Document:

LICENSE AGREEMENT

 

This Agreement
("Agreement") is entered into as of March 1, 2012, by and between AR Capital, LLC, a Delaware limited liability
company with an address of 405 Park Avenue, New York, NY 10022 ("Licensor") on the one hand, and American Realty
Capital Trust, Inc., a Maryland corporation with an address of 405 Park Avenue, New York, NY 10022 (“Licensee”)
on the other hand. Each of Licensor and Licensee are a "Party" and collectively are the "Parties").

 

RECITALS

 

A.Licensor is the owner
of the all right, title and interest in and to the trademark AMERICAN REALTY CAPTIAL, along with all applications and registrations
therefore and all goodwill associated therewith (collectively, the “Licensed Mark”); and

 

B.Licensee desires
to obtain the non-exclusive right and obligation to use the Licensed Mark in connection with the Licensed Services (defined
below) in the Licensed Territory (defined below) pursuant to the provisions of this Agreement, and Licensor has agreed to grant
Licensee a license on the terms and subject to the conditions set forth below.

 

AGREEMENT

 

In consideration of the
mutual agreements and covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

 

1.Definitions:

 

1.1Licensed Services.
The "Licensed Services" are real estate investment, acquisition and operation services.

 

1.2Licensed Territory. The
term "Licensed Territory" is the United States and the United States territories.

 

1.3Term. The "Term"
of this Agreement will commence on March 1, 2012 and will continue until terminated in accordance with Article 5.

 

2.Grant of License:

 

2.1License.
Subject to Licensee's proper performance of its obligations under this Agreement, Licensor grants to Licensee a personal, non-transferable,
royalty free, non-exclusive license to use the Licensed Mark solely in connection with the provision of Licensed Services in the
Licensed Territory.

 

2.2Sublicenses.
Licensee may grant sublicenses consistent with this Agreement
only to majority-owned and controlled subsidiaries of Licensee. Licensee may grant a sublicense of its rights hereunder to one
or more sublicensees; provided, that the Licensee causes each sublicensee, by accepting such sublicense, to agree (i) to
be bound by all the terms and restrictions contained herein; (ii) that no ownership rights in, or goodwill to, the Licensed Mark
are conveyed in the sublicense; (iii) that any rights granted in the sublicense will be subordinate to and controlled by this
License; and (iv) that in the event of a termination of this Agreement for any reason, the sublicense automatically terminates.
Licensee is responsible for any noncompliance by a sublicensee. A sublicensee's breach of this Agreement or its sublicense will
be deemed to be a breach by Licensee of this Agreement. Licensee will be able to cure any such breach by terminating the sublicense.

 

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2.3No
Other Rights. Notwithstanding anything to the contrary contained herein, all rights not specifically granted in this Agreement
to Licensee are reserved and will remain always with Licensor.

 

3.Quality Control:

 

3.1.Use
of Licensed Mark.

 

(a)Licensee
warrants and represents that it is thoroughly and intimately familiar with Licensor’s standards of quality for all goods
and services that bear any trademarks, service marks, trade names, logos, or other designations of origin, and that it will render
(and will ensure that any sublicensees will render) the Licensed Services under the Licensed Mark in strict accordance with those
quality standards. Licensee will not use (and will ensure that no sublicensees use) the Licensed Mark in a manner that would be
offensive to good taste or would injure the reputation of Licensor, the Licensed Mark, or the Licensed Services. Licensee will
render (and will ensure that all sublicensees will render) the Licensed Services in a commercially responsible manner so as to
protect and enhance the global prestige, image, and integrity represented by the Licensed Mark and will not use (and will ensure
that no sublicense uses) the Licensed Mark in a manner that has or is reasonably likely to have a negative effect on the Licensed
Mark.

 

(b)Licensor
is aware of the quality of the Licensed Services that Licensee renders, and agrees that that level of quality is acceptable. Licensee
warrants and represents that it will maintain (and that it will ensure that all sublicensees will maintain) such standards of
quality throughout the Term of this Agreement.

 

3.2.Inspections.
Licensor will have the right to review and inspect Licensee’s (and any sublicensee’s) materials,
services and other work product delivered under the Licensed Mark or otherwise utilizing the Licensed Mark to ensure that the
Licensed Services and any materials associated with the Licensed Mark are up to Licensor’s quality standards. If, in the
sole judgment of Licensor, an inspection reveals deficiencies in quality of materials, services and other work product bearing
the Licensed Mark or the rendering of Licensed Services, Licensee agrees to promptly rectify (or ensure prompt rectification of)
all such deficiencies in quality to the satisfaction of Licensor.

 

3.3.Compliance
with Laws. Licensee agrees to render (and to ensure that all sublicensees render) the Licensed Services in full compliance
with all applicable laws and regulations and in compliance with any regulatory or governmental agency that has jurisdiction over
such matters.

 

4.Property Rights:

 

4.1Title.
Title to the Licensed Mark will always remain with Licensor. Neither Licensee nor any sublicensee will acquire any rights or interest
in the Licensed Mark except the rights granted thereto pursuant to this Agreement. Licensee's (and any sublicensee’s) use
of the Licensed Mark will inure to Licensor's exclusive benefit.

 

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4.2Protection
of Licensor's Rights. Licensee agrees that it will not, during the Term of this Agreement
or at any time thereafter, (i) make application for, or aid or abet others to seek trademark registrations or recordings of trade
names or company names with any government agencies or registries in any country throughout the world of any mark or design that
consists of or includes the Licensed Mark, or variations or limitations thereof, alone or in combination with any other elements;
(ii) contest Licensor’s exclusive rights to the Licensed Mark; (iii) challenge the validity or enforceability of the Licensed
Mark (or abet others to do so); or (iv) attack the validity of this Agreement or any of its terms or conditions.

 

5.Termination:

 

5.1Termination
by Licensor. Licensor may terminate this Agreement upon (1) 30 days written notice to Licensee if Licensee fails to cure
a material breach of this Agreement, including a breach of Section 3, within 30 days of receipt of notice from Licensor;
or (2) upon written notice effective immediately if both Nicholas S. Schorsch and William M. Kahane cease to be members of Licensee’s
board of directors.

5.2Cessation
of Use. Upon expiration or termination of this Agreement, Licensee’s right (and any sublicensee’s right) to
use the Licensed Mark will automatically revert to Licensor, and Licensee (and any sublicensee) will thereafter immediately cease
and refrain from exploiting or exercising any of the rights granted Licensee herein.

 

6.General Provisions:

 

6.1Governing
Law and Venue. This Agreement will be interpreted and enforced under the laws of the State of New York, without application
of its conflicts or choice of law rules. Both Parties irrevocably submit to the exclusive jurisdiction of the state and federal
courts located in New York, New York for any action or proceeding regarding this Agreement, and both parties waive any
objection to the personal jurisdiction or venue of the courts in New York, New York.

 

6.2Assignment.
Licensee will have no right to assign, delegate, transfer, or otherwise encumber this Agreement or any portion thereof without
Licensor's prior written consent, which can be withheld or granted in Licensor’s sole discretion. Any purported assignment
in violation of this Section 6.2 will be null and void. Licensor may assign this Agreement to any party acquiring ownership
of the Licensed Mark.

 

6.3Counterparts;
Facsimile. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all
of which, taken together, shall constitute one and the same instrument. Original signatures hereto may be delivered by facsimile
which shall be deemed originals.

 

6.4Waiver.
The failure of either Party to enforce any of its rights hereunder or at law will not be deemed a waiver or a continuing waiver
of any of its rights or remedies against the other Party, unless such waiver is in writing and signed by the Party to be charged.

 

6.5Construction.
The Parties have participated jointly in the drafting of this Agreement, and each Party was represented by counsel in the negotiation
of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the parties and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue
of the authorship of any of the provisions of this Agreement.

 

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6.6Waiver
of Legal Conflicts. Each of the Parties acknowledges and agrees that, at their request, Proskauer Rose LLP acted as counsel
to all such parties in connection with this Agreement. Accordingly, each of the Parties agrees to, and does, waive any conflict
of interest which may be deemed to arise as the result of such representation and agrees not to seek to disqualify or otherwise
prevent Proskauer Rose LLP from representing the other parties hereto (or any other clients of Proskauer Rose LLP) in any matters
by reason of its work on, or representation of, such party in connection with this Agreement or its possession of confidential
information relating to such party. Proskauer Rose LLP shall be entitled to rely upon this Section 6.6 as a third party
beneficiary hereof.

 

6.7Severability.
If any provision of this Agreement, or part thereof, is declared by a court of competent jurisdiction to be invalid, void or unenforceable,
each and every other provision, or part thereof, will nevertheless continue in full force and effect.

 

6.8Further
Assurances. Both Parties agree to execute such additional documents and perform such acts as are reasonably necessary
to effectuate the intent of this Agreement.

 

6.9Entire
Agreement. This Agreement constitutes the entire agreement between the Parties regarding the subject matter hereof, and
supersedes all prior or contemporaneous understandings or agreements, whether oral or written. This Agreement may be modified
or amended only by a writing signed by both Licensor and Licensee.

 

6.10Captions.
The captions of the Articles and Sections in this Agreement are for convenience only and may not be used to interpret the provisions
of this Agreement.

 

6.11Survival.
Articles 4 and 6 will survive the expiration or termination of this Agreement.

 

*****

 

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IN WITNESS WHEREOF, the Parties have, through
their duly authorized representatives, executed this Agreement on the date first written above.

 

	AR CAPITAL LLC	AMERICAN REALTY CAPITAL TRUST, INC.
	 	 
	 	 
	By: /s/ Nicholas S. Schorsch                              	By: /s/ William M. Kahane                          
	Printed name: Nicholas S. Schorsch	Printed name:  William M. Kahane
	Title:  Manager	Title:  President and Chief Executive OfficerFORM OF INDEMNIFICATION AGREEMENT

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

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

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

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

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

Section
1.Definitions. For purposes of this Agreement:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Section
10.Procedure for Determination of Entitlement to Indemnification.

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

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

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

Section
11.Presumptions and Effect of Certain Proceedings.

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

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

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

Section
12.Remedies of Indemnitee.

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

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

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

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

    	6

    	 

    

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

Section
13.Defense of the Underlying Proceeding.

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

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

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

    	7

    	 

    

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

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

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

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

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

    	8

    	 

    

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

Section
18.Duration of Agreement; Binding Effect.

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

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

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

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

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

    	9

    	 

    

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

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

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

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

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

(b)   If
to the Company, to:

American Realty Capital Trust, Inc.

405 Park Avenue

New York, New York 10022

Attention: William M. Kahane

with a copy to:

Proskauer Rose LLP

Eleven Times Square

New York, New York 10036

Attention: Peter M. Fass, Esq.

Steven L. Lichtenfeld, Esq.

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

    	10

    	 

    

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

[SIGNATURE PAGE FOLLOWS]

    	11

    	 

    
 

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

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

    	12

    	 

    

EXHIBIT
A

AFFIRMATION AND UNDERTAKING TO REPAY EXPENSES ADVANCED

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

Re: Affirmation and Undertaking

Ladies and Gentlemen:

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

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

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

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

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

 Name: _______________________________

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