SEC Contract Filing

Filing Date: 2023-05-26

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>6
<FILENAME>tm2316977d1_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.2&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT><B><I>Execution
Version</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONFIDENTIALITY, NON-COMPETITION AND NON-SOLICITATION
AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This CONFIDENTIALITY, NON-COMPETITION
AND NON-SOLICITATION AGREEMENT, dated as of May&nbsp;23, 2023 (this &ldquo;<U>Agreement</U>&rdquo;), is made and entered into by and between
Global Net Lease,&nbsp;Inc., a Maryland corporation and real estate investment trust (&ldquo;<U>GNL</U>&rdquo;), and Nicholas S. Schorsch
(the &ldquo;<U>Restricted Person</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, contemporaneously
with execution and delivery of this Agreement, GNL is entering into that certain Agreement and Plan of Merger, dated on or about the date
hereof (the &ldquo;<U>Merger Agreement</U>&rdquo;), by and among GNL, GNL Advisor Merger Sub, a Delaware limited liability company and
a wholly-owned subsidiary of GNL OP (the &ldquo;<U>GNL Advisor Sub</U>&rdquo;), GNL PM Merger Sub, a Delaware limited liability company
and a wholly-owned subsidiary of GNL OP (the &ldquo;<U>GNL PM Sub</U>&rdquo;), RTL Advisor Merger Sub, a Delaware limited liability company
and a wholly-owned subsidiary of GNL OP (the &ldquo;<U>RTL Advisor Sub</U>&rdquo;), RTL PM Merger Sub, a Delaware limited liability company
and a wholly-owned subsidiary of GNL OP (the &ldquo;<U>RTL PM Sub</U>&rdquo;) (GNL Advisor Sub, GNL PM Sub, RTL Advisor Sub and RTL PM
Sub are individually an &ldquo;<U>Internalization Sub</U>&rdquo; and collectively the &ldquo;<U>Internalization Subs</U>&rdquo;), Global
Net Lease Operating Partnership, L.P., a Delaware limited partnership (&ldquo;<U>GNL OP</U>&rdquo;), The Necessity Retail REIT,&nbsp;Inc.,
a Maryland corporation and real estate investment trust (&ldquo;<U>RTL</U>&rdquo;) and The Necessity Retail REIT Operating Partnership,
L.P., a Delaware limited partnership (&ldquo;<U>RTL OP</U>&rdquo;) on the one hand, and AR Global Investments, LLC, a Delaware limited
liability company (&ldquo;<U>Advisor Parent</U>&rdquo;), Global Net Lease Special Limited Partnership, LLC, a Delaware limited liability
company and an indirect wholly-owned subsidiary of Advisor Parent (&ldquo;<U>GNL SLP</U>&rdquo;), Necessity Retail Space Limited Partner,
LLC, a Delaware limited liability company and a wholly-owned subsidiary of Advisor Parent (&ldquo;<U>RTL SLP</U>&rdquo;), Global Net Lease
Advisors, LLC, a Delaware limited liability company and a wholly-owned subsidiary of GNL SLP (the &ldquo;<U>GNL Advisor</U>&rdquo;), Global
Net Lease Properties, LLC, a Delaware limited liability company and a wholly-owned subsidiary of GNL SLP (the &ldquo;<U>GNL Property Manager</U>&rdquo;),
Necessity Retail Advisors, LLC, a Delaware limited liability company and a wholly-owned subsidiary of RTL SLP (the &ldquo;<U>RTL Advisor</U>&rdquo;),
and Necessity Retail Properties, LLC, a Delaware limited liability company and a wholly-owned subsidiary of RTL SLP (the &ldquo;<U>RTL
Property Manager</U>&rdquo;) (GNL Advisor, GNL Property Manager, RTL Advisor, and RTL Property Manager, along with each of their direct
and indirect wholly-owned subsidiaries, are individually a &ldquo;<U>Target LLC</U>&rdquo; and collectively the &ldquo;<U>Target LLCs</U>&rdquo;)
on the other hand. Capitalized terms used in this Agreement shall have the meanings ascribed to such terms in Article&nbsp;11 of the Merger
Agreement;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, it is the intention
of the parties to the Merger Agreement to effect a business combination transaction in which (i)&nbsp;GNL Advisor Sub shall merge with
and into GNL Advisor, with GNL Advisor being the surviving entity (the &ldquo;<U>GNL Advisor Merger</U>&rdquo;), and each outstanding
membership interest of GNL Advisor will be converted into the right to receive from GNL or its designee the GNL Advisor Merger Consideration,
(ii)&nbsp;GNL PM Sub shall merge with and into GNL Property Manager, with GNL Property Manager being the surviving entity (the &ldquo;<U>GNL
PM Merger</U>&rdquo;), and each outstanding membership interest of GNL Property Manager will be converted into the right to receive from
GNL or its designee the GNL PM Merger Consideration, (iii)&nbsp;RTL Advisor Sub shall merge with and into RTL Advisor, with RTL Advisor
being the surviving entity (the &ldquo;<U>RTL Advisor Merger</U>&rdquo;), and each outstanding membership interest of RTL Advisor will
be converted into the right to receive from GNL or its designee the RTL Advisor Merger Consideration and (iv)&nbsp;RTL PM Sub shall merge
with and into RTL Property Manager, with RTL Property Manager being the surviving entity (the &ldquo;<U>RTL PM Merger</U>&rdquo;) (the
GNL Advisor Merger, GNL PM Merger, RTL Advisor