Document:

EX-10.15

 Exhibit 10.15 

EXECUTIVE EMPLOYMENT AGREEMENT 

made as of the 3rd day of June, 2014 

Between 
 TRILLIUM THERAPEUTICS
INC. 
 (hereinafter called the “Corporation”) 

- and – 
 DR. PENKA
PETROVA 
 (hereinafter called the “Executive”) 

WHEREAS the Corporation and the Executive desire to enter into a written employment agreement (“Agreement”); 

NOW THEREFORE in consideration of the above, the mutual covenants herein contained and other good and valuable consideration (the receipt and
sufficiency of which are hereby acknowledged by each of the parties hereto), the parties agree as follows: 
 PART I - EMPLOYMENT SERVICES

 ARTICLE 1 - Definitions Applicable to this Part I 

1.1 “Business Day” means any day, other than a Saturday, Sunday or other day on which banks are not open for full commercial business
in Toronto, Ontario. 
 1.2 “Disability” means an impairment of mind or body rendering a person incapable of performing his
essential duties subject to the Corporation’s duty to accommodate pursuant to the Ontario Human Rights Code, which impairment has continued for either, (i) six consecutive months, or (ii) an aggregate of six months out of any
consecutive 12 month period. 
 1.3 “Just Cause” includes anything that would constitute just cause at common law, and (i) the
wilful and continued failure by the Executive to perform her duties as an employee of the Corporation or any of its subsidiaries (other than resulting from incapacity due to physical or mental Disability); or (ii) the breach by the Executive in
any material respect of this Agreement, provided that wilful failure to so perform her duties or a breach of this Agreement will constitute “Just Cause” only if the Executive fails to 

 
terminate the relevant act or cure the failure to act or breach and remedy and harm from such wrongful act or failure to act within ten (10) Business Days after receipt of written notice
from the Corporation of such wrongful act, failure to act, breach or harm, or (iii) theft, fraud, dishonesty or wilful misconduct by the Executive involving the property, business or affairs of the Corporation or any of its subsidiaries or the
carrying out of the Executive’s duties. 
 ARTICLE 2 - Engagement and Acceptance of Duties 

2.1 During the period of the Executive’s employment hereunder, the Executive shall assist the Corporation in carrying on the business and promote
the interest, business and reputation of the Corporation and its affiliates. Until changed in accordance with this section, the Executive shall serve the Corporation in the capacity of Vice President, Drug Development. The Executive shall undertake
the responsibilities, duties and authorities typically associated with the position of Vice President, Drug Development or such other position as shall be assigned to her by the Chief Executive Officer of the Corporation from time to time during the
period of her employment hereunder. The Executive shall in the performance of such duties and exercise of such powers report to the Chief Scientific Officer of the Corporation. 

2.2 The Executive shall devote her full time and attention to the affairs and business of the Corporation in order to perform her obligations hereunder
and to well and faithfully serve the Corporation and shall exercise the powers and authorities and fulfil the duties conferred upon her honestly, diligently, in good faith and in the best interests of the Corporation. The Executive shall use her
best efforts to promote the interests of the Corporation. 
 ARTICLE 3 - Employment Contract 

3.1 Subject to Article 6, the period of the Executive’s employment hereunder shall continue from June 3rd, 2014 (the “Effective Date”) until terminated by either party. The obligations of the Executive set forth in Part III of this Agreement shall survive the termination of this
Agreement and the employment of the Executive hereunder. 
 ARTICLE 4 – Remuneration 

4.1 Base Salary: For her services hereunder, the Corporation agrees to pay the Executive a salary at the annual rate of not less than CAD $205,000.00,
less statutory withholdings and deductions payable in monthly instalments in arrears (the “Base Salary”). 
 4.2 Bonus: The
Executive will also be eligible for an annual bonus (the “Bonus”) of up to twenty five percent (25%) of the Base Salary, based on the performance of the Corporation, according to annual corporate objectives established by the
Corporation’s Board, which shall be paid by the Corporation within 30 days from the end of the 

  
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applicable calendar year. The Bonus portion of the Executive compensation could, in the future, vary as recommended by the Compensation Committee and agreed upon by the Board. 

4.3 Annual Review: The Executive’s Base Salary and Bonus will be reviewed annually and may be subject to adjustment at the discretion of
Compensation Committee of the Board of Directors of the Corporation.  
 ARTICLE 5 - Benefits and Vacation 

During the period of employment of the Executive hereunder, 

5.1 Expenses: the Executive shall be reimbursed for all reasonable travelling and other reasonable expenses incurred by her in connection with the
performance of her duties hereunder upon provision of appropriate receipts or other vouchers; 
 5.2 Vacation: the Executive shall be entitled to
four (4) weeks paid vacation per year as determined by the vacation policy of the Corporation as it may be amended from time to time without notice to the Executive, and such vacation shall be taken at a time convenient to the operation of the
Corporation’s business; 
 5.3 Benefits: the Executive shall be entitled to participate in any group benefit plans and such other benefits as
may be made available to the employees from time to time in accordance with the terms and conditions of such plans and subject to amendments to such plans as may be made in the sole discretion of the Corporation; 

5.4 Stock Options: conditional upon signing this Agreement, the approval of the Compensation Committee of the Corporation’s Board of Directors and
the consent of all applicable regulatory authorities, the Corporation may from time to time grant to the Executive options to purchase common shares of the Corporation. Should the Corporation be subject to a takeover in which more than 50% of the
common shares of the Corporation are acquired by a person or group of persons all unvested options shall be vested immediately prior to the conclusion of such transaction. 

5.5 Deferred Share Units: conditional upon signing this Agreement, the approval of the Compensation Committee of the Corporation’s Board of
Directors and the consent of all applicable regulatory authorities, the Corporation may from time to time grant to the Executive deferred share units under the Deferred Share Unit Plan of the Corporation. 

5.6 Registered Savings Plan: the Executive shall be entitled to receive annually up to 5% of base salary as an equal matching contribution to a
registered savings plan where the Executive contributes to a registered savings plan through payroll deduction. 
 5.7 Insurance: the Corporation
shall, during the Executive’s employment hereunder, maintain in force directors and officers insurance sufficient to indemnify and hold harmless the Executive from any liability, claims, actions, costs or demands brought

  
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against him arising from or relating to the fulfilment by the Executive of his duties hereunder, to the extent that such insurance is permitted by public policy and/or any relevant law or
regulation. 
 ARTICLE 6 - Termination 

6.1 Notice: The Executive’s employment hereunder may be terminated at any time: 

6.1.1 by the Corporation without prior notice and without further obligations to the Executive, for reasons of Just Cause, subject to
the requirements of the Employment Standards Act (Ontario); 
 6.1.2 subject to Article 7.1, by the Corporation without Just
Cause and without prior notice to the Executive; 
 6.1.3 by the Executive, and without further obligation, on one (1) month
prior written notice given by the Executive, which the Corporation, in its sole discretion, may waive in whole or in part. In the event that the Corporation elects to waive any part of the said notice period, it shall nonetheless provide the
Executive with her regular employment compensation for that period; 
 6.1.4 automatically upon the death of the Executive without
further obligation of the Corporation; or 
 6.1.5 upon the Disability of the Executive. 

6.2 Beneficiaries: Save as is hereinafter provided, neither the Executive nor her heirs, administrators or assigns shall have any entitlement
whatsoever arising from the termination of the Executive’s employment hereunder by reason of the Executive’s death or Disability, save any entitlement to salary, bonus, stock options or reimbursement of expenses accrued and owing to the
Executive to the date of such termination. Nothing in this section shall disentitle the Executive or her heirs, administrators or assigns from any benefit or entitlement to which they are otherwise entitled, pursuant to a policy of insurance or
benefit plan. 
 ARTICLE 7 - Rights of the Executive on Termination 

7.1 Termination without Just Cause: Where the Executive’s employment under this Agreement has been terminated by the Corporation pursuant to
Article 6.1.2, the Executive shall be entitled to receive from the Corporation, 
 7.1.1 payment of all remuneration pursuant to
Article 4, any entitlement in respect of unused vacation pursuant to Article 5.2, benefits pursuant to Article 5.3, registered savings plan contributions pursuant to Article 5.6 and insurance coverage pursuant to Article 5.7, in each case as unpaid
and earned to the date of termination; 

  
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 7.1.2 continuation of the Executive’s Base Salary for six (6) months; and 

7.1.3 continuation of benefits, pursuant to Article 5.3, registered savings plan contributions pursuant to Article 5.6 for the period of
time determined pursuant to Article 7.1.2 (with the exception of short and long term disability coverage) subject to plan limits and as permitted by carriers. 

7.2 The period of salary continuance in Article 7.1.2 shall be reduced by the number of weeks Base Salary paid in respect of the termination of the
Executive’s employment pursuant to the Ontario Employment Standards Act. 
 7.3 The payments to the Executive, pursuant to
Article 7.1 shall be deemed to include and to satisfy any entitlement to notice or termination pay and severance pay pursuant to the Ontario Employment Standards Act. 

7.4 Where the Executive’s employment has been terminated under sub-Articles 6.1.1, 6.1.3, 6.1.4, and 6.1.5, she shall not be entitled to any
payment as separation pay, in lieu of notice, or as damages. The Executive hereby waives any claims she may have against the Corporation for or in respect of separation pay, or on account of loss of office or employment or notice in lieu thereof or
damages in lieu thereof (other than rights to accrued but unpaid, remuneration pursuant to Article 4, vacation pay pursuant to Article 5.2, and to reimbursement of expenses pursuant to Article 5.1). Upon the cessation of the employment of the
Executive for any reason or any Change Affecting the Executive’s Employment (as defined below) and receipt of the payments set out in Article 6.1.2 or 6.1.3 or under Part II, the Executive shall execute a release and waiver in favour of the
Corporation in a form satisfactory to the Corporation; provided that delivery of such payments will be conditional on delivery by the Executive to the Corporation of the said release and waiver, together with her resignation as a member of the Board
of Directors of the Corporation. 
 7.5 On termination of employment, any stock options of the Executive and any shares issued upon exercise of any
such stock options will be dealt with in accordance with the stock option plan of the Corporation, as amended from time to time. 
 7.6 On
termination of employment any deferred share units of the Executive will be dealt with in accordance with the Deferred Share Unit plan of the Corporation, as amended from time to time. 

PART II - CHANGE AFFECTING THE EXECUTIVE’S EMPLOYMENT 

ARTICLE 1 - Definitions Applicable to this Part II 

1.1 “Change Affecting the Executive’s Employment” means the assignment to the Executive of any duties inconsistent with the
Executive’s status as a senior executive of the Corporation or a substantial adverse alteration in the nature or status of the Executive’s responsibilities. 

  
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 ARTICLE 2 – Terms 

2.1 In the event that there is a Change Affecting the Executive’s Employment, the Corporation will provide to the Executive the following
severance benefits: 
 2.1.1 an amount equal to all outstanding Base Salary amounts and vacation pay, pursuant to Article 5.2 of Part
I, accrued to the date of the Change Affecting the Executive’s Employment; 
 2.1.2 continuation of the Executive’s Base
Salary pursuant to Articles 7.1 and 7.3 of Part I, which shall be calculated in accordance with the Executive’s Base Salary in force immediately prior to the Change Affecting the Executive’s Employment; and 

2.1.3 following the Change Affecting the Executive’s Employment, the Corporation will continue to make payments for the benefit of
the Executive to benefit plans, pursuant to Article 5.3 of Part I (with the exception of short and long term disability coverage) for the period of time determined pursuant to 7.1.3 subject to plan limits and as permitted by carriers. 

2.2 The period of salary continuance in Article 2.1.2 of this Part II shall be reduced by the number of weeks Base Salary paid in respect
of the termination of the Executive’s employment, if any are owed, pursuant to the Ontario Employment Standards Act. 
 2.3 The payments
to the Executive, pursuant to Article 2.1 and Article 2.2 of this Part II shall be deemed to include and to satisfy any entitlement to notice or termination pay and severance pay pursuant to the Ontario Employment Standards
Act. 
 PART III - NON-COMPETITION, CONFIDENTIALITY, SOLICITATION and 

ASSIGNMENT OF INTELLECTUAL PROPERTY RIGHTS 

ARTICLE 1 - Definitions Applicable to this Part III 

1.1 “Confidential Information” means confidential or proprietary information or data of or possessed by the Corporation, relating to
the Corporation including such information (i) pertaining to research, development, engineering, production, sales, marketing, technical information, the technology, financial information, operating information, costs, performance, business
process or customers, or (ii) in a context in which the source of such information or data reasonably communicates, or the recipient of such information or data should reasonably have understood, that it should be treated as confidential or
proprietary, whether or not the specific word “confidential” or “proprietary” is used. 

  
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 1.2 “Designated Area” means the province of Ontario. 

1.3 “Person” means any individual, partnership, limited partnership, joint venture, syndicate, sole proprietorship, company or
corporation with or without share capital, unincorporated association, trust, trustee, executor, administrator or other legal personal representative, regulatory body or agency, government or governmental agency, authority or entity however
designated or constituted. 
 ARTICLE 2 - Non-Competition 

2.1 For so long as the Executive is employed with the Corporation and for a period of one (1) year from the date on which the Executive ceases to
be an employee with the Corporation, such Executive shall not, directly or indirectly, in any manner whatsoever including, without limitation, either individually, or in partnership, jointly or in conjunction with any other Person, or as employee,
principal, agent, director or shareholder: 
 2.1.1 be engaged in any undertaking; 

2.1.2 have any financial or other interest (including an interest by way of royalty or other compensation arrangements) in or in respect
of the business of any Person which carries on a business; or 
 2.1.3 advise, lend money to or guarantee the debts or obligations of
any Person which carries on a business; 
 in the Designated Area which is the same as or substantially similar to or which competes with the business
carried on by the Corporation during the relevant period or on the date on which the Executive ceases to be employed by the Corporation. 
 2.2
Notwithstanding the foregoing, nothing herein shall prevent the Executive from owning not more than five percent (5%) of the issued share of a corporation, the shares of which are listed on a recognized stock exchange or traded on the
over-the-counter markets in Canada or the United States, that carries on a business which is the same as or substantially similar to or which competes with or would compete with the business of the Corporation provided that such five percent
(5%) ownership does not constitute de facto control over such competitor corporation. 
 2.3 The Executive agrees that all restrictions
in this Agreement are necessary and fundamental to the protection of the business carried on by the Corporation and that all such restrictions are reasonable and valid, and all defenses to the strict enforcement thereof by any of the parties hereto
are hereby waived. 
 ARTICLE 3 - Non-Solicitation 

3.1 For a period of one (1) year from the date on which the Executive ceases to be an employee of the Corporation, such Executive shall not
directly or indirectly, in any 

  
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manner whatsoever including, without limitation, either individually, or in partnership, jointly or in conjunction with any other Person, or as employee, principal, agent, director or shareholder
hire any employees of the Corporation or induce or attempt to induce any employee of the Corporation to leave her employment or contact any customers of the Corporation for the purpose of selling to those customers any products or services which are
the same as or substantially similar to, or competitive with, the products or services sold by the Corporation at such date. 
 ARTICLE 4
- Confidentiality 
 4.1 The Executive agrees that she shall not, without the prior written consent of the Corporation, directly or indirectly
communicate or disclose to any Person, or use for any purpose other than in furtherance of the Corporation’s business, any knowledge or information acquired by the Executive relating to or concerning the technology, trade secrets, systems or
any other confidential information regarding the property, business or affairs of the Corporation, nor shall it utilize or make available any such knowledge or information, directly or indirectly, in connection with the solicitation or acceptance of
employment with any competitor of the Corporation. Each Executive agrees to deliver to the Corporation all documents and other media containing any confidential or proprietary information of the Corporation without retaining any copies thereof upon
ceasing to be employed by the Corporation or upon request of the Corporation. 
 4.2 The foregoing provisions shall not apply to information:
(i) which is in the public domain; (ii) which the disclosing party can demonstrate through appropriate documentation was previously known to the disclosing party; (iii) which the disclosing party learned from a source other than the
Corporation or an employee of the Corporation, and without violation of this or any other non-disclosure obligation; or (iv) which is required to be disclosed by operation of law or the decision or order of a court or tribunal of valid
jurisdiction. 
 4.3 Each party acknowledges that disclosure of any Confidential Information regarding the Corporation in contravention of this
Article 4 may cause significant harm to the Corporation and that remedies at law may be inadequate to protect against a breach of this Article 4. Accordingly, each party agrees that the Corporation shall be entitled, in addition to any other relief
available to it, to the granting of injunctive relief without proof of actual damages or the requirement to establish the inadequacy of any of the other remedies available to it. Each party covenants not to assert any defence in proceedings
regarding the granting of an injunction or specific performance based on the availability to the Corporation of any other remedy. 
 4.4 The
Executive acknowledges and agrees that the obligations under this Article 4 are to remain in effect in perpetuity. 

  
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 ARTICLE 5 – Assignment of Intellectual Property Rights 

5.1 The Executive hereby assigns and transfers to the Corporation all right, title and interest, including intellectual property rights and copyrights,
in and to any and all information of the business, financial, strategy, products, suppliers or customers of the Corporation, including without limitation, any work product, technology, source and object code, programs, designs, schematics, flow
diagrams, documentation, techniques, records, books and other documents relating in any manner whatsoever, whether prepared by the Executive or otherwise coming into the Executive’s possession (collectively referred to as the
“Materials”). Accordingly, the Corporation has all right, title and interest, including intellectual property rights and copyrights in the Materials and the Executive waives and all moral rights to such Materials in favour of the
Corporation. 
 5.2 Upon the cessation of the employment of the Executive for any reason, or at any other time upon request of the Corporation, the
Executive shall return promptly all Confidential Information and Materials, manuscripts, letters, reports, models, proposals, computer files and other documents, materials and property belonging to the Corporation or to any third party to whom the
Corporation owes confidentiality obligations. 
 ARTICLE 6 – Obligations Not Exhaustive 

6.1 The Executive acknowledges that the obligations contained in this Part III are not in substitution for any obligations which such Executive may now
or hereafter owe to the Corporation and which other obligations exist apart from this Part III and that the obligations contained in this Part III do not replace any rights of the Corporation with respect to any such other obligation. 

ARTICLE 7 - Remedies 
 7.1 The
Executive acknowledges that a breach or threatened breach by such Executive of any provision of this Part III will result in the Corporation suffering irreparable harm which cannot be calculated or fully or adequately compensated by recovery of
damages alone. Accordingly, the Executive agrees that the Corporation shall be entitled to interim and permanent injunctive relief, specific performance and other equitable remedies, in addition to any other relief to which the Corporation may
become entitled. 
 PART IV - GENERAL 

ARTICLE 1 - Survival 
 1.1 The
provisions of Part III and any confidentiality agreement executed by the Executive shall survive the termination of the employment of the Executive with the Corporation under this Agreement. 

  
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 ARTICLE 2 - Entire Agreement 

2.1 This Agreement constitutes the entire agreement between the parties hereto relative to the employment of the Executive and supersedes all prior
agreements and understandings whether written or oral relative to the employment of the Executive. Except as otherwise specifically set forth in this Agreement, no party hereto makes any representation or warranty express or implied, statutory or
otherwise to any other party hereto. This Agreement may not be amended or modified except by written instrument executed by all the parties hereto. Nothing contained in the Agreement is a waiver or release of any fiduciary obligations of the
Executive owed to the Corporation. 
 ARTICLE 3 - Governing Law 

3.1 This Agreement shall be deemed to have been made in and shall be construed in accordance with the laws of the province of Ontario and, for the
purposes of all legal proceedings, this Agreement shall be deemed to have been performed in such province. The Executive and the Corporation hereby irrevocably attorns to the exclusive jurisdiction of the courts of such province and the courts of
such province shall have the sole and exclusive jurisdiction to entertain any action arising under this Agreement. 
 ARTICLE 4 -
Assignment 
 4.1 This Agreement shall not be assignable by either party hereto except with the prior written consent of the other party hereto.

 ARTICLE 5 - Further Assurances 

5.1 Each of the parties hereto hereby covenants and agrees to promptly do all such acts and execute all such further agreements, assurances and other
documents as the other party hereto may from time to time reasonably request in writing be done and/or executed in order to better evidence and/or perfect the respective matters and things herein provided for and/or the respective obligations
created or intended to be created hereby. 
 ARTICLE 6 - Enurement 

6.1 The provisions hereof, where the context permits, shall enure to the benefit and be binding upon the Executive and her heirs, executors,
administrators and legal personal representatives and the Corporation and its successors and assigns. 
 ARTICLE 7 - No Liability for
Directors or Others 
 7.1 The Executive acknowledges and agrees that each and every of the obligations, agreements, liabilities and covenants in
this Agreement which are not the Executive’s are solely those of the Corporation, and the directors, officers, Executives and shareholders of the Corporation shall not have, and are hereby released from, any responsibility or liability of any
nature whatsoever in respect of such obligations, agreements, liabilities or covenants. 

  
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 ARTICLE 8 - Independent Legal Advice 

8.1 The Executive confirms that she has read and understands the terms of this Agreement. The Executive confirms that the Corporation has advised, and
given her an opportunity, to seek independent legal advice prior to the execution of this Agreement. 
 ARTICLE 9 - Insurance 

9.1 The Corporation shall use its reasonable best efforts to obtain comprehensive directors and officers liability insurance and comprehensive
disability insurance for its executives on commercially reasonable terms. 
 9.2 The Corporation may, from time to time, apply for and take out, in
its own name and at its own expense, naming itself or others as the designated beneficiary (which may change from time to time), policies for life, health, accident, disability or other insurance upon the Executive in any amount or amounts that it
may deem necessary or appropriate to protect its interest. 
 9.3 The Executive agrees to aid the Corporation in procuring the insurance referred to
in Articles 9.1 and 9.2 of this Part III by submitting to such medical examinations and by filling out, executing and delivering such applications and other instruments as may reasonably be required from time to time by an insurance company or
companies to which any application or applications for insurance may be made by or for the Corporation. 
 ARTICLE 10 - Headings 

10.1 The inclusion of headings in this Agreement is for convenience of reference only and shall not affect the construction or interpretation hereof.

 ARTICLE 11 - Notices 
 11.1
Any notices, consents, demands, requests, approvals, and other communications to be given under this Agreement by either party to the other must be in writing and must be either (i) personally delivered, (ii) mailed by registered or
certified mail, postage prepaid with return receipt requested, (iii) delivered by overnight express delivery service or same-day local courier service, or (iv) delivered by facsimile transmission, to the address set forth below, or to such
other address as may be designated by the parties from time to time in accordance with this Article 11. 
  

			
	If to the Corporation:		
		
			96 Skyway Avenue
			Toronto, Ontario, M9W 4Y9
		
			Fax: 416.595.5835
		
	If to the Executive:		
		
			2261 Lake Shore Blvd. West, Suite 1207
			Toronto, ON, M8V 3X1

  
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 Notices delivered personally or by overnight express delivery service of by local courier service are deemed
given as of actual receipt. Mailed notices are deemed given three business days after mailing. Notices delivered by facsimile transmission are deemed given upon receipt by the sender of transmission confirmation. 

ARTICLE 12 - Waiver 
 12.1 No
waiver of any of the provisions of this Agreement shall be effective or binding unless made in writing and signed by the party purporting to give the same. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a
waiver of any other provisions (whether or not similar) nor shall such waiver constitute a continuing waiver unless otherwise expressly provided. 

ARTICLE 13 - Statutory Deductions 

13.1 All payments made under this Agreement are subject to any deductions required by law. 

ARTICLE 14 - Successors 
 14.1 The
Corporation shall ensure so that any successor to the Corporation (whether direct or indirect, by purchase, amalgamation, reorganization or otherwise) accepts the terms of this Agreement as if it were an original signatory hereto. 

ARTICLE 15 – Currency 
 15.1
Unless otherwise indicated, all dollar amounts referred to in this Agreement are in lawful money of Canada. 
 IN WITNESS WHEREOF
this Agreement has been executed by the parties hereto as of the date first above written. 
  

							
	SIGNED, SEALED AND DELIVERED						
	 in the presence of
						
				
			)				
			)				
	  
		)		  

	Witness		)		DR. PENKA PETROVA

  
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					TRILLIUM THERAPEUTICS INC.
				
					By:		  

					Name:		Niclas Stiernholm
					Title		CEO

  
 - 13 -Exh10.14_DNAVIndemnificationAgreement

Exhibit 10.14

INDEMNIFICATION AGREEMENT
THIS INDEMNIFICATION AGREEMENT (“Agreement”) is made and entered into as of the 31st day of December, 2014, by and between American Realty Capital Daily Net Asset Value Trust, Inc., a Maryland corporation (the “Company”), and William M. Kahane, Robin A. Ferracone, Dr. Robert J. Froehlich, Nicholas S. Schorsch, P. Sue Perrotty, Nicholas Radesca, Peter M. Budko, Edward M. Weil, Jr., American Realty Capital Advisors II, LLC, AR Capital, LLC and RCS Capital Corporation (each, an “Indemnitee”).
WHEREAS, at the request of the Company, Indemnitee currently serves as a director, officer or service provider of the Company and may, therefore, be subjected to claims, suits or proceedings arising as a result of his or her service; and
WHEREAS, as an inducement to Indemnitee to continue to serve as such director, officer or service provider, the Company has agreed to indemnify and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings; 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)    “Applicable Legal Rate” means a fixed rate of interest equal to the applicable federal rate for mid-term debt instruments as of the day that it is determined that Indemnitee must repay any advanced expenses.  
(b)    “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 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

Exhibit 10.14

was approved by the affirmative vote of at least two-thirds of the directors then in office who were directors as of the Effective Date or whose election for nomination for election was previously so approved.
(c)    “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.
(d)    “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.
(e)    “Effective Date” means the date set forth in the first paragraph of this Agreement.
(f)    “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, ERISA 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 for, security for and other costs relating to any cost bond supersedeas bond or other appeal bond or its equivalent.  
(g)    “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.
(h)    “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 as a director, officer or service provider 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.
Section 3.    General.  Subject to the limitations in Section 5, the Company shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement and (b) as otherwise 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.  Subject to the limitations in Section 5, 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.  Subject to the limitations in Section 5, 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 by clear and convincing evidence 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 or 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 for any loss or liability unless all of the following conditions are met:  (i) Indemnitee has determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of the Company; (ii) Indemnitee was acting on behalf of or performing services for the Company; (iii) such loss or liability was not the result of (A) gross negligence or willful misconduct, in the case that the Indemnitee is an independent director of the Company or (B) negligence or misconduct, in the case that the Indemnitee is not an independent director of the Company; and (iv) such indemnification is recoverable only out of the Company’s net assets and not from the Company’s stockholders; 
(b)    indemnification for any loss or liability arising from an alleged violation of federal or state securities laws unless one or more of the following conditions are met:  (i) there has been a successful adjudication on the merits of each count involving alleged material securities law violations as to Indemnitee; (ii) such claims have been dismissed with prejudice on

the merits by a court of competent jurisdiction as to Indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against Indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which securities of the Company were offered or sold as to indemnification for violations of securities laws; 
(c)    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;
(d)    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
(e)    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 Company’s 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.  Subject to the limitations in Section 5(a) and (b), 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 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.
Section 7.    Indemnification for Expenses of an Indemnitee Who is Wholly or Partly Successful.  Subject to the limitations in Section 5, to the extent that Indemnitee was or is, by reason of his or 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 an 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 (a) such Proceeding which is initiated by a third party who is not a stockholder of the Company, or (b) such Proceeding which is initiated by a stockholder of the Company acting in his or her capacity as such and for which a court of competent jurisdiction specifically approves such advancement, and which relates to acts or omissions with respect to the performance of duties or services on behalf of the Company, 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, together with the Applicable Legal Rate of interest thereon, relating to claims, issues or matters in the Proceeding as to which it shall ultimately be established, by clear and convincing evidence, 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.  Subject to the limitations in Section 5, 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.
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 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 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.

(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 of the Company 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 or 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 or her 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.  
(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) and 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.
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 of the Company, 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 or 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 or 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 or 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 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.
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.
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 Daily Net Asset Value Trust, Inc.
405 Park Avenue, 14th Floor
New York, NY 10022
Attn:  General Counsel

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.

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]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.
  AMERICAN REALTY CAPITAL DAILY NET ASSET VALUE TRUST, INC.
By:  /s/ William M. Kahane            
        Name: William M. Kahane
        Title: Chief Executive Officer and President

INDEMNITEE

/s/ Nicholas S. Schorsch                
Name: Nicholas S. Schorsch

INDEMNITEE

/s/ William M. Kahane                
Name: William M. Kahane

INDEMNITEE

/s/ Peter M. Budko                
Name: Peter M. Budko

INDEMNITEE

/s/ Edward M. Weil, Jr.                
Name: Edward M. Weil, Jr.

INDEMNITEE

/s/ Nicholas Radesca______________        ____    
Name: Nicholas Radesca    

INDEMNITEE

/s/ Robin A. Ferracone________        ____    
Name: Robin A. Ferracone

INDEMNITEE

/s/ Dr. Robert J. Froehlich_____        ____    
Name: Dr. Robert J. Froehlich

INDEMNITEE

/s/ P. Sue Perrotty________        ____    
Name: P. Sue Perrotty

INDEMNITEE

AMERICAN REALTY CAPITAL ADVISORS II, LLC

By:

AMERICAN REALTY CAPITAL TRUST II
SPECIAL LIMITED PARTNER, LLC, its sole member

By: AR Capital, LLC, its sole member

By:  /s/ William M. Kahane            
Name: William M. Kahane
Title: Manager

INDEMNITEE

AR CAPITAL, LLC

By:  /s/ William M. Kahane            
Name: William M. Kahane
Title: Manager

INDEMNITEE

RCS CAPITAL CORPORATION

By:  /s/ James A. Tanaka            
Name: James A. Tanaka
Title: Authorized Signatory

EXHIBIT A
AFFIRMATION AND UNDERTAKING TO REPAY EXPENSES ADVANCED
To:  The Board of Directors of American Realty Capital Daily Net Asset Value Trust, Inc. 

Re:  Affirmation and Undertaking

Ladies and Gentlemen:

This Affirmation and Undertaking is being provided pursuant to that certain Indemnification Agreement, dated the 31st day of December, 2014, by and between American Realty Capital Daily Net Asset Value 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 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 or (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, together with the Applicable Legal Rate of interest thereon, 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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