<SEC-DOCUMENT>0001193125-18-058606.txt : 20180226
<SEC-HEADER>0001193125-18-058606.hdr.sgml : 20180226
<ACCEPTANCE-DATETIME>20180226165357
ACCESSION NUMBER:		0001193125-18-058606
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20180222
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180226
DATE AS OF CHANGE:		20180226

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATIONAL RETAIL PROPERTIES, INC.
		CENTRAL INDEX KEY:			0000751364
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				561431377
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11290
		FILM NUMBER:		18641321

	BUSINESS ADDRESS:	
		STREET 1:		450 S ORANGE AVE
		STREET 2:		SUITE 900
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32801
		BUSINESS PHONE:		407-666-7348

	MAIL ADDRESS:	
		STREET 1:		450 SOUTH ORANGE AVE
		STREET 2:		SUITE 900
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32801

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMMERCIAL NET LEASE REALTY INC
		DATE OF NAME CHANGE:	19930510

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CNL REALTY INVESTORS INC /DE/
		DATE OF NAME CHANGE:	19930429

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CNL REALTY INVESTORS INC
		DATE OF NAME CHANGE:	19920831
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d585277d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of The Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): February&nbsp;22, 2018 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>NATIONAL RETAIL PROPERTIES, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Maryland</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-11290</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">56-1431377</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>450 South Orange Avenue</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Suite 900</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Orlando,
Florida</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>32801</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code (407)
<FONT STYLE="white-space:nowrap">265-7348</FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not applicable </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or former address, if changed since last report.) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (see General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as
defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange
Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Other Events. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;22, 2018, National Retail Properties,
Inc. (the &#147;Company&#148;) entered into separate equity distribution agreements (collectively, the &#147;Agreements&#148;) with each of Wells Fargo Securities, LLC, B. Riley FBR, Inc., BB&amp;T Capital Markets, a division of BB&amp;T Securities,
LLC, Cantor Fitzgerald&nbsp;&amp; Co., Capital One Securities, Inc., Citigroup Global Markets Inc., Jefferies LLC, Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated, Morgan Stanley&nbsp;&amp; Co. LLC, Raymond James&nbsp;&amp; Associates,
Inc., RBC Capital Markets, LLC and SunTrust Robinson Humphrey, Inc. (collectively, the &#147;Managers&#148;). Under the terms of the Agreements, the Company may issue and sell, from time to time, up to 12,000,000 shares (the &#147;Shares&#148;) of
the Company&#146;s common stock, par value $0.01 per share, through the Managers, acting as agent and/or principal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Sales
of the Shares, if any, will be made by means of ordinary brokers&#146; transactions at market prices, in block transactions, or as otherwise agreed with the Managers. The Company will pay each Manager a commission that will not exceed 2.0% of the
gross sales price per Share of the Shares sold through such Manager as agent under the applicable Agreement. Under the terms of the Agreements, the Company may also sell Shares to any of the Managers as principal for its own account at a price
agreed upon at the time of sale. If the Company sells Shares to a Manager as principal, the Company will enter into a separate terms agreement with the applicable Manager. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Managers are not required to sell any specific number or dollar amount of the Shares, but will use reasonable efforts, as
agents and subject to the terms of the Agreements, to sell the Shares, as instructed by the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The form of the
Agreements is filed as Exhibit 1.1 to this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> and is incorporated herein by reference. The foregoing description of the material terms of the Agreements is qualified in its entirety by
reference to such exhibit. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The exhibits listed in the following index relate to the Registration Statement on
Form <FONT STYLE="white-space:nowrap">S-3</FONT> <FONT STYLE="white-space:nowrap">(No.&nbsp;333-223141)</FONT> of the Company and are filed herewith for incorporation by reference into such Registration Statement. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;1.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d585277dex11.htm">Form of Equity Distribution Agreement, dated February&nbsp;
22, 2018, between the Company and each of Wells Fargo Securities, LLC, B. Riley FBR, Inc., BB&amp;T Capital Markets, a division of BB&amp;T Securities, LLC, Cantor Fitzgerald&nbsp;
&amp; Co., Capital One Securities, Inc., Citigroup Global Markets Inc., Jefferies LLC, Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated, Morgan Stanley&nbsp;&amp; Co. LLC, Raymond James&nbsp;
&amp; Associates, Inc., RBC Capital Markets, LLC and SunTrust Robinson Humphrey, Inc. </A></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d585277dex51.htm">Opinion of Pillsbury Winthrop Shaw Pittman LLP regarding the legality of the securities being issued by the Company. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d585277dex51.htm">Consent of Pillsbury Winthrop Shaw Pittman LLP to the filing of Exhibit 5.1 herewith (included in its opinion filed as Exhibit 5.1).</A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">NATIONAL RETAIL PROPERTIES, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Kevin B. Habicht</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Kevin B. Habicht</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Executive Vice President,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Assistant Secretary and Treasurer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: February&nbsp;26, 2018 </P>
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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>d585277dex11.htm
<DESCRIPTION>EX-1.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 1.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Execution Version </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">NATIONAL RETAIL PROPERTIES, INC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12,000,000 Shares </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Common Stock
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">($0.01 par value per share) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Equity Distribution Agreement </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">February&nbsp;22, 2018 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NATIONAL RETAIL
PROPERTIES, INC., a corporation organized under the laws of Maryland (the &#147;<B><U>Company</U></B>&#148;), confirms its agreement (this &#147;<B><U>Agreement</U></B>&#148;) with
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] (the &#147;<B><U>Manager</U></B>&#148;) as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Description of Shares</U></B>. The Company proposes to issue and sell through or to the Manager, as
sales agent and/or principal, up to 12,000,000 shares (the &#147;<B><U>Shares</U></B>&#148;) of the Company&#146;s common stock, $0.01 par value per share (&#147;<B><U>Common Stock</U></B>&#148;), from time to time during the term of this Agreement
and on the terms set forth in <U>Section</U><U></U><U>&nbsp;3</U> of this Agreement. For purposes of selling the Shares through the Manager, the Company hereby appoints the Manager as an agent of the Company for the purpose of soliciting purchases
of the Shares from the Company pursuant to this Agreement and the Manager agrees to use its reasonable efforts to solicit purchases of the Shares on the terms and subject to the conditions stated herein. The Company agrees that whenever it
determines to sell the Shares directly to the Manager as principal, it will enter into a separate agreement (each, a &#147;<B><U>Terms Agreement</U></B>&#148;) in substantially the form of <U>Annex I</U> hereto, relating to such sale in accordance
with <U>Section</U><U></U><U>&nbsp;3</U> of this Agreement. Certain terms used herein are defined in <U>Section</U><U></U><U>&nbsp;18</U> hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has also entered into separate equity distribution agreements with respect to the Shares (each an &#147;<B><U>Alternative Equity
Distribution Agreement</U></B>&#148; and collectively, the &#147;<B><U>Alternative Equity Distribution Agreements</U></B>&#148;), dated as of even date herewith, with each of
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] and [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] (each an &#147;<B><U>Alternative Manager</U></B>&#148; and collectively, the
&#147;<B><U>Alternative Managers</U></B>&#148;). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Representations and Warranties</U></B>. The Company
represents and warrants to, and agrees with, the Manager at the Execution Time and on each such time the following representations and warranties are repeated or deemed to be made pursuant to this Agreement, as set forth below. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company meets the requirements for use of <FONT STYLE="white-space:nowrap">Form&nbsp;S-3</FONT>
under the Act and has prepared and filed with the Commission an automatic shelf registration statement (File Number <FONT STYLE="white-space:nowrap">333-223141),</FONT> as defined in Rule&nbsp;405 on
<FONT STYLE="white-space:nowrap">Form&nbsp;S-3,</FONT> including a related Base Prospectus, for registration under the Act of the offering and sale of the Shares. Such Registration Statement, including any amendments thereto filed prior to the
Execution Time or prior to any such time this representation is repeated or deemed to be made, became effective upon filing. The Company shall file promptly after the Execution Time with the Commission the Prospectus Supplement relating to the
Shares in accordance with Rule&nbsp;424(b). As filed, the Prospectus shall contain in all material respects all information required by the Act, and, except to the extent the Manager shall agree in writing to a modification, shall be in all
substantive respects in the form furnished to the Manager prior to the Execution Time or prior to any such time this representation is repeated or deemed to be made. The Registration Statement, at the Execution Time, each such time this
representation is repeated or deemed to be made, and at all times during which a prospectus is required by the Act to be delivered (whether physically or through compliance with Rule&nbsp;172 or any similar rule) in connection with any offer or sale
of Shares, meets the requirements set forth in Rule&nbsp;415(a)(1)(x). The initial Effective Date of the Registration Statement was not earlier than the date three years before the Execution Time. Any reference herein to the Registration Statement,
the Base Prospectus, the Prospectus Supplement, any Interim Prospectus Supplement or the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein pursuant to Item&nbsp;12 of
<FONT STYLE="white-space:nowrap">Form&nbsp;S-3</FONT> which were filed under the Exchange Act on or before the Effective Date of the Registration Statement or the issue date of the Base Prospectus, the Prospectus Supplement, any Interim Prospectus
Supplement or the Prospectus, as the case may be; and any reference herein to the terms &#147;amend,&#148; &#147;amendment&#148; or &#147;supplement&#148; with respect to the Registration Statement, the Base Prospectus, the Prospectus Supplement,
any Interim Prospectus Supplement or the Prospectus shall be deemed to refer to and include the filing of any document under the Exchange Act after the Effective Date of the Registration Statement or the issue date of the Base Prospectus, the
Prospectus Supplement, any Interim Prospectus Supplement or the Prospectus, as the case may be, deemed to be incorporated therein by reference. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the Registration Statement is not available for the sales of the Shares as
contemplated by this Agreement or the Company is not a Well-Known Seasoned Issuer or otherwise is unable to make the representations set forth in <U>Section</U><U></U><U>&nbsp;2(e)</U> at any time when such representations are required, the Company
shall file a new registration statement with respect to any additional shares of Common Stock necessary to complete such sales of the Shares and shall cause such registration statement to become effective as promptly as practicable. After the
effectiveness of any such registration statement, all references to &#147;Registration Statement&#148; included in this Agreement shall be deemed to include such new registration statement, including all documents incorporated by reference therein
pursuant to Item&nbsp;12 of <FONT STYLE="white-space:nowrap">Form&nbsp;S-3,</FONT> and all references to &#147;Base Prospectus&#148; included in this Agreement shall be deemed to include the final form of prospectus, including all documents
incorporated therein by reference, included in any such registration statement at the time such registration statement became effective. For the avoidance of confusion, all references to &#147;Registration Statement&#148; included in this Agreement
relating to the offer and sale of any Shares or such other </P>
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relevant action that occurred prior to the effective time of such new registration statement shall be deemed to refer to the Company&#146;s registration statement on <FONT
STYLE="white-space:nowrap">Form&nbsp;S-3</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-223141),</FONT> including a Base Prospectus, relating to certain securities, including the Shares, including all documents incorporated by reference
therein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;On each Effective Date, at the Execution Time, at each Applicable Time, at each
Settlement Date (as defined in <U>Section</U><U></U><U>&nbsp;3(a)(vii)</U>) and at all times during which a prospectus is required by the Act to be delivered (whether physically or through compliance with Rule&nbsp;172 or any similar rule) in
connection with any offer or sale of Shares, the Registration Statement complied and will comply in all material respects with the applicable requirements of the Act and the Exchange Act and the respective rules thereunder and did not and will not
contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading; and on the date of any filing pursuant to Rule&nbsp;424(b), at the
Execution Time, at each Applicable Time, on each Settlement Date and at all times during which a prospectus is required by the Act to be delivered (whether physically or through compliance with Rule&nbsp;172 or any similar rule) in connection with
any offer or sale of Shares, the Prospectus (together with any supplement thereto) complied and will comply in all material respects with the applicable requirements of the Act and the Exchange Act and did not and will not include any untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; <U>provided</U>, <U>however</U>, that the Company makes no
representations or warranties as to (i)&nbsp;the information contained in or omitted from the Registration Statement or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with information furnished in writing
to the Company by the Manager or any Alternative Manager specifically for inclusion in the Registration Statement or the Prospectus (or any amendment or supplement thereto) or (ii)&nbsp;that part of the Registration Statement (including any new
registration statement filed pursuant to <U>Section</U><U></U><U>&nbsp;2(b)</U> hereof) which constitutes the Statement of Eligibility on <FONT STYLE="white-space:nowrap">Form&nbsp;T-1</FONT> of the trustee under the Trust Indenture Act of 1939, as
amended. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;At the Execution Time, at each Applicable Time and at each Settlement Date, the
Disclosure Package does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The
preceding sentence does not apply to statements in or omissions from the Disclosure Package based upon and in conformity with written information furnished to the Company by the Manager or any Alternative Manager specifically for use therein. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;At the time of filing the Registration Statement, (ii)&nbsp;at the time of the most recent
amendment thereto for the purposes of complying with Section&nbsp;10(a)(3) of the Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Sections&nbsp;13 or 15(d) of the Exchange Act or form of
prospectus), (iii)&nbsp;at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule&nbsp;163(c)) made any offer relating to the Shares in reliance on the exemption in Rule&nbsp;163, and (iv)&nbsp;at
the Execution Time and on each such time this </P>
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representation is repeated or deemed to be made (with such date being used as the determination date for purposes of this <U>clause</U><U></U><U>&nbsp;(iv)</U>), the Company was or is (as the
case may be) a Well-Known Seasoned Issuer. The Company agrees to pay the fees required by the Commission relating to the Shares within the time required by Rule&nbsp;456(b)(1) without regard to the proviso therein and otherwise in accordance with
Rules 456(b) and 457(r). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;At the earliest time after the filing of the Registration
Statement that the Company or another offering participant made a bona fide offer (within the meaning of Rule&nbsp;164(h)(2)) of the Shares and (ii)&nbsp;as of the Execution Time and on each such time this representation is repeated or deemed to be
made (with such date being used as the determination date for purposes of this <U>clause</U><U></U><U>&nbsp;(ii)</U>), the Company was not and is not an Ineligible Issuer (as defined in Rule&nbsp;405), without taking account of any determination by
the Commission pursuant to Rule&nbsp;405 that it is not necessary that the Company be considered an Ineligible Issuer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;Each Issuer Free Writing Prospectus does not include any information that conflicts with the
information contained in the Registration Statement, including any document incorporated therein by reference and any prospectus supplement deemed to be a part thereof that has not been superseded or modified. The foregoing sentence does not apply
to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity with written information furnished to the Company by the Manager or any Alternative Manager specifically for use therein. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;The Registration Statement is not the subject of a pending proceeding or examination under
Section&nbsp;8(d) or 8(e) of the Act, and the Company is not the subject of a pending proceeding under Section&nbsp;8A of the Act in connection with the offering of the Shares. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;The Common Stock is an &#147;actively-traded security&#148; exempted from the requirements of
Rule&nbsp;101 of Regulation&nbsp;M under the Exchange Act by subsection (c)(1) of such rule. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j)&nbsp;&nbsp;&nbsp;&nbsp;Except as provided otherwise herein, there is no broker, finder or other party that is entitled to
receive from the Company any brokerage or finder&#146;s fee or other fee or commission as a result of any transactions contemplated by this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k)&nbsp;&nbsp;&nbsp;&nbsp;The Shares have been duly and validly authorized and conform in all material respects to the
description thereof contained in the Registration Statement and the Disclosure Package and, when issued and delivered pursuant to this Agreement, will be fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> free and clear of any
pledge, lien, encumbrance, security interest or other claim, and the issuance and sale of the Shares by the Company is not subject to preemptive or other similar rights arising by operation of law, under the charter,
<FONT STYLE="white-space:nowrap">by-laws</FONT> or other organizational documents of the Company (the charter, <FONT STYLE="white-space:nowrap">by-laws</FONT> and other organizational documents of the Company shall hereinafter be referred to as the
&#147;<B><U>Company Organizational Documents</U></B>&#148;) or under any agreement to which the Company or any one of its subsidiaries is a party; no person has a right of participation or first refusal with respect to the sale of the Shares by the
Company. The form of certificate for the Shares will be in valid and sufficient form in compliance with Maryland law and the New York Stock Exchange (the &#147;<B><U>NYSE</U></B>&#148;) requirements. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l)&nbsp;&nbsp;&nbsp;&nbsp;All of the outstanding shares of Common Stock have
been duly and validly authorized and issued and are fully paid and nonassessable and are free of any preemptive or similar rights. Except as disclosed in the Registration Statement and the Disclosure Package (or any amendment or supplement thereto),
there are no outstanding (i)&nbsp;securities or obligations of the Company or any of its subsidiaries convertible into or exchangeable for any equity interests of the Company or any such subsidiary, (ii)&nbsp;warrants, rights or options to subscribe
for or purchase from the Company or any such subsidiary any such equity interests or any such convertible or exchangeable securities or obligations or (iii)&nbsp;obligations of the Company or any such subsidiary to issue any equity interests, any
such convertible or exchangeable securities or obligation, or any such warrants, rights or options. Except as disclosed in the Registration Statement and the Disclosure Package (or any amendment or supplement thereto), there are no persons with
registration or other similar rights to have any equity or debt securities, including securities which are convertible into or exchangeable for equity securities, registered pursuant to the Registration Statement or otherwise registered by the
Company under the Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Company and each of its subsidiaries is a corporation,
limited liability company, partnership or trust, as applicable, duly organized, validly existing and in good standing under the laws of the state of its formation, with full corporate, limited liability company, partnership or trust power, as
applicable, and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement and the Disclosure Package, and each is duly registered and qualified to conduct its business, and is in good
standing, in each jurisdiction or place where the nature of its properties or the conduct of its business requires such registration or qualification, except where the failure so to register or qualify does not have a material adverse effect on the
condition (financial or other), prospects, earnings, business, properties, net worth or results of operations of the Company and its subsidiaries taken as a whole, whether or not arising from transactions in the ordinary course of business
(&#147;<B><U>Material Adverse Effect</U></B>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any of its
subsidiaries does any business in Cuba. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o)&nbsp;&nbsp;&nbsp;&nbsp;As of the Execution Time, the Company has no
subsidiaries or joint ventures other than as set forth on <U>Schedule</U><U></U><U>&nbsp;II</U> hereto, and does not control, directly or indirectly, any other corporation, partnership, joint venture, association or other business association. The
issued shares of capital stock of each of the Company&#146;s subsidiaries have been duly authorized and validly issued, are fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> and are owned legally and beneficially by the Company
free and clear of any security interests, liens, encumbrances, equities or claims. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p)&nbsp;&nbsp;&nbsp;&nbsp;There are no legal or governmental actions, suits or
proceedings pending or, to the knowledge of the Company, threatened, against the Company or any of its subsidiaries, or to which the Company or any properties of the Company or any of its subsidiaries is subject, that (i)&nbsp;are required to be
described in the Registration Statement or the Prospectus but are not described as required; (ii)&nbsp;could reasonably be expected to have a material adverse effect on the performance of this Agreement or the consummation of any of the transactions
contemplated hereby; or (iii)&nbsp;could reasonably be expected to have a Material Adverse Effect, except as set forth in or contemplated in the Registration Statement and the Disclosure Package (exclusive of any supplement thereto). There are no
statutes, regulations, capital expenditures, <FONT STYLE="white-space:nowrap">off-balance</FONT> sheet transactions, contingencies or agreements, contracts, indentures, leases or other instruments or documents of a character that are required to be
described in the Registration Statement or the Disclosure Package or to be filed or incorporated by reference as an exhibit to the Registration Statement or the Prospectus that are not described, filed or incorporated as required by the Act or the
Exchange Act. The statements in the Base Prospectus under the heading &#147;Material Federal Income Tax Considerations&#148; fairly summarize the matters therein described. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q)&nbsp;&nbsp;&nbsp;&nbsp;The Company is not in violation of the Company Organizational Documents. None of the Company&#146;s
subsidiaries is in violation of its certificate of formation, certificate of limited partnership, declaration of trust or articles of incorporation, as applicable, or its operating agreement, partnership agreement or
<FONT STYLE="white-space:nowrap">by-laws,</FONT> as applicable, or any other similar organizational document of any of the Company&#146;s subsidiaries (collectively, the &#147;<B><U>Subsidiaries&#146; Organizational Documents</U></B>&#148;). Neither
the Company nor any of its subsidiaries is: (i)&nbsp;in violation of (A)&nbsp;any law, ordinance, administrative or governmental rule or regulation applicable to the Company or its subsidiaries, which violation would have a Material Adverse Effect,
or (B)&nbsp;any decree of any court or governmental agency or body having jurisdiction over the Company or its subsidiaries; or (ii)&nbsp;in default in any material respect in the performance of any obligation, agreement, condition or covenant
(financial or otherwise) contained in any bond, debenture, note or any other evidence of indebtedness or in any material agreement, indenture, lease or other instrument to which the Company or any of its subsidiaries is a party or by which the
Company or its subsidiaries or any of their respective properties may be bound, and no such default is foreseeable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r)&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;As of the date of this Agreement, the Company owns, either directly or through investment
interests, 2,775 properties (the &#147;<B><U>Properties</U></B>&#148;). To the best of the Company&#146;s knowledge, neither the Company nor any of its subsidiaries is in violation of any municipal, state or federal law, rule or regulation
concerning any of their Properties, which violation would have a Material Adverse Effect; (ii)&nbsp;to the best of the Company&#146;s knowledge, each of the Properties complies with all applicable zoning laws, ordinances and regulations in all
material respects and, if and to the extent there is a failure to comply, such failure does not materially impair the value of any of such Properties and will not result in a forfeiture or reversion of title thereof; (iii)&nbsp;neither the Company
nor any of its subsidiaries has received from any federal, state or local governmental authority having or claiming jurisdiction over the Properties any written notice of any condemnation of, or zoning change affecting any of, the Properties, and
the Company does not know of any such condemnation or zoning change which is threatened and which if consummated would have a Material Adverse Effect; (iv)&nbsp;the leases under which </P>
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the Company leases the Properties as lessor (the &#147;<B><U>Leases</U></B>&#148;) are in full force and effect and have been entered into in the ordinary course of business of the Company;
(v)&nbsp;the Company and each of its subsidiaries has complied with its respective obligations under the Leases in all material respects and the Company does not know of any default by any other party to the Leases which, alone or together with
other such defaults, would have a Material Adverse Effect; and (vi)&nbsp;all liens, charges, encumbrances, claims or restrictions on or affecting the Properties and assets of the Company and its subsidiaries that are required to be disclosed in the
Registration Statement and the Disclosure Package are disclosed therein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s)&nbsp;&nbsp;&nbsp;&nbsp;Neither the issuance
and sale of the Shares, the execution, delivery or performance of this Agreement by the Company, nor the consummation by the Company of the transactions contemplated hereby (including the application of the proceeds from the sale of the Shares), nor
the fulfillment of the terms hereof: (i)&nbsp;requires any consent, approval, authorization or other order of, or registration or filing with, any court, regulatory body, administrative agency or other governmental body, agency or official (except
such as may be required for the registration of the Shares under the Act, the listing of the Shares on the NYSE and compliance with the securities or blue sky laws of various jurisdictions), or conflicts or will conflict with or constitutes or will
constitute a breach or violation of, or a default under, the Company Organizational Documents or the Subsidiaries&#146; Organizational Documents; or (ii)&nbsp;conflicts or will conflict with or constitutes or will constitute a breach of, or a
default under, any agreement, indenture, lease or other instrument to which the Company or any of its subsidiaries is a party or by which the Company or any properties of the Company or any of its subsidiaries may be bound, or violates or will
violate any statute, law, regulation or filing or judgment, injunction, order or decree applicable to the Company or any of its subsidiaries or any properties of the Company or any of its subsidiaries, or will result in the creation or imposition of
any lien, charge or encumbrance upon any property or assets of the Company or any of its subsidiaries pursuant to the terms of any agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of
its subsidiaries may be bound, or to which any property or assets of the Company or any of its subsidiaries is subject. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t)&nbsp;&nbsp;&nbsp;&nbsp;To the Company&#146;s knowledge, Ernst&nbsp;&amp; Young LLP, who has audited and certified certain
financial statements and schedules included or incorporated by reference in the Registration Statement and the Disclosure Package (or any amendment or supplement thereto), is and was, during the periods covered by the financial statements on which
the Company reported, an independent registered public accounting firm with respect to the Company as required by the Act and the Exchange Act and the applicable published rules and regulations thereunder and by the Public Company Accounting
Oversight Board (the &#147;<B><U>PCAOB</U></B>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(u)&nbsp;&nbsp;&nbsp;&nbsp;The financial statements, together with
related schedules and notes, included or incorporated by reference in the Registration Statement and the Disclosure Package (and any amendment or supplement thereto), present fairly in all material respects the financial position, results of
operations and changes in financial position of the Company and its subsidiaries on the basis stated in the Registration Statement and the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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documents incorporated by reference therein pursuant to Item&nbsp;12 of <FONT STYLE="white-space:nowrap">Form&nbsp;S-3</FONT> at the respective dates or for the respective periods to which they
apply. Such statements and related schedules and notes have been prepared in accordance with generally accepted accounting principles consistently applied throughout the periods involved, except as disclosed therein. The other financial and
statistical information and data included or incorporated by reference in the Registration Statement and the Disclosure Package (and any amendment or supplement thereto) are accurately presented and prepared on a basis consistent with such financial
statements and the books and records of the Company and its subsidiaries. The pro forma financial statements and other pro forma financial information included, or incorporated by reference in, the Registration Statement and the Disclosure Package
include assumptions that provide a reasonable basis for presenting the significant effects directly attributable to the transactions and events described therein, the related pro forma adjustments give appropriate effect to those assumptions, and
the pro forma adjustments reflect the proper application of those adjustments to the historical financial statement amounts in the pro forma financial statements included in the Registration Statement and the Disclosure Package. The pro forma
financial statements included in the Registration Statement and the Disclosure Package comply as to form in all material respects with the applicable accounting requirements of <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-X</FONT> under the
Act and the pro forma adjustments have been properly applied to the historical amounts in the compilation of those statements. The Company has filed with the Commission all financial statements, together with related schedules and notes, required to
be filed pursuant to <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-X</FONT> under the Act. The interactive data in eXtensible Business Reporting Language incorporated by reference into the Registration Statement, the Disclosure Package and the
Prospectus fairly presents the information called for in all material respects and has been prepared in accordance with the Commission&#146;s rules and guidelines applicable thereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;The Company has the corporate power to issue, sell and deliver the Shares as provided herein; the
execution and delivery of, and the performance by the Company of its obligations under, this Agreement have been duly and validly authorized by the Company, and this Agreement has been duly executed and delivered by the Company and constitutes the
valid and legally binding agreement of the Company, enforceable against the Company in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors&#146; rights
generally and by general principles of equity and to the extent that rights to indemnity and contribution hereunder may be limited by federal or state securities laws. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(w)&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in the Registration Statement and the Disclosure Package (or any amendment or
supplement thereto), subsequent to the respective dates as of which such information is given in the Registration Statement and the Disclosure Package (or any amendment or supplement thereto), neither the Company nor any of its subsidiaries has
incurred any liability or obligation (financial or other), direct or contingent, or entered into any transaction (including any <FONT STYLE="white-space:nowrap">off-balance</FONT> sheet activities or transactions), not in the ordinary course of
business, that is material to the Company and its subsidiaries, and there has not been any change in the capital stock, or material increase in the short-term debt or long-term debt (including any <FONT STYLE="white-space:nowrap">off-balance</FONT>
sheet activities or transactions), of either the Company or its subsidiaries, or any material </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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adverse change, or any development involving or which may reasonably be expected to involve, a prospective material adverse change, in the condition (financial or other), business, prospects, net
worth or results of operations of either the Company or its subsidiaries. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x)&nbsp;&nbsp;&nbsp;&nbsp;The Company and each
of its subsidiaries has good and marketable title to all property (real and personal) described in the Registration Statement and the Disclosure Package as being owned by each of them (including the Properties), free and clear of all liens, claims,
security interests or other encumbrances that would materially and adversely affect the value thereof or materially interfere with the use made or presently contemplated to be made thereof by them as described in the Registration Statement and the
Disclosure Package, except such as are described in the Registration Statement and the Disclosure Package, or in any document filed as an exhibit to the Registration Statement, and each property described in the Disclosure Package as being held
under lease by the Company or any of its subsidiaries is held by it under a valid, subsisting and enforceable lease. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(y)&nbsp;&nbsp;&nbsp;&nbsp;The Company has not distributed and, prior to the later to occur of (x)&nbsp;the Settlement Date and
(y)&nbsp;completion of the distribution of the Shares, will not distribute, any offering material in connection with the offering and sale of the Shares other than the Registration Statement or the Disclosure Package. The Company has not, directly
or indirectly: (i)&nbsp;taken, or will take, any action designed to cause or to result in, or that has constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company to
facilitate the sale or resale of the Shares; or (ii)&nbsp;since the filing of the Registration Statement (A)&nbsp;sold, bid for, purchased, or paid anyone any compensation for soliciting purchases of, the Shares (other than the Manager pursuant to
this Agreement or any of the Alternative Managers pursuant to the Alternative Equity Distribution Agreements) or (B)&nbsp;paid or agreed to pay to any person any compensation for soliciting another to purchase any other securities of the Company
(other than the Manager pursuant to this Agreement or any of the Alternative Managers pursuant to the Alternative Equity Distribution Agreements). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(z)&nbsp;&nbsp;&nbsp;&nbsp;The Company and each of its subsidiaries possess all certificates, permits, licenses, franchises and
authorizations of governmental or regulatory authorities (the &#147;<B><U>Permits</U></B>&#148;) as are necessary to own their respective properties and to conduct their respective businesses in the manner described in the Registration Statement and
the Disclosure Package, where such failure to possess could have a Material Adverse Effect, subject to such qualifications as may be set forth in the Registration Statement and the Disclosure Package. The Company and each of its subsidiaries has
fulfilled and performed all of their respective obligations with respect to such Permits, except for any failure to so fulfill or perform as would not reasonably be expected to have a Material Adverse Effect, and no event has occurred which allows,
or after notice or lapse of time would allow, revocation or termination thereof or which would result in any other material impairment of the rights of the holder of any such Permit, subject in each case to such qualification as may be set forth in
the Registration Statement and the Disclosure Package, and except for any such event as would not reasonably be expected to have a Material Adverse Effect. Except as described in the Registration Statement and the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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Disclosure Package, exclusive of any supplement thereto, neither the revocation or modification of any Permit singly or in the aggregate, nor the announcement of an unfavorable decision, ruling
or finding with respect to any Permit, would have a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(aa)&nbsp;&nbsp;&nbsp;&nbsp;The Company and
each of its subsidiaries have established and maintain disclosure controls and procedures (as defined in Exchange Act Rules <FONT STYLE="white-space:nowrap">13a-15(e)</FONT> and <FONT STYLE="white-space:nowrap">15d-15(e))</FONT> that are designed to
ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission&#146;s rules and
forms and is accumulated and communicated to the Company&#146;s management, including its chief executive officer and chief financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required
disclosure; and the Company and each of its subsidiaries maintain a system of internal control over financial reporting sufficient to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles and which includes policies and procedures that (i)&nbsp;pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the
transactions and dispositions of the assets of the Company and each of its subsidiaries, (ii)&nbsp;provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally
accepted accounting principles and that receipts and expenditures of the Company and each of its subsidiaries are being made only in accordance with the authorization of management, and (iii)&nbsp;provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisitions, use or dispositions of assets that could have a material effect on the financial statements. The Company&#146;s disclosure controls and procedures have been evaluated for effectiveness as of the end of
the period covered by the Company&#146;s most recently filed periodic report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> or <FONT STYLE="white-space:nowrap">10-K,</FONT> as the case may be, and were effective in all material respects
to perform the functions for which they were established. Based on the most recent evaluation of its internal control over financial reporting, the Company was not aware of (A)&nbsp;any material weaknesses in the design or operation of internal
control over financial reporting or (B)&nbsp;any fraud, whether or not material, that involves management or other employees who have a significant role in the Company&#146;s internal control over financial reporting. There has been no change in the
Company&#146;s internal control over financial reporting that has occurred during its most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company&#146;s internal control over
financial reporting. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(bb)&nbsp;&nbsp;&nbsp;&nbsp;There is and has been no failure on the part of the Company and any of
the Company&#146;s directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act and the rules and regulations promulgated in connection therewith, including, without limitation, Section&nbsp;402 related
to loans to insiders and Sections&nbsp;302 and 906 related to certifications. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(cc)&nbsp;&nbsp;&nbsp;&nbsp;To the
Company&#146;s knowledge, neither the Company and its subsidiaries nor any employee or agent of the Company and its subsidiaries has made any payment of funds of the Company or its subsidiaries or received or retained any funds in violation of any
law, rule or regulation, which payment, receipt or retention of funds is of a character required to be disclosed in the Registration Statement or the Disclosure Package. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(dd)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any of its subsidiaries nor,
to the knowledge of the Company, any director, officer, agent, employee or affiliate of the Company or any of its subsidiaries is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the
Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively, the &#147;<B><U>FCPA</U></B>&#148;), including, without limitation, making use of the mails or any means or instrumentality of interstate
commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any &#147;foreign official&#148;
(as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA; and the Company, its subsidiaries and, to the knowledge of the Company, its
affiliates have conducted their businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ee)&nbsp;&nbsp;&nbsp;&nbsp;The operations of the Company and its subsidiaries are and have been conducted at all times in
compliance with applicable financial recordkeeping and reporting requirements and the money laundering statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by
any governmental agency (collectively, the &#147;<B><U>Money Laundering Laws</U></B>&#148;) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its
subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ff)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director,
officer, agent, employee or affiliate of the Company or any of its subsidiaries is currently subject to any sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (&#147;<B><U>OFAC</U></B>&#148;); and the
Company will not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities
of any person currently subject to any U.S. sanctions administered by OFAC. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(gg)&nbsp;&nbsp;&nbsp;&nbsp;No labor problem
or dispute with the employees of the Company and/or any of its subsidiaries or any of the Company&#146;s or its subsidiaries&#146; principal suppliers, contractors or customers, exists, is threatened or imminent that could result in a Material
Adverse Effect. To the Company&#146;s knowledge, no labor problem or dispute with the Company&#146;s or its subsidiaries&#146; tenants exists, is threatened or imminent that could result in a Material Adverse Effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(hh)&nbsp;&nbsp;&nbsp;&nbsp;The Company has filed all foreign, federal, state and
local tax returns that are required to be filed, which returns are complete and correct, or has requested extensions thereof (except in any case in which the failure so to file would not have a Material Adverse Effect, except as set forth in the
Registration Statement and the Disclosure Package) and has paid all taxes required to be paid by it and any other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable, except for any such
assessment, fine or penalty that is currently being contested in good faith or as would not have a Material Adverse Effect, except as set forth in the Registration Statement and the Disclosure Package (exclusive of any supplement thereto). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;No holder of any security of the Company has any right to require registration of the Shares or any
other security of the Company because of the filing of the Registration Statement or consummation of the transactions contemplated by this Agreement, which right has not been waived in connection with the transactions contemplated by this Agreement.
The holders of outstanding shares of capital stock of the Company are not entitled to preemptive or other rights to subscribe for the Shares. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(jj)&nbsp;&nbsp;&nbsp;&nbsp;The Company and its subsidiaries own or possess all patents, trademarks, trademark registrations,
service marks, service mark registrations, trade names, copyrights, licenses, inventions, trade secrets and rights described in the Registration Statement and the Disclosure Package as being owned by them or necessary for the conduct of their
respective businesses. The Company is not aware of any claim to the contrary or any challenge by any other person to the rights of the Company and its subsidiaries with respect to the foregoing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(kk)&nbsp;&nbsp;&nbsp;&nbsp;The Company is not now, and after sale of the Shares to be sold by the Company hereunder and the
application of the Net Proceeds (as defined in <U>Section</U><U></U><U>&nbsp;3(a)(v)</U>) from such sale as described in the Registration Statement and the Prospectus under the caption &#147;Use of Proceeds,&#148; will not be, an &#147;investment
company&#148; within the meaning of the Investment Company Act of 1940, as amended. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ll)&nbsp;&nbsp;&nbsp;&nbsp;Except as
described in the Registration Statement and the Disclosure Package or would not, singly or in the aggregate, be expected to result in a Material Adverse Effect, (i)&nbsp;neither the Company nor any of its subsidiaries is in violation of any binding
federal, state, local or foreign statute, law, rule, regulation, ordinance, code, policy or rule of common law, including any binding judicial or administrative order, consent, decree or judgment, relating to pollution or protection of human health,
the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the release or threatened release of chemicals,
pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products, asbestos-containing materials, mold or any hazardous materials as defined by or regulated under any Environmental Laws, as defined below
(collectively, &#147;<B><U>Hazardous Materials</U></B>&#148;) or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively, &#147;<B><U>Environmental
Laws</U></B>&#148;), (ii)&nbsp;the Company and its subsidiaries have all permits, authorizations and approvals required under any applicable Environmental Laws and are each in compliance with their requirements,(iii)&nbsp;there are no pending
administrative, regulatory or judicial </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigation or proceedings, including any action, suit or proceeding by any private party,
relating to any Environmental Law against the Company or any of its subsidiaries, and none are threatened in writing, and (iv)&nbsp;there are no events or circumstances that would reasonably be expected to form the basis of an order for <FONT
STYLE="white-space:nowrap">clean-up</FONT> or remediation, or an action, suit or proceeding by any private party or Governmental Entity, against or affecting the Company or any of its subsidiaries relating to Hazardous Materials or any Environmental
Laws. Except as otherwise set forth in the Registration Statement and the Disclosure Package, and except as would not individually or in the aggregate reasonably be expected to result in a Material Adverse Effect, there have been no and are no
(A)&nbsp;aboveground or underground storage tanks; (B)&nbsp;polychlorinated biphenyls (&#147;<B><U>PCBs</U></B>&#148;) or <FONT STYLE="white-space:nowrap">PCB-containing</FONT> equipment; (C)&nbsp;asbestos or asbestos containing materials;
(D)&nbsp;lead based paints; (E)&nbsp;mold or other airborne contaminants; or <FONT STYLE="white-space:nowrap">(F)&nbsp;dry-cleaning</FONT> facilities in, on, under, or about any Property owned, directly or indirectly by the Company or its
subsidiaries. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(mm)&nbsp;&nbsp;&nbsp;&nbsp;In the ordinary course of its business, the Company periodically reviews the
effect of Environmental Laws on the business, operations and properties of the Company and its subsidiaries, in the course of which it identifies and evaluates associated costs and liabilities (including, without limitation, any capital or operating
expenditures required for <FONT STYLE="white-space:nowrap">clean-up,</FONT> closure of properties or compliance with Environmental Laws, or any permit, license or approval, any related constraints on operating activities and any potential
liabilities to third parties). On the basis of such review, the Company has reasonably concluded that such associated costs and liabilities are not expected to, singly or in the aggregate, have a Material Adverse Effect, whether or not arising from
transactions in the ordinary course of business, except as set forth in or contemplated in Registration Statement and the Disclosure Package. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(nn)&nbsp;&nbsp;&nbsp;&nbsp;The Company is organized in conformity with the requirements for qualification as a real estate
investment trust under Sections&nbsp;856 through 860 of the Internal Revenue Code of 1986, as amended (the &#147;<B><U>Code</U></B>&#148;), and the rules and regulations thereunder. As of the close of every taxable year during the Company&#146;s
existence, the Company has had no earnings and profits accumulated in a <FONT STYLE="white-space:nowrap">non-REIT</FONT> year within the meaning of Section&nbsp;857(a)(2)(B) of the Code. The Company&#146;s past and proposed method of operation have
enabled it, and will enable it, to meet the requirements for taxation as a REIT under the Code. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(oo)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Company&#146;s corporate subsidiaries is in compliance with all requirements applicable
to a REIT or a &#147;qualified REIT subsidiary&#148; within the meaning of Section&nbsp;856(i) of the Code and all applicable regulations under the Code, and the Company is not aware of any fact that would negatively impact such qualifications. Each
of the Company&#146;s <FONT STYLE="white-space:nowrap">non-corporate</FONT> subsidiaries qualifies as a partnership or a disregarded entity for federal income tax purposes. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(pp)&nbsp;&nbsp;&nbsp;&nbsp;The Company and each of its subsidiaries is insured by insurers of recognized financial
responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which they are engaged and the value of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
their properties. All policies of insurance and fidelity or surety bonds insuring the Company or any of its subsidiaries or their respective businesses, assets, employees, officers and directors
are in full force and effect. The Company and its subsidiaries are in compliance with the terms of such policies and instruments in all material respects and there are no claims by the Company or any of its subsidiaries under any such policy or
instrument as to which any insurance company is denying liability or defending under a reservation of rights clause. Neither the Company nor any of its subsidiaries has been refused any insurance coverage sought or applied for, and the Company does
not have any reason to believe that the Company and each of its subsidiaries will not be able to renew its respective existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be
necessary to continue their respective businesses at a cost that would not have a Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(qq)&nbsp;&nbsp;&nbsp;&nbsp;The Company and its subsidiaries have title insurance on each of the Properties owned in fee simple
in amounts at least equal to the cost of acquisition of such property; with respect to an uninsured loss on any of the Properties, the title insurance shortfall would not have a Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(rr)&nbsp;&nbsp;&nbsp;&nbsp;No subsidiary of the Company is currently prohibited, directly or indirectly, from paying any
dividends to the Company, from making any other distribution on such subsidiary&#146;s capital stock, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring and of such subsidiary&#146;s assets or
property to the Company or any other subsidiary of the Company, except as described in the Registration Statement and the Disclosure Package. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ss)&nbsp;&nbsp;&nbsp;&nbsp;There are no transfer taxes or other similar fees or charges under Federal law or the laws of any
state, or any political subdivision thereof, required to be paid in connection with the execution and delivery of this Agreement or the issuance by the Company or sale by the Company of the Shares. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(tt)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Company and its subsidiaries has fulfilled its obligations, if any, under the minimum
funding standards of Section&nbsp;302 of the United States Employee Retirement Income Security Act of 1974, as amended (&#147;<B><U>ERISA</U></B>&#148;), and the regulations and published interpretations thereunder with respect to each
&#147;plan&#148; (as defined in Section&nbsp;3(3) of ERISA and such regulations and published interpretations) in which employees of the Company and its subsidiaries are eligible to participate. Each such plan is in compliance in all material
respects with the presently applicable provisions of ERISA and such regulations and published interpretations. Neither the Company nor any of its subsidiaries has incurred any unpaid liability to the Pension Benefit Guaranty Corporation (other than
for the payment of premiums in the ordinary course) or to any such plan under Title IV of ERISA. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(uu)&nbsp;&nbsp;&nbsp;&nbsp;To the knowledge of the Company, no stock options awards granted by the Company have been
retroactively granted, or the exercise or purchase price of any stock option award determined retroactively. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vv)&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s authorized capitalization is as
set forth in the Registration Statement and the Prospectus; the authorized capital stock of the Company conforms in all material respects to the description thereof contained in the Registration Statement and the Prospectus; the outstanding shares
of Common Stock of the Company have been duly and validly authorized and issued in compliance with all Federal and state securities laws, and are fully paid and <FONT STYLE="white-space:nowrap">non-assessable.</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ww)&nbsp;&nbsp;&nbsp;&nbsp;Application has been made to list the Shares on the NYSE. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any certificate signed by any officer of the Company and delivered to the Manager or counsel for the Manager in connection with this Agreement
or any Terms Agreement shall be deemed a representation and warranty by the Company, as to matters covered thereby, to the Manager. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Sale and Delivery of Shares</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions and in reliance upon the representations and warranties herein
set forth, the Company agrees to issue and sell Shares from time to time through the Manager, acting as sales agent, and the Manager agrees to use its reasonable efforts to sell, as sales agent for the Company, the Shares on the following terms.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;The Shares are to be sold on a daily basis or otherwise as shall be agreed to by the Company
and the Manager on any day that (A)&nbsp;is a trading day for the NYSE (other than a day on which the NYSE is scheduled to close prior to its regular weekday closing time), (B)&nbsp;the Company has instructed the Manager by telephone (confirmed
promptly by electronic mail) to make such sales and (C)&nbsp;the Company has satisfied its obligations under <U>Section</U><U></U><U>&nbsp;6</U> of this Agreement. The Company will designate the maximum amount of the Shares to be sold by the Manager
daily as agreed to by the Manager (in any event not in excess of (i)&nbsp;the amount available for issuance under the Prospectus and the currently effective Registration Statement less (ii)&nbsp;any amounts already issued and sold pursuant to this
Agreement and the Alternative Equity Distribution Agreements) and the minimum price per Share at which such Shares may be sold. Subject to the terms and conditions hereof, the Manager shall use its reasonable efforts to sell on a particular day all
of the Shares designated for the sale by the Company on such day. The gross sales price of the Shares sold under this <U>Section</U><U></U><U>&nbsp;3(a)</U> shall be the market price for shares of the Common Stock sold by the Manager under this
<U>Section</U><U></U><U>&nbsp;3(a)</U> on the NYSE at the time of sale of such Shares (but in no event shall such gross sales price be less than the minimum price per Share designated by the Company at which such Shares may be sold). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Company acknowledges and agrees that (A)&nbsp;there can be no assurance that the Manager will
be successful in selling the Shares, (B)&nbsp;the Manager will incur no liability or obligation to the Company or any other person or entity if it does not sell Shares for any reason other than a failure by the Manager to use its reasonable efforts
consistent with its normal trading and sales </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


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practices and applicable law and regulations to sell such Shares as required under this Agreement, and (C)&nbsp;the Manager shall be under no obligation to purchase Shares on a principal basis
pursuant to this Agreement, except as otherwise specifically agreed by the Manager and the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall not authorize the issuance and sale of, and the Manager shall not be obligated
to use its reasonable efforts to sell, any Share at a price lower than the minimum price therefor designated from time to time by the Company&#146;s Board of Directors (the &#147;<B><U>Board</U></B>&#148;), or a duly authorized committee thereof,
and notified to the Manager in writing. The Company or the Manager may, upon notice to the other party hereto by telephone (confirmed promptly by electronic mail), suspend the offering of the Shares for any reason and at any time; <U>provided</U>,
<U>however,</U> that such suspension or termination shall not affect or impair the parties&#146; respective obligations with respect to the Shares sold hereunder prior to the giving of such notice. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Manager hereby covenants and agrees not to make any sales of the Shares on behalf of the
Company, pursuant to this <U>Section</U><U></U><U>&nbsp;3(a)</U>, other than (A)&nbsp;by means of ordinary brokers&#146; transactions between members of the NYSE that qualify for delivery of a Prospectus to the NYSE in accordance with Rule&nbsp;153
(such transactions are hereinafter referred to as &#147;<B><U>Continuous Offerings</U></B>&#148;) and (B)&nbsp;such other sales of the Shares on behalf of the Company in its capacity as agent of the Company as shall be agreed by the Company and the
Manager pursuant to a Terms Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;The compensation to the Manager for sales of the Shares
with respect to which the Manager acts as sales agent under this Agreement shall be at a mutually agreed rate, not to exceed 2.0% of the gross sales price of the Shares sold pursuant to this <U>Section</U><U></U><U>&nbsp;3(a)</U> and payable as
described in the succeeding subsection&nbsp;(vi) below. The foregoing rate of compensation shall not apply when the Manager acts as principal, in which case the Company may sell Shares to the Manager as principal at a price agreed upon at the
relevant Applicable Time pursuant to a Terms Agreement. The remaining proceeds, after further deduction for any transaction fees imposed on the Manager by any governmental or self-regulatory organization in respect of such sales, shall constitute
the net proceeds to the Company for such Shares (the &#147;<B><U>Net Proceeds</U></B>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi)&nbsp;&nbsp;&nbsp;&nbsp;The Manager shall provide written confirmation (which may be by facsimile or electronic mail) to
the Company promptly following the close of trading on the NYSE each day in which the Shares are sold under this <U>Section</U><U></U><U>&nbsp;3(a)</U> setting forth the number of the Shares sold on such day, the aggregate gross sales proceeds and
the Net Proceeds to the Company, and the compensation payable by the Company to the Manager with respect to such sales. Such compensation shall be set forth and invoiced in periodic statements from the Manager to the Company, with payment to be made
by the Company promptly after its receipt thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii)&nbsp;&nbsp;&nbsp;&nbsp;Settlement for sales of the Shares pursuant to this
<U>Section</U><U></U><U>&nbsp;3(a)</U> will occur on the second Business Day following the date on which such sales are made (each such day, a &#147;<B><U>Settlement Date</U></B>&#148;). On each Settlement Date, the Shares sold through the Manager
for settlement on such date shall be issued and delivered by the Company to the Manager against payment of the Net Proceeds for the sale of such Shares. Settlement for all such Shares shall be effected by free delivery of the Shares to the
Manager&#146;s account at The Depository Trust Company (&#147;<B><U>DTC</U></B>&#148;) in return for payments in same day funds delivered to the account designated by the Company. If the Company or its transfer agent (if applicable) shall default on
its obligation to deliver the Shares on any Settlement Date, the Company shall (A)&nbsp;indemnify and hold the Manager harmless against any loss, claim or damage arising from or as a result of such default by the Company and (B)&nbsp;pay the Manager
any commission to which it would otherwise be entitled absent such default. If the Manager breaches this Agreement by failing to deliver the Net Proceeds to the Company on any Settlement Date for the Shares delivered by the Company, the Manager will
pay the Company interest based on the effective overnight federal funds rate on such unpaid amount less any compensation due to the Manager. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii)&nbsp;&nbsp;&nbsp;&nbsp;At each Applicable Time, Settlement Date, Representation Date (as defined in
<U>Section</U><U></U><U>&nbsp;4(k)</U>) and Filing Date (as defined in <U>Section</U><U></U><U>&nbsp;4(x)</U>), the Company shall be deemed to have affirmed each representation and warranty contained in this Agreement as if such representation and
warranty were made as of such date, modified as necessary to relate to the Registration Statement and the Prospectus as amended as of such date. Any obligation of the Manager to use its reasonable efforts to sell the Shares on behalf of the Company
shall be subject to the continuing accuracy of the representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder and to the continuing satisfaction of the additional conditions specified in
<U>Section</U><U></U><U>&nbsp;6</U> of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;If the Company wishes to issue and sell
the Shares pursuant to this Agreement and the Alternative Equity Distribution Agreements but other than as set forth in <U>Section</U><U></U><U>&nbsp;3(a)</U> of this Agreement (each, a &#147;<B><U>Placement</U></B>&#148;), it will notify the
Manager of the proposed terms of such Placement. If the Manager, acting as principal, wishes to accept such proposed terms (which it may decline to do for any reason in its sole discretion) or, following discussions with the Company wishes to accept
amended terms, the Manager and the Company will enter into a Terms Agreement setting forth the terms of such Placement. The terms set forth in a Terms Agreement will not be binding on the Company or the Manager unless and until the Company and the
Manager have each executed such Terms Agreement accepting all of the terms of such Terms Agreement. In the event of a conflict between the terms of this Agreement and the terms of a Terms Agreement, the terms of such Terms Agreement will control.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;Each sale of the Shares to the Manager shall be made in accordance with the terms of this
Agreement and, if applicable, a Terms Agreement, which will provide for the sale of such Shares to, and the purchase thereof by, the Manager. A Terms </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Agreement may also specify certain provisions relating to the reoffering of such Shares by the Manager. The commitment of the Manager to purchase the Shares pursuant to any Terms Agreement shall
be deemed to have been made on the basis of the representations and warranties of the Company herein contained and shall be subject to the terms and conditions herein set forth. Each Terms Agreement shall specify the number of the Shares to be
purchased by the Manager pursuant thereto, the price to be paid to the Company for such Shares, any provisions relating to rights of, and default by, underwriters acting together with the Manager in the reoffering of the Shares, and the time and
date (each such time and date being referred to herein as a &#147;<B><U>Time of Delivery</U></B>&#148;) and place of delivery of and payment for such Shares. Such Terms Agreement shall also specify any requirements for opinions of counsel,
accountants&#146; letters and officers&#146; certificates pursuant to <U>Section</U><U></U><U>&nbsp;6</U> of this Agreement and any other information or documents required by the Manager. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;Under no circumstances shall the number and aggregate amount of the Shares sold pursuant to this
Agreement, the Alternative Equity Distribution Agreements and any Terms Agreement exceed (i)&nbsp;the aggregate amount set forth in <U>Section</U><U></U><U>&nbsp;1</U>, (ii)&nbsp;the number of shares of the Common Stock available for issuance under
the currently effective Registration Statement or (iii)&nbsp;the number and aggregate amount of the Shares authorized from time to time to be issued and sold under this Agreement by the Board, or a duly authorized committee thereof, and notified to
the Manager in writing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;Except pursuant to a reoffer of Shares as described in
<U>Section</U><U></U><U>&nbsp;3(c)</U> hereof, the Company agrees that any offer to sell Shares, any solicitation of an offer to buy Shares, or any sales of Shares shall only be effected by or through only one of the Manager or an Alternative
Manager on any single given day, but in no event by more than one, and the Company shall in no event request that the Manager and any of the Alternative Managers sell Shares on the same day; provided, however, that (i)&nbsp;the foregoing limitation
shall not apply to (A)&nbsp;the exercise of any option, warrant, right or any conversion privilege set forth in the instrument governing such security or (B)&nbsp;sales solely to employees or security holders of the Company or its subsidiaries, or
to a trustee or other person acquiring such securities for the accounts of such persons, and (ii)&nbsp;such limitation shall not apply on any day during which no sales are made pursuant to this Agreement or the Alternative Sales Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;If either party has reason to believe that the exemptive provisions set forth in Rule&nbsp;101(c)(1)
of Regulation&nbsp;M under the Exchange Act are not satisfied with respect to the Shares, it shall promptly notify the other party and sales of the Shares under this Agreement and any Terms Agreement shall be suspended until that or other exemptive
provisions have been satisfied in the judgment of each party. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other
provision of this Agreement, the Company shall not offer, sell or deliver, or request the offer or sale of, any Shares and, by notice to the Manager given by telephone (confirmed promptly by telecopy or email), shall cancel any instructions for the
offer or sale of any Shares, and the Manager shall not be obligated to offer or sell any Shares, (i)&nbsp;during any period in which the Company is, or could be deemed to be, in possession of material
<FONT STYLE="white-space:nowrap">non-public</FONT> information or (ii)&nbsp;except as </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


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provided in <U>Section</U><U></U><U>&nbsp;3(h)</U> below, at any time from and including the date (each, an &#147;<B><U>Announcement Date</U></B>&#148;) on which the Company shall issue a press
release containing, or shall otherwise publicly announce, its earnings, revenues or other results of operations (each, an &#147;<B><U>Earnings Announcement</U></B>&#148;) through and including the time that is 24 hours after the time that the
Company files (a &#147;<B><U>Filing Time</U></B>&#148;) a Quarterly Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> or an Annual Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-K</FONT> that includes consolidated financial
statements as of and for the same period or periods, as the case may be, covered by such Earnings Announcement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;If the Company wishes to offer, sell or deliver Shares at any time during the period from and
including an Announcement Date through and including the time that is 24 hours after the corresponding Filing Time, the Company shall (i)&nbsp;prepare and deliver to the Manager (with a copy to counsel to the Manager) a Current Report on <FONT
STYLE="white-space:nowrap">Form&nbsp;8-K</FONT> which shall include substantially the same financial and related information as was set forth in the relevant Earnings Announcement (other than any earnings projections, similar forward-looking data
and officers&#146; quotations) (each, an &#147;<B><U>Earnings <FONT STYLE="white-space:nowrap">8-K</FONT></U></B>&#148;), in form and substance reasonably satisfactory to the Manager, and obtain the consent of the Manager to the filing thereof (such
consent not to be unreasonably withheld), (ii)&nbsp;provide the Manager with the officers&#146; certificate, accountants&#146; letter and opinions and letters of counsel called for by <U>Sections</U><U></U><U>&nbsp;4(k)</U>, <U>(l)</U>, <U>(m)</U>
and <U>(n)</U>&nbsp;hereof; respectively, <U>(iii)</U>&nbsp;afford the Manager the opportunity to conduct a due diligence review in accordance with <U>Section</U><U></U><U>&nbsp;4(o) </U>hereof and (iv)&nbsp;file such Earnings <FONT
STYLE="white-space:nowrap">8-K</FONT> with the Commission, then the provisions of <U>clause</U><U></U><U>&nbsp;(ii)</U> of <U>Section</U><U></U><U>&nbsp;3(g)</U> shall not be applicable for the period from and after the time at which the foregoing
conditions shall have been satisfied (or, if later, the time that is 24 hours after the time that the relevant Earnings Announcement was first publicly released) through and including the time that is 24 hours after the Filing Time of the relevant
Quarterly Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> or Annual Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-K,</FONT> as the case may be. For purposes of clarity, the parties hereto agree that (A)&nbsp;the delivery
of any officers&#146; certificate, accountants&#146; letter and opinions and letters of counsel pursuant to this <U>Section</U><U></U><U>&nbsp;3(h)</U> shall not relieve the Company from any of its obligations under this Agreement with respect to
any Quarterly Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> or Annual Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-K,</FONT> as the case may be, including, without limitation, the obligation to deliver officers&#146;
certificates, accountants&#146; letters and legal opinions and letters as provided in <U>Section</U><U></U><U>&nbsp;4</U> hereof and (B)&nbsp;this <U>Section</U><U></U><U>&nbsp;3(h)</U> shall in no way affect or limit the operation of the provisions
of <U>clauses</U><U></U><U>&nbsp;(i)</U> and <U>(ii)</U>&nbsp;of <U>Section</U><U></U><U>&nbsp;3(g)</U>, which shall have independent application. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Agreements</U></B>. The Company agrees with the Manager that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;During any period when the delivery of a prospectus relating to the Shares is required (including in
circumstances where such requirement may be satisfied pursuant to Rule&nbsp;172) to be delivered under the Act, the Company will not file any amendment of the Registration Statement or supplement (including the Prospectus Supplement or any Interim
Prospectus Supplement) to the Base Prospectus or any Rule&nbsp;462(b) Registration Statement unless the Company has furnished to the Manager a copy for its review prior to filing and will not file any such proposed amendment or supplement to which
the Manager reasonably objects. The Company shall properly complete the Prospectus, in a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


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form approved by the Manager, and shall file such Prospectus, as amended at the Execution Time, with the Commission pursuant to the applicable paragraph of Rule&nbsp;424(b) promptly following the
Execution Time and will cause any supplement to the Prospectus to be properly completed, in a form approved by the Manager, and will file such supplement with the Commission pursuant to the applicable paragraph of Rule&nbsp;424(b) within the time
period prescribed thereby and will provide evidence satisfactory to the Manager of such timely filing. The Company will promptly advise the Manager (i)&nbsp;when the Prospectus, and any supplement thereto, shall have been filed (if required) with
the Commission pursuant to Rule&nbsp;424(b), (ii)&nbsp;when, during any period when the delivery of a prospectus (whether physically or through compliance with Rule&nbsp;172 or any similar rule) is required under the Act in connection with the
offering or sale of the Shares, any amendment to the Registration Statement shall have been filed or become effective, (iii)&nbsp;of any request by the Commission or its staff for any amendment of the Registration Statement or for any supplement to
the Prospectus or for any additional information, (iv)&nbsp;of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or of any notice objecting to its use or the institution or threatening of any
proceeding for that purpose and (v)&nbsp;of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares for sale in any jurisdiction or the institution or threatening of any proceeding for such
purpose. The Company will use its reasonable best efforts to prevent the issuance of any such stop order or the occurrence of any such suspension or objection to the use of the Registration Statement and, upon such issuance, occurrence or notice of
objection, to obtain as soon as possible the withdrawal of such stop order or relief from such occurrence or objection, including, if necessary, by filing an amendment to the Registration Statement or a new registration statement and using its
reasonable best efforts to have such amendment or new registration statement declared effective as soon as practicable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;If, at any time on or after an Applicable Time but prior to the related Settlement Date or Time of
Delivery, any event occurs as a result of which the Disclosure Package would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein in the light of the circumstances under which
they were made or the circumstances then prevailing not misleading, the Company will (i)&nbsp;notify promptly the Manager so that any use of the Disclosure Package may cease until it is amended or supplemented; (ii)&nbsp;amend or supplement the
Disclosure Package to correct such statement or omission; and (iii)&nbsp;supply any amendment or supplement to the Manager in such quantities as the Manager may reasonably request. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;During any period when the delivery of a prospectus relating to the Shares is required (including in
circumstances where such requirement may be satisfied pursuant to Rule&nbsp;172) to be delivered under the Act, any event occurs as a result of which the Prospectus as then supplemented would include any untrue statement of a material fact or omit
to state any material fact necessary to make the statements therein in the light of the circumstances under which they were made at such time not misleading, or if it shall be necessary to amend the Registration Statement, file a new registration
statement or supplement the Prospectus to comply with the Act or the Exchange Act, including in connection with use or delivery of the Prospectus, the Company promptly will (i)&nbsp;notify </P>
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the Manager of any such event, (ii)&nbsp;prepare and file with the Commission, subject to the second sentence of <U>paragraph</U><U></U><U>&nbsp;(a)</U> of this
<U>Section</U><U></U><U>&nbsp;4</U>, an amendment or supplement or new registration statement which will correct such statement or omission or effect such compliance, (iii)&nbsp;use its reasonable best efforts to have any amendment to the
Registration Statement or new registration statement declared effective as soon as practicable in order to avoid any disruption in use of the Prospectus and (iv)&nbsp;supply any supplemented Prospectus to the Manager in such quantities as the
Manager may reasonably request. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;As soon as practicable, the Company will make generally
available to its security holders and to the Manager an earnings statement or statements of the Company and its subsidiaries which will satisfy the provisions of Section&nbsp;11(a) of the Act and Rule&nbsp;158. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;The Company will furnish to the Manager and counsel for the Manager, without charge, conformed
electronic copies of the Registration Statement (including exhibits thereto) and, so long as delivery of a prospectus by the Manager or dealer may be required by the Act (including in circumstances where such requirement may be satisfied pursuant to
Rule&nbsp;172), as many copies of the Prospectus and each Issuer Free Writing Prospectus and any supplement thereto as the Manager may reasonably request. The Company will pay the expenses of printing or other production of all documents relating to
the offering. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;The Company will arrange, if necessary, for the qualification of the Shares for
sale under the laws of such jurisdictions as the Manager may designate and will maintain such qualifications in effect so long as required for the distribution of the Shares; <U>provided</U> that in no event shall the Company be obligated to qualify
to do business in any jurisdiction where it is not now so qualified or to take any action that would subject it to service of process in suits, other than those arising out of the offering or sale of the Shares, in any jurisdiction where it is not
now so subject. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees that, unless it has or shall have obtained the prior written
consent of the Manager, and the Manager agrees with the Company that, unless it has or shall have obtained, as the case may be, the prior written consent of the Company, it has not made and will not make any offer relating to the Shares that would
constitute an Issuer Free Writing Prospectus or that would otherwise constitute a Free Writing Prospectus required to be filed by the Company with the Commission or retained by the Company under Rule&nbsp;433; <U>provided</U> that the prior written
consent of the parties hereto shall be deemed to have been given in respect of the Free Writing Prospectuses included in <U>Schedule I</U> hereto. Any such free writing prospectus consented to by the Manager or the Company is hereinafter referred to
as a &#147;Permitted Free Writing Prospectus.&#148; The Company agrees that (i)&nbsp;it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus and (ii)&nbsp;it has complied and
will comply, as the case may be, with the requirements of Rules 164 and 433 applicable to any Permitted Free Writing Prospectus, including in respect of timely filing with the Commission, legending and record keeping. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;The Company will not (i)&nbsp;offer, sell, contract to
sell, pledge, or otherwise dispose of, (or enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition of (whether by actual disposition or effective economic disposition due to cash settlement or
otherwise) by the Company or any affiliate of the Company or any person in privity with the Company or any affiliate of the Company) directly or indirectly, including the filing (or participation in the filing) of a registration statement (other
than a registration statement on <FONT STYLE="white-space:nowrap">Form&nbsp;S-8)</FONT> with the Commission in respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of
Section&nbsp;16 of the Exchange Act, any other shares of Common Stock or any securities convertible into, or exercisable, or exchangeable for, shares of Common Stock or (ii)&nbsp;publicly announce an intention to effect any such transaction without
(A)&nbsp;giving the Manager at least three Business Days&#146; prior written notice, or such shorter period mutually agreed upon between the Company and the Manager, specifying the nature of the proposed transaction and the date of such proposed
transaction and (B)&nbsp;the Manager suspending acting under this Agreement for such period of time requested by the Company or as deemed appropriate by the Manager in light of the proposed transaction; provided, however, that the foregoing
restriction shall not apply to issuances or sales (i)&nbsp;pursuant to this Agreement, the Alternative Equity Distribution Agreements or any Terms Agreement, (ii)&nbsp;pursuant to any executive or employee compensation plan, employee stock option
plan, stock ownership plan or any similar plan or arrangement or dividend reinvestment and stock purchase plan, or any similar plan or arrangement of the Company in effect at the Execution Time or established subsequent to the date hereof and
disclosed in a report filed pursuant to the Exchange Act, (iii)&nbsp;upon the conversion or exchange of securities or the exercise of warrants or options outstanding at the Execution Time or issued subsequent to the date hereof and disclosed in a
report filed pursuant to the Exchange Act, (iv)&nbsp;in connection with an acquisition, merger or sale or purchase of assets or (v)&nbsp;for no consideration of no more than 100 shares of Common Stock to one or more persons unaffiliated with the
Company as door or drawing prizes in connection with the Company&#146;s marketing efforts. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;The
Company will not (i)&nbsp;take, directly or indirectly, any action designed to or that would constitute or that might reasonably be expected to cause or result in, under the Exchange Act or otherwise, stabilization or manipulation of the price of
any security of the Company to facilitate the sale or resale of the Shares or (ii)&nbsp;sell, bid for, purchase or pay any person (other than as contemplated by this Agreement or any Terms Agreement) any compensation for soliciting purchases of the
Shares. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j)&nbsp;&nbsp;&nbsp;&nbsp;The Company will, at any time during the term of this Agreement, as supplemented from
time to time, advise the Manager immediately after it shall have received notice or obtain knowledge thereof, of any information or fact that would alter or affect any opinion, certificate, letter and other document provided to the Manager pursuant
to <U>Section</U><U></U><U>&nbsp;6</U> herein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k)&nbsp;&nbsp;&nbsp;&nbsp;Upon commencement of the offering of the Shares
under this Agreement (and upon the recommencement of the offering of the Shares under this Agreement following the termination of a suspension of sales hereunder), and each time that (i)&nbsp;the Registration Statement or the Prospectus shall be
amended or supplemented (other than </P>
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(A)&nbsp;an Interim Prospectus Supplement filed pursuant to Rule&nbsp;424(b) pursuant to <U>Section</U><U></U><U>&nbsp;4(x)</U> of this Agreement, (B)&nbsp;a prospectus supplement relating solely
to the offering of securities other than the Shares, (C)&nbsp;the filing with the Commission of any Current Report on <FONT STYLE="white-space:nowrap">Form&nbsp;8-K</FONT> that contains financial information that is not incorporated by reference
into the Prospectus or (D)&nbsp;except as provided in <U>clauses</U><U></U><U>&nbsp;(ii)</U> and <U>(iv)</U>&nbsp;of this <U>Section</U><U></U><U>&nbsp;4(k)</U>, the filing with the Commission of any document incorporated by reference into the
Prospectus), (ii)&nbsp;there is filed with the Commission any Annual Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-K,</FONT> Quarterly Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> or Current Report on <FONT
STYLE="white-space:nowrap">Form&nbsp;8-K</FONT> that contains financial information that is filed, and any amendments thereto, which are incorporated by reference into the Prospectus, (iii)&nbsp;the Shares are delivered to the Manager as principal
at the Time of Delivery pursuant to a Terms Agreement, or (iv)&nbsp;otherwise as the Manager may reasonably request and upon reasonable advance notice to the Company (such commencement or recommencement date and each such date referred to in (i),
(ii), (iii) and (iv)&nbsp;above, a &#147;<B><U>Representation Date</U></B>&#148;), the Company shall furnish or cause to be furnished to the Manager forthwith a certificate dated and delivered on a date that is no later than three Business Days
following the applicable Representation Date (except in the case of the commencement or recommencement of the offering of Shares under this Agreement, in which case such certificate shall be dated and delivered on the date of such commencement or
recommencement), as the case may be, in form reasonably satisfactory to the Manager to the effect that the statements contained in the certificate referred to in <U>Section</U><U></U><U>&nbsp;6(d)</U> of this Agreement which were last furnished to
the Manager are true and correct at the time of such commencement or recommencement, amendment, supplement, filing, or delivery, as the case may be, as though made at and as of such time (except that such statements shall be deemed to relate to the
Registration Statement and the Prospectus as amended and supplemented to such time) or, in lieu of such certificate, a certificate of the same tenor as the certificate referred to in said <U>Section</U><U></U><U>&nbsp;6(d)</U>, modified as necessary
to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such certificate. The requirement to provide a certificate under this <U>Section</U><U></U><U>&nbsp;4(k)</U> shall be waived for any
Representation Date occurring at a time at which no instruction to the Manager to sell Shares pursuant to <U>Section</U><U></U><U>&nbsp;3</U> has been delivered by the Company or is pending, which waiver shall continue until the date the Company
instructs the Manager to sell Shares pursuant to <U>Section</U><U></U><U>&nbsp;3</U> (such date shall be considered a Representation Date). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l)&nbsp;&nbsp;&nbsp;&nbsp;At each Representation Date, the Company shall furnish or cause to be furnished forthwith to the
Manager and to counsel to the Manager a written opinion of Pillsbury Winthrop Shaw Pittman LLP, counsel to the Company (&#147;<B><U>Company Counsel</U></B>&#148;), or other counsel satisfactory to the Manager, dated and delivered on a date that is
no later than three Business Days following the applicable Representation Date (except in the case of the commencement or recommencement of the offering of Shares under this Agreement, in which case such opinion shall be dated and delivered on the
date of such commencement or recommencement), as the case may be, in form and substance reasonably satisfactory to the Manager, of the same tenor as the opinions referred to in <U>Section</U><U></U><U>&nbsp;6(b)</U> of this Agreement, but modified
as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such opinion. The requirement to provide an opinion under this <U>Section</U><U></U><U>&nbsp;4(l)</U> shall be waived for
any Representation Date occurring at a time at which no instruction to the </P>
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Manager to sell Shares pursuant to <U>Section</U><U></U>&nbsp;3 has been delivered by the Company or is pending, which waiver shall continue until the date the Company instructs the Manager to
sell Shares pursuant to <U>Section</U><U></U><U>&nbsp;3</U> (such date shall be considered a Representation Date). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m)&nbsp;&nbsp;&nbsp;&nbsp;At each Representation Date, Vinson&nbsp;&amp; Elkins L.L.P., counsel to the Manager, shall deliver
a written opinion, dated and delivered on a date that is no later than three Business Days following the applicable Representation Date (except in the case of the commencement or recommencement of the offering of Shares under this Agreement, in
which case such opinion shall be dated and delivered on the date of such commencement or recommencement), as the case may be, in form and substance satisfactory to the Manager, of the same tenor as the opinions referred to in
<U>Section</U><U></U><U>&nbsp;6(c)</U> of this Agreement but modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such opinion. The requirement to provide an opinion
under this <U>Section</U><U></U><U>&nbsp;4(m)</U> shall be waived for any Representation Date occurring at a time at which no instruction to the Manager to sell Shares pursuant to <U>Section</U><U></U><U>&nbsp;3</U> has been delivered by the Company
or is pending, which waiver shall continue until the date the Company instructs the Manager to sell Shares pursuant to <U>Section</U><U></U><U>&nbsp;3</U> (such date shall be considered a Representation Date). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n)&nbsp;&nbsp;&nbsp;&nbsp;Upon commencement of the offering of the Shares under this Agreement (and upon the recommencement of
the offering of the Shares under this Agreement following the termination of a suspension of sales hereunder), and each time that (i)&nbsp;the Registration Statement or the Prospectus shall be amended or supplemented to include additional amended
financial information, (ii)&nbsp;the Shares are delivered to the Manager as principal at a Time of Delivery pursuant to a Terms Agreement, (iii)&nbsp;the Company files a Quarterly Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> or
an Annual Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-K,</FONT> or (iv)&nbsp;at the Manager&#146;s reasonable request and upon reasonable advance notice to the Company, there is filed with the Commission any document which contains
financial information (other than an Annual Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-K</FONT> or a Quarterly Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q)</FONT> incorporated by reference into the Prospectus, the Company
shall cause Ernst&nbsp;&amp; Young LLP (the &#147;<B><U>Accountants</U></B>&#148;), or other independent accountants satisfactory to the Manager forthwith, to furnish the Manager a letter, dated and delivered on (1)&nbsp;the date of commencement or
recommencement, or (2)&nbsp;for each event set forth in <U>clauses</U><U></U><U>&nbsp;(i)</U> through <U>(iv)</U>&nbsp;above, a date that is no later than three Business Days following such event, in form satisfactory to the Manager, of the same
tenor as the letter referred to in <U>Section</U><U></U><U>&nbsp;6(e)</U> of this Agreement but modified to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter. The requirement to provide a
certificate under this <U>Section</U><U></U><U>&nbsp;4(n)</U> shall be waived for any Representation Date occurring at a time at which no instruction to the Manager to sell Shares pursuant to <U>Section</U><U></U><U>&nbsp;3</U> has been delivered by
the Company or is pending, which waiver shall continue until the date the Company instructs the Manager to sell Shares pursuant to <U>Section</U><U></U><U>&nbsp;3</U> (such date shall be considered a Representation Date). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o)&nbsp;&nbsp;&nbsp;&nbsp;Upon commencement of the offering of the Shares under this Agreement (and upon the recommencement of
the offering of the Shares under this Agreement following the termination of a suspension of sales hereunder), and on or around each Representation Date, the Company will conduct a due diligence session, in form and
</P>
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substance reasonably satisfactory to the Manager, which shall include representatives of the management and the Accountants of the Company. The Company shall cooperate timely with any reasonable
due diligence request from or review conducted by the Manager or its agents from time to time in connection with the transactions contemplated by this Agreement, including, without limitation, providing information and available documents and access
to appropriate corporate officers and the Company&#146;s agents during regular business hours and at the Company&#146;s principal offices, and timely furnishing or causing to be furnished such certificates, letters and opinions from the Company, its
officers and its agents, as the Manager may reasonably request. The requirement to conduct a diligence session or cooperate with other due diligence requests or reviews shall be waived for any Representation Date occurring at a time at which no
instruction to the Manager to sell Shares pursuant to <U>Section</U><U></U><U>&nbsp;3</U> has been delivered by the Company or is pending, which waiver shall continue until the date the Company instructs the Manager to sell Shares pursuant to
<U>Section</U><U></U><U>&nbsp;3</U> (such date shall be considered a Representation Date). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p)&nbsp;&nbsp;&nbsp;&nbsp;The
Company consents to the Manager trading in the Common Stock for the Manager&#146;s own account and for the account of its clients at the same time as sales of the Shares occur pursuant to this Agreement or pursuant to a Terms Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q)&nbsp;&nbsp;&nbsp;&nbsp;The Company will disclose in its Annual Reports on
<FONT STYLE="white-space:nowrap">Form&nbsp;10-K</FONT> and Quarterly Reports on <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q,</FONT> as applicable, the number of Shares sold through the Manager and the Alternative Managers under this Agreement
and the Alternative Equity Distribution Agreements, the Net Proceeds to the Company and the compensation paid by the Company with respect to sales of Shares pursuant to this Agreement and the Alternative Distribution Agreements during the relevant
quarter. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r)&nbsp;&nbsp;&nbsp;&nbsp;If to the knowledge of the Company, the conditions set forth in
<U>Section</U><U></U><U>&nbsp;6(a)</U>, <U>6(f)</U> or <U>6(h)</U> shall not be true and correct on the applicable Settlement Date, the Company will offer to any person who has agreed to purchase Shares from the Company as the result of an offer to
purchase solicited by the Manager the right to refuse to purchase and pay for such Shares. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s)&nbsp;&nbsp;&nbsp;&nbsp;Each
acceptance by the Company of an offer to purchase the Shares hereunder, and each execution and delivery by the Company of a Terms Agreement, shall be deemed to be an affirmation to the Manager that the representations and warranties of the Company
contained in or made pursuant to this Agreement are true and correct as of the date of such acceptance or of such Terms Agreement as though made at and as of such date, and an undertaking that such representations and warranties will be true and
correct as of the Settlement Date for the Shares relating to such acceptance or as of the Time of Delivery relating to such sale, as the case may be, as though made at and as of such date (except that such representations and warranties shall be
deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating to such Shares). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall ensure that there are at all times sufficient shares of Common Stock to provide
for the issuance, free of any preemptive rights, out of its authorized but unissued shares of Common Stock or shares of Common Stock held in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>


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treasury, of the maximum aggregate number of Shares authorized for issuance by the Board pursuant to the terms of this Agreement. The Company will use its commercially reasonable efforts to cause
the Shares to be listed for trading on the NYSE and to maintain such listing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(u)&nbsp;&nbsp;&nbsp;&nbsp;During any period
when the delivery of a prospectus relating to the Shares is required (including in circumstances where such requirement may be satisfied pursuant to Rule&nbsp;172) to be delivered under the Act, the Company will file all documents required to be
filed with the Commission pursuant to the Exchange Act within the time periods required by the Exchange Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall cooperate with Manager and use its reasonable efforts to permit the Shares to be
eligible for clearance and settlement through the facilities of DTC. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(w)&nbsp;&nbsp;&nbsp;&nbsp;The Company will apply the
Net Proceeds from the sale of the Shares in the manner set forth in the Prospectus. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x)&nbsp;&nbsp;&nbsp;&nbsp;The Company
agrees that on such dates as the Act shall require, the Company will (i)&nbsp;file a prospectus supplement with the Commission under the applicable paragraph of Rule&nbsp;424(b) under the Act (each and every filing under Rule&nbsp;424(b), a
&#147;<B><U>Filing Date</U></B>&#148;), which prospectus supplement will set forth, within the relevant period, the number of Shares sold through the Agent pursuant to <U>Section</U><U></U><U>&nbsp;3(a)</U> of this Agreement in Continuous Offerings,
the Net Proceeds to the Company and the compensation paid by the Company with respect to such sales of the Shares pursuant to <U>Section</U><U></U><U>&nbsp;3(a)</U> of this Agreement, or disclose such information in its Quarterly Reports on <FONT
STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> and in its Annual Reports on <FONT STYLE="white-space:nowrap">Form&nbsp;10-K,</FONT> and (ii)&nbsp;deliver such number of copies of each such prospectus supplement to the NYSE as are required by such
exchange. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment of Expenses</U>. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees to pay the costs and expenses incident to the performance of its obligations
under this Agreement, whether or not the transactions contemplated hereby are consummated, including without limitation: (i)&nbsp;the preparation, printing or reproduction and filing with the Commission of the Registration Statement (including
financial statements and exhibits thereto), the Prospectus and each Issuer Free Writing Prospectus, and each amendment or supplement to any of them; (ii)&nbsp;the printing (or reproduction) and delivery (including postage, air freight charges and
charges for counting and packaging) of such copies of the Registration Statement, the Prospectus, and each Issuer Free Writing Prospectus, and all amendments or supplements to any of them, as may, in each case, be reasonably requested for use in
connection with the offering and sale of the Shares; (iii)&nbsp;the preparation, printing, authentication, issuance and delivery of certificates for the Shares, including any stamp or transfer taxes in connection with the original issuance and sale
of the Shares; (iv)&nbsp;the printing (or reproduction) and delivery of this Agreement, any blue sky memorandum and all other agreements or documents printed (or reproduced) and delivered in connection with the offering of the Shares;
(v)&nbsp;listing of the Shares on the NYSE; (vi)&nbsp;any registration or qualification of the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>


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Shares for offer and sale under the securities or blue sky laws of the several states (including filing fees and the reasonable fees and expenses of counsel for the Manager relating to such
registration and qualification); (vii)&nbsp;any filings required to be made with the Financial Industry Regulatory Authority, Inc. (&#147;<B><U>FINRA</U></B>&#148;) (including filing fees and the reasonable fees and expenses of counsel for the
Manager relating to such filings); (viii)&nbsp;the fees and expenses of the Company&#146;s accountants and the fees and expenses of counsel (including local and special counsel) for the Company; and (ix)&nbsp;all other costs and expenses incident to
the performance by the Company of its obligations hereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;If an aggregate number of Shares
having at least an aggregate offering price of $10,000,000 have not been offered and sold under this Agreement together with any Alternative Equity Distribution Agreement by the <FONT STYLE="white-space:nowrap">one-year</FONT> anniversary of this
Agreement (or such earlier date on which the Company terminates this Agreement) (the &#147;<B><U>Determination Date</U></B>&#148;), the Company shall reimburse the Manager and the Alternative Managers for all of their reasonable documented <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses, including the reasonable fees, disbursements and expenses of counsel for the Manager and Alternative Managers, incurred by them in connection with the
offering contemplated by this Agreement and the Alternative Equity Distribution Agreements (collectively, &#147;<B><U>Expenses</U></B>&#148;); <U>provided</U>, <U>however</U>, that the Company shall not be required to reimburse the Manager or any
Alternative Manager pursuant to this <U>Section</U><U></U><U>&nbsp;5(b)</U> for their Expenses in excess of $150,000. The Expenses shall be due and payable by the Company to the Manager and each Alternative Manager within five (5)&nbsp;Business Days
of the Determination Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Conditions to the Obligations of the Manager</U></B>. The obligations
of the Manager under this Agreement and any Terms Agreement shall be subject to (i)&nbsp;the accuracy of the representations and warranties on the part of the Company contained herein as of the Execution Time, each Representation Date, and as of
each Applicable Time, Settlement Date and Time of Delivery, (ii)&nbsp;to the performance by the Company of its obligations hereunder and (iii)&nbsp;the following additional conditions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Prospectus, and any supplement thereto, required by Rule&nbsp;424 to be filed with the
Commission have been filed in the manner and within the time period required by Rule&nbsp;424(b) with respect to any sale of Shares; each Interim Prospectus Supplement shall have been filed in the manner required by Rule&nbsp;424(b) within the time
period required by <U>Section</U><U></U><U>&nbsp;3(a)(viii)</U> of this Agreement; any other material required to be filed by the Company pursuant to Rule&nbsp;433(d) under the Act, shall have been filed with the Commission within the applicable
time periods prescribed for such filings by Rule&nbsp;433; and no stop order suspending the effectiveness of the Registration Statement or any notice objecting to its use shall have been issued and no proceedings for that purpose shall have been
instituted or threatened. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have requested and caused the Company Counsel, to
furnish to the Manager, on every date specified in <U>Section</U><U></U><U>&nbsp;4(l)</U> of this Agreement, its written opinions, substantially similar to the form attached hereto as <U>Exhibit</U><U></U><U>&nbsp;6(b)(i)</U> and
<U>Exhibit</U><U></U><U>&nbsp;6(b)(ii)</U>, dated as of such date and addressed to the Manager. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;The Manager shall have received from Vinson&nbsp;&amp;
Elkins L.L.P., counsel for the Manager, on every date specified in <U>Section</U><U></U><U>&nbsp;4(m)</U> of this Agreement, such opinions, dated as of such date and addressed to the Manager, with respect to the issuance and sale of the Shares, the
Registration Statement, the Disclosure Package, the Prospectus (together with any supplement thereto) and other related matters as the Manager may reasonably require, and the Company shall have furnished to such counsel such documents as they
request for the purpose of enabling them to pass upon such matters. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have
furnished or caused to be furnished to the Manager, on every date specified in <U>Section</U><U></U><U>&nbsp;4(k)</U> of this Agreement, a certificate of the Company, signed by the Chairman of the Board, the Chief Executive Officer, the President or
the Executive Vice President, General Counsel and Secretary and the principal financial or accounting officer of the Company, or such other executive officers of the Company reasonably acceptable to the Manager, dated as of such date, to the effect
that the signers of such certificate have carefully examined the Registration Statement, the Disclosure Package and the Prospectus and any supplements or amendments thereto and this Agreement and that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;the representations and warranties of the Company in this Agreement are true and correct on and as
of such date with the same effect as if made on such date and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to such date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;no stop order suspending the effectiveness of the Registration Statement or any notice objecting to
its use has been issued and no proceedings for that purpose have been instituted or, to the Company&#146;s knowledge, threatened; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;since the date of the most recent financial statements included in or incorporated by reference
into the Registration Statement and the Disclosure Package there has been no Material Adverse Effect, except as set forth in or contemplated in the Registration Statement and the Disclosure Package. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have requested and caused the Accountants to have furnished to the Manager, on
every date specified in <U>Section</U><U></U><U>&nbsp;4(n)</U> hereof and to the extent requested by the Manager in connection with any offering of the Shares, letters (which may refer to letters previously delivered to the Manager), dated as of
such date, in form and substance reasonably satisfactory to the Manager, confirming that they are independent accountants within the meaning of the Act and the Exchange Act and the respective applicable rules and regulations adopted by the
Commission thereunder and that they have performed a review of any unaudited interim financial information of the Company included or incorporated by reference in the Registration Statement and the Prospectus in accordance with the PCAOB Auditing
Standards No.&nbsp;4105, Reviews of Interim Financial Information (&#147;<B><U>PCAOB AS 4105</U></B>&#148;) and stating in effect that: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;in their opinion the audited financial statements and
financial statement schedules included or incorporated by reference in the Registration Statement and the Prospectus and reported on by them comply as to form with the applicable accounting requirements of the Act and the Exchange Act and the
related rules and regulations adopted by the Commission; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;on the basis of a reading of the
latest unaudited financial statements made available by the Company and its subsidiaries; their limited review, in accordance with standards established under PCAOB 4105, of the unaudited interim financial information included or incorporated by
reference in the Registration Statement and the Prospectus; carrying out certain specified procedures (but not an examination in accordance with generally accepted auditing standards) which would not necessarily reveal matters of significance with
respect to the comments set forth in such letter; a reading of the minutes of the meetings of the stockholders, directors and the audit committee of the Company and the subsidiaries; and inquiries of certain officials of the Company who have
responsibility for financial and accounting matters of the Company and its subsidiaries as to transactions and events subsequent to the date of the most recent audited financial statements included or incorporated by reference in the Registration
Statement and the Prospectus, nothing came to their attention which caused them to believe that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A)&nbsp;&nbsp;&nbsp;&nbsp;any unaudited financial statements included or incorporated by reference in the Registration
Statement and the Prospectus do not comply as to form with applicable accounting requirements of the Act and with the related rules and regulations adopted by the Commission with respect to financial statements included or incorporated by reference
in Quarterly Reports on <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> under the Exchange Act; and said unaudited financial statements are not in conformity with generally accepted accounting principles applied on a basis substantially
consistent with that of the audited financial statements included or incorporated by reference in the Registration Statement and the Prospectus; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B)&nbsp;&nbsp;&nbsp;&nbsp;with respect to the period subsequent to the date of the most recent financial statements (other
than any capsule information), audited or unaudited, included or incorporated by reference in the Registration Statement and the Prospectus, there were any changes, at a specified date not more than five days prior to the date of the letter, in the
capital stock and consolidated debt of the Company or decreases in the stockholders&#146; equity of the Company as compared with the amounts shown on the consolidated balance sheet dated as of the most recent financial statements included or
incorporated by reference in the Registration Statement and the Prospectus included or incorporated by reference in the Registration Statement and the Prospectus, or for the period from such date to such specified date there were any decreases, as
compared with the appropriate comparative period in consolidated revenues or in total or per share amounts of consolidated earnings of the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">
Company before extraordinary items or of consolidate earnings except in all instances for changes or decreases set forth in such letter, in which case the letter shall be accompanied by an
explanation by the Company as to the significance thereof unless said explanation is not deemed necessary by the Manager; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C)&nbsp;&nbsp;&nbsp;&nbsp;the information included or incorporated by reference in the Registration Statement and the
Prospectus in response to <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-K,</FONT> Item&nbsp;301 (Selected Financial Data) and Item&nbsp;503(d) (Ratio of Earnings to Fixed Charges) is not in conformity with the applicable disclosure requirements
of <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-K;</FONT> and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D)&nbsp;&nbsp;&nbsp;&nbsp;To the extent capsule
financial information is included or incorporated by reference in the Registration Statement and the Prospectus, the unaudited capsule information does not agree with the amounts set forth in the unaudited financial statements for the same periods
or were not determined on a basis substantially consistent with that of the corresponding amounts in the audited financial statements included or incorporated by reference in the Registration Statement and the Prospectus; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;they have performed certain other specified procedures as a result of which they determined that
certain information of an accounting, financial or statistical nature (which is limited to accounting, financial or statistical information derived from the general accounting records of the Company and its subsidiaries) set forth or incorporated by
reference in the Registration Statement and the Prospectus and in Exhibit 12 to the Registration Statement agrees with the accounting records of the Company and its subsidiaries, excluding any questions of legal interpretation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">References to the Prospectus in this <U>paragraph</U><U></U><U>&nbsp;(e)</U> include any supplement thereto at the date of the
letter. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;Since the respective dates as of which information is disclosed in the Registration
Statement and the Disclosure Package, except as otherwise stated therein, there shall not have been (i)&nbsp;any change or decrease specified in the letter or letters referred to in <U>paragraph</U><U></U><U>&nbsp;(e)</U> of this
<U>Section</U><U></U><U>&nbsp;6</U> or (ii)&nbsp;any change, or any development involving a prospective change, in or affecting the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries taken as a
whole, whether or not arising from transactions in the ordinary course of business, except as set forth in or contemplated in the Disclosure Package (exclusive of any amendment or supplement thereto) the effect of which, in any case referred to in
<U>clause</U><U></U><U>&nbsp;(i)</U> or <U>(ii)</U>&nbsp;above, is, in the sole judgment of the Manager, so material and adverse as to make it impractical or inadvisable to proceed with the offering or delivery of the Shares as contemplated by the
Registration Statement (exclusive of any amendment thereof) and the Disclosure Package (exclusive of any amendment or supplement thereto). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have paid the required Commission
filing fees relating to the Shares within the time period required by Rule&nbsp;456(b)(1)(i) of the Act without regard to the proviso therein and otherwise in accordance with Rules 456(b) and 457(r) of the Act and, if applicable, shall have updated
the &#147;Calculation of Registration Fee&#148; table in accordance with Rule&nbsp;456(b)(1)(ii) either in a post-effective amendment to the Registration Statement or on the cover page of a prospectus filed pursuant to Rule&nbsp;424(b). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;Between the Execution Time and the time of any sale of Shares through the Manager, there shall not
have been any decrease in the rating of any of the Company&#146;s debt securities by any &#147;nationally recognized statistical rating organization&#148; (as defined for purposes of Rule&nbsp;436(g) under the Act) or any notice given of any
intended or potential decrease in any such rating or of a possible change in any such rating that does not indicate the direction of the possible change. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;FINRA shall not have raised any objection with respect to the fairness and reasonableness of the
terms and arrangements under this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j)&nbsp;&nbsp;&nbsp;&nbsp;The Shares shall have been listed and admitted and
authorized for trading on the NYSE, and satisfactory evidence of such actions shall have been provided to the Manager. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k)&nbsp;&nbsp;&nbsp;&nbsp;Prior to each Settlement Date and Time of Delivery, as applicable, the Company shall have furnished
to the Manager such further information, certificates and documents as the Manager may reasonably request. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any of the conditions
specified in this <U>Section</U><U></U><U>&nbsp;6</U> shall not have been fulfilled when and as provided in this Agreement, or if any of the opinions and certificates mentioned above or elsewhere in this Agreement shall not be reasonably
satisfactory in form and substance to the Manager and counsel for the Manager, this Agreement and all obligations of the Manager hereunder may be canceled at, or at any time prior to, any Settlement Date or Time of Delivery, as applicable, by the
Manager. Notice of such cancellation shall be given to the Company in writing or by telephone or facsimile confirmed in writing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
documents required to be delivered by this <U>Section</U><U></U><U>&nbsp;6</U> shall be delivered at the office of Vinson&nbsp;&amp; Elkins L.L.P., counsel for the Manager, at 2200 Pennsylvania Avenue NW, Suite 500 West, Washington, D.C. 20037,
Attn: Christopher C. Green, on each such date as provided in this Agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>7.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Indemnification and
Contribution</U></B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees to indemnify and hold harmless the Manager, the
directors, officers, employees, affiliates and agents of the Manager and each person who controls the Manager within the meaning of either the Act or the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to
which they or any of them may become subject under the Act, the Exchange Act or other Federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
registration statement for the registration of the Shares as originally filed or in any amendment thereof, or in the Base Prospectus, the Prospectus Supplement, any Interim Prospectus Supplement,
the Prospectus, any Issuer Free Writing Prospectus, or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, and agrees to reimburse each such indemnified party, as incurred, for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage,
liability or action; <U>provided</U>, <U>however</U>, that the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability (or actions in respect thereof) arises out of or is based upon any such untrue
statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Company by the Manager specifically for inclusion therein. This indemnity agreement will
be in addition to any liability that the Company may otherwise have. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The Manager agrees to
indemnify and hold harmless the Company, each of its directors, each of its officers who signs the Registration Statement, and each person who controls the Company within the meaning of either the Act or the Exchange Act, to the same extent as the
foregoing indemnity from the Company to the Manager, but only with reference to written information relating to the Manager furnished to the Company by the Manager specifically for inclusion in the documents referred to in the foregoing indemnity.
This indemnity agreement will be in addition to any liability which the Manager may otherwise have. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;Promptly after receipt by an indemnified party under this <U>Section</U><U></U><U>&nbsp;7</U> of
notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this <U>Section</U><U></U><U>&nbsp;7</U>, notify the indemnifying party in writing of the
commencement thereof; but the failure so to notify the indemnifying party (i)&nbsp;will not relieve it from liability under <U>paragraph</U><U></U><U>&nbsp;(a)</U> or <U>(b)</U>&nbsp;above unless and to the extent it did not otherwise learn of such
action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii)&nbsp;will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the
indemnification obligation provided in <U>paragraph</U><U></U><U>&nbsp;(a)</U> or <U>(b)</U>&nbsp;above. The indemnifying party shall be entitled to appoint counsel of the indemnifying party&#146;s choice at the indemnifying party&#146;s expense to
represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel retained by the indemnified party or
parties except as set forth below); provided, however, that such counsel shall be satisfactory to the indemnified party. Notwithstanding the indemnifying party&#146;s election to appoint counsel to represent the indemnified party in an action, the
indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if (A)&nbsp;the use of counsel chosen by the
indemnifying party to represent the indemnified party would present such counsel with a conflict of interest, (B)&nbsp;the actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying
party and the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties which are different from or additional to those available to
the indemnifying party, (C)&nbsp;the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the institution of such action or (D)&nbsp;the
indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. An indemnifying party will not, without the prior written consent of the indemnified parties, settle or compromise or
consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or
potential parties to such claim or action) unless such settlement, compromise or consent (x)&nbsp;includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or proceeding and (y)&nbsp;does
not include a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf of any indemnified party. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;In the event that the indemnity provided in <U>paragraph</U><U></U><U>&nbsp;(a)</U>, <U>(b)</U> or
<U>(c)</U>&nbsp;of this <U>Section</U><U></U><U>&nbsp;7</U> is unavailable to or insufficient to hold harmless an indemnified party for any reason, the Company and the Manager agree to contribute to the aggregate losses, claims, damages and
liabilities (including legal or other expenses reasonably incurred in connection with investigating or defending the same) (collectively &#147;<B><U>Losses</U></B>&#148;) to which the Company and the Manager may be subject in such proportion as is
appropriate to reflect the relative benefits received by the Company, on the one hand, and by the Manager, on the other hand, from the offering of the Shares; <U>provided</U>, <U>however</U>, that in no case shall the Manager be responsible for any
amount in excess of the underwriting discount or commission, as the case may be, applicable to the Shares purchased by the Manager hereunder. If the allocation provided by the immediately preceding sentence is unavailable for any reason, the Company
and the Manager severally shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company, on the one hand, and of the Manager, on the other hand, in connection with the
statements or omissions which resulted in such Losses as well as any other relevant equitable considerations. Benefits received by the Company shall be deemed to be equal to the total net proceeds from the offering (before deducting expenses)
received by it, and benefits received by the Manager shall be deemed to be equal to the total underwriting discounts and commissions, in each case as determined by this Agreement or any applicable Terms Agreement. Relative fault shall be determined
by reference to, among other things, whether any untrue or any alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information provided by the Company on the one hand or the Manager on
the other, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The Company and the Manager agree that it would not be just and equitable if
contribution were determined by pro rata allocation or any other method of allocation which does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this <U>paragraph</U><U></U><U>&nbsp;(d)</U>, no
person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this
<U>Section</U><U></U><U>&nbsp;7</U>, each person who controls </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
the Manager within the meaning of either the Act or the Exchange Act and each director, officer, employee and agent of the Manager shall have the same rights to contribution as the Manager, and
each person who controls the Company within the meaning of either the Act or the Exchange Act, each officer of the Company who shall have signed the Registration Statement and each director of the Company shall have the same rights to contribution
as the Company, subject in each case to the applicable terms and conditions of this <U>paragraph</U><U></U><U>&nbsp;(d)</U>. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Termination</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have the right, by giving written notice as hereinafter specified, to terminate
the provisions of this Agreement relating to the solicitation of offers to purchase the Shares in its sole discretion at any time. Any such termination shall be without liability of any party to any other party except that (i)&nbsp;if Shares have
been sold through the Manager for the Company, then <U>Section</U><U></U><U>&nbsp;4(s)</U> shall remain in full force and effect, (ii)&nbsp;with respect to any pending sale through the Manager for the Company, the obligations of the Company,
including in respect of compensation of the Manager, shall remain in full force and effect notwithstanding the termination and (iii)&nbsp;the provisions of <U>Sections</U><U></U><U>&nbsp;2</U>, <U>5</U>, <U>7</U>, <U>9</U>, <U>10</U>, <U>12</U> and
<U>14</U> of this Agreement shall remain in full force and effect notwithstanding such termination. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The Manager shall have the right, by giving written notice as hereinafter specified, to terminate
the provisions of this Agreement relating to the solicitation of offers to purchase the Shares in its sole discretion at any time. Any such termination shall be without liability of any party to any other party except that the provisions of
<U>Sections</U><U></U><U>&nbsp;2</U>, <U>5</U>, <U>7</U>, <U>9</U>, <U>10</U>, <U>12</U> and <U>14</U> of this Agreement shall remain in full force and effect notwithstanding such termination. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall automatically terminate on the earlier of (i)&nbsp;the date on which all of the
Shares have been sold pursuant to this Agreement and the Alternative Equity Distribution Agreements on a combined basis or (ii)&nbsp;three years from the date of this Agreement, except that the provisions of <U>Sections</U><U></U><U>&nbsp;2</U>,
<U>5</U>, <U>7</U>, <U>9</U>, <U>10</U>, <U>12</U> and <U>14</U> of this Agreement shall remain in full force and effect notwithstanding such termination. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall remain in full force and effect unless terminated pursuant to
<U>Sections</U><U></U><U>&nbsp;8(a)</U>, <U>(b)</U> or <U>(c)</U>&nbsp;above or otherwise by mutual agreement of the parties; provided that any such termination by mutual agreement shall in all cases be deemed to provide that
<U>Sections</U><U></U><U>&nbsp;2</U>, <U>5</U>, <U>7</U> and <U>9</U> shall remain in full force and effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;Any termination of this Agreement shall be effective on the date specified in such notice of
termination; provided that such termination shall not be effective until the close of business on the date of receipt of such notice by the Manager or the Company, as the case may be. If such termination shall occur prior to the Settlement Date or
Time of Delivery for any sale of the Shares, such sale shall settle in accordance with the provisions of <U>Section</U><U></U><U>&nbsp;3(a)(vi)</U> of this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;In the case of any purchase of Shares by the Manager
pursuant to a Terms Agreement, the obligations of the Manager pursuant to such Terms Agreement shall be subject to termination, in the absolute discretion of the Manager, by notice given to the Company prior to the Time of Delivery relating to such
Shares, if at any time prior to such delivery and payment (i)&nbsp;trading in the Common Stock shall have been suspended by the Commission or the NYSE or trading in securities generally on the NYSE shall have been suspended or limited or minimum
prices shall have been established on such exchange, (ii)&nbsp;a banking moratorium shall have been declared either by Federal or New York State authorities or (iii)&nbsp;there shall have occurred any outbreak or escalation of hostilities,
declaration by the United States of a national emergency or war, or other calamity or crisis the effect of which on financial markets is such as to make it, in the sole judgment of the Manager, impractical or inadvisable to proceed with the offering
or delivery of the Shares as contemplated by the Prospectus (exclusive of any amendment or supplement thereto). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>9.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Representations and Indemnities to Survive</U></B>. The respective agreements, representations,
warranties, indemnities and other statements of the Company or its officers and of the Manager set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by the Manager or the Company
or any of the officers, directors, employees, agents or controlling persons referred to in <U>Section</U><U></U><U>&nbsp;7</U> hereof, and will survive delivery of and payment for the Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Notices</U></B>. Except with respect to notices for Placements or purchases pursuant to a Terms
Agreement (each as set forth in <U>Sections</U><U></U><U>&nbsp;3(a)(i)</U> and <U>3(b)</U> hereof), all communications hereunder will be in writing and effective only on receipt, and, if sent to the Manager, will be mailed, delivered or telefaxed to
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ], Attention: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], fax no. [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
or, if sent to the Company, will be mailed, delivered or telefaxed to (407) <FONT STYLE="white-space:nowrap">650-1044</FONT> and confirmed to it at 450 South Orange Avenue, Suite 900, Orlando, Florida 32801, attention: Kevin B. Habicht, Executive
Vice President and Chief Financial Officer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>11.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Successors</U></B>. This Agreement will inure to the
benefit of and be binding upon the parties hereto and their respective successors and the officers, directors, employees, agents and controlling persons referred to in <U>Section</U><U></U><U>&nbsp;7</U> hereof, and no other person will have any
right or obligation hereunder. No purchaser of Shares from the Manager or any Alternative Manager shall be deemed to be a successor by reason of such purchase. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>No Fiduciary Duty</U></B>. The Company hereby acknowledges that (a)&nbsp;the purchase and sale of the
Shares pursuant to this Agreement is an <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> commercial transaction between the Company, on the one hand, and the Manager and any affiliate through which it may be acting, on the other,
(b)&nbsp;the Manager is acting solely as sales agent and/or principal in connection with the purchase and sale of the Company&#146;s securities and not as a fiduciary of the Company and (c)&nbsp;the Company&#146;s engagement of the Manager in
connection with the offering and the process leading up to the offering is as independent contractors and not in any other capacity. Furthermore, the Company agrees that it is solely responsible for making its own judgments in connection with the
offering (irrespective of whether the Manager has advised or is currently advising the Company on related or other matters). The Company agrees that it will not claim that the Manager has rendered advisory services of any nature or respect, or owes
an agency, fiduciary or similar duty to the Company, in connection with such transaction or the process leading thereto. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Integration</U></B>. This Agreement and any Terms
Agreement supersede all prior agreements and understandings (whether written or oral) between the Company and the Manager with respect to the subject matter hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Applicable Law</U></B>. This Agreement and any Terms Agreement will be governed by and construed in
accordance with the laws of the State of New York applicable to contracts made and to be performed within the State of New York. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Waiver of Jury Trial</U></B>. The Company hereby irrevocably waives, to the fullest extent permitted
by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement, any Terms Agreement or the transactions contemplated hereby or thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>16.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Counterparts</U></B>. This Agreement and any Terms Agreement may be signed in one or more
counterparts, each of which shall constitute an original and all of which together shall constitute one and the same agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>17.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Headings</U></B>. The section headings used in this Agreement and any Terms Agreement are for
convenience only and shall not affect the construction hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>18.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Definitions</U></B>. The terms
that follow, when used in this Agreement and any Terms Agreement, shall have the meanings indicated below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Act</U></B>&#148;
shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Applicable Time</U></B>&#148; shall mean, with respect to any Shares, the time of sale of such Shares pursuant to this Agreement
or any relevant Terms Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Base Prospectus</U></B>&#148; shall mean the base prospectus referred to in
<U>Sections</U><U></U><U>&nbsp;2(a)</U> and <U>2(b)</U> above contained in the Registration Statement at the Execution Time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Business Day</U></B>&#148; shall mean any day other than a Saturday, a Sunday or a legal holiday or a day on which banking
institutions or trust companies are authorized or obligated by law to close in New York City. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Commission</U></B>&#148; shall
mean the Securities and Exchange Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Disclosure Package</U></B>&#148; shall mean (a)&nbsp;the Base Prospectus,
(b)&nbsp;the Prospectus Supplement, (c)&nbsp;the most recently filed Interim Prospectus Supplement (if any), (d)&nbsp;the Issuer Free Writing Prospectuses, if any, identified in <U>Schedule I</U> hereto, (e)&nbsp;the public offering price of Shares
sold at the relevant Applicable Time and (f)&nbsp;any other Free Writing Prospectus that the parties hereto shall hereafter expressly agree in writing to treat as part of the Disclosure Package. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Effective Date</U></B>&#148; shall mean each date and time that the Registration
Statement and any post-effective amendment or amendments thereto became or becomes effective under the Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Exchange
Act</U></B>&#148; shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Execution Time</U></B>&#148; shall mean the date and time that this Agreement is executed and delivered by the parties hereto.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Free Writing Prospectus</U></B>&#148; shall mean a free writing prospectus, as defined in Rule&nbsp;405. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Interim Prospectus Supplement</U></B>&#148; shall mean the prospectus supplement relating to the Shares prepared and filed
pursuant to Rule&nbsp;424(b) from time to time as provided by <U>Section</U><U></U><U>&nbsp;4(x)</U> of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Issuer Free Writing Prospectus</U></B>&#148; shall mean an issuer free writing prospectus, as defined in Rule&nbsp;433. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Prospectus</U></B>&#148; shall mean the Base Prospectus, as supplemented by the Prospectus Supplement and the most recently filed
Interim Prospectus Supplement (if any). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Prospectus Supplement</U></B>&#148; shall mean the most recent prospectus supplement
relating to the Shares that was filed pursuant to Rule&nbsp;424(b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Registration Statement</U></B>&#148; shall mean the
registration statement referred to in <U>Sections</U><U></U><U>&nbsp;2(a)</U> and <U>2(b)</U> above, including exhibits and financial statements and any prospectus supplement relating to the Shares that is filed with the Commission pursuant to
Rule&nbsp;424(b) and deemed part of such registration statement pursuant to Rule&nbsp;430B, as amended on each Effective Date and, in the event any post-effective amendment thereto becomes effective, shall also mean such registration statement as so
amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Rule 153</U></B>&#148;, &#147;<B><U>Rule 158</U></B>&#148;, &#147;<B><U>Rule 163</U></B>&#148;, &#147;<B><U>Rule
164</U></B>&#148;, &#147;<B><U>Rule 172</U></B>&#148;, &#147;<B><U>Rule 405</U></B>&#148;, &#147;<B><U>Rule 415</U></B>&#148;, &#147;<B><U>Rule 424</U></B>&#148;, &#147;<B><U>Rule 430B</U></B>&#148;, &#147;<B><U>Rule 433</U></B>&#148;
&#147;<B><U>Rule 456</U></B>&#148; and &#147;<B><U>Rule 457</U></B>&#148; refer to such rules under the Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Well-Known
Seasoned Issuer</U></B>&#148; shall mean a well-known seasoned issuer, as defined in Rule&nbsp;405. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Pages Follow] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the foregoing is in accordance with your understanding of our agreement, please sign and
return to us the enclosed duplicate hereof, whereupon this Agreement and your acceptance shall represent a binding agreement among the Company and the Manager. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">NATIONAL RETAIL PROPERTIES, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to the
Equity Distribution Agreement] </I></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing Agreement is </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">hereby confirmed and accepted </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">as of the date first written
above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="13%"></TD>
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<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to the
Equity Distribution Agreement] </I></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SCHEDULE&nbsp;I </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule of Free Writing Prospectuses included in the Disclosure Package </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">None. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule I </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SCHEDULE&nbsp;II </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subsidiaries and Joint Ventures </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Subsidiaries and Consolidated Joint Ventures </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">CCMH V, LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">NNN - NatGro LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">CNL Commercial Mortgage Funding, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">NNN BJ&#146;s Orlando FL, LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Gator Pearson, LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">NNN Brokerage Services, Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">National Retail Properties Trust</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">NNN CA Auto Svc LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">National Retail Properties, LP</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">NNN GP Corp.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Net Lease Funding, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">NNN PBY LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Net Lease Realty I, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">NNN TRS, Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">NNN Athletic I LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">NNN TRU Gastonia LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">NNN Athletic II HOLDCO LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Orange Avenue Mortgage Investments, Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">NNN Athletic II MD LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">NNN Athletic II MA LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Significant Subsidiaries </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">National Retail Properties, LP </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule II </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ANNEX&nbsp;I </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">NATIONAL RETAIL PROPERTIES, INC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Common Stock </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>TERMS AGREEMENT
</U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:56%; font-size:10pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Sirs: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">National Retail Properties, Inc.
(the &#147;<B><U>Company</U></B>&#148;) proposes, subject to the terms and conditions stated herein and in the Equity Distribution Agreement, dated February 22, 2018 (the &#147;<B><U>Equity Distribution Agreement</U></B>&#148;), between the Company
and [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] (the &#147;<B><U>Manager</U></B>&#148;) to issue and sell to the Manager, the securities specified in <U>Schedule I</U> hereto (the &#147;<B><U>Purchased
Shares</U></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the provisions of the Equity Distribution Agreement not specifically related to the solicitation by the
Manager, as agent of the Company, of offers to purchase securities is incorporated herein by reference in its entirety and shall be deemed to be part of this Terms Agreement to the same extent as if such provisions had been set forth in full herein.
Each of the representations and warranties set forth therein shall be deemed to have been made at and as of the date of this Terms Agreement and the Time of Delivery (as defined in <U>Schedule I</U> hereto), except that each representation and
warranty in <U>Section</U><U></U><U>&nbsp;2</U> of the Equity Distribution Agreement which makes reference to the Prospectus (as therein defined) shall be deemed to be a representation and warranty as of the date of the Equity Distribution Agreement
in relation to the Prospectus, and also a representation and warranty as of the date of this Terms Agreement and the Time of Delivery in relation to the Prospectus as amended and supplemented to relate to the Purchased Shares (as defined in
<U>Schedule I</U> hereto). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An amendment to the Registration Statement (as defined in the Equity Distribution Agreement), or a supplement
to the Prospectus, as the case may be, relating to the Purchased Shares, in the form heretofore delivered to the Manager is now proposed to be filed with the Securities and Exchange Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the terms and conditions set forth herein and in the Equity Distribution Agreement which are incorporated herein by reference, the
Company agrees to issue and sell to the Manager and the latter agrees to purchase from the Company the number of shares of the Purchased Shares at the time and place and at the purchase price set forth in the <U>Schedule</U><U></U><U>&nbsp;I</U>
hereto. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex I-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the foregoing is in accordance with your understanding, please sign and return to us a
counterpart hereof, whereupon this Terms Agreement, including those provisions of the Equity Distribution Agreement incorporated herein by reference, shall constitute a binding agreement between the Manager and the Company. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">NATIONAL RETAIL PROPERTIES, INC.</TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ACCEPTED as of the date first written above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex I-2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Schedule I to the Terms Agreement </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title of Purchased Shares: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Common Stock, par
value $0.01 per share </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Number of Shares of Purchased Shares: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[Price to Public:] </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Purchase Price by the Manager: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Method of and Specified Funds for Payment of Purchase Price: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">By wire transfer to a bank account specified by the Company in same day funds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Method of Delivery: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Free delivery of the
Purchased Shares to the Manager&#146;s account at The Depository Trust Company in return for payment of the purchase price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Time of Delivery: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Closing Location: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Documents to be Delivered: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The following documents referred to in the Equity Distribution Agreement shall be delivered as a condition to the closing at the Time of
Delivery: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)&nbsp;&nbsp;&nbsp;&nbsp;The</TD>
<TD ALIGN="left" VALIGN="top">opinion referred to in Section&nbsp;4(l). </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)&nbsp;&nbsp;&nbsp;&nbsp;The</TD>
<TD ALIGN="left" VALIGN="top">opinion referred to in Section&nbsp;4(m). </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)&nbsp;&nbsp;&nbsp;&nbsp;The</TD>
<TD ALIGN="left" VALIGN="top">accountants&#146; letter referred to in Section&nbsp;4(n). </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(4)&nbsp;&nbsp;&nbsp;&nbsp;The</TD>
<TD ALIGN="left" VALIGN="top">officers&#146; certificate referred to in Section&nbsp;4(k). </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(5)&nbsp;&nbsp;&nbsp;&nbsp;Such</TD>
<TD ALIGN="left" VALIGN="top">other documents as the Manager shall reasonably request. </TD></TR></TABLE>
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<TYPE>EX-5.1
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<HTML><HEAD>
<TITLE>EX-5.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g585277g07l47.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pillsbury Winthrop Shaw Pittman LLP </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1200 Seventeenth Street, NW&nbsp;&nbsp;|&nbsp;&nbsp;Washington, DC 20036-3006&nbsp;&nbsp;|&nbsp;&nbsp;tel 202.663.8000&nbsp;&nbsp;|&nbsp;&nbsp;fax 202.663.8007
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;22, 2018 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">National Retail
Properties, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">450 South Orange Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Suite 900 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Orlando, FL 32801 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are acting as counsel for National Retail Properties, Inc., a Maryland corporation (the &#147;Company&#148;), in connection with the
issuance and sale of up to 12,000,000 shares (the &#147;Shares&#148;) of common stock, par value $0.01 per share (the &#147;Common Stock&#148;), of the Company, all of which are authorized but heretofore unissued shares to be offered and sold by the
Company, pursuant to the Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-223141)</FONT> (the &#147;Registration Statement&#148;), filed by the Company with the
Securities and Exchange Commission (the &#147;Commission&#148;) under the Securities Act of 1933, as amended (the &#147;Act&#148;), and related prospectus, dated February&nbsp;22, 2018, as supplemented by the prospectus supplement dated
February&nbsp;22, 2018 relating to the offer and sale of the Shares (as so supplemented, the &#147;Prospectus&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have reviewed
and are familiar with such documents, corporate proceedings and other matters as we have considered relevant or necessary as a basis for the opinions in this letter. Based on the foregoing, we are of the opinion that the Shares have been duly
authorized and, when issued and sold by the Company in the manner described in the Registration Statement and the Prospectus and in accordance with the resolutions adopted by the Board of Directors of the Company and the Pricing Committee thereof,
will be validly issued, fully paid and nonassessable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The opinions set forth in this letter are limited to the General Corporation Law of
the State of Maryland, as in effect on the date hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the
Company&#146;s Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed by the Company with the Commission on the date hereof and the incorporation thereof in the Registration Statement and to the use of our name under the caption
&#147;Legal Matters&#148; in the Prospectus. In giving this consent, we do not thereby admit that we are within the category of persons whose consent is required under Section&nbsp;7 of the Act or the rules and regulations of the Commission
promulgated thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Pillsbury
Winthrop Shaw Pittman LLP </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
