Document:

Form of Indemnification Agreement

 Exhibit 10.7 
 INDEMNIFICATION AGREEMENT 
 THIS INDEMNIFICATION AGREEMENT
(“Agreement”) is made and entered into as of the              day of                 ,
20        , by and between Spirit Realty Capital, Inc., a Maryland corporation (the “Company”), and
                 (“Indemnitee”). 
 WHEREAS, at the request of the Company, Indemnitee currently serves as a [director] [and] [officer] of the Company and may, therefore, be subjected to claims, suits or proceedings arising as a
result of his service; and 
 WHEREAS, as an inducement to Indemnitee to continue to serve as such [director] [and]
[officer], the Company has agreed to indemnify and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings, to the maximum extent permitted by law; and 

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

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and
agree as follows: 
 Section 1. Definitions. For purposes of this Agreement: 

(a) “Adjudged” shall mean adjudged finally by a court or arbitral or other authority of competent jurisdiction and not
subject to appeal. 
 (b) “Change of Control” means a change of 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 of 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 50% or more of the combined voting power of all of the Company’s then-outstanding securities entitled to vote generally in the election of directors without the prior approval of at least two-thirds of the
members of the Board of Directors of the Company (the “Board of Directors”) in office immediately prior to such person’s attaining such percentage interest; (ii) the Company is a party to a merger, consolidation, sale of
assets, plan of liquidation or other reorganization not approved by at least two-thirds of the members of the Board of Directors then in office, as a consequence of which members of the Board of Directors in office immediately prior to such
transaction or event constitute less than a majority of the Board of Directors thereafter; or (iii) at any time, a majority of the members of the Board of Directors are not comprised of (A) individuals who were directors as of the
Effective Date and/or (B) individuals whose election by the Board of Directors or nomination for election by the Company’s stockholders was approved by the 

 
affirmative vote of at least two-thirds of the 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, officer, partner, member, manager or trustee 
 (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) “Enterprise” means any foreign or domestic corporation, real estate investment trust, partnership, limited liability
company, joint venture, trust, employee benefit plan or other enterprise in which Indemnitee is or was serving as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent 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, real estate investment trust, 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. 

(g) “Expenses” means any and all disbursements or expenses incurred by Indemnitee 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, including, without limitation, reasonable 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, and any Employee Retirement Income Security Act of 1974, as amended (“ERISA”), excise taxes and penalties. Expenses shall also include (i) expenses incurred in
connection with any appeal resulting from any Proceeding including, without limitation, the premium, security for and other costs relating to any cost bond, supersedeas bond or other appeal bond or its equivalent, (ii) expenses incurred in
connection with recovery under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether the Indemnitee is ultimately determined to be entitled to such indemnification, advancement or
expenses or insurance recovery, as the case may be, and (iii) expenses incurred by Indemnitee in establishing or enforcing his right to indemnification or reimbursement under this Agreement. Expenses, however, shall not include amounts paid in
settlement by Indemnitee or the amount of judgments, fines or penalties against Indemnitee (other than ERISA excise tax penalties). 

  
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 (h) “Independent Counsel” means a law firm, or a member of a law firm, that
is of outstanding reputation, experienced in matters of corporation law and neither is, nor in the past five years preceding the date of selection 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. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel. 

(i) “Proceeding” means any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute
resolution procedure, 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, in which Indemnitee was, is, will or might be involved as a party or otherwise, by reason of any action taken by or omission by Indemnitee, or of any action
or omission on Indemnitee’s part, in each case in or in connection with Indemnitee’s Corporate Status and whether or not acting or serving in such capacity at the time any liability or Expense is incurred for which indemnification,
reimbursement or advancement of Expenses can be provided under this Agreement, 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. The term “Proceeding” shall be broadly construed and shall include, without limitation, the
investigation, preparation, prosecution, defense, settlement, arbitration or appeal of, and the giving of testimony in or related to, any threatened, pending or completed claim, action, suit or other proceeding, whether of a civil, criminal,
administrative or investigative nature. 
 Section 2. Services by Indemnitee. The Company expressly confirms and
agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce the Indemnitee to serve or continue to serve as a [director] [and] [officer] of the Company, and the Company acknowledges that
Indemnitee is relying upon this Agreement in serving or continuing to serve as a [director] [and] [officer]. 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. The Company shall indemnify and advance Expenses to, Indemnitee (a) as provided in this Agreement and (b) otherwise to the maximum extent not prohibited by
Maryland law in effect on the Effective Date and as amended from time to time; provided, however, that no change in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as
in effect on the Effective Date. The rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth in the other sections of this Agreement, including any additional indemnification permitted by
Section 2-418(g) of the Maryland General Corporation Law (the “MGCL”). 

  
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 Section 4. Indemnification. If 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 him or on his behalf in connection with any such Proceeding
unless (and only to the extent) it is established that (a) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate
dishonesty, (b) Indemnitee actually received an improper personal benefit in money, property or services or (c) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that the act or omission was unlawful.

 Section 5. Certain Limits on Indemnification. Notwithstanding any other provision of this Agreement (other than
Section 6), Indemnitee shall not be entitled to: 
 (a) indemnification hereunder if the Proceeding was one by or in
the right of the Company and Indemnitee is Adjudged to be liable to the Company; 
 (b) indemnification hereunder if Indemnitee
is Adjudged to be liable on the basis that personal benefit was improperly received in any Proceeding charging improper personal benefit to Indemnitee; or 
 (c) indemnification or advance of Expenses hereunder if the Proceeding was brought by Indemnitee unless: (i) the Proceeding was brought to establish or enforce indemnification rights 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. Notwithstanding any other provision of this Agreement, a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the
court shall require, may order indemnification in the following circumstances: 
 (a) if it determines 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 it determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances,
whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been Adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court
may order such indemnification as the court shall deem proper. However, indemnification with respect to any Proceeding by or in the right of the Company or in which liability shall have been Adjudged in the circumstances described in
Section 2-418(c) of the MGCL shall be limited to Expenses. 

  
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 Section 7. Indemnification for Expenses of a Party Who is Wholly or Partly
Successful. Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that Indemnitee was or is 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 him or on his 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
him or on his 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 a Party. If Indemnitee was, is, or is threatened to be, made a party to any Proceeding, the Company shall, without requiring a preliminary determination of
Indemnitee’s ultimate entitlement to indemnification hereunder, advance all reasonable Expenses incurred by or on behalf of Indemnitee in connection with such Proceeding within ten days after the receipt by the Company of a statement or
statements requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be
preceded or accompanied by a written affirmation by Indemnitee of Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Company as authorized by law and by this Agreement has been met and a written
undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of the execution thereof, to reimburse the Company for any
Expenses advanced to Indemnitee relating to claims, issues or matters in the Proceeding as to which it shall ultimately be established that the standard of conduct set forth in Exhibit A has not been met by Indemnitee and which have not been
successfully resolved as described in Section 7 of this Agreement. Advances shall be interest-free and unsecured. 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 of a Witness. Notwithstanding any other provision of this Agreement, to
the extent that Indemnitee was, is or may be 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, he shall be advanced all reasonable
Expenses and indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith 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. Advances shall be interest-free and unsecured. 

  
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 Section 10. Procedure for Determination of Entitlement to Indemnification.

 (a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including
therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. Indemnitee may submit one or more such
requests from time to time and at such time(s) as Indemnitee deems appropriate in his 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 of Control has
occurred, by Independent Counsel, in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, which Independent Counsel shall be selected by the Indemnitee and approved by the Board of Directors in accordance
with Section 2-418(e)(2)(ii) of the MGCL, which approval will not be unreasonably withheld or delayed; or (ii) if a Change of Control has not occurred, (A) by the Board of Directors by a majority vote of a quorum consisting entirely
of Disinterested Directors or, if such a quorum cannot be obtained, then by a majority vote of a duly authorized committee of the Board of Directors consisting solely of one or more Disinterested Directors, (B) if Independent Counsel has been
selected by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL and approved by the Indemnitee, which approval shall not be unreasonably withheld or delayed, 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 and the burden of persuasion by clear and convincing evidence to overcome that presumption in connection with the making of any determination contrary to that presumption. 

  
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 (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 Enterprise shall not be imputed to Indemnitee for purposes of determining any other right to indemnification under this
Agreement. 
 (d) For purposes of this Agreement, Indemnitee shall be considered to have been wholly successful with respect to
any Proceeding if such Proceeding is disposed of, on the merits or otherwise (including a disposition without prejudice), without (i) the disposition being adverse to Indemnitee, (ii) it being Adjudged that Indemnitee was liable to the
Company, (iii) a plea of guilty by Indemnitee, (iv) it being Adjudged that an act or omission of Indemnitee was material to the matter giving rise to the Proceeding and was (A) committed in bad faith or (B) the result of
Indemnitee’s active and deliberate dishonesty, (v) it being Adjudged that Indemnitee actually received an improper personal benefit in money, property or services or (vi) with respect to any criminal proceeding, it being Adjudged that
Indemnitee had reasonable cause to believe the act or omission was unlawful. 
 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 Section 8 or Section 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
Section 7 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 his entitlement to such indemnification or advance of Expenses. Alternatively, Indemnitee, at his 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 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. 

  
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 (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 that was not introduced in evidence in connection with the determination. 

(d) In the event that Indemnitee, pursuant to this Section 12, seeks a judicial adjudication of or an award in arbitration to
enforce his rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to advancement from the Company for any and all Expenses actually and reasonably incurred by him in such judicial adjudication or arbitration
in accordance with this Agreement; provided, however, that if Indemnitee’s claim pursuant to this Section 12 is unsuccessful, then all such Expenses advanced to Indemnitee by the Company shall be repaid by Indemnitee to the Company.

 (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 commencing with the date that is the tenth day following the date on which the Indemnitee requests
indemnification or advancement of Expenses in accordance with this Agreement 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, 

  
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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 using a law firm
of the Company’s choice, subject to the prior written approval of the Indemnitee, which shall not be unreasonably withheld or delayed; provided, however, that the Company shall notify Indemnitee in writing of any such decision to defend within
15 calendar days following receipt of notice of any such Proceeding under Section 13(a) above. Indemnitee shall have the right to retain a separate law firm in any such Proceeding at Indemnitee’s sole expense. 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, a Proceeding by or in the
right of the Company or in the case of clause (ii) of Section 13(c). 
 (c) Notwithstanding the provisions of
Section 13(b) above, if in a Proceeding to which Indemnitee is a party (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld or delayed, that
he 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 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, except in the case of (ii) or (iii) above, to the prior approval of the Company, which shall not be unreasonably withheld or delayed, 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, 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. Jointly Indemnifiable Claims. 

(a) Given that certain Jointly Indemnifiable Claims may arise, the Company acknowledges and agrees that the Company shall, and to the
extent applicable shall cause any Enterprise to (i) be fully and primarily responsible for, and be the indemnitor of first resort with respect to, payment to or payment on behalf of the Indemnitee in respect of indemnification or advancement of
Expenses in connection with any such Jointly Indemnifiable Claim, irrespective of any right of recovery the Indemnitee may have from the Third-Party Indemnitors, and (ii) be 

  
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required to advance the full amount of Expenses incurred by the Indemnitee and shall be liable for the full amount of all Expenses, judgments, fines, penalties and amounts paid in settlement to
the extent not prohibited by (and not merely to the extent affirmatively permitted by) applicable law and as required by the terms of this Agreement, without regard to any rights the Indemnitee may have against the Third-Party Indemnitors. Under no
circumstance shall the Company or any Enterprise be entitled to, and the Company hereby irrevocably waives, relinquishes and releases, any claims against the Third-Party Indemnitors for subrogation, contribution or recovery of any kind and no right
of advancement or recovery the Indemnitee may have from the Third-Party Indemnitors shall reduce or otherwise alter the rights of the Indemnitee or the obligations of the Company or any Enterprise. The Company further agrees that no advancement or
payment by any Third-Party Indemnitor on behalf of Indemnitee with respect to any Proceeding for which Indemnitee has sought indemnification rights from the Company shall affect the foregoing and the Third-Party Indemnitor(s) shall have a right to
receive from the Company, contribution and/or be subrogated, to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company. The Company and the Indemnitee agree that each of the Third-Party
Indemnitors shall be third-party beneficiaries with respect to this Agreement entitled to enforce this Section 14 as though each such Third-Party Indemnitor were a party to this Agreement. 

(b) For purposes of this Agreement “Third-Party Indemnitor” means any person or entity that has or may in the future provide to
the Indemnitee any indemnification or Expense advancement rights and/or insurance benefits other than (i) the Company, (ii) any Enterprise and (iii) any entity or entities through which the Company maintains liability insurance
applicable to the Indemnitee. 
 (c) For purposes of this Agreement, “Jointly Indemnifiable Claims” shall mean any
Proceeding for which the Indemnitee shall be entitled to indemnification, advancement of Expenses or insurance from (i) the Company and/or any Enterprise pursuant to this Agreement, the charter or Bylaws or other governing documents of the
Company or any Enterprise, any agreement or a resolution of the stockholders of the Company entitled to vote generally in the election of directors or of the Board of Directors, or otherwise, on the one hand, and (ii) any Third-Party Indemnitor
pursuant to any agreement between any Third-Party Indemnitor and the Indemnitee pursuant to which the Indemnitee is indemnified, the laws of the jurisdiction of incorporation or organization of any Third-Party Indemnitor and/or the certificate of
incorporation, certificate of organization, bylaws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or other organizational or governing documents of any Third-Party Indemnitor, on the other
hand. 
 Section 15. 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 or other governing documents of the Company or any Enterprise, 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 

  
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respect of any action taken or omitted by such Indemnitee in or by reason of his 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) Except as set forth in Section 14, 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 16. 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 Corporate Status or by reason of alleged actions or omissions by Indemnitee in such capacity 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 Corporate Status or by reason of alleged actions or omissions by Indemnitee in such capacity. Without in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment
by Indemnitee arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses incurred by Indemnitee in connection with a Proceeding over the
coverage of any insurance referred to in the previous sentence. The purchase, establishment and maintenance of any such insurance shall not in any way limit or affect the rights or obligations of the Company or Indemnitee under this Agreement except
as expressly provided herein, and the execution and delivery of this Agreement by the Company and the Indemnitee shall not in any way limit or affect the rights or obligations of the Company under any such insurance policies. If, at the time the
Company receives notice from any source of a Proceeding to which Indemnitee is a party or a participant (as a witness or otherwise) the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such
Proceeding to the insurers in accordance with the procedures set forth in the respective policies. 
 Section 17.
Coordination of Payments. Except as set forth in Section 14, 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 18. 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. 
  

  
 -11-

 
Section 19. Duration of Agreement; Binding Effect. 
 (a)
This Agreement shall be effective as of the Effective Date and may apply to acts or omissions of Indemnitee taken in or in connection with Indemnitee’s Corporate Status which occurred prior to such date if Indemnitee was an officer, director,
employee or agent of the Company or was a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any Enterprise at the time such act or omission occurred. 

(b) 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 Enterprise 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). 
 (c) 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 Enterprise, and shall inure to the benefit of Indemnitee and his spouse, assigns, heirs, devisees, executors and
administrators and other legal representatives. 
 (d) 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. 
 (e) The Company and Indemnitee agree herein 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 he 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. 

  
 -12-

 Section 20. Section 409A. It is intended that any indemnification payment or
advancement of Expenses made hereunder shall be exempt from Section 409A of the Internal Revenue Code of 1986, as amended, and the guidance issued thereunder (“Section 409A”) pursuant to Treasury Regulation
Section 1.409A-1(b)(10). Notwithstanding the foregoing, if any indemnification payment or advancement of Expenses made hereunder shall be determined to be “nonqualified deferred compensation” within the meaning of Section 409A,
then (i) the amount of the indemnification payment or advancement of Expenses during one taxable year shall not affect the amount of the indemnification payments or advancement of Expenses during any other taxable year, (ii) the
indemnification payments or advancement of Expenses must be made on or before the last day of the Indemnitee’s taxable year following the year in which the expense was incurred, and (iii) the right to indemnification payments or
advancement of Expenses hereunder is not subject to liquidation or exchange for another benefit. 
 Section 21.
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 22. 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 23. 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 24.
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, unless otherwise expressly stated, shall such waiver constitute a continuing waiver. 
 Section 25. 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 

  
 -13-

 
directed 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: 
 Spirit Realty Capital, Inc. 
 14631 North Scottsdale Road, Suite
200 
 Scottsdale, Arizona 85254 

Attn: Michael A. Bender, Chief Financial Officer 
 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 26. Governing Law. The parties agree that 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. 
 Section 27. Miscellaneous. Use
of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. 
 [SIGNATURE PAGE FOLLOWS]

  
 -14-

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

			
	SPIRIT REALTY CAPITAL, INC.
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	INDEMNITEE
	
	 
	Name:	 	
	Address:	 	

  
 -15-

 
EXHIBIT A 
 FORM OF UNDERTAKING TO REPAY EXPENSES ADVANCED 

The Board of Directors of Spirit Realty Capital, Inc. 
 Re: Undertaking to Repay Expenses Advanced 
 Ladies and Gentlemen: 

This undertaking is being provided pursuant to that certain Indemnification Agreement dated the
            day of             , 20            , by and between
Spirit Realty Capital, 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 belief that at all times, insofar as I was involved as [a director] [an officer] of the Company, in any of the facts or events giving rise to the
Proceeding, I (1) did not act with bad faith or active or deliberate dishonesty, (2) did not receive any improper personal benefit in money, property or services and (3) in the case of any criminal proceeding, had no reasonable cause
to believe that any act or omission by me was unlawful. 
 In consideration of the advance of Expenses by the Company for
reasonable attorneys’ fees and related Expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I hereby agree that if, in connection with the Proceeding, it is established that (1) an act or
omission by me was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty 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 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:	 	
	Address:Employment Agreement between Spirit Finance Corporation and Thomas H. Nolan, Jr.

 Exhibit 10.8 
 EXECUTION VERSION 
 SPIRIT FINANCE CORPORATION 

REDFORD HOLDCO, LLC 
 EMPLOYMENT AGREEMENT 
 EMPLOYMENT AGREEMENT (this
“Agreement”) dated as of June 20, 2011, by and among Spirit Finance Corporation (the “Company”), Redford Holdco, LLC (“Holdco”), (each, an “Employer,” and collectively, the
“Employers”) and Thomas H. Nolan, Jr. (the “Employee”). 
 W I T
N E S S E T H 
 WHEREAS, the Company desires to employ the Employee
as the Chief Executive Officer of the Company; and 
 WHEREAS, Holdco desires to employ the Employee in an executive
officer role at Holdco; and 
 WHEREAS, the Company, Holdco and the Employee desire to enter into this Agreement as to
the terms of the Employee’s employment with the Company and Holdco. 
 NOW, THEREFORE, in consideration of the
foregoing, of the mutual promises contained herein and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

1. CONTRACT TERM. 
 (a) PRE-EMPLOYMENT CONSULTING PERIOD. 
 (i) From the date hereof through
the “Employment Effective Date” (as defined in Section 1(b) hereof) (the “Consulting Period”), the Employee shall perform such consulting services as are reasonably requested by the Company from time to time;
provided that the Company will endeavor to accommodate the Employee’s other obligations during the Consulting Period and that any services performed in excess of eight days in any four-week period will be at the discretion of the
Employee (it being understood that there will be no maximum number of days during any four-week period during which the Employee may provide services to the Company). During the Consulting Period, the Employee may perform the required services by
phone, by in-person attendance at meetings, by participating in strategic planning sessions or industry-related events, or in such other manner and at such other time or place as reasonably requested by the Company; provided that, to the
extent that the Company does not require the Employee to perform the required services from a specific location, the Employee may perform such services at a location of the Employee’s choice so long as the Employee is available to report by
telephone or in person as reasonably requested by the Company. The Consultant shall report directly to the Chairman of the Board of Directors of the Company (the “Board”) during the Consulting Period (it being understood, however,
that the Employee may be contacted by other members of the Board from time to time, and the Employee shall conduct such conversations with such members of the Board as the Employee determines to be necessary and appropriate). 

 (ii) During the Consulting Period, the Employee shall be entitled to receive a daily fee of
$2,800, payable on a monthly basis in arrears. In addition, upon presentation of appropriate documentation, the Employee shall be reimbursed, in accordance with the Company’s expense reimbursement policy, for all reasonable business expenses
incurred in connection with the Employee’s performance of services during the Consulting Period, including, but not limited to, lodging and reasonable travel expenses between the Employee’s residence and the Company’s premises or
industry-related events where the Employee performs services. 
 (iii) The Employee acknowledges and agrees that the
Employee’s status at all times during the Consulting Period shall be that of an independent contractor, and that the Employee may not, at any time during the Consulting Period, act as a representative for or on behalf of the Company for any
purpose or transaction, and may not bind or otherwise obligate the Company in any manner whatsoever without obtaining the prior written approval of the Company therefor. The parties hereby acknowledge and agree that all consulting fees paid pursuant
to Section l(a)(ii) hereof shall represent fees for services as an independent contractor, and shall therefor be paid without any deductions or withholdings taken therefrom for taxes or for any other purpose. The Employee further acknowledges
that the Company makes no warranties as to any tax consequences regarding payment of such fees, and specifically agrees that the determination of any tax liability or other consequences of any payment made hereunder during the Consulting Period is
the Employee’s sole and complete responsibility and that the Employee will pay all taxes, if any, assessed on such payments under the applicable laws of any federal, state, local or other jurisdiction and, to the extent not so paid, will
indemnify the Company for any taxes so assessed against the Company. The Employee also agrees that during the Consulting Period, the Employee shall not be eligible to participate in any of the employee benefit plans or arrangements of the Company.

 (iv) The Consulting Period may be terminated by either party hereto at any time and for any reason, with or without notice,
and shall automatically terminate on the Employment Effective Date as contemplated by the first sentence of Section 1(b) hereof. Upon termination of the Consulting Period for any reason, the Employee shall not be entitled to any
compensation whatsoever in respect of the Consulting Period, except for any earned and accrued but unpaid consulting fees in accordance with Section l(a)(ii) hereof. Upon the Employee’s commencement of full-time employment with the
Company on the Employment Effective Date, the provisions of this Sections 1(a) shall cease to be applicable and shall have no further legal force or effect whatsoever. In the event that the Employee does not commence full-time employment with
the Company within the timeframe contemplated by the first sentence of Section 1(b) hereof for any reason, this Agreement shall immediately terminate and shall cease to have any further legal force or effect whatsoever. 

(b) EMPLOYMENT TERM. The Employers agree to employ the Employee pursuant to the terms of this Agreement, and the Employee agrees
to be so employed, for a term of three (3) years (the “Initial Term”) commencing on September 4, 2011 or such earlier date as the Company and the Employee mutually agree (the “Employment Effective Date”).
On each anniversary of the Employment Effective Date following the Initial Term, the term of this Agreement shall be automatically extended for successive one-year periods; provided, however, that the Company and Holdco, on the one
hand, or the Employee, on the other hand, may elect 

  
 2 

 
not to extend this Agreement by giving written notice to the other party(ies) at least thirty (30) days prior to any such anniversary date. Notwithstanding the foregoing, the Employee’s
employment hereunder may be earlier terminated in accordance with Section 6 hereof, subject to the provisions of Section 7 hereof. The period of time between the Employment Effective Date and the termination of the
Employee’s employment hereunder shall be referred to herein as the “Employment Term.” 
 2. POSITION
AND DUTIES. 
 (a) GENERAL. During the Employment Term, the Employee shall serve as the Chief Executive Officer of
the Company. In this capacity, the Employee shall have the duties, authorities and responsibilities commensurate with the duties, authorities and responsibilities of persons in similar capacities in similarly sized companies, and such other duties,
authorities and responsibilities as may reasonably be assigned to the Employee from time to time in writing by the Board that are not inconsistent with the Employee’s position with the Company. All Company functions shall report directly or
indirectly to the Employee. During the Employment Term, the Employee shall also serve in an executive officer role at Holdco. In this capacity, the Employee shall be primarily responsible for oversight of activities related to a “Realization
Event” (as defined in Section 4(b)(ii)(C) hereof) and such other responsibilities as may reasonably be assigned to the Employee from time to time in writing by the Board of Directors of Holdco (“Holdco Board”) that
are not inconsistent with the Employee’s position with the Company and Holdco. The Employee’s principal place of employment with the Company shall be in the Company’s corporate office to be established in New York, New York. Such
office shall be in a location and of a size and furnished and staffed at a level that is customary and appropriate for an organization of the size and scope of the Company. The parties contemplate, however, that the Employee will spend substantial
time in accordance with the needs of the business at the Company’s headquarters in Scottsdale, Arizona (it being understood that the exact time allocation shall be determined in the good-faith discretion of the Employee). The Employee shall
report directly and exclusively to the Board with respect to the Employee’s position with the Company and directly and exclusively to the Holdco Board with respect to the Employee’s position with Holdco, 

(b) OTHER ACTIVITIES. During the Employment Term, the Employee shall devote all of the Employee’s business time, energy,
business judgment, knowledge and skill and the Employee’s best efforts to the performance of the Employee’s duties with the Company and Holdco, provided that the foregoing shall not prevent the Employee from (i) with prior
written notice to the Board, serving on the boards of directors of non-profit organizations and, with the prior written approval of the Board, other for profit companies, (ii) participating in charitable, civic, educational, professional,
community or industry affairs, and (iii) managing the Employee’s passive personal investments so long as such activities in the aggregate do not interfere or conflict with the Employee’s duties hereunder or create a potential business
or fiduciary conflict. It is understood that the Employee is, as of the date hereof, under consideration for a position as member of board of directors of a public company, and consent is hereby granted to serve on such board should such position be
offered so long as such service does not interfere or conflict with the Employee’s duties hereunder or create a potential business or fiduciary conflict. 

  
 3 

 (c) BOARD MEMBERSHIP. The Board and the Holdco Board shall take such action as may be
necessary to appoint or elect the Employee as Chairman of the Board and as a member of the Holdco Board as of the Employment Effective Date, and, subject to the requirements of applicable law or the reasonable discretion of the Company’s
underwriters in connection with an “IPO” (as defined in Section 4(b)(ii)(B) hereof), to re-appoint or re-elect the Employee to such positions throughout the Employment Term. 

3. BASE SALARY. During the Employment Term, the Company agrees to pay the Employee a base salary at an annual rate of not less
than $700,000, payable in accordance with the regular payroll practices of the Company, but not less frequently than monthly. The Employee’s Base Salary shall be subject to annual review by the Board (or a committee thereof), and may be
increased from time to time by the Board. The base salary as determined herein and increased from time to time shall constitute “Base Salary” for purposes of this Agreement. 

4. INCENTIVE COMPENSATION. 
 (a) ANNUAL BONUS. During the Employment Term, the Employee shall be eligible to receive an annual discretionary incentive payment under the Company’s annual bonus plan as may be in effect from
time to time (the “Annual Bonus”), based on a target bonus opportunity of 150% of the Employee’s Base Salary and a maximum bonus opportunity of 200% of the Employee’s Base Salary, upon the attainment of one or more
pre-established performance goals established by the Board (or a committee thereof) in its sole discretion. It is expected that such performance criteria will be based on both financial and non-financial goals, will be set in consultation with the
Employee, and may be set at any point during the calendar year (it being intended that such criteria will be established during the Company’s annual budgeting process). The Board shall reserve the right to adjust the applicable performance
criteria during the calendar year (it being understood that any such adjustment shall only be implemented, if, in the reasonable judgment of the Board, it is determined to be necessary to adapt to changing circumstances, and not with the intention
of increasing the difficulty of achieving the applicable performance criteria). The Company expects that the Board will formally review performance at least annually in consultation with the Employee. The Employee’s Annual Bonus for a calendar
year shall be determined by the Board after the end of the applicable calendar year based on the level of achievement of the applicable performance criteria, and shall be paid to the Employee in the calendar year following the calendar year to which
such Annual Bonus relates at the same time annual bonuses are paid to other senior executives of the Company, subject to continued employment at the time of payment. Notwithstanding the foregoing, the Employee shall be entitled to receive a
guaranteed minimum Annual Bonus for calendar year 2011 in an amount equal to $400,000, payable in 2012 at the same time annual bonuses are paid to other senior executives of the Company, subject to continued employment at the time of payment (except
as provided in Section 7(d) hereof) (the “Guaranteed 2011 Bonus”). 
 (b) SUCCESS AWARD.

 (i) Within thirty (30) days following the Employment Effective Date, Holdco shall grant to the Employee an equity
interest in Holdco consisting of restricted non-incentive units (A) to become vested either (I) 50% immediately upon the first “Realization Event” (as defined in Section 4(b)(ii)(C) hereof) to occur on or prior to
December 31, 2012 and while the 

  
 4 

 
Employee remains in the continued employment of the Company (it being understood that such award will be subject to any applicable underwriters’ lock-up period) with the remainder becoming
vested in three equal annual installments on each anniversary of such Realization Event, subject to continued employment on each applicable vesting date, if such Realization Event is an “IPO” (as defined in Section 4(b)(ii)(B)
hereof) (except as provided in Section 7(d) hereof), or (II) immediately upon the first Realization Event to occur on or prior to December 31, 2012 and while the Employee remains in the continued employment of the Company, if such
Realization Event is a “Change in Control” (as defined in Section 4(b)(ii)(A) hereof), (B) to become fully vested upon the occurrence of a subsequent Change in Control while the Employee remains in the continued employment
of the Company, if such Realization Event is an IPO, (C) to be comprised of an aggregate number of securities of Holdco equal in size to the number of non-incentive units of Holdco having a fair market value equal to $6,000,000 as of the
Employment Effective Date (as determined by the Holdco Board in its good-faith discretion in consultation with the Employee), and (D) to be subject to such other terms and conditions as are set forth in the Amended and Restated Limited
Liability Company Agreement of Holdco dated August 1, 2007 (as the same may be amended from time to time) (the “LLC Agreement”) and the “Stockholder Rights Agreement” (as defined in the LLC Agreement). The Employee
shall be classified as an investor member of Holdco for purposes of the award contemplated under this Section 4(b), and upon acceptance of the of the award contemplated under this Section 4(b), the Employee shall join and
become a party to the LLC Agreement and the Stockholder Rights Agreement. Any certificates evidencing the restricted non-incentive units contemplated under this Section 4(b) (if such units are certificated) shall be held by the Company
for the benefit of the Employee. Notwithstanding the foregoing, in the event that the Employee does not commence full-time employment with the Company within the timeframe contemplated by the first sentence of Section 1(b) hereof for any
reason and/or a Realization Event does not occur on or prior to December 31, 2012 and while the Employee remains in the continued employment of the Company, the Employee’s rights under this Section 4(b)(i) shall immediately
terminate and the entire award contemplated under this Section 4(b)(i) shall be automatically forfeited by the Employee without any further action of the Company or Holdco and without any consideration being paid to the Employee in
respect thereof. 
 (ii) For purposes of this Section 4(b), the following terms shall have the meanings set forth
below. 
 (A) “Change in Control” shall mean: (i) any person, entity or affiliated group, excluding any
employee benefit plan of Holdco or the Company or any of their respective securityholders as of the Employment Effective Date, acquiring more than 50% of the then outstanding voting securities of Holdco or the Company; (ii) the consummation of
any merger or consolidation of Holdco or the Company into another business entity, such that the holders of the voting securities of Holdco or the Company immediately prior to such merger or consolidation own less than 50% of the combined voting
power of the securities of the surviving entity or the parent of such surviving entity; (iii) the complete liquidation of Holdco or the Company or the sale or disposition of all or substantially all of Holdco’s or the Company’s
assets, such that after the transaction, the holders of the voting securities of Holdco or the Company immediately prior to the transaction hold less than 50% of the voting securities of the acquiror or the parent of the acquiror; or (iv) the
members of the board of directors of Holdco or the Company at the beginning of any consecutive 24-calendar month period commencing on or after the 

  
 5 

 
Employment Effective Date cease for any reason other than death to constitute at least a majority of the members of any such board; provided that any director whose election was approved
by a vote of at least a majority of the members of the board then still in office who were members of such board at the beginning of such 24-calendar-month period shall not trigger a Change in Control under this clause (iv). 

(B) “IPO” shall mean an underwritten sale to the public of equity securities of Holdco or any of its successors or
subsidiaries, pursuant to an effective registration statement filed with the Securities and Exchange Commission on Form S-1 (or any successor form); provided, however, that an IPO shall not include any issuance of equity securities in
any merger or other business combination, and shall not include any registration of the issuance of securities to the existing unitholders of Holdco (at such time) or their affiliates or on Form S-4 or Form S-8 (or any successor forms). 

(C) “Realization Event” shall mean the occurrence of a Change in Control or an IPO. 

(c) LONG-TERM INCENTIVE AWARDS. During the Employment Term, the Employee shall be eligible to receive equity and other long-term
incentive awards under any applicable plan adopted by the Company or Holdco. It is expected that the Employee will receive annual long-term incentive awards consistent with persons in similar capacities in similarly sized companies. The Company and
the Employee intend that any long-term incentive awards granted to the Employee shall be separate and distinct from the award contemplated under Section 4(b) hereof, and that the amount of any such long-term incentive awards shall not be
affected by the award contemplated under Section 4(b) hereof. 
 5. EMPLOYEE BENEFITS. 

(a) BENEFIT PLANS. During the Employment Term, the Employee shall be entitled to participate in any employee benefit plan that the
Company has adopted or may adopt, maintain or contribute to for the benefit of its employees generally, subject to satisfying the applicable eligibility requirements, and except to the extent such plans are duplicative of the benefits otherwise
provided hereunder. The Employee’s participation will be subject to the terms of the applicable plan documents and generally applicable Company policies. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit
plan at any time. 
 (b) VACATION TIME. During the Employment Term, the Employee shall be entitled to four (4) weeks
of paid vacation per calendar year (as prorated for partial years) in accordance with the Company’s policy on accrual and use applicable to employees as in effect from time to time. 

(c) BUSINESS AND TRAVEL EXPENSES. Upon presentation of reasonable substantiation and documentation as the Company may specify from
time to time, the Employee shall be reimbursed in accordance with the Company’s expense reimbursement policy, for all reasonable out-of-pocket business and travel expenses incurred and paid by the Employee during the Employment Term and in
connection with the performance of the Employee’s duties 

  
 6 

 
hereunder, including, but not limited to, lodging and reasonable travel expenses between the Employee’s residence and the Employer’s premises where the Employee performs services (but
after the Employee relocates the Employee’s residence to the New York City metropolitan area, only if such premises is other than the Employee’s principal place of employment as set forth in Section 2(a) hereof). 

(d) MOVING EXPENSES. During the Employment Term, upon presentation of reasonable substantiation and documentation, the Employee
shall be reimbursed by the Company for reasonable expenses incurred on or prior to December 31, 2012 in connection with relocating the Employee, the Employee’s family and the Employee’s household goods and vehicles to the New York
City metropolitan area, including house hunting trips, lodging, travel, closing costs and commissions and other customary costs of moving, up to a maximum of $100,000. 
 (e) LEGAL FEES. The Employee’s reasonable legal fees and expenses incurred in connection with the negotiation of this Agreement and related documentation shall be reimbursed by the Company.

 6. TERMINATION. The Employee’s employment and the Employment Term shall terminate on the first of the
following to occur: 
 (a) DISABILITY. Upon ten (10) days’ prior written notice by the Company to the Employee
of a termination due to Disability. For purposes of this Agreement, “Disability” shall be defined as the inability of the Employee to have performed the Employee’s material duties hereunder after reasonable accommodation due to
a physical or mental injury, infirmity or incapacity for one hundred eighty (180) days (including weekends and holidays) in any three hundred, sixty-five (365)-day period as determined by the Board in its reasonable discretion. The Employee
shall cooperate in all respects with the Company if a question arises as to whether the Employee has become disabled (including, without limitation, submitting to reasonable examinations by one or more medical doctors and other health care
specialists selected by the Company and authorizing such medical doctors and other health care specialists to discuss the Employee’s condition with the Company). 
 (b) DEATH. Automatically upon the date of death of the Employee. 
 (c)
CAUSE. Immediately upon written notice by the Company or Holdco to the Employee of a termination for Cause. “Cause” shall mean: 
 (i) the Employee’s willful misconduct or gross negligence in the performance of the Employee’s duties to the Company or Holdco; 

(ii) the Employee’s repeated failure to perform the Employee’s lawful duties to the Company or Holdco or to follow the lawful
written directives of the Board or the Holdco Board (other than as a result of death or physical or mental incapacity); 
 (iii)
the Employee’s conviction of, or pleading of guilty or nolo contendere to, a felony or any crime involving moral turpitude; 

  
 7 

 (iv) the Employee’s performance of any material act of theft, embezzlement, fraud,
malfeasance, dishonesty or misappropriation of the Company’s or Holdco’s property; 
 (v) the Employee’s use of
illegal drugs or the Employee’s abuse of alcohol that, in either case, materially impairs the Employee’s ability to perform the Employee’s duties contemplated hereunder; 

(vi) the Employee’s material breach of any fiduciary duty owed to the Company or Holdco (including, without limitation, the duty of
care and the duty of loyalty); or 
 (vii) the Employee’s material breach of this Agreement or a material violation of the
Company’s or Holdco’s code of conduct or other written policy pursuant to which the Employee would be subject to immediate dismissal. 

Any determination of Cause by the Company or Holdco will be made by a resolution approved by a majority of the members of the Board or the Holdco Board
(other than the Employee, as applicable), provided that no such determination may be made until the Employee has been given written notice detailing the specific Cause event and a period of thirty (30) days following receipt of such
notice to present evidence that such event is not Cause, or to cure such event (if susceptible to cure) to the satisfaction of the Board or the Holdco Board. Notwithstanding anything to the contrary contained herein, the Employee’s right to
cure shall not apply if there are habitual or repeated breaches by the Employee and there has been a previous opportunity to cure. Any notice of a termination for Cause as contemplated above shall be made within ninety (90) days following the
date on which the Company and Holdco first obtain actual knowledge of the circumstances alleged to constitute a Cause event hereunder (it being understood that such circumstances may relate to a period in excess of ninety (90) days or a pattern
of behavior that extends beyond a period of ninety (90) days). 
 (d) WITHOUT CAUSE. Immediately upon written notice
by the Company to the Employee of an involuntary termination without Cause (other than for death or Disability). 
 (e) GOOD
REASON. Upon written notice by the Employee to the Company and Holdco of a termination for Good Reason. “Good Reason” shall mean the occurrence of any of the following events, without the express written consent of the Employee,
unless such events are fully corrected in all material respects by the Company within thirty (30) days following written notification by the Employee to the Company and Holdco of the occurrence of one of the reasons set forth below: 

(i) material diminution in the Employee’s duties, authorities or responsibilities (other than temporarily while physically or
mentally incapacitated or as required by applicable law); provided that the Employee ceasing to serve as Chairman of the Board or as a member of the Board or the Holdco Board shall not constitute Good Reason hereunder if such cessation is
required to comply with applicable law or is at the direction of the Company’s underwriters in connection with an IPO; 

(ii) relocation of the Employee’s primary work location by more than fifty (50) miles from its then current location;

  
 8 

 (iii) the Company’s or Holdco’s material breach of their respective obligations
hereunder; or 
 (iv) material diminution in the Employee’s Base Salary or target Annual Bonus. 

The Employee shall provide the Company and Holdco with a written notice detailing the specific circumstances alleged to constitute Good Reason within
ninety (90) days after the first occurrence of such circumstances, and actually terminate employment within thirty (30) days following the expiration of the Company’s cure period as set forth above. Otherwise, any claim of such
circumstances as “Good Reason” shall be deemed irrevocably waived by the Employee. 
 (f) WITHOUT GOOD REASON.
Upon thirty (30) days’ prior written notice by the Employee to the Company and Holdco of the Employee’s voluntary termination of employment without Good Reason (which the Company and Holdco may, in their sole discretion, make
effective earlier than any notice date). 
 (g) EXPIRATION OF EMPLOYMENT TERM; NON-EXTENSION OF AGREEMENT. Upon the
expiration of the Employment Term due to a non-extension of the Agreement by the Company or the Employee pursuant to the provisions of Section 1(b) hereof. 
 7. CONSEQUENCES OF TERMINATION. 
 (a) DEATH. In the event that the
Employee’s employment and the Employment Term ends on account of the Employee’s death, the Employee or the Employee’s estate, as the case may be, shall be entitled to the following (with the amounts due under Sections 7(a)(i)
through 7(a)(iii) hereof to be paid within sixty (60) days following termination of employment, or such earlier date as may be required by applicable law): 
 (i) any unpaid Base Salary through the date of termination; 
 (ii) reimbursement
for any unreimbursed business expenses incurred through the date of termination; 
 (iii) any accrued but unused vacation time
in accordance with Company policy; and 
 (iv) all other accrued and vested payments, benefits or fringe benefits to which the
Employee shall be entitled under the terms of any applicable compensation arrangement or benefit, equity or fringe benefit plan or program or grant or this Agreement (collectively, Sections 7(a)(i) through 7(a)(iv) hereof shall be
hereafter referred to as the “Accrued Benefits”). 
 (b) DISABILITY. In the event that the
Employee’s employment and/or Employment Term ends on account of the Employee’s Disability, the Company shall pay or provide the Employee with the Accrued Benefits. 

  
 9 

 (c) TERMINATION FOR CAUSE OR WITHOUT GOOD REASON OR AS A RESULT OF EMPLOYEE
NON-EXTENSION OF THIS AGREEMENT. If the Employee’s employment is terminated (x) by the Company or Holdco for Cause, (y) by the Employee without Good Reason, or (z) as a result of the Employee’s non-extension of the
Employment Term as provided in Section 1 (b) hereof, the Company shall pay to the Employee the Accrued Benefits. 
 (d) TERMINATION WITHOUT CAUSE OR FOR GOOD REASON OR AS A RESULT OF COMPANY NON-EXTENSION OF THIS AGREEMENT. If the Employee’s employment by the Company or Holdco is terminated (x) by the
Company or Holdco other than for Cause, (y) by the Employee for Good Reason, or (z) as a result of the Company’s or Holdco’s non-extension of the Employment Term as provided in Section 1(b) hereof, the Company shall pay or
provide the Employee with the following: (i) the Accrued Benefits; and (ii) subject to the Employee’s continued compliance with the obligations in Sections 8, 9 and 10 hereof, (A) an amount equal to the
Employee’s monthly Base Salary rate (but not as an employee), paid monthly for a period of twenty-four (24) months following such termination, (B) a lump sum cash payment in an amount equal to $1,000,000, payable within sixty
(60) days following such termination, (C) full vesting of the award contemplated under Section 4(b) hereof, if a Realization Event has previously occurred during the Employment Term and on or prior to December 31, 2012
(otherwise such award shall be immediately forfeited as provided in the last sentence of Section 4(b)(i) hereof), and (D) if such termination occurs on or after December 31, 2011, the Guaranteed 2011 Bonus, payable in calendar
year 2012 and within sixty (60) days following such termination; provided that to the extent that the payment of any amount constitutes “nonqualified deferred compensation” for purposes of “Code Section 409A” (as
defined in Section 20 hereof), any such payment scheduled to occur during the first sixty (60) days following such termination shall not be paid until the sixtieth (60th) day following such termination and shall include payment of any amount that was otherwise scheduled to be paid
prior thereto. Payments and benefits provided in this Section 7(d) shall be in lieu of any termination or severance payments or benefits for which the Employee may be eligible under any of the plans, policies or programs of the Company
or under the Worker Adjustment Retraining Notification Act of 1988 or any similar state statute or regulation. 
 (e) CODE
SECTION 280G. To the extent that any amount or benefit that may be paid or otherwise provided to or in respect of the Employee by the Company, Holdco or any affiliated company, whether pursuant to this Agreement or otherwise, exceeds the
limitations of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) such that an excise tax would be imposed under Section 4999 of the Code, the provisions of Exhibit A attached hereto shall be
applicable. 
 (f) OTHER OBLIGATIONS. Upon any termination of the Employee’s employment with the Company or Holdco,
the Employee shall promptly resign from any position as an officer, director or fiduciary of any Company-related entity. 
 (g)
EXCLUSIVE REMEDY. The amounts payable to the Employee following termination of employment and the Employment Term hereunder pursuant to Sections 6 and 7 hereof shall be in full and complete satisfaction of the Employee’s
rights under this Agreement and any other claims that the Employee may have in respect of the Employee’s employment with 

  
 10 

 
the Company, Holdco or any of their respective affiliates, and the Employee acknowledges that such amounts are fair and reasonable, and are the Employee’s sole and exclusive remedy, in lieu
of all other remedies at law or in equity, with respect to the termination of the Employee’s employment hereunder or any breach of this Agreement. 
 8. RELEASE; NO MITIGATION; SET-OFFS. Any and all amounts payable and benefits or additional rights provided pursuant to this Agreement beyond the Accrued Benefits shall only be payable if
the Employee delivers to the Company and does not revoke a general release of claims in favor of the Company substantially in the form of Exhibit B attached hereto. Such release shall be executed and delivered (and no longer subject to
revocation, if applicable) within sixty (60) days following termination. In no event shall the Employee be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Employee under any of the
provisions of this Agreement, nor shall the amount of any payment hereunder be reduced by any compensation earned by the Employee as a result of employment by a subsequent employer or self-employment. Subject to the provisions of
Section 20(b)(v) hereof, the Company’s obligations to pay the Employee amounts hereunder shall be subject to set-off, counterclaim or recoupment of amounts owed by the Employee to the Company or any of its affiliates. 

9. RESTRICTIVE COVENANTS. 
 (a) CONFIDENTIALITY. During the course of the Employee’s employment with the Company and Holdco, the Employee will have access to Confidential Information. For purposes of this Agreement,
“Confidential Information” means all data, information, ideas, concepts, discoveries, trade secrets, inventions (whether or not patentable or reduced to practice), innovations, improvements, know-how, developments, techniques,
methods, processes, treatments, drawings, sketches, specifications, designs, patterns, models, plans and strategies, and all other confidential or proprietary information or trade secrets in any form or medium (whether merely remembered or embodied
in a tangible or intangible form or medium) whether now or hereafter existing, relating to or arising from the past, current or potential business, activities and/or operations of the Company, Holdco or any of their respective affiliates, including,
without limitation, any such information relating to or concerning finances, sales, marketing, advertising, transition, promotions, pricing, personnel, customers, suppliers, vendors, raw partners and/or competitors. The Employee agrees that the
Employee shall not, directly or indirectly, use, make available, sell, disclose or otherwise communicate to any person, other than in the course of the Employee’s assigned duties and for the benefit of the Company and Holdco, either during the
period of the Employee’s employment or at any time thereafter, any Confidential Information or other confidential or proprietary information received from third parties subject to a duty on the Company’s, Holdco’s and their respective
subsidiaries’ and affiliates’ part to maintain the confidentiality of such information, and to use such information only for certain limited purposes, in each case, which shall have been obtained by the Employee during the Employee’s
employment by the Company and Holdco (or any predecessors). The foregoing shall not apply to information that (i) was known to the public prior to its disclosure to the Employee, (ii) becomes generally known to the public subsequent to
disclosure to the Employee through no wrongful act of the Employee or any representative of the Employee, or (iii) the Employee is required to disclose by applicable law, regulation or legal process (provided that, except to the extent
disclosure by the Company or Holdco or any of their affiliates is 

  
 11 

 
contemplated in connection with a potential Realization Event, the Employee provides the Company with prior notice of the contemplated disclosure and cooperates with the Company at its expense in
seeking a protective order or other appropriate protection of such information). Except to the extent disclosure by the Company or Holdco or any of their affiliates is made in connection with a potential Realization Event, the terms and conditions
of this Agreement shall remain strictly confidential, and the Employee hereby agrees not to disclose the terms and conditions hereof to any person or entity, other than immediate family members, legal advisors or personal tax or financial advisors,
or prospective future employers solely for the purpose of disclosing the limitations on the Employee’s conduct imposed by the provisions of this Section 9 who, in each case, agree to keep such information confidential. 

(b) NONCOMPETITION. The Employee acknowledges that (i) the Employee performs services of a unique nature for the Company that
are irreplaceable, and that the Employee’s performance of such services to a “Competitive Business” (as defined below) will result in irreparable harm to the Company and Holdco, (ii) the Employee has had and will continue to have
access to Confidential Information which, if disclosed, would unfairly and inappropriately assist in competition against the Company, Holdco and their respective affiliates, (iii) in the course of the Employee’s employment by a Competitive
Business, the Employee would inevitably use or disclose such Confidential Information, (iv) the Company, Holdco and their respective affiliates have substantial relationships with their customers and the Employee has had and will continue to
have access to these customers, and (v) the Employee has generated and will continue to generate goodwill for the Company, Holdco and their respective affiliates in the course of the Employee’s employment. Accordingly, during the
Employee’s employment hereunder and for a period of twenty-four (24) months thereafter, the Employee agrees that the Employee will not, directly or indirectly, own, manage, operate, control, be employed by (whether as an employee,
consultant, independent contractor or otherwise, and whether or not for compensation) or render services to any person, firm, corporation or other entity, in whatever form, engaged in a Competitive Business on the date of termination or in which the
Company or Holdco or their respective affiliates have planned, on or prior to such date, to be engaged in on or after such date, in any locale of any country in which the Company or Holdco conducts business. Notwithstanding the foregoing, nothing
herein shall prohibit the Employee from being a passive owner of not more than two percent (2%) of the equity securities of a publicly traded corporation engaged in a Competitive Business, so long as the Employee has no active participation in
the business of such corporation. For purposes hereof, the term “Competitive Business” shall mean any business involved in the triple net real estate investment trust industry. 

(c) NONSOLICITATION; NONINTERFERENCE. During the Employee’s employment hereunder and for a period of twenty-four
(24) months thereafter, the Employee agrees that the Employee shall not, except in the furtherance of the Employee’s duties hereunder, directly or indirectly, individually or on behalf of any other person, firm, corporation or other
entity, (i) solicit, aid or induce any customer of the Company, Holdco or any of their respective affiliates to purchase goods or services then sold by the Company, Holdco or any of their respective affiliates from another person, firm,
corporation or other entity or assist or aid any other person or entity in identifying or soliciting any such customer, (ii) solicit, aid or induce any employee, representative or agent of the Company, Holdco or any of their respective
affiliates to leave such employment or retention or to accept employment with or render services to or with any other person, firm, corporation or other entity unaffiliated with the Company or Holdco, or

  
 12 

 
hire or retain any such employee, representative or agent, or take any action to materially assist or aid any other person, firm, corporation or other entity in identifying, hiring or soliciting
any such employee, representative or agent, or (iii) interfere, or aid or induce any other person or entity in interfering, with the relationship between the Company, Holdco or any of their respective affiliates and any of their respective
vendors, joint venturers or licensors. An employee, representative or agent shall be deemed covered by this Section 9(c) while so employed or retained and for a period of three (3) months thereafter. Notwithstanding the foregoing,
the provisions of this Section 9(c) shall not be violated by general advertising or solicitation not specifically targeted at Company or Holdco-related persons or entities. 

(d) NONDISPARAGEMENT. The Employee agrees not to make negative comments or otherwise disparage the Company, Holdco or their
respective officers, directors, employees, shareholders, members, agents or products other than in the good faith performance of the Employee’s duties to the Company and Holdco while the Employee is employed by the Company and Holdco. The
Company and Holdco agree to direct the members of their respective boards of directors and their executive officers, while employed by the Company or Holdco or serving as a director of the Company or Holdco, not to make negative comments or
otherwise disparage the Employee. The foregoing shall not be violated by truthful statements in response to legal process, required governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation,
depositions in connection with such proceedings), and the foregoing limitation on the Company’s and Holdco’s directors and executive officers shall not be violated by statements that they in good faith believe are necessary or appropriate
to make in connection with performing their duties and obligations to the Company and Holdco. 
 (e) INVENTIONS.
(i) The Employee acknowledges and agrees that all ideas, methods, inventions, discoveries, improvements, work products, developments, software, know-how, processes, techniques, methods, works of authorship and other work product, whether
patentable or unpatentable, (A) that are reduced to practice, created, invented, designed, developed, contributed to, or improved with the use of any Company or Holdco resources and/or within the scope of the Employee’s work with the
Company or Holdco or that relate to the business, operations or actual or demonstrably anticipated research or development of the Company or Holdco, and that are made or conceived by the Employee, solely or jointly with others, during the period of
the Employee’s employment with the Company or Holdco, or (B) suggested by any work that the Employee performs in connection with the Company or Holdco, either while performing the Employee’s duties with the Company or Holdco or on the
Employee’s own time, but only insofar as the Inventions are related to the Employee’s work as an employee or other service provider to the Company or Holdco, shall belong exclusively to the Company and Holdco (or their designee), whether
or not patent or other applications for intellectual property protection are filed thereon (the “Inventions”). The Employee will keep full and complete written records (the “Records”), in the manner prescribed by
the Company and Holdco, of all Inventions, and will promptly disclose all Inventions completely and in writing to the Company and Holdco. The Records shall be the sole and exclusive property of the Company and Holdco, and the Employee will surrender
them upon the termination of the Employment Term, or upon the Company’s or Holdco’s request. The Employee will assign to the Company or Holdco the Inventions and all patents or other intellectual property rights that may issue thereon in
any and all countries, whether during or subsequent to the Employment Term, together with the right to file, in the Employee’s name or in the name of the Company or Holdco 

  
 13 

 
(or their designee), applications for patents and equivalent rights (the “Applications”). The Employee will, at any time during and subsequent to the Employment Term, make such
applications, sign such papers, take all rightful oaths, and perform all other acts as may be requested from time to time by the Company or Holdco to perfect, record, enforce, protect, patent or register the Company’s or Holdco’s rights in
the Inventions, all without additional compensation to the Employee from the Company or Holdco. The Employee will also execute assignments to the Company or Holdco (or their designee) of the Applications, and give the Company, Holdco and its
attorneys all reasonable assistance (including the giving of testimony) to obtain the Inventions for the Company’s and Holdco’s benefit, all without additional compensation to the Employee from the Company or Holdco, but entirely at the
Company’s or Holdco’s expense. 
 (ii) In addition, the Inventions will be deemed Work for Hire, as such term is
defined under the copyright laws of the United States, on behalf of the Company and Holdco, and the Employee agrees that the Company and Holdco will be the sole owners of the Inventions, and all underlying rights therein, in all media now known or
hereinafter devised, throughout the universe and in perpetuity without any further obligations to the Employee. If the Inventions, or any portion thereof, are deemed not to be Work for Hire, or the rights in such Inventions do not otherwise
automatically vest in the Company or Holdco, the Employee hereby irrevocably conveys, transfers and assigns to the Company and Holdco, all rights, in all media now known or hereinafter devised, throughout the universe and in perpetuity, in and to
the Inventions, including, without limitation, all of the Employee’s right, title and interest in the copyrights (and all renewals, revivals and extensions thereof) to the Inventions, including, without limitation, all rights of any kind or any
nature now or hereafter recognized, including, without limitation, the unrestricted right to make modifications, adaptations and revisions to the Inventions, to exploit and allow others to exploit the Inventions and all rights to sue at law or in
equity for any infringement, or other unauthorized use or conduct in derogation of the Inventions, known or unknown, prior to the date hereof, including, without limitation, the right to receive all proceeds and damages therefrom. In addition, the
Employee hereby waives any so-called “moral rights” with respect to the Inventions. To the extent that the Employee has any rights in the results and proceeds of the Employee’s service to the Company or Holdco that cannot be assigned
in the manner described herein, the Employee agrees to unconditionally waive the enforcement of such rights. The Employee hereby waives any and all currently existing and future monetary rights in and to the Inventions and all patents and other
registrations for intellectual property that may issue thereon, including, without limitation, any rights that would otherwise accrue to the Employee’s benefit by virtue of the Employee being an employee of or other service provider to the
Company or Holdco. 
 (f) RETURN OF COMPANY PROPERTY. On the date of the Employee’s termination of employment with
the Company or Holdco for any reason (or at any time prior thereto at the Company’s or Holdco’s request), the Employee shall return all property belonging to the Company, Holdco or its affiliates (including, but not limited to, any Company
or Holdco-provided laptops, computers, cell phones, wireless electronic mail devices or other equipment, or documents and property belonging to the Company or Holdco). The Employee may retain the Employee’s rolodex and similar address books
provided that such items only include contact information. 

  
 14 

 (g) REASONABLENESS OF COVENANTS. In signing this Agreement, the Employee gives the
Company and Holdco assurance that the Employee has carefully read and considered all of the terms and conditions of this Agreement, including the restraints imposed under this Section 9. The Employee agrees that these restraints are
necessary for the reasonable and proper protection of the Company, Holdco and their respective affiliates and their Confidential Information and that each and every one of the restraints is reasonable in respect of subject matter, length of time and
geographic area, and that these restraints, individually or in the aggregate, will not prevent the Employee from obtaining other suitable employment during the period in which the Employee is bound by the restraints. The Employee acknowledges that
each of these covenants has a unique, very substantial and immeasurable value to the Company, Holdco and their respective affiliates and that the Employee has sufficient assets and skills to provide a livelihood while such covenants remain in force.
The Employee further covenants that the Employee will not challenge the reasonableness or enforceability of any of the covenants set forth in this Section 9. It is also agreed that each of the Company’s and Holdco’s affiliates
will have the right to enforce all of the Employee’s obligations to that affiliate under this Agreement, including without limitation pursuant to this Section 9, 

(h) REFORMATION. If it is determined by a court of competent jurisdiction in any state that any restriction in this
Section 9 is excessive in duration or scope or is unreasonable or unenforceable under applicable law, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the
maximum extent permitted by the laws of that state. 
 (i) TOLLING. In the event of any violation of the provisions of
this Section 9, the Employee acknowledges and agrees that the post-termination restrictions contained in this Section 9 shall be extended by a period of time equal to the period of such violation, it being the intention of
the parties hereto that the running of the applicable post-termination restriction period shall be tolled during any period of such violation. 
 (j) SURVIVAL OF PROVISIONS. The obligations contained in this Section 9 and Section 10 hereof shall survive the termination or expiration of the Employment Term and the
Employee’s employment with the Company and Holdco, and shall be fully enforceable thereafter. 
 10. COOPERATION.
Upon the receipt of reasonable notice from an Employer (including outside counsel), the Employee agrees that while employed by the Employers and thereafter, the Employee will respond and provide information with regard to matters in which the
Employee has knowledge as a result of the Employee’s employment with the Employers, and will provide reasonable assistance to the Employers, their affiliates and their respective representatives in defense of all claims that may be made against
an Employer or its affiliates, and will assist the Employer and its affiliates in the prosecution of all claims that may be made by an Employer or its affiliates, to the extent that such claims may relate to the period of the Employee’s
employment with the Employers and does not unreasonably interfere with Employee’s subsequent employment or self-employment. The Employee agrees to promptly inform the Employer if the Employee becomes aware of any lawsuit involving such claims
that may be filed or threatened against the Employer or its affiliates. The Employee also agrees to promptly inform the Employer (to the extent that the Employee is legally permitted to do so) if

  
 15 

 
the Employee is asked to assist in any investigation of the Employer or its affiliates (or their actions), regardless of whether a lawsuit or other proceeding has then been filed against the
Employer or its affiliates with respect to such investigation, and shall not do so unless legally required. Upon presentation of appropriate documentation, the Company shall pay or reimburse the Employee for all reasonable out-of-pocket travel,
duplicating or telephonic expenses incurred by the Employee in complying with this Section 10, and, after the Employment Term shall pay Employee a daily fee of $2,800 for any day in which the Employee’s services under this
Section 10 are utilized; provided that no such payment shall be required under this Section 10 during any period in which severance is being paid to the Employee pursuant to Section 7(d) hereof.

 11. EQUITABLE RELIEF AND OTHER REMEDIES. The Employee acknowledges and agrees that the Company’s and
Holdco’s remedies at law for a breach or threatened breach of any of the provisions of Section 9 or Section 10 hereof would be inadequate and, in recognition of this fact, the Employee agrees that, in the event of such a
breach or threatened breach, in addition to any remedies at law, the Company and Holdco shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other
equitable remedy which may then be available, without the necessity of showing actual monetary damages or the posting of a bond or other security. In the event of a violation by the Employee of Section 9 or Section 10 hereof,
any severance being paid to the Employee pursuant to this Agreement or otherwise shall immediately cease. 
 12. NO
ASSIGNMENTS. This Agreement is personal to each of the parties hereto. Except as provided in this Section 12 hereof, no party may assign or delegate any rights or obligations hereunder without first obtaining the written consent of
the other party hereto. The Company and Holdco may assign this Agreement to any successor to all or substantially all of the business and/or assets of the Company or Holdco, as applicable; provided that the Company or Holdco shall require
such successor to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company or Holdco would be required to perform it if no such succession had taken place. As used in this Agreement,
“Company” and “Holdco” shall mean the Company and Holdco, respectively, and any successor to their respective businesses and/or assets, which assumes and agrees to perform the duties and obligations of the Company
or Holdco under this Agreement by operation of law or otherwise. 
 13. NOTICE. For purposes of this Agreement, notices
and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of delivery, if delivered by hand, (b) on the date of transmission, if delivered by confirmed
facsimile or electronic mail, (c) on the first business day following the date of deposit, if delivered by guaranteed overnight delivery service, or (d) on the fourth business day following the date delivered or mailed by United States
registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
 If to the
Employee: 
 At the address (or to the facsimile number) shown 

in the books and records of the Company. 

  
 16 

 If to the Company: 
 Spirit Finance Corporation 
 14631 N. Scottsdale Road 

Suite 200 

Scottsdale, Arizona 85254 
 Attention: Board of Directors 
 If to Holdco: 

Redford Holdco, LLC 
 14631 N. Scottsdale Road 
 Suite 200 

Scottsdale, Arizona 85254 
 Attention: Board of Directors 
 or to such other address as either party may have furnished to the
other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt. 

14. SECTION HEADINGS; INCONSISTENCY. The section headings used in this Agreement are included solely for convenience and shall not
affect, or be used in connection with, the interpretation of this Agreement. In the event of any inconsistency between the terms of this Agreement and any form, award, plan or policy of the Company or Holdco, the terms of this Agreement shall govern
and control. 
 15. SEVERABILITY. The provisions of this Agreement shall be deemed severable. The invalidity or
unenforceability of any provision of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of
this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by applicable law. 

16. COUNTERPARTS. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all
of which together will constitute one and the same instrument. 
 17. GOVERNING LAW; JURISDICTION. This Agreement, the
rights and obligations of the parties hereto, and all claims or disputes relating thereto, shall be governed by and construed in accordance with the laws of the State of New York, without regard to the choice of law provisions thereof. Each of the
parties agrees that any dispute between the parties shall be resolved only in the courts of the State of New York or the United States District Court for the Southern District of New York and the appellate courts having jurisdiction of appeals in
such courts. In that context, and without limiting the generality of the foregoing, each of the parties hereto irrevocably and unconditionally (a) submits in any proceeding relating to this Agreement or the Employee’s employment by the
Company, Holdco or any affiliate, or for the recognition and enforcement of any judgment in respect thereof (a “Proceeding”), to the exclusive jurisdiction of the courts of the State of New York, the court of the United States of
America for 

  
 17 

 
the Southern District of New York, and appellate courts having jurisdiction of appeals from any of the foregoing, and agrees that all claims in respect of any such Proceeding shall be heard and
determined in such New York State court or, to the extent permitted by law, in such federal court, (b) consents that any such Proceeding may and shall be brought in such courts and waives any objection that the Employee or the Company or Holdco
may now or thereafter have to the venue or jurisdiction of any such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same, (c) waives all right to trial by jury in
any Proceeding (whether based on contract, tort or otherwise) arising out of or relating to this Agreement or the Employee’s employment by the Company, Holdco or any affiliate of the Company or Holdco, or the Employee’s or the
Company’s or Holdco’s performance under, or the enforcement of, this Agreement, (d) agrees that service of process in any such Proceeding may be effected by mailing a copy of such process by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to such party at the Employee’s or the Company’s or Holdco’s address as provided in Section 13 hereof, and (e) agrees that nothing in this Agreement shall affect
the right to effect service of process in any other manner permitted by the laws of the State of New York. The parties acknowledge and agree that in connection with any dispute hereunder, each party shall pay all of its own costs and expenses,
including, without limitation, its own legal fees and expenses. 
 18. MISCELLANEOUS. No provision of this Agreement may
be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Employee and such officer or director of the Company and Holdco as may be designated by the Board and the Holdco Board. No
waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions
or conditions at the same or at any prior or subsequent time. This Agreement together with all exhibits hereto (if any) sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes any and
all prior agreements or understandings between the Employee and the Company and Holdco with respect to the subject matter hereof. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have
been made by either party which are not expressly set forth in this Agreement. 
 19. REPRESENTATIONS. The Employee
represents and warrants to the Company and Holdco that (a) the Employee has the legal right to enter into this Agreement and to perform all of the obligations on the Employee’s part to be performed hereunder in accordance with its terms,
and (b) the Employee is not a party to any agreement or understanding, written or oral, and is not subject to any restriction, which, in either case, could prevent the Employee from entering into this Agreement or performing all of the
Employee’s duties and obligations hereunder. The Company and Holdco each represent and warrant to the Employee that they are duly authorized to enter into this Agreement and to perform all of their respective obligations in accordance with its
terms. 

  
 18 

 20. TAX MATTERS. 

(a) WITHHOLDING. The Company and/or Holdco may withhold from any and all amounts payable under this Agreement or otherwise such
federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation. 
 (b) SECTION
409A COMPLIANCE. 
 (i) The intent of the parties is that payments and benefits under this Agreement be exempt from or
comply with Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be
interpreted to be exempt from, and, to the extent not exempt, in compliance therewith. To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to
the maximum extent reasonably possible, maintain the original intent and economic benefit to the Employee and the Company and Holdco of the applicable provision without violating the provisions of Code Section 409A. In no event whatsoever shall
the Company or Holdco be liable for any additional tax, interest or penalty that may be imposed on the Employee by Code Section 409A or damages for failing to comply with Code Section 409A. 

(ii) A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the
payment of any amount or benefit upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this
Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.” Notwithstanding anything to the contrary in this Agreement, if the Employee is deemed on the date
of termination to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered “nonqualified deferred
compensation” under Code Section 409A payable on account of a “separation from service,” such payment or benefit shall not be made or provided until the date which is the earlier of (A) the expiration of the six (6)-month
period measured from the date of such “separation from service” of the Employee, and (B) the date of the Employee’s death, to the extent required under Code Section 409A. Upon the expiration of the foregoing delay period,
all payments and benefits delayed pursuant to this Section 20(b)(ii) (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Employee in a lump
sum, and all remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. 
 (iii) To the extent that reimbursements or other in-kind benefits under this Agreement constitute “nonqualified deferred compensation” for purposes of Code Section 409A, (A) all
expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Employee, (B) any right to reimbursement or in-kind benefits shall
not be subject to liquidation or exchange for another benefit, and (C) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement,
or in-kind benefits to be provided, in any other taxable year. 

  
 19 

 (iv) For purposes of Code Section 409A, the Employee’s right, to receive
installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date
of payment within the specified period shall be within the sole discretion of the Company. 
 (v) Notwithstanding any other
provision of this Agreement to the contrary, in no event shall any payment or benefit under this Agreement that constitutes “nonqualified deferred compensation” for purposes of Code Section 409A be subject to offset by any other
amount unless otherwise permitted by Code Section 409A. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 20 

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

			
	SPIRIT FINANCE CORPORATION
		
	By:	 	/s/ Kevin Charlton
	Name:	 	Kevin Charlton
	Title:	 	Director
	
	REDFORD HOLDCO, LLC
		
	By:	 	/s/ Kevin Charlton
	Name:	 	Kevin Charlton
	Title:	 	Director
	
	EMPLOYEE
	
	/s/ Thomas H. Nolan, Jr.
	Thomas H. Nolan, Jr.

 Employment Agreement Signature Page 

 EXHIBIT A 
 SECTION 280G PROVISIONS 
 This Exhibit A sets forth the terms and
provisions applicable to the Employee pursuant to the provisions of Section 7(e) of the Agreement. This Exhibit A shall be subject in all respects to the terms and conditions of the Agreement. Capitalized terms used without definition in this
Exhibit A shall have the meanings set forth in the Agreement. 
  

	1.	Change in Control Prior to Publicly Traded Equity of Company. So long as the Company and Holdco are described in Section 280G(b)(5)(A)(ii)(I) of the Code,
in the event that any payment that is either received by the Employee or paid by the Company on the Employee’s behalf or any property, or any other benefit provided to the Employee under the Agreement or under any other plan, arrangement or
agreement with the Company or any other person whose payments or benefits are treated as contingent on a change of ownership or control of the Company (or in the ownership of a substantial portion of the assets of the Company) or any person
affiliated with the Company or such person (but only if such payment or other benefit is in connection with the Employee’s employment by the Company) (collectively the “Company Payments”), would be subject to the tax imposed by
Section 4999 of the Code (and any similar tax that may hereafter be imposed by any taxing authority) (the “Excise Tax”), the Company and Holdco each shall, with respect to such Company Payments, use their best efforts to obtain
a vote satisfying the requirements of Section 280G(b)(5) of the Code, such that no portion of the Company Payments will be subject to such Excise Tax. In the event that a vote satisfying the requirements of Section 280G(b)(5) of the Code
is not obtained for any reason, then the Employee will be entitled to receive a portion of the Company Payments having a value equal to $1 less than three (3) times the Employee’s “base amount” (as such term is defined in
Section 280G(b)(3)(A) of the Code). Any reduction of the Company Payments pursuant to the foregoing shall occur in the following order: (i) any cash severance payable by reference to the Employee’s base salary or annual bonus;
(ii) any other cash amount payable to the Employee; (iii) any benefit valued as a “parachute payment;” and (iv) acceleration of vesting of any equity award. 

 

	2.	Change in Control Upon or Following Publicly Traded Equity of Company. In the event that Company Payments become payable to the Employee during any period in
which the Company or Holdco is not described in Section 280G(b)(5)(A)(ii)(I) of the Code, the following shall apply: 

  

	 	(a)	In the event that such Company Payments will be subject to the Excise Tax, the Company shall pay to the Employee an additional amount (the “Gross-Up
Payment”) such that the net amount retained by the Employee, after deduction of any Excise Tax on the Company Payments and any U.S. federal, state, and local income or payroll tax or Excise Tax upon the Gross-Up Payment provided for by this
clause 2(a), but before deduction for any U.S. federal, state, and local income or payroll tax on the Company Payments, shall be equal to the Company Payments. 

  
 A-1

	 	(b)	For purposes of determining whether any of the Company Payments and Gross-Up Payment (collectively, the “Total Payments”) will be subject to the Excise
Tax and the amount of such Excise Tax, (i) the Total Payments shall be treated as “parachute payments” within the meaning of Section 280G(b)(2) of the Code, and all “parachute payments” in excess of the “base
amount” (as defined under Section 280G(b)(3) of the Code) shall be treated as subject to the Excise Tax, unless and except to the extent that, in the opinion of the Company’s independent certified public accountants appointed prior to
any change in ownership (as defined under Section 280G(b)(2) of the Code) or tax counsel selected by such accountants or the Company (the “Accountants”) such Total Payments (in whole or in part) are not subject to the Excise
Tax, and (ii) the value of any non-cash benefits or any deferred payment or benefit shall be determined by the Accountants in accordance with the principles of Section 280G of the Code. In the event that the Accountants are serving as
accountants or auditors for the individual, entity or group effecting the change in control (within the meaning of Section 280G of the Code), the Company shall appoint another nationally recognized accounting firm to make the determinations
hereunder (which accounting firm shall then be referred to as the “Accountants” hereunder). All determinations hereunder shall be made by the Accountants, who shall provide detailed supporting calculations both to the Company and the
Employee at such time as it is requested by the Company or the Employee. The determination of the Accountants shall be final and binding upon the Company and the Employee. 

 

	 	(c)	For purposes of determining the amount of the Gross-Up Payment, the Employee’s marginal blended actual rates of federal, state and local income taxation in the
calendar year in which the change in ownership or effective control that subjects the Employee to the Excise Tax occurs shall be used. In the event that the Excise Tax is subsequently determined by the Accountants to be less than the amount taken
into account hereunder at the time the Gross-Up Payment is made, the Employee shall promptly repay to the Company, at the time that the amount of such reduction in Excise Tax is finally determined, the portion of the prior Gross-Up Payment
attributable to such reduction (plus the portion of the Gross-Up Payment attributable to the Excise Tax and U.S. federal, state and local income tax imposed on the portion of the Gross-Up Payment being repaid by the Employee), plus interest on the
amount of such repayment at the rate provided in Section 1274(b)(2)(B) of the Code. In the event that the Excise Tax is later determined by the Accountants or the Internal Revenue Service to exceed the amount taken into account hereunder at the
time the Gross-Up Payment is made (including by reason of any payment the existence or amount of which cannot be determined at the time of the Gross-Up Payment), the Company shall make an additional Gross-Up Payment in respect of such excess (plus
any interest or penalties payable with respect to such excess imposed by the applicable taxing authority) promptly after the amount of such excess is finally determined. 

 

	 	(d)	 The Gross-Up Payment or portion thereof provided for in clause 2(c) above shall be paid not later than the sixtieth (60th) day following an event
occurring which subjects the Employee to the Excise Tax; provided, however, that if the amount of 

  
 A-2

	 	
such Gross-Up Payment or portion thereof cannot be finally determined on or before such day, the Company shall pay to the Employee on such day an estimate, as determined in good faith by the
Accountants, of the minimum amount of such payments and shall pay the remainder of such payments (together with interest at the rate provided in Section 1274(b)(2)(B) of the Code), subject to further payments pursuant to clause 2(c) above, as
soon as the amount thereof can reasonably be determined. Subject to clauses 2(c) and 2(h) of this Exhibit A, in the event that the amount of the estimated payments exceeds the amount subsequently determined to have been due, such excess shall
constitute a loan by the Company to the Employee, payable on the fifth (5th) day after demand by the Company (together with interest at the rate provided in Section 1274(b)(2)(B) of the Code). 

 

	 	(e)	The Employee shall promptly notify the Company in writing of any claim by any taxing authority that, if successful, would require the payment by the Company of a
Gross-Up Payment; provided, however, that failure by the Employee to give such notice promptly shall not result in a waiver or forfeiture of any of the Employee’s rights under this Exhibit A except to the extent of actual damages
suffered by the Company as a result of such failure. If the Company notifies the Employee in writing within fifteen (15) days after receiving such notice that it desires to contest such claim (and demonstrates to the reasonable satisfaction of
the Employee its ability to pay any resulting Gross-Up Payment), the Employee shall: 

  

	 	(i)	give the Company any information reasonably requested by the Company relating to such claim; 

 

	 	(ii)	take such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting
legal representation with respect to such claim by an attorney selected by the Company that is reasonably acceptable to the Employee; 

  

	 	(iii)	cooperate with the Company in good faith in order effectively to contest such claim; and 

 

	 	(iv)	permit the Company to participate in any proceedings relating to such claim; 

 provided, however, that the Company’s actions do not unreasonably interfere with or prejudice the Employee’s disputes with the taxing authority as to other issues; and
provided, further, that the Company shall bear and pay on an after-tax and as-incurred basis, all attorneys fees, costs and expenses (including additional interest, penalties and additions to tax) incurred in connection with such
contest (including but not limited to those of the Employee’s personal counsel) and shall indemnify and hold the Employee harmless, on an after-tax and as-incurred basis, for all resulting taxes (including, without limitation, income and excise
taxes), interest, penalties and additions to tax. 

  
 A-3

	 	(f)	The Company shall be responsible for all charges of the Accountants. 

  

	 	(g)	The Company and the Employee shall promptly deliver to each other copies of any written communications, and summaries of any verbal communications, with any taxing
authority regarding the Excise Tax covered by this Exhibit A. 

  

	 	(h)	Nothing in this Exhibit A is intended to violate the Sarbanes-Oxley Act of 2002 and to the extent that any advance or repayment obligation hereunder would do so, such
obligation shall be modified so as to make the advance a nonrefundable payment to the Employee and the repayment obligation null and void. 

  

	 	(i)	Notwithstanding the foregoing, any payment or reimbursement made pursuant to this clause 2 shall be paid to the Employee promptly and in no event later than the end of
the calendar year next following the calendar year in which the related tax is paid by the Employee or as otherwise provided under Treasury Regulation §1.409A-3(i)(l)(v). 

 

	3.	The provisions of this Exhibit A shall survive the termination of the Employee’s employment with the Company for any reason and any amount payable under this
Exhibit A shall be subject to the provisions of Sections 20 of the Agreement. 

  
 A-4

 EXHIBIT B 
 GENERAL RELEASE 
 I, Thomas H. Nolan, Jr., in consideration of and
subject to the performance by Spirit Finance Corporation (together with its subsidiaries, the “Company”), of its obligations under the Employment Agreement dated as of June 20, 2011 (the “Agreement”), do hereby
release and forever discharge as of the date hereof the Company and its respective affiliates, subsidiaries and direct or indirect parent entities (including, without limitation, Redford Holdco, LLC) and all present, former and future directors,
officers, agents, representatives, employees, successors and assigns of the Company and/or its respective affiliates, subsidiaries and direct or indirect parent entities (collectively, the “Released Parties”) to the extent provided
below (this “General Release”). The Released Parties are intended to be third-party beneficiaries of this General Release, and this General Release may be enforced by each of them in accordance with the terms hereof in respect of
the rights granted to such Released Parties hereunder. Terms used herein but not otherwise defined shall have the meanings given to them in the Agreement. 
 1. I understand that any payments or benefits paid or granted to me under Section 7 of the Agreement represent, in part, consideration for signing this General Release and are not salary, wages or
benefits to which I was already entitled. I understand and agree that I will not receive certain of the payments and benefits specified in Section 7(d)(ii) of the Agreement unless I execute this General Release and do not revoke this General
Release within the time period permitted hereafter. Such payments and benefits will not be considered compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or hereafter established by the Company or its
affiliates. 
 2. Except as provided in paragraphs 4 and 5 below and except for the provisions of the Agreement which expressly
survive the termination of my employment with the Company, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release and forever discharge the Company and the other Released Parties from any and all claims,
suits, controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any
nature whatsoever in law and in equity, both past and present (through the date that this General Release becomes effective and enforceable) and whether known or unknown, suspected, or claimed against the Company or any of the Released Parties which
I, my spouse, or any of my heirs, executors, administrators or assigns, may have, which arise out of or are connected with my employment with, or my separation or termination from, the Company (including, but not limited to, any allegation, claim or
violation, arising under: Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act); the Equal Pay Act of
1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable Executive Order
Programs; the Fair Labor Standards Act; or their state or local counterparts; or under any other federal, state or local civil or human rights law, or under any other local, state, or federal law, regulation or ordinance; or under any public policy,
contract or tort, or under common law; or arising under any policies, practices or procedures of 

  
 B-1

 
the Company; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim for costs, fees, or other expenses, including attorneys’ fees
incurred in these matters) (all of the foregoing collectively referred to herein as the “Claims”). 
 3. I
represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other matter covered by paragraph 2 above. 
 4. I agree that this General Release does not waive or release any rights or claims that I may have under the Age Discrimination in Employment Act of 1967 which arise after the date I execute this General
Release. I acknowledge and agree that my separation from employment with the Company in compliance with the terms of the Agreement shall not serve as the basis for any claim or action (including, without limitation, any claim under the Age
Discrimination in Employment Act of 1967). 
 5. I agree that I hereby waive all rights to sue or obtain equitable, remedial or
punitive relief from any or all Released Parties of any kind whatsoever in respect of any Claim, including, without limitation, reinstatement, back pay, front pay, and any form of injunctive relief. Notwithstanding the above, I further acknowledge
that I am not waiving and am not being required to waive any right that cannot be waived under law, including the right to file an administrative charge or participate in an administrative investigation or proceeding; provided,
however, that I disclaim and waive any right to share or participate in any monetary award resulting from the prosecution of such charge or investigation or proceeding. Additionally, I am not waiving (i) any right to the Accrued Benefits
or any severance benefits to which I am entitled under the Agreement, (ii) any claim relating to directors’ and officers’ liability insurance coverage or any right of indemnification under the Company’s organizational documents
or otherwise, or (iii) my rights as an equity or security holder in the Company or its affiliates. 
 6. In signing this
General Release, I acknowledge and intend that it shall be effective as a bar to each and every one of the Claims hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force and effect according to each
and all of its express terms and provisions, including those relating to unknown and unsuspected Claims (notwithstanding any state or local statute that expressly limits the effectiveness of a general release of unknown, unsuspected and
unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied. I acknowledge and agree that this waiver is an essential and material term of this General Release and that without such waiver the
Company would not have agreed to the terms of the Agreement. I further agree that in the event I should bring a Claim seeking damages against the Company, or in the event I should seek to recover against the Company in any Claim brought by a
governmental agency on my behalf, this General Release shall serve as a complete defense to such Claims to the maximum extent permitted by law. I further agree that I am not aware of any pending claim of the type described in paragraph 2 above as of
the execution of this General Release. 
 7. I agree that neither this General Release, nor the furnishing of the consideration
for this General Release, shall be deemed or construed at any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct. 

  
 B-2

 8. I agree that this General Release and the Agreement are confidential and agree not to
disclose any information regarding the terms of this General Release or the Agreement, except to my immediate family and any tax, legal or other counsel that I have consulted regarding the meaning or effect hereof or as required by law, and I will
instruct each of the foregoing not to disclose the same to anyone. 
 9. Any non-disclosure provision in this General Release
does not prohibit or restrict me (or my attorney) from responding to any inquiry about this General Release or its underlying facts and circumstances by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority
(FINRA), any other self-regulatory organization or any governmental entity. 
 10. I hereby acknowledge that Sections 7 through
13, 15, 17, 18 and 20 of the Agreement shall survive my execution of this General Release. 
 11. I represent that I am not
aware of any claim by me other than the claims that are released by this General Release. I acknowledge that I may hereafter discover claims or facts in addition to or different than those which I now know or believe to exist with respect to the
subject matter of the release set forth in paragraph 2 above and which, if known or suspected at the time of entering into this General Release, may have materially affected this General Release and my decision to enter into it. 

12. Notwithstanding anything in this General Release to the contrary, this General Release shall not relinquish, diminish, or in any way
affect any rights or claims arising out of any breach by the Company or by any Released Party of the Agreement after the date hereof. 
 13. Whenever possible, each provision of this General Release shall be interpreted in, such manner as to be effective and valid under applicable law, but if any provision of this General Release is held
to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this General Release
shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 
 BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT: 
  

	 	1.	I HAVE READ IT CAREFULLY; 

  

	 	2.	I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF
1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED; 

 

	 	3.	I VOLUNTARILY CONSENT TO EVERYTHING IN IT; 

  
 B-3

	 	4.	I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN
VOLITION; 

  

	 	5.	I HAVE HAD AT LEAST [21] [45] DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE TO CONSIDER IT, AND THE CHANGES MADE SINCE MY RECEIPT OF THIS RELEASE ARE NOT
MATERIAL OR WERE MADE AT MY REQUEST AND WILL NOT RESTART THE REQUIRED [21][45]-DAY PERIOD; 

  

	 	6.	I UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE
REVOCATION PERIOD HAS EXPIRED; 

  

	 	7.	I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT TO IT; AND 

 

	 	8.	I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED
REPRESENTATIVE OF THE COMPANY AND BY ME. 

  

									
	SIGNED:	 	 	 		 	DATED:	 	
		 	Thomas H. Nolan, Jr.	 		 		 	

  
 B-4

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