1.          Records.
The Property Manager shall establish and maintain a comprehensive system of office records, books and accounts, as well as an
accounting and management reporting system that will duly account for all transactions relating to the Properties in a format
consistent with the Company’s accounting system. The Company and others designated by the Company shall, with prior notice
to the Property Manager, have access to such records, books and accounts and to all vouchers, files and all other material pertaining
to the Properties and this Property Management Agreement, all of which the Property Manager agrees to keep safe, available and
separate from any records not having to do with the Properties. All of such books, records and other information concerning such
Property shall be the property of the applicable Owner Subsidiary; and within sixty (60) days following termination of this Property
Management Agreement, the Property Manager shall deliver the original copies to the Company or its designate. The Property Manager
or its representatives shall have the right to inspect such books, records and other information and to make copies thereof during
a two-year period following the termination of this Property Management Agreement unless the Company requests and receives all
such books and records upon termination of this Property Management Agreement.

 

    	7

    	 

    

 

4.2.          Reports
and Supporting Documentation. The Property Manager shall, during the term of this Property Management Agreement, deliver monthly
reports to the Company relating to the management and operation of the Properties for the preceding calendar month, not later
than thirty (30) days after the end of the preceding month. Reports will be delivered to the Company in an electronic format consistent
with the Company’s accounting system for each Property. The Property Manager shall deliver to the Company the following
for the preceding month, for each Property and with respect to clause (1), (2) and (8), shall also provide the information with
respect to the Properties in the aggregate:

 

		(1)	a profit and loss statement;

 

		(2)	a balance sheet;

 

		(3)	a general ledger;

 

		(4)	a cash receipts and disbursement journal;

 

		(5)	all bank statements and bank reconciliations;

 

		(6)	an aged schedule of delinquent accounts receivable;

 

		(7)	the current rent roll;

 

		(8)	a calculation of the fees paid in accordance with Section
5.3 hereof; and

 

		(9)	a construction report, if applicable.

 

4.3.          Budgets.
The Property Manager shall prepare and submit to the Company a proposed operating and capital budget, including an itemized statement
of the estimated receipts and disbursements in reasonable detail, which shall include, without limitation, reasonable detail as
to employee expenses to be reimbursed to the Property Manager for the operation, repair and maintenance of each of the Properties
(each a “Budget”), in each case for the calendar year immediately following such submission. Each Budget will
be in the form approved by the Company prior to the date thereof. Thereafter, on or before the date specified each year by the
Company (but not later than November 1st), the Property Manager shall prepare and submit to the Company preliminary Budgets for
the next calendar year followed by final Budgets for the next calendar year, incorporating any reasonable changes requested by
the Company. Such Budgets shall: (A) be prepared in accordance with the Company’s accounting system, (B) be prepared on
a cash or modified cash basis, as directed by the Company, and (C) show a month by month projection of income, expenses, capital
expenditures, reserves, and other non-recurring items. In connection with any acquisition of a Property by the Owner, the Property
Manager will prepare a Budget for such Property for the remainder of the calendar year.

 

The Company will approve or disapprove each
Budget within a reasonable time after the receipt of same, but not later than thirty (30) days after the submission thereof to
the Company. The Property Manager will make any reasonable changes to each Budget that are requested by the Company. At such time
as the Company shall request, which in no event shall exceed three (3) requests per calendar year, the Property Manager shall submit
to the Company for its approval an updated Budget incorporating such changes as shall be necessary to reflect cost over-runs and
the like or other changes occurring subsequent to the prior Budget during such period. If the Company does not disapprove of such
revised Budget within 30 days after receipt thereof by the Company, such Budget shall be deemed approved. If the Company shall
disapprove of any such Budget, the Property Manager shall submit a revised Budget, as applicable, within ten (10) days of receipt
of notice of disapproval, and the Company shall have ten (10) days to provide notice to the Property Manager if it disapproves
of any such further revised Budget.

 

The Property Manager shall implement each
Budget and use its commercially reasonable efforts to ensure that the actual cost of operating each Property shall not exceed the
applicable Budget. The Budgets shall constitute an authorization for the Property Manager to expend necessary monies to manage
and operate the Properties in accordance with the respective Budgets and subject to the provisions of this Property Management
Agreement until subsequent Budgets are approved. The approval of non-recurring costs and capital improvements in a Budget shall
constitute an authorization for the Property Manager to collect bids for the expenditure and present a final recommendation to
the Company for expenditure of monies to implement such items called for in such Budget.

 

    	8

    	 

    

 

The Property Manager shall provide supporting
information reasonably requested by the Company in connection with their review of any Budget submitted by the Property Manager
for its review.

 

Without affecting any other limitation imposed
by this Property Management Agreement and except as may be expressly provided to the contrary elsewhere in this Property Management
Agreement, the Property Manager shall secure the prior written approval of the Company prior to incurring any liability or obligation
for any item in excess of $10,000 that is not reflected on the applicable Budget approved in writing by the Company.

 

4.4.          Audit.
At its option, the Company may at any time upon five (5) business days’ advance written notice to the Property Manager,
cause the books and financial operations of any Property to be audited by an auditor to be selected by the Company including the
internal auditing staff of the Company or any of its Affiliates. The Property Manager agrees to cooperate with such auditor and
to make any of its facilities located at such Property or the Property Manager’s office available to such auditor. Any adjustments
in amounts due and owing by either the Company or the Property Manager shall be paid promptly but no later than fifteen (15) days
following receipt of the audit. The audit shall be at the Owner’s expense.

 

ARTICLE
5

Expenses and Compensation

 

5.1.          Payment
of Expenses. Notwithstanding any contrary provision of this Property Management Agreement, the Property Manager shall be obligated
to make payments required under this Property Management Agreement only to the extent of funds derived from the Properties or
provided by the Owner. The Property Manager shall reimburse itself from funds derived from the Properties for all expenses properly
incurred by the Property Manager under this Property Management Agreement which are either set forth in the applicable Budget
or approved by the Company, except to the extent the Property Manager is permitted to incur such expense without the Company’s
approval in accordance with this Property Management Agreement. All expenses related specifically to the operation and maintenance
of the Properties will be billed to the respective Properties. These expenses shall include, but not be limited to:

 

(1)         documented
postage (mailing of rental statements, late notices; legal correspondence; general correspondence to tenants, vendors, etc.);

 

(2)         mileage
incurred by the Property Manager, director of property management or other personnel of the Property Manager for travel to/from
a Property and all other mileage specifically related to the operation of the Properties; specific backup will be provided. Mileage
to be charged at the then-current rate pursuant to Internal Revenue Service (IRS) guidelines;

 

(3)         documented
copies (for mass tenant mailings, copying required upon sale or other legal matters and extensive tenant or lease issues);

 

(4)         a
proportionate share of after-hours emergency phone service which is charged to the common area maintenance and billed to tenants
in accordance with each tenant’s specific lease language;

 

(5)         preparation,
printing and distribution of leasing brochures and site plans for the Properties;

 

(6)         a
proportionate share of office equipment and supplies located at the on-site or management field office should one be established
and used for the benefit of the Properties; and

 

(7)         compensation
and benefits of property management, accounting, lease administration, executive and supervisory personnel of the Property Manager.

 

Expenses which will be paid by the Property
Manager and not billed to the Properties or the Owner shall include, but may not be limited to:

 

(1)         office
furniture, phone systems and monthly bills, fixtures, space rental, etc. incurred by the Property Manager in its corporate offices
and/or general management offices; and

 

(2)         compensation
and all expenses applicable to time spent on matters other than the Properties.

 

    	9

    	 

    

 

The Company may, at its sole discretion,
expressly approve in writing the payment or reimbursement to the Property Manager of any specific expense otherwise excluded or
excepted above; and, unless expressly stated to the contrary in such written approval, such approval shall apply only to the specific
expense itemized and/or up to the amount specified in such approval.

 

5.2.          Expenditure
Authorization.

 

A.           Utilities.
The Property Manager shall pay from the applicable Operating Account the actual amount incurred for utilities each month for each
Property without the Company’s further consent or signature on such check or withdrawal, notwithstanding that a lesser amount
therefor may have been projected or allocated in the Budget for such Property approved by the Company.

 

B.           Expenses
per Budget. With respect to each Property, to the extent set forth in the most recent Budget for such Property approved by
the Company, and if requested by the Company, the Property Manager will make all payments for debt service on mortgages secured
by such Property, for taxes and/or for the applicable Owner Subsidiary’s insurance. In addition, with respect to each Property,
to the extent set forth in the most recent Budget for such Property approved by the Company and without further consent of the
Company, the Property Manager shall pay each and every expense properly incurred in the ordinary course of managing the Properties
during the calendar year covered by the Budget; provided, that, if such expenses exceed the Budget for such Property
approved by the Company by more than ten percent (10%) during the calendar year covered by the Budget (each, an “Overrun”),
the Company may elect to terminate this Property Management Agreement solely with respect to such Property, it being
understood, that, such termination shall constitute the Company’s sole remedy with respect to such Overrun and
such Overrun shall not be deemed a breach of this Property Management Agreement, but such termination shall not prevent liability
for any other breach by the Property Manager under this Property Management Agreement; and provided further, that,
the Company shall not be permitted to so terminate this Property Management Agreement if such Budget excess (i) was due to amounts
incurred for insurance, taxes and/or utilities, and/or (ii) was caused by or resulted from the following acts: (a) acts of God;
(b) flood, fire or explosion; (c) acts of terror, war, invasion, riot or other civil unrest; (d) government order or law that
becomes effective after the approval of the Budget and was not known to the Property Manager prior to the approval of the Budget;
(e) actions, embargoes or blockades in effect after the approval of the Budget; (f) action by any governmental authority that
occurs after the approval of the Budget and was not known to the Property Manager prior to the approval of the Budget; and (g)
national or regional emergency (each of (a) through (g), a “Force Majeure Event”). If the Property Manager
suffers a Force Majeure Event, it shall give notice to the Company, stating the anticipated period of time the event is expected
to continue and shall use commercially reasonable efforts to ensure the effects of such Force Majeure Event are minimized.

 

C.           Emergencies.
Notwithstanding the foregoing, if emergency action is necessary to prevent damage to any Property or danger to persons, the Property
Manager may incur such expenses as are reasonably necessary without the prior written approval of the Company to protect such
Property or persons. The Property Manager will give prompt telephone and written notice to the Company of any such emergency repairs
for which prior approval is not required.

 

5.3.          Compensation
for Management Services.

 

A.           Management
Fee. On or before the last business day of each month, the Property Manager shall pay itself from the respective Operating
Accounts as compensation for its management services hereunder in an amount (the “Management Fee”) equal to
four percent (4%) of the “Gross Rental Receipts” for such month (as hereinafter defined), other than in respect of
stand-alone, single-tenant net leased properties which are not part of a shopping center, and two percent (2%) of “Gross
Rental Receipts” for such month in respect of any stand-alone, single-tenant net leased properties that are not part of
a shopping center.  For the avoidance of doubt, a separately platted, single-tenant, net leased building that is
part of a shopping center shall be a Property subject to the four percent (4%) of the “Gross Rental Receipts” calculation.
The term “Gross Rental Receipts” as used herein is defined as all receipts of every kind and nature actually
collected from the operation of the Property, determined on a cash basis, including without limitation, all fixed rents (including
parking rents not excluded below), common area maintenance reimbursements, tax and insurance reimbursements, percentage rental
payments, utility reimbursements, late fees, vending machine collections, service charges, rental interruption insurance, and
a fifteen percent (15%) administrative charge for common area expenses (if such an allowable expense is collected from tenants
pursuant to tenant leases), and all other forms of miscellaneous income actually collected in cash by the Owner Subsidiaries or
by the Property Manager from tenants of the Properties, net forfeited security deposits, but excluding (i) any income from investment
of cash including the interest on the Operating Account, (ii) security deposits, and any portion of forfeited security deposits
allocable to compensation for loss or damage, (iii) payments for physical installations or finish-out work, (iv) payments in the
nature of indemnification or compensation for loss, damage or liability sustained, including but not limited to insurance proceeds
and condemnation awards, (v) all purchase discounts, rental and ad valorem tax refunds or rebates, (vi) any repair or other such
expense reimbursement from individual tenants, (vii) any sums which, under normal accounting practice, are attributable
to capital, (viii) executive suite expenses, if any, (e.g. personnel, equipment, etc.) paid by tenants and (ix) such other additional
income the Company and the Property Manager mutually agree to eliminate.

 

    	10

    	 

    

 

B.           Transition
Fee. For duties performed by the Property Manager in reviewing and abstracting an Owner Subsidiary’s leases and contracts,
preparing ledgers, creating a database of such Owner Subsidiary’s tenants and vendors, establishing Property bank account(s),
and similar necessary, preliminary functions, the Property Manager shall pay itself from the applicable Operating Account a one-time
fee (the “Transition Fee”) in the amount shown on Schedule A attached hereto and incorporated herein by this
reference. The Transition Fee shall be paid within thirty (30) days after execution of an Investment Property Management Agreement
with respect to a particular Property by all parties thereto or within thirty (30) days after receipt of all leases and other
documents necessary to perform a full set up of any Property, whichever is later. The Transition Fee shall be based on the number
of tenants with active leases in such Property, including those tenants whose lease term and/or rental have not yet commenced,
but who have executed leases with the applicable Owner Subsidiary, as of the Commencement Date of the applicable Investment Property
Management Agreement.

 

C.           Construction
Fee. For duties performed by the Property Manager pursuant to Section 3.2(H) hereof, the Property Manager shall
pay itself from the applicable Operating Account a fee ( a “Construction Fee”) equal to six percent (6%)
of the construction hard costs. In no event shall the Construction Fee be less than Five Hundred and No/100 Dollars ($500).
Actual costs shall not include fees paid by the Owner for architectural or engineering services or construction permits. No
fee shall be paid for actual costs of tenant improvements for services for which the tenant is responsible for payment.
The Construction Fee shall be paid within ten (10) days after completion of tenant’s improvements for each
individual tenant or completion of capital or Property improvement projects.

 

D.           Oversight
Fee. The Property Manager shall pay itself from the applicable Operating Account a fee (an “Oversight Fee”)
equal to 1.0% of the gross revenues from Properties managed by any person that is not an Affiliate of the Property Manager;
provided that no Oversight Fee shall be payable in respect of management services having fees greater than those described
in Section 5.3(A). 

 

ARTICLE
6

Term

 

6.1.          Term.
The initial term of this Property Management Agreement shall commence on the date hereof (the “Commencement Date”),
shall continue in full force and effect for one (1) year, and shall be automatically renewed for an unlimited number of successive
one (1) year periods, subject to earlier termination as hereinafter provided. The term of this Property Management Agreement may
be extended for such additional periods of time as the parties agree to in writing.

 

6.2.          Sale
of Properties. This Property Management Agreement shall automatically terminate, in respect of a Property, upon the consummation
of any sale or other disposition of such Property by the applicable Owner Subsidiary to any entity not affiliated with the Owner.

 

6.3.          Termination
for Cause.

 

(A)         The
Company may terminate this Property Management Agreement at any time, effective immediately upon written notice to the Property
Manager, if (i) the Property Manager has materially breached this Property Management Agreement; provided, that (a) the
Property Manager does not cure any such material breach within thirty (30) days of receiving notice of such material breach from
the Company, or (b) if such material breach is not of a nature that can be remedied within such period, the Property Manager does
not diligently take all reasonable steps to cure such breach or does not cure such breach within sixty (60) days; (ii) there is
fraud, criminal conduct, or willful misconduct by the Property Manager; (iii) a court of competent jurisdiction enters a decree
or order for relief in respect of the Property Manager in any involuntary case under the applicable bankruptcy, insolvency or other
similar law now or hereafter in effect, or appoints a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar
official) of the Property Manager or for any substantial part of any of its property or orders the winding up or liquidation of
the Property Manager’s affairs; or (iv) the Property Manager commences a voluntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case
under any such law, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee,
sequestrator (or similar official) of the Property Manager or for any substantial part of any of its property, or makes any general
assignment for the benefit of creditors, or fails generally to pay its debts as they become due. The Property Manager agrees that
if any of the events specified in subsections (iii) or (iv) above occur, it shall give written notice thereof to the Company within
seven (7) days after the occurrence of such event.

 

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(B)         The
Property Manager may terminate this Property Management Agreement at any time, effective immediately upon written notice to the
Company, if (i) the Company has materially breached this Property Management Agreement; provided, that (a) the Company does
not cure any such material breach within thirty (30) days of receiving notice of such material breach from the Property Manager,
or (b) if such material breach is not of a nature that can be remedied within such period, the Company does not diligently take
all reasonable steps to cure such breach or does not cure such breach within sixty (60) days; (ii) there is fraud, criminal conduct,
or willful misconduct by the Company; (iii) a court of competent jurisdiction enters a decree or order for relief in respect of
the Company in any involuntary case under the applicable bankruptcy, insolvency or other similar law now or hereafter in effect,
or appoints a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Company or for any
substantial part of any of its property or orders the winding up or liquidation of the Company’s affairs; or (iv) the Company
commences a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents
to the entry of an order for relief in an involuntary case under any such law, or consents to the appointment of or taking possession
by a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Company or for any substantial
part of any of its property, or makes any general assignment for the benefit of creditors, or fails generally to pay its debts
as they become due. The Company agrees that if any of the events specified in subsections (iii) or (iv) above occur, it shall give
written notice thereof to the Property Manager within seven (7) days after the occurrence of such event.

 

(C)         For
the avoidance of doubt, a material breach of the Leasing Agreement by and between the Company and the Property Manager, dated as
of the date hereof, shall be a material breach of this Property Management Agreement.

 

6.4.          Effect
of Termination. The termination of this Property Management Agreement for any reason shall not affect any right, obligation
or liability which has accrued under this Property Management Agreement on or before the effective date of such termination. Each
agreement between the Property Manager and a Sub-Manager with respect to any of the Property Manager’s duties under this
Property Management Agreement shall terminate immediately upon the termination of this Property Management Agreement. Upon termination
of this Property Management Agreement for any reason, the Property Manager will cooperate with the Company in an effort to achieve
an efficient transition of the management of the Properties without detriment to the rights of the Company or the Owner or to
the continued management of the Properties. Without limiting the foregoing, the Property Manager will, before receiving final
payment of any fees, facilitate the retrieval of or deliver to the Company or to such person or persons as the Company may direct,
all Property Documents, permits, books, records and accounts, rent rolls, insurance policies, files and other materials relating
to the Properties, including without limitation any bank account signature cards or other documentation required to transfer sole
control over the Operating Accounts to the applicable Owner Subsidiary or its designate. The Property Manager shall facilitate
the retrieval by the Company or the Company’s Representative of all personal property of the Company or Owner, whether on
the Properties or elsewhere. Within forty-five (45) days after the termination of this Property Management Agreement, the Property
Manager will deliver a final accounting to the Company reflecting all income and expenses of the Properties as of the date of
termination.

 

ARTICLE
7

Representations and Warranties

of the Property Manager

 

To induce the Company to enter into this
Property Management Agreement, the Property Manager makes the following representations and warranties, which shall survive the
execution and termination of this Property Management Agreement:

 

7.1.          Organization.
The Property Manager is duly organized, validly existing and in good standing under the laws of the state of Delaware. The Property
Manager has all power and authority required to execute, deliver and perform this Property Management Agreement.

 

7.2.          Authorization.
The execution, delivery and performance of this Property Management Agreement has been duly authorized by all necessary action
on the part of the Property Manager.

 

7.3.          Validity.
This Property Management Agreement constitutes a legal, valid and binding agreement of the Property Manager enforceable against
the Property Manager in accordance with its terms except as limited by bankruptcy, insolvency, receivership and similar laws of
general application.

 

7.4.          Licenses.
During the entire term of this Property Management Agreement, the Property Manager shall cause all persons performing licensable
activities to have and to maintain in full force and effect all licenses, including, without limitation, any real estate broker’s
license obtained by the Property Manager, which the real estate licensing law requires and all permits necessary to perform its
obligations under this Property Management Agreement and shall pay all taxes, fees or charges imposed on the business engaged
in by the Property Manager hereunder.

 

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7.5.          Independent
Contractor. The Property Manager’s status under this Property Management Agreement is that of an independent contractor
and not as an agent or employee of the Owner.

 

ARTICLE
8

Miscellaneous

 

8.1.          Company’s
Rights. Nothing in this Property Management Agreement shall be deemed to limit the Company’s right to do anything regarding
any Property which an owner of such Property would otherwise be entitled to do, including but not limited to the right to enter
upon such Property, to inspect such Property, to perform any repair or maintenance thereof, and to do anything required of the
Property Manager hereunder if the Property Manager fails to do so in a timely manner.

 

8.2.          Company’s
Representative. The Company may designate one (1) representative to serve as the Company’s representative in all dealings
with the Property Manager hereunder (the “Company’s Representative”). Whenever the approval or consent
or other action of the Company is called for hereunder, such approval, consent or action shall be processed through the Company’s
Representative unless the Company notifies the Property Manager otherwise in writing. The Company’s Representative may be
changed at the discretion of the Company, at any time, by writing delivered to the Property Manager. Except as may be expressly
provided to the contrary elsewhere in this Property Management Agreement, whenever the approval or consent or other action of
the Company is called for under this Property Management Agreement, if the Property Manager requests such approval, consent or
other action of the Company’s Representative and does not receive a response from the Company’s Representative within
five (5) business days after making such request, the Property Manager shall make a second request for approval or consent or
other action of the Company’s Representative specifying that unless a response is received within two (2) days after making
such request, the request shall be deemed approved by the Company.

 

8.3.          No
Personal Liability. THE PROPERTY MANAGER’S DIRECTORS, SHAREHOLDERS, OFFICERS, EMPLOYEES, AGENTS AND REPRESENTATIVES
SHALL NOT BE PERSONALLY LIABLE FOR ANYTHING RELATED TO THIS PROPERTY MANAGEMENT AGREEMENT. THE COMPANY, ITS DIRECTORS, SHAREHOLDERS,
OFFICERS, EMPLOYEES, AGENTS AND REPRESENTATIVES, SHALL NOT BE PERSONALLY LIABLE FOR ANYTHING RELATED TO THIS PROPERTY MANAGEMENT
AGREEMENT.

 

8.4.          Nature
of Relationship. The Property Manager shall be responsible for all of its employees, the supervision of all persons performing
services regarding the Properties, and for determining the manner of performance of all services for which the Property Manager
is responsible hereunder. The Property Manager is an independent contractor and not an agent or employee of the Company or the
Owner. Nothing in this Property Management Agreement, nor any acts of the parties hereto, shall be deemed or construed by the
parties hereto, or either of them, or any third party, to create the relationship of principal and agent, employer and employee,
or a partnership or joint venture, between or among the Owner, the Company and the Property Manager.

 

8.5.          No
Third Party Beneficiaries. Neither this Property Management Agreement nor any part thereof nor any service, relationship or
other matter alluded to herein shall inure to the benefit of any third party, to any trustee in bankruptcy, to any assignee for
the benefit of creditors, to any receiver by reason of insolvency, to any other fiduciary or officer representing a bankruptcy
or insolvent estate of either party, or to the creditors or claimants of such an estate. Without limiting the generality of the
foregoing sentence, it is specifically understood and agreed that insolvency or bankruptcy of either an Owner Subsidiary or the
Company, on the one hand or the Property Manager on the other hand, shall at the option of the other void all rights of such insolvent
or bankrupt party hereunder (or so many of such rights as the other party shall elect to void).

 

8.6.          Notices.
Except as provided in Section 5.2(c) as to emergencies, all notices and communications required or permitted hereunder shall be
in writing and shall be personally delivered or sent by registered or certified mail, return receipt requested, addressed as follows:

 

	If mailed or personally

delivered to an Owner

and/or the Company:	

American Realty Capital − Retail Centers of America II, Inc.

405 Park Avenue

New York, New York 10022

Telephone: (212) 415-6500

Facsimile:  (212) 421-5799

Attention:  Mr. Edward M. Weil, Jr.

 

    	13

    	 

    

 

	With a copy mailed to:	Proskauer Rose LLP

Eleven Times Square

New York, NY  10036

Attention: Mr. Peter M. Fass, Esq.
	 	 
	If mailed or personally

delivered to the Property Manager:	

American Realty Capital Retail II Advisors, LLC

405 Park Avenue

New York, New York 10022

Telephone: (212) 415-6500

Facsimile:  (212) 421-5799

Attention:  Mr. Edward M. Weil, Jr.
	 	 
	With a copy mailed to:	Proskauer Rose LLP

Eleven Times Square

New York, NY  10036

Attention: Mr. Peter M. Fass, Esq.
	 	 
	With a copy mailed to:	Lincoln Retail REIT Services, LLC

2000 McKinney Avenue, Suite 1000

Dallas, Texas 75201

Attention:

 

or to such address as either party may from time to time specify
by written notice to the other. Notices shall be deemed to be received and, therefore, effective on the earlier of the date of
delivery or, the third (3rd) day after the date the notice is mailed.

 

8.7.          Amendments.
This Property Management Agreement may not be amended except by further agreement in writing executed by each party to be bound
thereby.

 

8.8.          Exhibits.
All exhibits or addenda to this Property Management Agreement are intended to be attached to this Property Management Agreement
and, whether or not so attached, are incorporated herein by reference as if set forth in full.

 

8.9.          Laws.
The term “laws” as used in this Property Management Agreement means all applicable constitutional provisions, statutes,
ordinances, codes and rules and regulations of any governmental body having jurisdiction over any Property, the parties or this
Property Management Agreement.

 

8.10.         No
Implied Waivers. No failure or delay by either party in exercising any right or remedy under this Property Management Agreement
and no course of dealing between the parties shall operate as a waiver of any such right or remedy nor shall any single or partial
exercise of any right or remedy by either party under this Property Management Agreement preclude any other or further exercise
of such right or remedy. The rights and remedies available to the parties are cumulative and not exclusive of any other rights
and remedies provided by law or equity.

 

8.11.         Severability.
Whenever possible each provision of this Property Management Agreement shall be interpreted in such manner as to be effective
and valid under all applicable laws. However, if any provision of this Property Management Agreement is invalid under any applicable
law, such provision shall be ineffective only to the extent of such invalidity without invalidating the remaining provisions of
this Property Management Agreement and, to the fullest extent possible, this instrument shall be interpreted so as to give effect
to the stated written intent of the parties.

 

8.12.         Governing
Law. This Property Management Agreement shall be governed by and construed in accordance with the laws of the State of New
York, without regard to the principles of conflicts of law thereof.

 

8.13.         Benefit
and Assignment. This Property Management Agreement shall be binding upon the Company and the Property Manager and their respective
successors and assigns and shall inure to the benefit of the Company, its successors and assigns. Except as provided in Section
2.1 of this Property Management Agreement, the Property Manager may not assign or transfer any of its rights or obligations under
this Property Management Agreement to a third party without the prior written consent of the Owner and the approval of a majority
of independent directors of the Company and any such assignment without the prior written consent of the Owner and the approval
of a majority of independent directors of the Company shall be void and of no effect.

 

    	14

    	 

    

 

8.14.         Headings.
The captions and headings in this Property Management Agreement are for convenience only and do not limit or amplify any provision
of this Property Management Agreement.

 

8.15.         Counterparts.
This Property Management Agreement may be executed in any number of counterparts and each shall be considered an original and
together they shall constitute one Agreement.

 

8.16.         Entire
Agreement. This Property Management Agreement sets forth the entire Agreement and understanding between the parties regarding
the subject matter of this Property Management Agreement and supersedes all prior agreements and understandings.

 

Signature page follows on next page.

 

    	15

    	 

    

 

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

 

	 	AMERICAN REALTY CAPITAL RETAIL II ADVISORS, LLC
	 	 
	 	By:  	American Realty Capital Retail II Special Limited Partnership, LLC
	 	 	Its Member
	 	 	 
	 	By:	American Realty Capital IV, LLC
	 	 	Its Managing Member
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:  Authorized Signatory
	 	 	 
	 	 	AMERICAN REALTY CAPITAL − RETAIL
	 	 	CENTERS OF AMERICA II, INC.
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

    	 

    	 

    

 

SCHEDULE A

Transition Fee

 

Pursuant to Paragraph 5.3B

 

	Number of Tenants	 	0-9	 	 	10-17	 	 	18-24	 	 	25 or more	 
	Fee	 	$	1,000	 	 	$	1,500	 	 	$	2,000	 	 	$	2,500

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