Document:

Exhibit 10.5

 

PROPERTY MANAGEMENT AND LEASING AGREEMENT

(GNL 12 PROPERTY PORTFOLIO – KEYBANK LOAN 2019)

 

This Property
Management and Leasing Agreement (this “Management Agreement”), is dated as of September 12, 2019 (the “Effective
Date”), by and among the parties identified on Exhibit A attached hereto (collectively, “Owner”),
and GLOBAL NET LEASE PROPERTIES, LLC, a Delaware limited liability company (the “Manager”).

 

WHEREAS,
the Owner desires to retain the Manager to manage and coordinate the leasing of the real estate properties identified on Exhibit
A attached hereto (the “Properties”), and the Manager desires to be so retained, all under the terms and
conditions set forth in this Management Agreement.

 

NOW, THEREFORE,
in consideration of the foregoing and of the premises and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties do hereby agree as follows:

 

I

DEFINITIONS

 

Except
as otherwise specified or as the context may otherwise require, the following terms have the respective meanings set forth below
for all purposes of this Management Agreement:

 

A           
“Account” has the meaning set forth in Section 2.3(i) hereof.

 

B             “Affiliate” means with respect to any Person, (i) any Person directly or indirectly owning, controlling
or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of such other Person; (ii) any
Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with
the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control
with such other Person; (iv) any executive officer, director, trustee or general partner of such other Person; and (v) any legal
entity for which such Person acts as an executive officer, director, trustee or general partner. For purposes of this definition,
the terms “controls,” “is controlled by,” or “is under common control with” shall mean the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of an entity, whether
through ownership or voting rights, by contract or otherwise.

 

C             “Budget” has the meaning set forth in Section 2.5(c) hereof.

 

D             “Effective Date”
has the meaning set forth in the preamble.

 

E             “Gross Revenues” means all amounts actually collected as rents or other charges for the use and occupancy
of the Properties, but shall exclude interest and other investment income of the Owner and proceeds received by the Owner for a
sale, exchange, condemnation, eminent domain taking, casualty or other disposition of assets of the Owner.

 

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F             “Improvements” means buildings, structures, equipment from time to time located on the Properties and
all parking and common areas located on the Properties.

 

G             “Independent Director” has the meaning set forth in the Limited Liability Company Agreement of the Owner,
as applicable.

 

H             “Limited Liability Company Agreement” shall mean, collectively, the Amended and Restated Limited Liability
Company Agreements of each Owner.

 

I              “Management Fees” has the meaning set forth in Section 4.1(a) hereof. J“Owner”
has the meaning set forth in the preamble.

 

		K	“Ownership Agreements” has the meaning set forth in Section 2.3(k) hereof.

 

L             “Person” means an individual, corporation, partnership, joint venture, association, company (whether
of limited liability or otherwise), trust, bank or other entity, or government or any agency or political subdivision of a government.

 

M            “Plan” has the meaning set forth in Section 2.5(c) hereof.

 

N             “Properties”
has the meaning set forth in the recitals.

 

II

APPOINTMENT
OF THE MANAGER; SERVICES TO BE PERFORMED

 

A           
Appointment of the Manager. The Owner hereby engages and retains the Manager as the sole and exclusive manager and
agent of the Properties, and the Manager hereby accepts such appointment, all on the terms and conditions hereinafter set forth,
it being understood that this Management Agreement shall cause the Manager to be, at law, the Owner’s agent upon the terms
contained herein.

 

B            
General Duties. The Manager shall use commercially reasonable efforts in performing its duties hereunder to manage,
operate, maintain and lease the Properties in a diligent, careful and vigilant manner. The services of the Manager are to be of
scope and quality not less than those generally performed by professional property managers of other similar properties in the
area. The Manager shall make available to the Owner the full benefit of the judgment, experience and advice of its members and
staff with respect to the policies to be pursued by the Owner relating to the operation and leasing of the Properties.

 

		C	Specific Duties. The Manager’s duties include the following:

 

1     Lease
Obligations. The Manager shall perform all duties of the landlord under all leases insofar as such duties relate to
the operation, maintenance, and day-to-day management of the Properties. The Manager shall also provide or cause to be
provided, at the Owner’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 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 which are customarily provided to tenants.

 

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2    
Maintenance. The Manager shall cause the Properties to be maintained in the same manner as similar properties
in the area. The Manager’s duties and supervision in this respect shall include, without limitation, cleaning of the interior
and the exterior of the Improvements and the public common areas on the Properties and the making and supervision of repair, alterations,
and decoration of the Improvements, subject to and in strict compliance with this Management Agreement and any applicable leases.
Construction and rehabilitation activities undertaken by the Manager, if any, will be limited to activities related to the management,
operation, maintenance, and leasing of the Property (e.g., repairs, renovations, and leasehold improvements).

 

3    
Leasing Functions. The Manager shall coordinate the leasing of the Properties and shall negotiate and use
its best efforts to secure executed leases from qualified tenants, and to execute same on behalf of the Owner, if requested, for
available space in the Properties, such leases to be in form and on terms approved by the Owner and the Manager, and to bring about
complete leasing of the Properties. The Manager shall be responsible for the hiring of all leasing agents, as necessary for the
leasing of the Properties, and to otherwise oversee and manage the leasing process on behalf of the Owner.

 

4    
Notice of Violations. The Manager shall forward to the Owner, promptly upon receipt, all notices of violation
or other notices from any governmental authority, and board of fire underwriters or any insurance company, and shall make such
recommendations regarding compliance with such notice as shall be appropriate.

 

5    
Personnel. Any personnel hired by the Manager to maintain, operate and lease the Property shall be the employees
or independent contractors of the Manager and not of the Owner. The Manager shall use due care in the selection and supervision
of such employees or independent contractors. The Manager shall be responsible for the preparation of and shall timely file all
payroll tax reports and timely make payments of all withholding and other payroll taxes with respect to each employee.

 

6    
Utilities and Supplies. The Manager shall enter into or renew contracts for electricity, gas, steam, landscaping,
fuel, oil, maintenance and other services as are customarily furnished or rendered in connection with the operation of similar
rental property in the area.

 

7     Expenses. The
Manager shall analyze all bills received for services, work and supplies in connection with maintaining and operating the
Properties, pay all such bills, and, if requested by the Owner, pay, when due, utility and water charges, sewer rent and
assessments, any applicable taxes, including, without limitation, any real estate taxes, and any other amount payable in
respect to the Properties. All bills shall be paid by the Manager within the time required to obtain discounts, if any. The
Owner may from time to time request that the Manager forward certain bills to the Owner promptly after receipt, and the
Manager shall comply with any such request. The payment of all bills, real property taxes, assessments, insurance
premiums and any other amounts payable with respect to the Properties shall be paid out of the Account by the Manager. All
expenses shall be billed at net cost (i.e., less all rebates, commissions, discounts and allowances, however designed).

 

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8    
Monies Collected. The Manager shall collect all rent and other monies from tenants and any sums otherwise
due to the Owner with respect to the Properties in the ordinary course of business. In collecting such monies, the Manager shall
inform tenants of the Properties that all remittances are to be in the form of a check or money order. The Owner authorizes the
Manager to request, demand, collect and provide receipts for all such rent and other monies and to institute legal proceedings
in the name of the Owner for the collection thereof and for the dispossession of any tenant in default under its lease.

 

9    
Banking Accommodations. The Manager shall establish and maintain a separate checking account (the “Account”)
for funds relating to the Properties. All monies deposited from time to time in the Account shall be deemed to be trust funds and
shall be and remain the property of the Owner and shall be withdrawn and disbursed by the Manager for the account of the Owner
only as expressly permitted by this Management Agreement for the purposes of performing the obligations of the Manager hereunder.
No monies collected by the Manager on the Owner’s behalf shall be commingled with funds of the Manager. The Account shall
be maintained, and monies shall be deposited therein and withdrawn therefrom, in accordance with the following:

 

i           All sums received from rents and other income from the Properties shall be promptly deposited by the Manager in the Account.
The Manager shall have the right to designate two (2) or more persons who shall be authorized to draw against the Account, but
only for purposes authorized by this Management Agreement.

 

ii         
All sums due to the Manager hereunder, whether for compensation, reimbursement for expenditures, or otherwise, as herein
provided, shall be a charge against the operating revenues of the Properties and shall be paid and/or withdrawn by the Manager
from the Account prior to the making of any other disbursements therefrom.

 

iii         
On or before the 30th day following the end of each calendar quarter during the term of this Management Agreement,
the Manager shall forward to the Owner all net operating proceeds from the preceding quarter, retaining at all times, however,
a reserve of $5,000, in addition to any other amounts otherwise provided in the Budget.

 

10   
Tenant Complaints. The Manager shall maintain business-like relations with the tenants of the Properties.

 

11    Ownership
Agreements. The Manager has received copies of the Delaware certificate of formation, the Limited Liability Company
Agreement and the other constitutive documents of each entity constituting Owner (collectively, the
“Ownership Agreements”) and is familiar with the terms thereof. The Manager shall use reasonable care to
avoid any act or omission which, in the performance of its duties hereunder, shall in any way conflict with the terms of the
Ownership Agreements.

 

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12   
Signs. The Manager shall place and remove, or cause to be placed and removed, such signs upon the Properties
as the Manager deems appropriate, subject, however, to the terms and conditions of the leases and to any applicable ordinances
and regulations.

 

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

 

		E	Accounting, Records and Reports.

 

1    
Records. The Manager shall maintain all office records and books of account and shall record therein, and
keep copies of, each invoice received from services, work and supplies ordered in connection with the maintenance and operation
of the Properties. Such records shall be maintained on a double entry basis. The Owner and persons designated by the Owner shall
at all reasonable times have access to and the right to audit and make independent examinations of such records, books and accounts
and all vouchers, files and all other material pertaining to the Properties and this Management Agreement, all of which the Manager
agrees to keep safe, available and separate from any records not pertaining to the Properties, at a place recommended by the Manager
and approved by the Owner.

 

2    
Quarterly Reports. On or before the 30th day following the end of each calendar quarter during
the term of this Management Agreement, the Manager shall prepare and submit to the Owner the following reports and statements:

 

		i	Rental collection record;

 

		ii	Quarterly operating statement;

 

	 	iii	Copy of cash disbursements ledger entries for such period, if requested;

 

		iv	Copy of cash receipts ledger entries for such period, if requested;

 

		v	The original copies of all contracts entered into by
the Manager on behalf of the Owner during such period, if requested; and

 

		vi	Copy of ledger entries for such period relating to security
deposits maintained by the Manager, if requested.

 

3     Budgets
and Leasing Plans. On or before November 15 of each calendar year, the Manager shall prepare and submit to the Owner
for its approval an operating budget (a “Budget”) and a marketing and leasing plan (a
“Plan”) on the Properties for the calendar year immediately following such submission. Each Budget and
Plan shall be in the form approved by the Owner prior to the date thereof. As often as reasonably necessary during the period
covered by any Budget or Plan, the Manager may submit to the Owner for its approval an updated Budget or Plan incorporating
such changes as shall be necessary to reflect cost overruns and the like during such period. If the Owner does not disapprove
a Budget or Plan within thirty (30) days after receipt thereof by the Owner, such Budget or Plan shall be deemed approved. If
the Owner shall disapprove any Budget or Plan, it shall so notify the Manager within said thirty (30) day period and explain
the reasons therefor. The Manager will not incur any costs other than those estimated in an approved Budget except for:

 

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		i	maintenance or repair costs under $5,000 per Property;

 

		ii	costs incurred in emergency situations in which action
is immediately necessary for the preservation or safety of the Property, or for the safety of occupants or other persons on the
Property (or to avoid the suspension of any necessary service of the Property);

 

		iii	expenditures for real estate taxes and assessments; and

 

		iv	maintenance supplies calling for an aggregate purchase
price of less than $25,000 for all Properties.

 

4    
Returns Required by Law. The Manager shall execute and file when due all forms, reports, and returns required
by law relating to the employment of its personnel.

 

5    
Notices. Promptly after receipt, the Manager shall deliver to the Owner all notices, from any tenant, or any
governmental authority, that are not of a routine nature. The Manager shall also report expeditiously to the Owner notice of any
extensive damage to any part of the Properties.

 

F            
Subcontracting. Notwithstanding anything to the contrary contained in this Agreement, the Manager may subcontract
any of its duties hereunder, without the consent of the Owner, for a fee that may be less than the Management Fees paid hereunder.
In the event that the Manager does so subcontract any its duties hereunder, such fees payable to such third parties may, at the
instruction of the Manager, be deducted from the Management Fees and paid by the Owner to such parties, or paid directly by the
Manager to such parties, in its discretion.

 

III

EXPENSES

 

A            Owner’s
Expenses. Except as otherwise specifically provided, all costs and expenses incurred hereunder by the Manager in fulfilling
its duties to the Owner shall be for the account of and on behalf of the Owner. Such costs and expenses may include, without limitation,
reasonable wages and salaries and other employee-related expenses of all on-site and off-site employees of the Manager who are
engaged in the operation, management, maintenance and leasing of the Properties, including taxes, insurance and benefits relating
to such employees, and legal, travel and other out-of-pocket expenses which are directly related to the operation, management,
maintenance and leasing of specific Properties. All costs and expenses for which the Owner is responsible under this Management
Agreement shall be paid by the Manager out of the Account. In the event the Account does not contain sufficient funds to pay all
of the costs and expenses, the Owner shall fund all sums necessary to meet such additional costs and expenses.

 

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B            
Manager’s Expenses. The Manager shall, out of its own funds, pay all of its general overhead and administrative expenses.

 

IV

MANAGER’S COMPENSATION

 

		A	Management Fees.

 

1    
The Owner shall pay the Manager or any of its Affiliates property management and leasing fees (the “Management
Fees”), on a monthly basis, equal to: two percent (2%) of Gross Revenues from the Properties managed, plus market-based
leasing commissions applicable to the geographic location of the Property. Except as otherwise set forth herein, the Owner shall
also reimburse the Manager for any costs and expenses incurred by the Manager in connection with managing the Properties.

 

2    
Notwithstanding the foregoing, the Manager may be entitled to receive higher fees in the event the Manager can demonstrate
to the satisfaction of the Owner (including a majority of the Independent Directors) through empirical data that a higher competitive
fee is justified for the services rendered and the type of Property managed. As described in Section 2.6 above, in the event
that the Manager properly engages one or more third parties to perform the services described herein, the fees payable to such
parties for such services will be deducted from the Management Fees, or paid directly by the Manager, at the Manager’s option.
The Manager’s compensation under this Section 4.1 shall apply to all renewals, extensions or expansions of leases
which the Manager originally negotiated.

 

B            
Additional Fees. If the Manager provides services other than those specified herein, the Owner shall pay to the Manager
a monthly fee equal to no more than that which the Owner would pay to a third party that is not an Affiliate of the Owner or the
Manager to provide such services.

 

C            
Audit Adjustment. If any audit of the records, books or accounts relating to the Properties discloses an overpayment
or underpayment of fees, the Owner or the Manager shall promptly pay to the other party the amount of such overpayment or underpayment,
as the case may be. If such audit discloses an overpayment of fees for any fiscal year of more than the correct fees for such fiscal
year, the Manager shall bear the cost of such audit.

 

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V

INSURANCE AND
INDEMNIFICATION

 

		A	Insurance to be Carried.

 

1             
The Manager shall obtain and keep in full force and effect insurance on the Properties against such hazards as the Owner
and the Manager shall deem appropriate, but in any event, insurance sufficient to comply with the leases and the Ownership Agreements
shall be maintained. All liability policies shall provide sufficient insurance satisfactory to both the Owner and the Manager and
shall contain waivers of subrogation for the benefit of the Manager.

 

2             
The Manager shall obtain and keep in full force and effect, in accordance with the laws of the state in which each Property
is located, employer’s liability insurance applicable to and covering all employees of the Manager at the Properties and
all persons engaged in the performance of any work required hereunder, and the Manager shall furnish the Owner certificates of
insurers naming the Owner as a co-insured and evidencing that such insurance is in effect. If any of the Manager’s duties
hereunder are subcontracted as permitted under Section 2.6, the Manager shall include in each subcontract a provision that
the subcontractor shall also furnish the Owner with such a certificate.

 

B            
Cooperation with Insurers. The Manager shall cooperate with and provide reasonable access to the Properties to representatives
of insurance companies and insurance brokers or agents with respect to insurance which is in effect or for which application has
been made. The Manager shall use its best efforts to comply with all requirements of insurers.

 

C            
Accidents and Claims. The Manager shall promptly investigate and report in detail to the Owner all accidents, claims
for damage relating to the ownership, operation or maintenance of the Properties, and any damage or destruction to the Properties
and the estimated costs of repair thereof, and shall prepare for approval by the Owner all reports required by an insurance company
in connection with any such accident, claim, damage, or destruction. Such reports shall be given to the Owner promptly and any
report not so given within ten (10) days after the occurrence of any such accident, claim, damage or destruction shall be noted
in the report delivered to the Owner pursuant to Section 2.5(b). The Manager is authorized to settle any claim against an
insurance company arising out of any policy and, in connection with such claim, to execute proofs of loss and adjustments of loss
and to collect and provide receipts for loss proceeds.

 

D           
Indemnification. The Manager shall hold the Owner harmless from and indemnify and defend the Owner against any and
all claims or liability for any injury or damage to any person or property whatsoever for which the Manager is responsible occurring
in, on, or about the Properties, including, without limitation, the Improvements when such injury or damage is caused by the negligence
or misconduct of the Manager, its agents, servants, or employees, except to the extent that the Owner recovers insurance proceeds
with respect to such matter. The Owner will indemnify and hold the Manager harmless against all liability for injury to persons
and damage to property caused by the Owner’s negligence and which did not result from the negligence or misconduct of the
Manager, except to the extent the Manager recovers insurance proceeds with respect to such matter.

 

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VI

TERM;
TERMINATION

 

A            
Term. This Management Agreement shall commence on the Effective Date and shall continue until terminated in accordance
with the earliest to occur of the following:

 

1             
One (1) year from the date of the commencement of the term hereof. However, this Management Agreement will be automatically
extended for an unlimited number of successive one year terms at the end of each year unless any party gives sixty

(60) days’ written notice to the other parties
of its intention to terminate this Management Agreement;

 

		2	Immediately upon the occurrence of any of the following:

 

i                  
A decree or order is
rendered by a court having jurisdiction (A) adjudging the Manager as bankrupt or insolvent, (B) approving as properly filed a
petition seeking reorganization, readjustment, arrangement, composition or similar relief for the Manager under the federal
bankruptcy laws or any similar applicable law or practice, or (C) appointing a receiver, liquidator, trustee or assignee in
bankruptcy or insolvency of the Manager or a substantial part of the Manager’s assets, or for the winding up or
liquidation of its affairs, or

 

ii                  The
Manager (A) voluntarily institutes proceedings to be adjudicated bankrupt or insolvent, (B) consents to the filing of a bankruptcy
proceeding against it, (C) files a petition, answer or consent seeking reorganization, readjustment, arrangement, composition
or relief under any similar applicable law or practice, (D) consents to the filing of any such petition, or to the appointment
of a receiver, liquidator, trustee or assignee in bankruptcy or insolvency for it or for a substantial part of its assets, ©
makes an assignment for the benefit of creditors, (F) is unable to or admits in writing its inability to pay its debts generally
as they become due, unless such inability shall be the fault of the Owner, or (G) takes corporate or other action in furtherance
of any of the aforesaid purposes; and

 

3             
Upon written notice from the Owner in the event that the Manager commits an act of gross negligence or willful misconduct
in the performance of its duties hereunder.

 

Upon termination, the obligations
of the parties hereto shall cease; provided, however; that the Manager shall comply with the provisions hereof applicable
in the event of termination and shall be entitled to receive all compensation which may be due to the Manager hereunder up to the
date of such termination; provided, further, however; that if this Management Agreement terminates pursuant
to clauses (b) or (c) of this Section 6.1, the Owner shall have other remedies as may be available at law or in equity.

 

B            
Manager’s Obligations after Termination.Upon the termination of this Management Agreement, the Manager
shall have the following duties:

 

1    
The Manager shall deliver to the Owner, or its designee, all books and records with respect to the Properties.

 

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2    
The Manager shall transfer and assign to the Owner, or its designee, all service contracts and personal property relating
to or used in the operation and maintenance of the Properties, except personal property paid for and owned by the Manager. Manager
shall also, for a period of sixty (60) days immediately following the date of such termination, make itself available to consult
with and advise the Owner, or its designee, regarding the operation, maintenance and leasing of the Properties.

 

3    
The Manager shall render to the Owner an accounting of all funds of the Owner in its possession and shall deliver to the
Owner a statement of Management Fees claimed to be due the Manager and shall cause funds of the Owner held by the Manager relating
to the Properties to be paid to the Owner or its designee.

 

4    
The Manager shall cooperate with the Owner to provide an orderly transition of the Manager’s duties hereunder.

 

VII

MISCELLANEOUS

 

A   
Notices. All notices, approvals, consents and other communications hereunder shall be in writing, and, except when
receipt is required to start the running of a period of time, shall be deemed given when delivered in person or on the fifth day
after its mailing by either party by registered or certified United States mail, postage prepaid and return receipt requested,
to the other party, at the addresses set forth after their respect name below or at such different addresses as either party shall
have theretofore advised the other party in writing in accordance with this Section 7.1.

 

	To the Owner: 	[Applicable Owner Name] 

c/o Global Net Lease, Inc. 

405 Park Avenue
	 	New York, NY 10022
	 	Attention: James L. Nelson, CEO and President 

with a copy to:
	 	 
	 	[Applicable Owner Name] 

Global Net Lease, Inc.
	 	405 Park Avenue 

New York, NY 10022
	 	Attention: Michael Anderson, Senior Vice President, Chief Corporate Counsel
	 	 
	To the Manager: 	Global Net Lease Properties, LLC
	 	405 Park Avenue 

New York, NY 10022
	 	Attention: Michael Anderson, Senior Vice President, Chief Corporate Counsel

 

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B   
Governing Law. This 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.

 

C   
Assignment. Except as permitted in Section 2.6 hereof, this Management Agreement may not be assigned by the
Manager, except to an Affiliate of the Manager, and then only upon the consent of the Owner and the approval of a majority of the
Independent Directors. Any assignee of the Manager shall be bound hereunder to the same extent as the Manager. This Agreement shall
not be assigned by the Owner without the written consent of the Manager, except to a Person which is a successor to such Owner.
Such successor shall be bound hereunder to the same extent as such Owner. Notwithstanding anything to the contrary contained herein,
the economic rights of the Manager hereunder, including the right to receive all compensation hereunder, may be sold, transferred
or assigned by the Manager without the consent of the Owner.

 

D   
No Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege
under this Management Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy,
power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall
any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy,
power or privilege with respect to any other occurrences. No waiver shall be effective unless it is in writing and is signed by
the party asserted to have granted such waiver.

 

E   
Amendments. This Management Agreement may be amended only by an instrument in writing signed by the party against
whom enforcement of the amendment is sought.

 

F    
Headings. The headings of the various subdivisions of this Management Agreement are for reference only and shall
not define or limit any of the terms or provisions hereof.

 

G   
Counterparts. This Management Agreement may be executed (including by facsimile transmission) with counterpart signature
pages or in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears
thereon, and all of which shall together constitute one and the same instrument.

 

H   
Entire Agreement. This Management Agreement contains the entire agreement and understanding among the parties hereto
with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings, inducements
and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof.

 

I    
Disputes. If there shall be a dispute between the Owner and the Manager relating to this Management Agreement resulting
in litigation, the prevailing party in such litigation shall be entitled to recover from the other party to such litigation such
amount as the court shall fix as reasonable attorneys’ fees.

 

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J    
Activities of the Manager. The obligations of the Manager pursuant to the terms and provisions of this Management
Agreement shall not be construed to preclude the Manager from engaging in other activities or business ventures, whether or not
such other activities or ventures are in competition with the Owner or the business of the Owner.

 

K   
Independent Contractor. The Manager and the Owner shall not be construed as joint venturers or partners of each other
pursuant to this Management Agreement, and neither party shall have the power to bind or obligate the other except as set forth
herein. In all respects, the status of the Manager to the Owner under this Management Agreement is that of an independent contractor.

 

L   
Pronouns and Plurals. Whenever the context may require, any pronoun used in this Management Agreement shall include
the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural
and vice versa.

 

[Remainder of page intentionally left blank]

 

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

 

	 	ARC ATSNTTX001, LLC 

ARG CDNCNOH001, LLC 

ARG CMGLTWY001, LLC 

ARG EHBIRAL001, LLC 

ARG EQWBGPA001, LLC 

ARC FELKCLA001, LLC 

ARG HCCLHGA001, LLC 

ARG HRTFTGA001, LLC 

ARG MT2PKSLB001, LLC 

ARG UPDBNMI001, LLC 

ARC SLSTCCA001, LLC
	 	 
	 	By: 	/s/ James A. Tanaka
	 	Name: 	James A. Tanaka
	 	Title: 	Authorized Signatory
	 	 
	 	GLOBAL NET LEASE PROPERTIES, LLC
	 	 
	 	By: 	/s/ James A. Tanaka
	 	Name: 	James A. Tanaka
	 	Title: 	Authorized Signatory

 

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Exhibit A

 

OWNER AND PROPERTIESEXHIBIT 10.1

      

      

      SEPARATION AGREEMENT AND GENERAL RELEASE

      

      

      This separation agreement and general release is between Richard J. Dorris, an individual (“Executive”), and Astec Industries, Inc., a Tennessee
        corporation (“Astec”).

      

      

      BACKGROUND

      

      

      Executive has been employed by Astec, most recently as its Chief Operating Officer.  Executive has notified Astec of his retirement from employment,
        and Astec and Executive therefore have agreed to end Executive’s relationship with Astec.  Executive and Astec desire to clarify and settle all matters relating to Executive’s employment and the end of that employment.  Astec has offered Executive
        the severance package described below in Section 2, which is expressly conditioned on and subject to Executive’s acceptance of this agreement.

      

      

      The parties therefore agree as follows:

      

      

      1.          SEPARATION DATE.  Executive’s employment with Astec will end effective September 13, 2019, which will be his last day of employment with Astec (“Separation Date”).  On the Separation Date, Executive will also
          be removed from all of his positions and offices with Astec and any subsidiary of Astec, including officer, director, or board member, and Executive shall sign and promptly provide to Astec all required documents to effectuate Executive’s
          removal.

      

      

      2.          COVENANTS
          OF ASTEC.

      

      

      2.1          Astec will pay Executive’s regular compensation
          through the Separation Date, and will also pay Executive for any accrued time off to which he is entitled under Astec’s policies.

      

      

      2.2          Astec will voluntarily pay to Executive a gross amount equal to 52 weeks of Executive's base salary, less required withholding deductions, as separation pay.  The severance amount due under this Section 2.2 will
          be paid to Executive in four equal, quarterly installments beginning after the Effective Date, as follows:

      

      

      (a)          Astec shall make the first quarterly payment on
          December 31, 2019

      

      

      (b)          Astec shall make the second quarterly payment on
          March 31, 2020.

      

      

      (c)          Astec shall make the third quarterly payment on June
          30, 2020.

      

      

      (d)          Astec shall make the fourth and final quarterly
          payment on September 30, 2020.

      

      

      The severance payments that Astec has agreed to make under this section are in excess of what Executive would otherwise be entitled to receive.

      

      

      
        
          

          

          

          

        

        1

        
          

      

      
      

      

      2.3          Astec shall transfer to Executive ownership of the
          company vehicle that Executive has been provided for business use (VIN# 1FAHP2F80FG126324).  After the Separation Date, Executive will be fully responsible for all costs and expenses, including insurance, gas, and maintenance, relating to the
          vehicle.  Astec likewise shall permit Executive to keep and retain the laptop computer, computer monitor, printer, and cellular telephone (including telephone number) that Astec issued to him for business use.

      

      

      2.4          Except as specifically provided above, Astec will not
          be obligated or liable to Executive for any compensation, salary, payment, bonus, commission, or benefit of any nature whatsoever by reason of Executive’s employment, whether by express or implied agreement, arrangement, custom, or otherwise. 
          Executive is accepting the payment described above in lieu of any other payment or benefit to which he might claim entitlement, and Executive expressly waives any claim or entitlement to any additional payment or benefit, whether of the type
          described above or otherwise.  Executive likewise is waiving any right to any restricted stock unit or other similar benefit awarded or provided to him that is not fully vested as of the Separation Date.

      

      

      3.          EMPLOYEE BENEFIT PLANS.  Executive’s participation in Astec’s employee benefit plans will cease on the later of the Separation Date or on the date provided under the terms of such plans.

      

      

      4.          RELEASE.

      

      

      4.1          To induce Astec to enter into this agreement and to
          make the payment described above, Executive releases and discharges Astec and any owners, successors, assigns, affiliates, members, managers, subsidiary company, related company, and surviving company or companies by reason of any merger or
          acquisition of Astec, and all officers, trustees, shareholders, directors, members, managers, plan administrators, employees, agents, or attorneys of any of the foregoing entities (collectively referred to as “Releasees”) from all charges,
          complaints, claims, liabilities, obligations, actions, promises, agreements, causes of action, suits, demands, costs, losses, damages, debts, and expenses, whether known, unknown, disclosed, or undisclosed, that Executive now has, owns, or holds,
          claims to have, own, or hold, at any time heretofore had, owned, or held, or that he claimed to have, own, or hold against Releasees.  This general release of all claims includes, but is not limited to, any claim under Title VII (42 U.S.C. §
          2000e et seq.), the Age Discrimination in Employment Act (29 U.S.C. § 621 et seq.), the Family and Medical Leave Act (29 U.S.C. § 2601 et seq.), the National Labor Relations Act (29 U.S.C. § 151 et seq.), the Worker Adjustment and Retraining
          Notification Act of 1988 (29 U.S.C. § 2101 et seq.), the Civil Rights Acts of 1866, 1871, 1964, and 1991, the Americans with Disabilities Act (42 U.S.C. § 12101 et seq.), the Rehabilitation Act of 1973 (29 U.S.C. § 701 et seq.), the Consolidated
          Omnibus Budget and Reconciliation Act of 1985 (29 U.S.C. § 1161 et seq.), the Employee Retirement Income and Security Act (29 U.S.C. § 1001 et seq.), the Older Workers Benefit Protection Act, the Genetic Information Nondiscrimination Act of 2008
          (42 U.S.C. § 2000ff et seq.), the Tennessee Human Rights Act (Tenn. Code Ann. § 4-21-101 et seq.), the Tennessee Public Protection Act (Tenn. Code Ann. § 50-1-304), and the Tennessee Disability Act (Tenn. Code Ann. § 8-50-103 et seq.), and any
          claim under any statute, ordinance, regulation, or common law theory protecting whistleblowers or proscribing retaliation, discrimination, or harassment, regarding personal injury, regarding wrongful discharge, or relating to rights and
          obligations under contract, whether express, implied, or otherwise.

      

      

      
        
          

          

          

          

        

        2

        
          

        

      

      

      

      4.2          This is a general release of all claims except that Executive is not waiving (a) any right or entitlement that cannot be waived as a matter of law; (b) any right or entitlement to any vested benefits in
          Astec’s employee benefit, retirement, or stock option plans; or (c) the right to file a charge or participate in an investigation with the Equal Employment Opportunity Commission or Tennessee Human Rights Commission, although he is waiving his
          right to recover a monetary award as a result of any and all such claims, charges, or investigations resulting from his employment.  Nothing in this agreement limits Executive's ability to file a charge or complaint with the Occupational Safety
          and Health Administration or the Securities and Exchange Commission, or any similar federal or state agency.  This agreement also does not limit Employee's ability to communicate with any such agency or otherwise participate in any investigation
          or proceeding that may be conducted by any such agency, including providing documents or other information, without notice to Astec.

      

      

      5.          VALIDITY OF RELEASE LANGUAGE.  This agreement is in full compliance with the Age Discrimination in Employment Act and Older Workers Benefit Protection Act (specifically 29 U.S.C. § 626(f)).  In particular:

      

      

      5.1          This agreement is written in a manner understandable
          to Executive.  Executive has read this agreement in its entirety, has had any questions about it fully answered to his satisfaction, and fully understands its terms.  Executive has been advised to consult with his attorney before executing this
          agreement.

      

      

      5.2          The consideration provided to Executive under this
          agreement is in addition to anything of value to which he is already entitled.

      

      

      5.3          Astec has offered and agreed to allow Executive a
          period of at least twenty-one (21) days within which to consider this agreement.  Executive is under no obligation whatsoever to sign this agreement before the expiration of the twenty-one (21) day period, but may voluntarily choose to do so.

      

      

      5.4          Executive may revoke this
          agreement within seven (7) days from the date on which he signs it (“Revocation Period”), and this agreement will not become effective or enforceable until after the Revocation Period has expired, and as provided in section 18 of this agreement. 
          To exercise his right to revoke this agreement, Executive must, within the Revocation Period, deliver written notice that he is revoking this agreement to Campbell Brooks, Director of Human Resources, 4101 Jerome Avenue, Chattanooga, TN 37407;
          fax: 423.867.4127; email: cbrooks@astecindustries.com.  Such written notice will be valid only if sent by U.S. registered or certified mail, email, or facsimile and received by Campbell Brooks no later than the expiration of the Revocation
          Period.  If not so revoked within the Revocation Period, this agreement will be valid, binding, and enforceable in all respects, except as provided in section 18.

      

      

      6.          ASTEC PROPERTY.  Except as provided above, Executive shall promptly return to Astec all physical and electronic property, files, memoranda, records, equipment, documents, photographs, computer discs,
          audiotapes, videotapes, and other property of Astec or any Astec subsidiary, or copies or reproductions of the same, that he has received from Astec or any subsidiary or obtained through his employment with Astec.  This includes, but is in no way
          limited to, handbooks, policies, day planners, key cards, access cards, trade secrets, Confidential Information (as defined below), personal data assistants, mobile telephones, smartphones, pagers, business records, computers, printouts of
          electronically stored information, and office equipment.  Executive also shall immediately discontinue use of any Astec equipment, software programs, and intellectual property.

      

      

      
        
          

          

          

          

        

        3

        
          

        

      

      

      

      7.          COOPERATION WITH MANAGEMENT.  If requested by Astec or any Astec subsidiary, or any of their respective officers, directors, agents, representatives, employees, or attorneys, Executive shall fully cooperate
          with Astec or any Astec subsidiary (a) in responding to any questions or issues that may arise regarding his former duties; (b) in the defense of any claim against Astec or any Astec subsidiary, including, without limitation, any administrative
          or other charge, demand, lawsuit, arbitration, mediation, or other demand for legal or equitable relief, notwithstanding the forum, or (c) in Astec’s or any Astec subsidiary’s response to any compliance-related or other issue.  This section is
          not intended to require anything of Executive other than providing, if requested, truthful and accurate assistance or testimony.

      

      

      8.          CONFIDENTIALITY OF THIS AGREEMENT.  The terms of this agreement are STRICTLY CONFIDENTIAL.  Executive shall not disclose, reveal, or disseminate, orally, electronically, in writing, or in any manner
          whatsoever, the settlement of this matter, the fact or amount of the severance payments set forth in Section 2, or the contents of this agreement, except that he may discuss this agreement with his spouse, attorney, financial advisor, and tax
          preparer.

      

      

      9.          CONFIDENTIALITY AND NONDISCLOSURE OF
          INFORMATION LEARNED DURING EMPLOYMENT.

      

      

      9.1          During Executive’s employment with Astec, he received
          and had access to Confidential Information, as that term is defined in section 9.5 below.  Executive shall not at any time after the Separation Date, except as authorized in writing by Astec’s CEO, directly or indirectly use for Executive’s own
          benefit or for the benefit of any person or entity other than Astec, or directly or indirectly divulge, disclose, disseminate, distribute, or communicate to any person or entity, any Confidential Information.

      

      

      9.2          Executive shall notify Astec before disclosing any
          Confidential Information to fulfill any legal obligation so that it may obtain a protective order or other similar relief from disclosure, if desired, and Executive shall cooperate with Astec in its efforts to preserve the confidentiality of any
          Confidential Information.

      

      

      9.3          All Confidential Information, including any
          Confidential Information that Executive wholly or partially created or discovered during his employment with Astec, is to remain the sole property of Astec.  Executive shall perform all actions reasonably requested by Astec or any Astec
          subsidiary to establish and confirm Astec’s or any Astec subsidiary’s ownership of Confidential Information (including, without limitation, assignments, consents, powers of attorney, and other instruments).  Executive specifically waives and
          hereby assigns to Astec any and all rights to inventions, discoveries, and improvements made by him during his employment with Astec, whether made solely or jointly with others, whether patentable or unpatentable, as well as any and all rights in
          and to any patents, reissue patents, patent applications, divisional applications, continuing applications, substitute applications, renewal applications, and all other applications for Letters Patent which have been filed or shall be filed on
          any of said inventions, discoveries, and improvements, whether filed in the United States or any other country.  Executive also specifically waives and hereby assigns to Astec any and all rights to the copyright in any works of authorship created
          by him, either solely or jointly with other co-authors, and all moral rights associated therewith, to which he might otherwise be entitled under applicable law.  Executive also specifically waives and hereby assigns to Astec any and all rights to
          Astec's trademarks, service marks, and trade names as well as any and all good will associated therewith.

      

      

      
        
          

          

          

          

        

        4

        
          

        

      

      

      

      9.4          Executive shall take all necessary precautions,
          including the establishment of appropriate procedures and disciplines, to safeguard the confidential nature of the Confidential Information.

      

      

      9.5          As used in this
          agreement, “Confidential Information” means all trade secrets and confidential and proprietary information or knowledge relating to Astec or any subsidiary of Astec, including, without limitation, business plans, marketing plans, business
          agreements, strategies, pricing, customers (including, without limitation, the names, addresses or telephone numbers of its customers or prospective customers), arrangements with customers, arrangements with other individuals or entities,
          memoranda, letters, reports, research, analyses, technologies, inventions, innovations, work product, computer programs, designs, drawings, sketches, blueprints, processes, information systems, web applications, financial information, training
          manuals, operations manuals, and other information conceived, generated, produced, developed, or made before or during Executive’s employment with Astec, that Astec, or any subsidiary of Astec, consider to be confidential or proprietary in
          nature.

      

      

      10.          RESTRICTIONS
          ON COMPETITION AND SOLICITATION.

      

      

      10.1          Noncompetition with Astec Industries, Inc. or its subsidiaries.  For the 12-month period after the Effective Date, Executive shall not, without first receiving the express written permission of the CEO of Astec,:

      

      

      (a)          own any interest in, manage, operate, or control a
          Competing Business (as defined below); or

      

      

      (b)          directly or indirectly render services, whether paid
          or unpaid, and whether personally or as an employee, agent, consultant, independent contractor, or otherwise, as or to a Competing Business.

      

      

      10.2          Nonsolicitation of Employees. For the 12-month period after the Effective Date, Executive shall not, either on Executive’s own account or for any individual or entity, directly or indirectly,:

      

      

      (a)          solicit, interfere with, or endeavor to cause any
          employee of Astec or any subsidiary of Astec to leave his or her employment; or

      

      

      (b)          induce or attempt to induce any employee of Astec or
          any subsidiary of Astec to terminate, breach, or violate his or her written or oral agreement with Astec or a subsidiary of Astec.

      

      

      10.3          Nonsolicitation of Customers.  For the 12-month period after the Effective Date, Executive shall not directly or indirectly solicit, induce, or attempt to induce any Customer:

      

      

      (a)          to cease doing business in whole or in part with or
          through Astec or any subsidiary of Astec;

      

      

      (b)          to refuse to do business with Astec or any subsidiary
          of Astec;

      

      

      (c)          to do business with a Competing Business;

      

      

      (d)          to reduce or lessen its business with Astec or any
          subsidiary of Astec; or

      

      

      (e)          to do business with any individual (including
          Executive), business, or entity that manufactures, sells, or services any product that is similar to any product manufactured, sold, or serviced by any subsidiary of Astec.

      

      

      
        
          

          

          

          

        

        5

        
          

        

      

      

      

      10.4          Tolling of Time Periods.  The ending date of the time periods set forth in section 10 of this agreement are to be tolled and suspended during any period in which Executive is in violation of this agreement so that the
          periods of noncompetition and nonsolicitation are extended by the number of days during which Executive was in violation of this agreement.

      

      

      10.5          Definitions.  As used in this section:

      

      

      (a)          “Competing Business” means any person, corporation,
          partnership, proprietorship, individual, limited liability company, firm, or other association or entity that either: (i) is engaged in the business of manufacturing, selling, or servicing any product that is similar to or competitive with any
          product manufactured, sold, or serviced by any subsidiary of Astec, or (ii) owns (whether wholly or partially) a corporation, partnership, proprietorship, individual, limited liability company, firm, or other association or entity that is engaged
          in the business of manufacturing, selling, or servicing any product that is similar to or competitive with any product manufactured, sold, or serviced by any subsidiary of Astec.

      

      

      (b)          “Customer” means any person, corporation,
          partnership, proprietorship, individual, limited liability company, firm, or other association, or entity that has at any time during the 24-month period preceding the Effective Date engaged any subsidiary of Astec to develop, design, customize,
          distribute, sell, purchase, or provide any product or service.

      

      

      11.          NO CLAIMS.  Executive has not filed any notice, claim, complaint, charge, or lawsuit of any kind whatsoever against any of the Releasees (as defined in Section 4) with any court, governmental agency,
          regulatory body, or other third party with respect to any matter related to Astec, any subsidiary of Astec, or a Releasee, or arising out of his employment with Astec or the separation of that employment.

      

      

      12.          NO KNOWLEDGE OF COMPLIANCE ISSUES.  Executive represents and confirms that he is presently unaware of any legal, regulatory, or compliance violation that occurred before or during his employment with Astec
          that would subject Astec or any Releasee to civil or criminal liability, damages, fines, sanctions, penalties, or other monetary payments.

      

      

      13.          NO ADMISSION.  This agreement is not to be construed as an admission by Astec of any acts of discrimination, harassment, retaliation, misconduct, or any other illegal conduct against Executive or any other
          person, and Astec specifically disclaims any liability to, or discrimination, harassment, retaliation, misconduct, or any other illegal conduct against, Executive or any other person on the part of itself, its employees, or its agents.

      

      

      14.          REMEDIES.  Damage in the event of a breach of this agreement would be difficult, if not impossible, to calculate, thus entitling Astec to injunctive relief in the event of a breach or threatened breach of this
          agreement, in addition to any entitlement to monetary damages.  If Executive breaches, or threatens to breach, this agreement, Astec will be entitled to recover from Executive any and all costs and expenses, including attorneys’ fees and
          litigation costs, that it may incur if Executive breaches or threatens to breach this agreement or in the defense of a claim against Astec or any of the Releasees that Executive has released in this agreement.

      

      

      
        
          

          

          

          

        

        6

        
          

        

      

      

      

      15.          ENTIRE AGREEMENT.  This agreement sets forth the entire agreement between the parties as to the separation of Executive’s employment with Astec, and it fully supersedes any prior agreements or understandings
          between them pertaining to the separation of his employment.  The parties agree that they may modify this agreement only by a subsequent, written agreement that is executed by both parties.

      

      

      16.          VOLUNTARY AGREEMENT.  Executive voluntarily executes this agreement, and his execution of this agreement is not based upon any representation by any party as to the merits, legal liability, or value of any
          claims of the parties or any other matter related to this agreement.

      

      

      17.          GOVERNING LAW; VENUE.  Astec’s principal place of business is in Chattanooga, Tennessee, and this agreement will be signed and accepted by Astec in the State of Tennessee.  This agreement, and all rights and
          obligations of the parties under this agreement, are to be governed by and construed in accordance with the laws of the State of Tennessee, without reference to any conflicts of laws principles.  Any legal action, claim, or proceeding relating to
          this agreement or Executive’s employment with Astec must be filed in a state or federal court of competent jurisdiction in or for Hamilton County, Tennessee.

      

      

      18.          EFFECTIVE DATE.  Unless Executive exercises his right to revoke this agreement in accordance with section 5.4, this agreement will become effective on the date that the last party
          signs it or on the eighth (8th) day after Executive signs it, whichever is later.

      

      

      19.          SEVERABILITY.  If any provision of this agreement is held to be unenforceable, then that provision is to be construed either by modifying it to the minimum extent necessary to make it enforceable (if permitted
          by law) or by disregarding it (if not permitted by law).  If an unenforceable provision is modified or disregarded in accordance with this section, the rest of the agreement is to remain in effect as written, and the unenforceable provision is to
          remain as written in any circumstances other than those in which the provision is held to be unenforceable.  But if modifying or disregarding the unenforceable provision would result in the failure of an essential purpose of this agreement, the
          entire agreement is to be held unenforceable.

      

      

      BY SIGNING BELOW, EXECUTIVE ACKNOWLEDGES THAT HE HAS READ THIS AGREEMENT IN ITS ENTIRETY AND FULLY UNDERSTANDS AND AGREES TO ALL OF
        ITS TERMS.

      

      

      

      

      
        	
                Septermber 18, 2019

              	
                /s/ Richard J. Dorris

              	 
	
                DATE SIGNED

              	
                EXECUTIVE

              
	
                 

              	
                 

              
	 	
                Printed Name: Richard J. Dorris

              
	 	 
	
                 

              	
                ASTEC INDUSTRIES, INC.

              
	
                 

              	
                 

              
	
                September 18, 2019

              	
                /s/ Campbell Brooks

              
	
                DATE SIGNED

              	
                 

              
	
                 

              	
                 

              
	
                 

              	
                Printed Name: Campbell Brooks

              
	
                 

              	
                 

              
	
                 

              	
                Title: Corporate Director of Human Resources

              

      

      

      

      

    

  

  7

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