<SEC-DOCUMENT>0001104659-22-097539.txt : 20220902
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<ACCEPTANCE-DATETIME>20220902164554
ACCESSION NUMBER:		0001104659-22-097539
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20220902
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20220902
DATE AS OF CHANGE:		20220902

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AGREE REALTY CORP
		CENTRAL INDEX KEY:			0000917251
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				383148187
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12928
		FILM NUMBER:		221225778

	BUSINESS ADDRESS:	
		STREET 1:		70 E. LONG LAKE ROAD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48034
		BUSINESS PHONE:		8107374190

	MAIL ADDRESS:	
		STREET 1:		70 E. LONG LAKE ROAD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48034
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<p style="text-align: center; margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>WASHINGTON, D.C. 20549</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>FORM <span id="xdx_905_edei--DocumentType_c20220902__20220902_z7MVtdzbDVpe"><ix:nonNumeric contextRef="From2022-09-02to2022-09-02" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CURRENT REPORT</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PURSUANT TO SECTION 13 OR 15(d) OF THE</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES EXCHANGE ACT OF 1934</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of registrant as specified in
its charter)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b><span id="xdx_90C_edei--EntityIncorporationStateCountryCode_c20220902__20220902_zjPbVIHEczs8"><ix:nonNumeric contextRef="From2022-09-02to2022-09-02" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode">Maryland</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(State or other jurisdiction of incorporation)</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Registrant&#8217;s telephone number, including
area code) <b>(<span id="xdx_901_edei--CityAreaCode_c20220902__20220902_zY0MAKricRmh"><ix:nonNumeric contextRef="From2022-09-02to2022-09-02" name="dei:CityAreaCode">248</ix:nonNumeric></span>) <span id="xdx_90A_edei--LocalPhoneNumber_c20220902__20220902_zBWDKKaYMtj1"><ix:nonNumeric contextRef="From2022-09-02to2022-09-02" name="dei:LocalPhoneNumber">737-4190</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="text-decoration: underline">Not applicable </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Former name or former address, if changed
since last report)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Wingdings"><span id="xdx_903_edei--WrittenCommunications_c20220902__20220902_zv1CT4DeVvf5"><ix:nonNumeric contextRef="From2022-09-02to2022-09-02" format="ixt:booleanfalse" name="dei:WrittenCommunications">&#168;</ix:nonNumeric></span></span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-size: 10pt">Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)</span></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Wingdings"><span id="xdx_90D_edei--SolicitingMaterial_c20220902__20220902_zYuod5Z0AGV1"><ix:nonNumeric contextRef="From2022-09-02to2022-09-02" format="ixt:booleanfalse" name="dei:SolicitingMaterial">&#168;</ix:nonNumeric></span></span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-size: 10pt">Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)</span></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Wingdings"><span id="xdx_90B_edei--PreCommencementTenderOffer_c20220902__20220902_z5BDpt8FMytc"><ix:nonNumeric contextRef="From2022-09-02to2022-09-02" format="ixt:booleanfalse" name="dei:PreCommencementTenderOffer">&#168;</ix:nonNumeric></span></span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-size: 10pt">Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></td></tr>
<tr style="vertical-align: top">
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    <td style="text-align: justify; font-size: 10pt"><span style="font-size: 10pt">Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt; text-align: justify">Securities registered pursuant
to Section 12(b) of the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt; text-align: justify">&#160;</p>

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    <td style="border: black 1pt solid; padding: 3pt; border-image: none; width: 40%; text-align: center"><span style="font-size: 10pt"><b>Title of each class</b></span></td>
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    <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt; width: 40%; text-align: center"><span style="font-size: 10pt"><b>Name of each exchange on which registered</b></span></td></tr>
<tr style="vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt; text-align: left">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: left">Emerging growth company <span style="font-family: Wingdings"><span id="xdx_907_edei--EntityEmergingGrowthCompany_c20220902__20220902_zmVyQY6hIhvk"><ix:nonNumeric contextRef="From2022-09-02to2022-09-02" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">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 13(a) of the Exchange Act. <span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><div style="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Page; Sequence: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 96px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item 8.01.</b></span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other Events.</b></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><b><i>At-The-Market Equity Program</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September&#160;2,
2022, Agree Realty Corporation (the &#8220;<span style="text-decoration: underline">Company</span>&#8221;) and Agree Limited
Partnership (the &#8220;<span style="text-decoration: underline">Operating Partnership</span>&#8221;), for which the Company is the
sole general partner, entered into separate at the market (&#8220;<span style="text-decoration: underline">ATM</span>&#8221;) equity
distribution agreements with each of Capital One Securities,&#160;Inc., Robert W. Baird&#160;&amp; Co. Incorporated and Stifel,
Nicolaus&#160;&amp; Company,&#160;Incorporated (collectively, the &#8220;<span style="text-decoration: underline">Non-Forward ATM
Equity Distribution Agreements</span>&#8221;) and with Wells Fargo Securities, LLC (&#8220;<span style="text-decoration: underline">Wells
Fargo Securities</span>&#8221;), BofA Securities,&#160;Inc. (&#8220;<span style="text-decoration: underline">BofA
Securities</span>&#8221;), Citigroup Global Markets Inc. (&#8220;<span style="text-decoration: underline">Citigroup</span>&#8221;),
J.P. Morgan Securities LLC (&#8220;<span style="text-decoration: underline">J.P. Morgan</span>&#8221;), Jefferies LLC (&#8220;<span style="text-decoration: underline">Jefferies</span>&#8221;),
Morgan Stanley&#160;&amp; Co. LLC (&#8220;<span style="text-decoration: underline">Morgan Stanley</span>&#8221;) and Raymond James
Associates,&#160;Inc. (&#8220;<span style="text-decoration: underline">Raymond James</span>&#8221;) (collectively, the &#8220;<span style="text-decoration: underline">Forward
ATM Equity Distribution Agreements</span>&#8221;, and together with the Non-Forward ATM Equity Distribution Agreements, the
&#8220;<span style="text-decoration: underline">ATM Equity Distribution Agreements</span>&#8221;), pursuant to which the Company may
issue and sell from time to time shares of the Company&#8217;s common stock, $0.0001 par value per share, having an aggregate
offering price of up to $750,000,000 (the &#8220;<span style="text-decoration: underline">Shares</span>&#8221;). We refer to these
entities, when acting in their capacity as sales agents, individually as a &#8220;sales agent&#8221; and collectively as
&#8220;sales agents.&#8221; The Forward ATM Equity Distribution Agreements with Wells Fargo Securities, BofA Securities, Citigroup,
J.P. Morgan, Jefferies, Morgan Stanley and Raymond James provide that, in addition to the issuance and sale of common stock by us
through a sales agent acting as a sales agent or directly to the sales agent acting as principal for its own account at a price
agreed upon at the time of sale, we also may enter into forward sale agreements, between us and each of Wells Fargo Securities, BofA
Securities, Citigroup, J.P. Morgan, Jefferies, Morgan Stanley and Raymond James, or their respective affiliates. We refer to Wells
Fargo Securities, BofA Securities, Citigroup, J.P. Morgan, Jefferies, Morgan Stanley and Raymond James, when acting as agents for
forward purchasers, individually as a &#8220;forward seller&#8221; and collectively as &#8220;forward sellers.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sales of the Shares, if any,
may be made in negotiated transactions, which may include block trades, or transactions that are deemed to be &#8220;at the market&#8221;
offerings as defined in Rule&#160;415 under the Securities Act of 1933, as amended, including sales made directly on the New York Stock
Exchange or sales made to or through a market maker other than on an exchange.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the
issuance and sale of the Shares through the sales agents, the Forward ATM Equity Distribution Agreements with Wells Fargo Securities, BofA
Securities, Citigroup, J.P. Morgan, Jefferies, Morgan Stanley and Raymond James provide that the Company also may enter into forward
sale agreements under separate master forward sale confirmations and related supplemental confirmations between the Company and a
forward seller or its affiliate. The Company refers to these entities, when acting in this capacity, individually as a
&#8220;forward purchaser&#8221; and collectively as &#8220;forward purchasers.&#8221; In connection with each particular forward
sale agreement, the relevant forward purchaser will borrow from third parties and, through the relevant forward seller, sell a
number of shares of common stock equal to the number of shares of common stock underlying the particular forward sale agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company will not initially
receive any proceeds from the sale of borrowed shares of common stock by a forward seller. The Company expects to fully physically settle
each particular forward sale agreement with the applicable forward purchaser on one or more dates specified by the Company on or prior
to the maturity date of that particular forward sale agreement, in which case the Company will expect to receive aggregate net cash proceeds
at settlement equal to the number of shares underlying the particular forward sale agreement multiplied by the relevant forward sale price.
However, the Company may also elect to cash settle or net share settle a particular forward sale agreement, in which case the Company
may not receive any proceeds from the issuance of shares, and the Company will instead receive or pay cash (in the case of cash settlement)
or receive or deliver shares of its common stock (in the case of net share settlement).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each sales agent will receive
from the Company a commission that will not exceed, but may be lower than, 2.0% of the gross sales price of all Shares sold through it
as sales agent under the applicable ATM Equity Distribution Agreement. In connection with each forward sale, the Company will pay the
relevant forward seller, in the form of a reduced initial forward sale price under the related forward sale agreement with the related
forward purchaser, commissions at a mutually agreed rate that shall not be more than 2.0% of the gross sales price of all borrowed Shares
sold by it as a forward seller.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Shares will be issued
pursuant to the Company&#8217;s registration statement on Form&#160;S-3ASR (File No.&#160;333-238729), filed with the Securities and Exchange
Commission (the &#8220;<span style="text-decoration: underline">Commission</span>&#8221;) on May&#160;27, 2020, as amended by the Company&#8217;s Post-Effective Amendment No.&#160;1
filed with the Commission on August&#160;12, 2020, the Company&#8217;s Post-Effective Amendment No.&#160;2 filed with the Commission on
May&#160;5, 2021 and the Company&#8217;s Post-Effective Amendment No.&#160;3 filed with the Commission on August&#160;15, 2022, each of
which became immediately effective upon filing, and a prospectus supplement dated September&#160;2, 2022, filed by the Company with the
Commission. This Current Report on Form&#160;8-K does not constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of Shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing description
of the material terms of the ATM Equity Distribution Agreements and the master forward sale confirmations does not purport to be complete
and is qualified in its entirety by reference to Exhibits 1.1, 1.2 and 1.3 filed herewith, which are incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 96px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item 9.01.</b></span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial Statements and Exhibits.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 96px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(d)</b></span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibits.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 96px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Exhibit&#160;Number</span></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Description</span></span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><a href="tm2224755d2_ex1-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</span></a></td>
    <td style="text-align: justify"><a href="tm2224755d2_ex1-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&#160;of Non-Forward ATM Equity Distribution Agreement</span></a></td></tr>
  <tr style="vertical-align: top">
    <td><a href="tm2224755d2_ex1-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</span></a></td>
    <td style="text-align: justify"><a href="tm2224755d2_ex1-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&#160;of Forward ATM Equity Distribution Agreement</span></a></td></tr>
  <tr style="vertical-align: top">
    <td><a href="tm2224755d2_ex1-3.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3</span></a></td>
    <td style="text-align: justify"><a href="tm2224755d2_ex1-3.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&#160;of Master Forward Sale Confirmation</span></a></td></tr>
  <tr style="vertical-align: top">
    <td><a href="tm2224755d2_ex5-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</span></a></td>
    <td style="text-align: justify"><a href="tm2224755d2_ex5-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Ballard Spahr LLP regarding the validity of the Shares to be issued</span></a></td></tr>
  <tr style="vertical-align: top">
    <td><a href="tm2224755d2_ex5-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</span></a></td>
    <td style="text-align: justify"><a href="tm2224755d2_ex5-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Ballard Spahr LLP (included in Exhibit&#160;5.1)</span></a></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page&#160;Interactive Data File</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AGREE REALTY CORPORATION</span></td></tr>
  <tr style="vertical-align: top">
    <td style="width: 50%">&#160;</td>
    <td style="width: 3%">&#160;</td>
    <td style="width: 47%">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: September&#160;2, 2022</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: Black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Peter Coughenour </span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peter Coughenour</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>Chief Financial Officer and Secretary</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>





<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


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<DOCUMENT>
<TYPE>EX-1.1
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<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 1.1</B></P>

<P STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AGREE REALTY CORPORATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Shares of Common Stock</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Par Value $0.0001 Per Share)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EQUITY DISTRIBUTION AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: September&nbsp;2, 2022</P>

<P STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>TABLE
OF CONTENTS</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Page</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF SECURITIES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLACEMENTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SALE OF SECURITIES</FONT></TD>
    <TD STYLE="text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUSPENSION OF SALES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REPRESENTATIONS AND WARRANTIES</FONT></TD>
    <TD STYLE="text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SALE AND DELIVERY; SETTLEMENT</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COVENANTS OF THE COMPANY AND THE OPERATING PARTNERSHIP</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PAYMENT OF EXPENSES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONDITIONS OF THE OBLIGATIONS OF THE MANAGER</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDEMNIFICATION</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTRIBUTION</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;12</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REPRESENTATIONS, WARRANTIES AND AGREEMENTS TO SURVIVE DELIVERY</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TERMINATION OF AGREEMENT</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;14</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTICES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;15</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PARTIES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;16</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADJUSTMENTS FOR SHARE SPLITS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;17</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GOVERNING LAW AND TIME</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;18</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EFFECT OF HEADINGS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;19</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RESEARCH ANALYST INDEPENDENCE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;20</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PERMITTED FREE WRITING PROSPECTUSES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;21</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABSENCE OF FIDUCIARY RELATIONSHIP</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;22</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSENT TO JURISDICTION</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;23</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PARTIAL UNENFORCEABILITY</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;24</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WAIVER OF JURY TRIAL</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;25</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COUNTERPARTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;26</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMENDMENTS AND WAIVERS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;27</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RECOGNITION OF THE U.S. SPECIAL RESOLUTION REGIMES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  </TABLE>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;A</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Placement Notice</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;B</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Individuals for Placement Notices and Acceptances</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;C</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;D</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Officers&rsquo; Certificate</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;E</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Corporate Opinion of Honigman LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;F</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Tax Opinion of Honigman LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;G</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Opinion of Ballard Spahr LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;H</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Permitted Free Writing Prospectus</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule I</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">List of Subsidiaries and Joint Ventures</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule II</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Material Agreements</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Agree Realty Corporation<BR>
(a Maryland corporation)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Shares of Common Stock</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Par Value $.0001 Per Share)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><U>EQUITY
DISTRIBUTION AGREEMENT</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">September&nbsp;2, 2022</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Agree Realty Corporation,
a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), and Agree Limited Partnership, a Delaware limited partnership (the &ldquo;<U>Operating
Partnership</U>&rdquo;), of which the Company is the sole general partner, each confirms its agreement (this &ldquo;<U>Agreement</U>&rdquo;)
with [ ] (the &ldquo;<U>Manager</U>&rdquo;), as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>DESCRIPTION
OF SECURITIES</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the Company and the
Operating Partnership agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions set
forth herein, the Company may issue and sell through the Manager, acting as agent and/or principal shares (the &ldquo;<U>Securities</U>&rdquo;)
of the Company&rsquo;s common stock, par value $0.0001 per share (the &ldquo;<U>Common Stock</U>&rdquo;), having an aggregate offering
price of up to $750,000,000 (the &ldquo;<U>Maximum Amount</U>&rdquo;). Notwithstanding anything to the contrary contained herein, the
parties hereto agree that compliance with the limitations set forth in this Section&nbsp;1 regarding the aggregate offering price of the
Securities issued and sold under this Agreement shall be the sole responsibility of the Company, and the Manager shall have no obligation
in connection with such compliance. The issuance and sale of the Securities through the Manager will be effected pursuant to the Registration
Statement (as defined below) that was filed by the Company under the Securities Act of 1933, as amended (collectively with the rules&nbsp;and
regulations of the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) thereunder, the &ldquo;<U>Securities Act</U>&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has filed, in
accordance with the provisions of the Securities Act, with the Commission a shelf registration statement on Form&nbsp;S-3 (File No.&nbsp;333-238729)
on May&nbsp;27, 2020, including a base prospectus, relating to certain securities, including the Securities to be issued from time to
time by the Company, which shelf registration statement, including any amendments thereto, was declared effective by the Commission under
the Securities Act and which incorporates by reference documents that the Company has filed or will file in accordance with the provisions
of the Securities Exchange Act of 1934, as amended, and the rules&nbsp;and regulations of the Commission thereunder (collectively, the
 &ldquo;<U>Exchange Act</U>&rdquo;). The Company has prepared a prospectus supplement specifically relating to the Securities (the &ldquo;<U>Prospectus
Supplement</U>&rdquo;) to the base prospectus included as part of such registration statement. The Company will furnish to the Manager,
for use by the Manager copies, of the base prospectus included as part of such registration statement, as supplemented by the Prospectus
Supplement, relating to the Securities. Except where the context otherwise requires, such registration statement, on each date and time
that such registration statement and any post-effective amendment thereto became or becomes effective, including all documents filed as
part thereof or incorporated by reference therein, and including any information contained in a Prospectus (as defined below) subsequently
filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;of the Securities Act or deemed to be a part of such registration statement
pursuant to Rule&nbsp;430B of the Securities Act (the &ldquo;<U>Rule&nbsp;430B Information</U>&rdquo;), is herein called the &ldquo;<U>Registration
Statement</U>.&rdquo; The base prospectus included in the Registration Statement, including all documents incorporated therein by reference,
as it may be supplemented by the Prospectus Supplement, in the form in which such prospectus and/or Prospectus Supplement have most recently
been filed by the Company with the Commission pursuant to Rule&nbsp;424(b)&nbsp;of the Securities Act, is herein called the &ldquo;<U>Prospectus</U>.&rdquo;
The Company may file one or more additional registration statements (which shall be the Registration Statement) from time to time that
will contain a base prospectus and related prospectus or prospectus supplement, if applicable (which shall be the Prospectus Supplement),
with respect to the Securities. Any reference herein to the Registration Statement, the Prospectus or any amendment or supplement thereto
shall be deemed to refer to and include the documents incorporated by reference therein, and any reference herein to the terms &ldquo;amend,&rdquo;
 &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; with respect to the Registration Statement or the Prospectus shall be deemed to refer
to and include the filing after the execution hereof of any document with the Commission deemed to be incorporated by reference therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this Agreement,
all references to the Registration Statement, the Prospectus or to any amendment or supplement thereto shall be deemed to include any
copy filed with the Commission pursuant to the Commission&rsquo;s Electronic Data Gathering, Analysis and Retrieval system (&ldquo;<U>EDGAR</U>&rdquo;);
all references in this Agreement to any Issuer Free Writing Prospectus (other than any Issuer Free Writing Prospectuses that, pursuant
to Rule&nbsp;433 under the Securities Act, are not required to be filed with the Commission) shall be deemed to include the copy thereof
filed with the Commission pursuant to EDGAR; and all references in this Agreement to &ldquo;supplements&rdquo; to the Prospectus shall
include, without limitation, any supplements, &ldquo;wrappers&rdquo; or similar materials prepared in connection with any offering, sale
or private placement of any Placement Securities by the Manager outside of the United States. All references in this Agreement to financial
statements and schedules and other information that is &ldquo;contained,&rdquo; &ldquo;included&rdquo; or &ldquo;stated&rdquo; in the
Registration Statement or the Prospectus (and all other references of like import) shall be deemed to mean and include all such financial
statements and schedules and other information that is incorporated by reference in the Registration Statement or the Prospectus, as the
case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used in this Agreement,
the following terms have the respective meanings set forth below:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Manager</U>&rdquo;
has the meaning set forth in the introductory paragraph of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Applicable Time</U>&rdquo;
means the time of each sale of any Securities pursuant to this Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Commitment Period</U>&rdquo;
means the period commencing on the date of this Agreement and expiring on the date this Agreement is terminated pursuant to Section&nbsp;13.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Investment Company
Act</U>&rdquo; means the Investment Company Act of 1940, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<U>Issuance</U>&rdquo;
means each occasion the Company elects to exercise its right to deliver a Placement Notice that specifies that it relates to an &ldquo;Issuance&rdquo;
and requires the </FONT>Manager to use commercially reasonable efforts to sell the Securities as specified in such Placement Notice, subject
to the terms and conditions of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Issuer Free Writing
Prospectus</U>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule&nbsp;433 under the Securities Act, relating
to the Securities that (i)&nbsp;is required to be filed with the Commission by the Company, (ii)&nbsp;is a &ldquo;road show&rdquo; that
is a &ldquo;written communication&rdquo; within the meaning of Rule&nbsp;433(d)(8)(i)&nbsp;whether or not required to be filed with the
Commission, or (iii)&nbsp;is exempt from filing pursuant to Rule&nbsp;433(d)(5)(i)&nbsp;because it contains a description of the Securities
or of the offering that does not reflect the final terms, and all free writing prospectuses that are listed in <U>Exhibit&nbsp;H</U> hereto,
in each case in the form furnished (electronically or otherwise) to the Manager for use in connection with the offering of the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>NYSE</U>&rdquo;
means the New York Stock Exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Rule&nbsp;158</U>,&rdquo;
 &ldquo;<U>Rule&nbsp;172</U>,&rdquo; &ldquo;<U>Rule&nbsp;405</U>,&rdquo; &ldquo;<U>Rule&nbsp;415</U>,&rdquo; &ldquo;<U>Rule&nbsp;424(b)</U>,&rdquo;
 &ldquo;<U>Rule&nbsp;430B</U>,&rdquo; and &ldquo;<U>Rule&nbsp;433</U>&rdquo; refer to such rules&nbsp;under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Sales Price</U>&rdquo;
means, for each Issuance hereunder, the actual sale execution price of each Security sold by the Manager on the NYSE hereunder in the
case of ordinary brokers&rsquo; transactions, or as otherwise agreed by the parties in other methods of sale. Where the context requires,
the term &ldquo;Sales Price&rdquo; as used herein shall include the definition of the same under the Alternative Distribution Agreements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Sarbanes-Oxley Act</U>&rdquo;
means the Sarbanes-Oxley Act of 2002 and the rules&nbsp;and regulations promulgated thereunder or implementing the provisions thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Selling Period</U>&rdquo;
means the period of one to 20 consecutive Trading Days (as determined by the Company in the Company&rsquo;s sole discretion and specified
in the applicable Placement Notice (as amended by the corresponding Acceptance, if applicable)) beginning on the date specified in the
applicable Placement Notice (as amended by the corresponding Acceptance, if applicable) or, if such date is not a Trading Day, the next
Trading Day following such date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Securities</U>&rdquo;
means all shares of Common Stock issued or issuable pursuant to an Issuance that has occurred or may occur in accordance with the terms
and conditions of this Agreement. Where the context requires, the term &ldquo;Securities&rdquo; as used herein, shall include the definition
of the same under the Alternative Distribution Agreements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trading Day</U>&rdquo;
means any day which is a trading day on the NYSE.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company will contribute
the Net Proceeds (as defined in Section&nbsp;6(b)) from the sale of the Securities from time to time pursuant to this Agreement to the
Operating Partnership, and in exchange therefor, at each Settlement Date (as defined in Section&nbsp;6(b)), the Operating Partnership
will issue to the Company units of limited partnership interest in the Operating Partnership (&ldquo;<U>OP Units</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Manager has been appointed
by the Company as its agent to sell the Securities and agrees to use commercially reasonable efforts to sell the Securities offered by
the Company upon the terms and subject to the conditions contained herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company and the Operating Partnership have also entered into separate equity distribution agreements (collectively, the &ldquo;<U>Alternative
Distribution Agreements</U>&rdquo;), dated as of even date herewith, with [__________] (and, as applicable, their respective affiliates)
(each, in its capacity as agent and/or principal and, as applicable, forward seller and forward purchaser thereunder, an &ldquo;<U>Alternative
Manager</U>&rdquo;), for the issuance (in the case of the Securities) or borrowing (in the case of the Forward Hedge Securities (as defined
therein)) and sale from time to time through the applicable Alternative Managers on the terms set forth in the applicable Alternative
Distribution Agreements. The aggregate offering price of the Securities that may be sold pursuant to this Agreement and the </FONT>Alternative
Distribution Agreements shall not exceed the Maximum Amount.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>PLACEMENTS</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Upon
the terms and subject to the conditions of this Agreement, on any Trading Day as provided in Section&nbsp;2(c)&nbsp;hereof during the
Commitment Period on which the conditions set forth in Section&nbsp;9 hereof have been satisfied, the Company wishes to issue and sell
the Securities hereunder (each, a &ldquo;<U>Placement</U>&rdquo;), by delivery of an email notice (or other method mutually agreed to
in writing by the parties) to the Manager containing the parameters in accordance with which it desires the Securities to be sold, which
shall at a minimum include the number of Securities to be issued (the &ldquo;<U>Placement Securities</U>&rdquo;), the time period during
which sales are requested to be made, any limitation on the number of Securities that may be sold in any one day and any minimum price
below which sales may not be made (a &ldquo;<U>Placement Notice</U>&rdquo;), a form of which containing such minimum sales parameters
necessary is attached hereto as <U>Exhibit&nbsp;A</U>. The Placement Notice shall originate from any of the individuals from the Company
set forth on <U>Exhibit&nbsp;B</U> (with a copy to each of the other individuals from the Company listed on such schedule), and shall
be addressed to each of the individuals from the Manager set forth on <U>Exhibit&nbsp;B</U>, as such <U>Exhibit&nbsp;B</U> may be amended
from time to time.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
the Manager wishes to accept such proposed terms included in the Placement Notice (which it may decline to do for any reason in its sole
discretion) or, following discussion with the Company, wishes to accept amended terms, the Manager will, prior to 4:30&nbsp;p.m.&nbsp;(New
York City Time) on the business day following the business day on which such Placement Notice is delivered to the Manager, issue to the
Company a notice by email (or other method mutually agreed to in writing by the parties) addressed to all of the individuals from the
Company and the Manager set forth on <U>Exhibit&nbsp;B</U>) setting forth the terms that the Manager is willing to accept. Where the terms
provided in the Placement Notice are amended as provided for in the immediately preceding sentence, such terms will not be binding on
the Company or the Manager until the Company delivers to the Manager an acceptance by email (or other method mutually agreed to in writing
by the parties) of all of the terms of such Placement Notice, as amended (the &ldquo;<U>Acceptance</U>&rdquo;), which email shall be addressed
to all of the individuals from the Company and the Manager set forth on <U>Exhibit&nbsp;B</U>. The Placement Notice (as amended by the
corresponding Acceptance, if applicable) shall be effective upon receipt by the Company of the Manager&rsquo;s acceptance of the terms
of the Placement Notice or upon receipt by the Manager of the Company&rsquo;s Acceptance, as the case may be, unless and until (i)&nbsp;the
entire amount of the Placement Securities has been sold, (ii)&nbsp;in accordance with the notice requirements set forth in the second
sentence of the prior paragraph, the Company terminates the Placement Notice, (iii)&nbsp;the Company issues a subsequent Placement Notice
with parameters superseding those on the earlier dated Placement Notice, (iv)&nbsp;this Agreement has been terminated under the provisions
of Section&nbsp;13 or (v)&nbsp;either party shall have suspended the sale of the Placement Securities in accordance with Section&nbsp;4
below. The termination of the effectiveness of a Placement Notice as set forth in the prior sentence shall not affect or impair any party&rsquo;s
obligations with respect to any Securities sold hereunder prior to such termination or any Securities sold under any Alternative Distribution
Agreement. It is expressly acknowledged and agreed that neither the Company nor the Manager will have any obligation whatsoever with respect
to a Placement or any Placement Securities unless and until the Company delivers a Placement Notice to the Manager and either (i)&nbsp;the
Manager accepts the terms of such Placement Notice or (ii)&nbsp;where the terms of such Placement Notice are amended, the Company accepts
such amended terms by means of an Acceptance pursuant to the terms set forth above, and then only upon the terms specified in the Placement
Notice (as amended by the corresponding Acceptance, if applicable) and herein. In the event of a conflict between the terms of this Agreement
and the terms of a Placement Notice (as amended by the corresponding Acceptance, if applicable), the terms of the Placement Notice (as
amended by the corresponding Acceptance, if applicable) will control.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">No
Placement Notice may be delivered hereunder other than on a Trading Day during the Commitment Period, no Placement Notice may be delivered
hereunder if the Selling Period specified therein may overlap in whole or in part with any Selling Period specified in a Placement Notice
(as amended by the corresponding Acceptance, if applicable) delivered hereunder or under any Alternative Distribution Agreement unless
the Securities to be sold under all such previously delivered Placement Notices have all been sold.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
any other provision of this Agreement, any notice required to be delivered by the Company or by the Manager pursuant to this Section&nbsp;2
may be delivered by telephone (confirmed promptly by facsimile or email addressed to all of the individuals from the Company and the Manager
set forth on <U>Exhibit&nbsp;B</U>, which confirmation will be promptly acknowledged by the receiving party) or other method mutually
agreed to in writing by the parties. For the avoidance of doubt, notices delivered by telephone shall originate from any of the individuals
from the Company or the Manager set forth on <U>Exhibit&nbsp;B</U>.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>SALE
OF SECURITIES</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Subject
to the provisions of Sections 2(b)&nbsp;and 6(a), upon the delivery of a Placement Notice (as amended by the corresponding Acceptance,
if applicable), the Manager will use its commercially reasonable efforts consistent with its normal trading and sales practices to sell
the Securities at market prevailing prices up to the amount specified, and otherwise in accordance with the terms of such Placement Notice
(as amended by the corresponding Acceptance, if applicable). The Manager will provide written confirmation to the Company no later than
the opening of the Trading Day (as defined below) immediately following the Trading Day on which it has made sales of Securities hereunder
setting forth the number of Securities sold on such day, the compensation payable by the Company to the Manager pursuant to this Section&nbsp;3(a)&nbsp;with
respect to such sales, and the Net Proceeds payable to the Company, with an itemization of deductions made by the Manager (as set forth
in Section&nbsp;6(b)) from the gross proceeds that it receives from such sales. The amount of any commission, discount or other compensation
to be paid by the Company to the Manager, when the Manager is acting as agent, in connection with the sale of the Securities shall be
determined in accordance with the terms set forth in <U>Exhibit&nbsp;C</U>. The amount of any commission, discount or other compensation
to be paid by the Company to the Manager, when the Manager is acting as principal, in connection with the sale of the Securities shall
be as separately agreed among the parties hereto at the time of any such sales.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Securities may be offered and sold by any method permitted by law deemed to be an &ldquo;at the market&rdquo; offering as defined in Rule&nbsp;415
under the Securities Act, including without limitation sales made directly on the NYSE, on any other existing trading market for the Common
Stock or to or through a market maker, or subject to the terms of the Placement Notice (as amended by the corresponding Acceptance, if
applicable), by any other method permitted by law, including but not limited to, privately negotiated transactions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>SUSPENSION
OF SALES</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company or the Manager may, upon notice to the other party in writing (including by email correspondence to each of the individuals of
the other party set forth on <U>Exhibit&nbsp;B</U>, if receipt of such correspondence is actually acknowledged by any of the individuals
to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable facsimile transmission or
email correspondence to each of the individuals of the other party set forth on <U>Exhibit&nbsp;B</U>), suspend any sale of Securities,
and the applicable Selling Period shall immediately terminate; <U>provided</U>, <U>however</U>, that such suspension and termination shall
not affect or impair either party&rsquo;s obligations with respect to any Securities sold hereunder prior to the receipt of such notice
or any Securities sold under any Alternative Distribution Agreement. The Company agrees that no such notice under this Section&nbsp;4
shall be effective against the Manager unless it is made to one of the individuals named on <U>Exhibit&nbsp;B</U> hereto, as such Exhibit&nbsp;may
be amended from time to time. The Manager agrees that no such notice shall be effective against the Company unless it is made to one of
the individuals named </FONT>on <U>Exhibit&nbsp;B</U> hereto, as such Exhibit&nbsp;may be amended from time to time; provided that the
failure by Manager to deliver such notice shall in no way effect such party&rsquo;s right to suspend the sale of Securities hereunder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>REPRESENTATIONS
AND WARRANTIES</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Representations
and Warranties of the Company and the Operating Partnership</I>. The Company and the Operating Partnership, jointly and severally, represent,
warrant and covenant to the Manager as of the date hereof and as of each Representation Date (as defined below) on which a certificate
is required to be delivered pursuant to Section&nbsp;7(o)&nbsp;of this Agreement, as of each Applicable Time and as of each Settlement
Date, and agrees with the Manager, as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Registration
Statement and Prospectuses</U>. The Registration Statement is an &ldquo;automatic shelf registration statement&rdquo; (as defined in Rule&nbsp;405
of the Securities Act) and the Securities have been and remain eligible for registration by the Company on such automatic shelf registration
statement. The Company and the transactions contemplated by this Agreement meet the requirements for using Form&nbsp;S-3 under the Securities
Act pursuant to the standards for such form as currently in effect and as in effect immediately prior to October&nbsp;21, 1992 and the
Securities have been and remain eligible for registration by the Company on such shelf registration statement. The Registration Statement
was automatically deemed effective upon filing with the Commission on May&nbsp;27, 2020. No stop order suspending the effectiveness of
the Registration Statement is in effect, and no proceedings or examination under Section&nbsp;8(d)&nbsp;or 8(e)&nbsp;of the Securities
Act are pending before or, to the Company&rsquo;s knowledge, threatened by the Commission. The Company is not the subject of a pending
proceeding under Section&nbsp;8A of the Securities Act in connection with the offering of the Securities. The Registration Statement meets
the requirements set forth in Rule&nbsp;415(a)(1)(x)&nbsp;and complies in all other material respects with such Rule. The Company has
not received from the Commission any notice objecting to the use of the shelf registration statement form.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Each of the Registration
Statement and any post-effective amendment thereto, at the time of its effectiveness, at each deemed effective date with respect to the
Manager pursuant to Rule&nbsp;430B(f)(2)&nbsp;under the Securities Act and as of each Settlement Date, complied and will comply in all
material respects at the time it became effective and at each Applicable Time with the requirements of the Securities Act. Each preliminary
prospectus (including the prospectus filed as part of the Registration Statement as originally filed or as part of any amendment or supplement
thereto), any supplement or any prospectus wrapper prepared in connection therewith, and the Prospectus complied in all material respects
at the time it was filed and at each Applicable Time with the Securities Act. Each preliminary prospectus and the Prospectus delivered
to the Manager for use in connection with the offering of any Securities was identical to the electronically transmitted copies thereof
filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Well-Known
Seasoned Issuer</U>. (i)&nbsp;At the time of filing of 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)&nbsp;of the Act or otherwise (whether such amendment was by post-effective
amendment, incorporated report filed pursuant to Section&nbsp;13 or 15(d)&nbsp;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)&nbsp;of the Securities
Act) made any offer relating to the Securities in reliance on the exemption of Rule&nbsp;163 of the Act and (iv)&nbsp;at the date hereof,
the Company is a &ldquo;well-known seasoned issuer&rdquo; as defined in Rule&nbsp;405 of the Securities Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Incorporated
Documents</U>. The documents incorporated or deemed to be incorporated by reference in the Registration Statement, the Prospectus and
any Issuer Free Writing Prospectus (the &ldquo;<U>Incorporated Documents</U>&rdquo;), when they became effective or at the time they were
or hereafter are filed with the Commission, as the case may be, complied, comply and will comply in all material respects with the requirements
of the Exchange Act and, when read together with the other information in the Registration Statement, the Prospectus or such Issuer Free
Writing Prospectus when considered together with the Prospectus, as the case may be, (a)&nbsp;at the time the Registration Statement became
effective, (b)&nbsp;with respect to any offering of Securities,&nbsp;at the earlier of the time the Prospectus was first used and the
date and time of the first contract of sale of such Securities, and (c)&nbsp;at each relevant Settlement Date, did not and will not include
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Accurate
Disclosure</U>. Neither the Registration Statement nor any amendment thereto, at the times they became effective, at each deemed effective
date with respect to the Manager pursuant to Rule&nbsp;430B(f)(2)&nbsp;under the Securities Act, at each Applicable Time and at each Settlement
Date, contained, contains or will contain an untrue statement of a material fact or omitted, omits or will omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading. Neither the Prospectus (nor any one or more
Issuer Free Writing Prospectuses when considered together with the Prospectus) nor any amendment or supplement thereto (including any
prospectus wrapper), as of its issue date, at the time of filing with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under the Securities
Act, at each Applicable Time or at any Settlement Date, included, includes or will include an untrue statement of a material fact or omitted,
omits or will 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.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The representations
and warranties in this subsection shall not apply to statements in or omissions from the Registration Statement (or any amendment thereto),
any Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto (including any prospectus wrapper)), made
in reliance upon and in conformity with written information furnished to the Company by the Manager expressly for use therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Issuer
Free Writing Prospectuses</U>. No Issuer Free Writing Prospectus conflicts or will conflict with the information contained in the Registration
Statement or the Prospectus including any document incorporated or deemed incorporated by reference therein, and any preliminary or other
prospectus deemed to be a part thereof that has not been superseded or modified.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Authorization
and Description of Securities</U>. The Securities to be sold through the Manager, as principal or agent, have been duly and validly authorized
and conform in all material respects to the description thereof contained in the Registration Statement and the Prospectus and, when issued
and delivered pursuant to this Agreement, will be fully paid and non-assessable free and clear of any pledge, lien, encumbrance, security
interest or other claim, and the issuance and sale of the Securities by the Company is not subject to preemptive or other similar rights
arising by operation of law, under the articles of incorporation, by-laws or other organizational documents of the Company 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 Securities by the Company. The form of certificate for the Securities will be in valid and sufficient form
in compliance with Maryland law and the NYSE requirements.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Capitalization.</U>
The authorized, issued and outstanding capital stock of the Company is as set forth in the financial statements appearing in the most
recently filed Quarterly Report on Form&nbsp;10-Q or, if more recent, the most recently filed Annual Report on Form&nbsp;10-K (in each
case as amended, if applicable) filed by the Company with the Commission (other than for subsequent issuances, if any, pursuant to this
Agreement, the Master Forward Confirmation and any related Supplemental Confirmation, any other underwritten public offerings and other
than for subsequent issuances or share repurchases or cancellations, if any, pursuant to any employee benefit plans or dividend reinvestment
plans described in the Registration Statement and the Prospectus or upon exercise of outstanding options or other equity awards pursuant
to any stock option, stock bonus or other stock or compensatory plan or arrangement described in the Registration Statement and the Prospectus,
as the case may be, or upon the redemption of OP Units); all of the outstanding shares of Common Stock of the Company 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 Prospectus (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 Prospectus (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 Securities Act
(other than those that have been waived).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Good
Standing of the Company</U>. Each of the Company and the Operating Partnership is a corporation and limited partnership, respectively,
duly organized, validly existing and in good standing under the laws of the state of its formation, with full corporate or partnership
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 Prospectus, 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 to so register or qualify would not reasonably be expected to 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 (a &ldquo;<U>Material Adverse Effect</U>&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Good
Standing of the Subsidiaries</U>. Each of the direct and indirect subsidiaries of the Company (other than the Operating Partnership) is
a corporation, limited liability company, limited partnership or trust, as applicable, duly organized, validly existing and in good standing
under the laws of the state of its formation, as set forth on <U>Schedule&nbsp;I</U> hereto, except where the failure to be in good standing
would not result in a Material Adverse Effect, 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
Prospectus, 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
to so register or qualify or be in good standing would not reasonably be expected to have a Material Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Subsidiaries</U>.
Other than as set forth on <U>Schedule&nbsp;I</U> hereto, the Company has no subsidiary or subsidiaries and does not control, directly
or indirectly, any corporation, partnership, joint venture, association or other business association. The issued shares of capital stock
of each of the Company&rsquo;s subsidiaries (including the Operating Partnership) have been duly authorized and validly issued, are fully
paid and non-assessable and are owned legally and beneficially by the Company free and clear of any security interests, liens, encumbrances,
equities or claims, except as disclosed in the Registration Statement and the Prospectus.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Significant
Subsidiaries</U>. The &ldquo;significant subsidiaries&rdquo; of the Company as defined in Section&nbsp;1-02(w)&nbsp;of Regulation S-X
under the Securities Act are set forth in <U>Schedule&nbsp;I</U> hereto.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Absence
of Proceedings</U>. There are no legal or governmental actions, suits, inquiries, investigations or proceedings pending or, to the knowledge
of the Company, threatened, against the Company, the Operating Partnership or any of their subsidiaries, or to which the Company, the
Operating Partnership or any properties of the Company, the Operating Partnership or any of their subsidiaries is subject, that (A)&nbsp;are
required to be described in the Registration Statement or the Prospectus but are not described as required; (B)&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 (C)&nbsp;could reasonably be expected to have a Material Adverse Effect, except as set forth in or contemplated in the Registration
Statement and the Prospectus (exclusive of any supplement thereto). There are no statutes, regulations, off-balance 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 Prospectus or to be filed or incorporated by reference as an exhibit to the Registration Statement
or any Incorporated Document that are not described, filed or incorporated as required by the Securities Act or the Exchange Act. The
statements in the Registration Statement and the Prospectus under the heading &ldquo;Material Federal Income Tax Considerations&rdquo;
fairly summarize the matters therein described.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Absence
of Violation, Defaults and Conflicts</U>. None of the Company, the Operating Partnership or any of their subsidiaries is: (A)&nbsp;in
violation of (i)&nbsp;its respective articles of incorporation, partnership agreement, operating agreement or by-laws (or analogous governing
instruments), (ii)&nbsp;any law, ordinance, administrative or governmental rule&nbsp;or regulation applicable to the Company, the Operating
Partnership or any of their subsidiaries, except in the case of clause (ii), which violation would not reasonably be expected to have
a Material Adverse Effect, or (iii)&nbsp;any decree of any court or governmental agency or body having jurisdiction over the Company or
its subsidiaries; or (B)&nbsp;except as disclosed in the Registration Statement and the Prospectus (or any amendment or supplement thereto),
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 (as defined below), indenture, lease or
other instrument to which the Company, the Operating Partnership or any of their subsidiaries is a party or by which the Company, the
Operating Partnership or any of their subsidiaries or any of their respective properties may be bound, and, to the Company&rsquo;s knowledge,
no such default is expected. All agreements, contracts or other arrangements that are material to the Company and the Operating Partnership
are set forth on <U>Schedule&nbsp;II</U> of this Agreement (the &ldquo;<U>Material Agreements</U>&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Properties</U>.
(A)&nbsp;The Company owns either directly or indirectly through its subsidiaries and has good and marketable title in fee simple to all
of the real properties (the &ldquo;<U>Properties</U>&rdquo;) described in the Registration Statement and the Prospectus as owned by them.
To the Company&rsquo;s knowledge, none of the Company, the Operating Partnership or any of their subsidiaries is in violation of any municipal,
state or federal law, rule&nbsp;or regulation concerning any of their Properties, which violation would reasonably be expected to have
a Material Adverse Effect; (B)&nbsp;to the Company&rsquo;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; (C)&nbsp;none of the Company,
the Operating Partnership or any of their subsidiaries has received from any governmental authority 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, in each case, if consummated would reasonably be expected to have a Material Adverse Effect; (D)&nbsp;the leases
under which the Company or any of its subsidiaries leases the Properties as lessor (the &ldquo;<U>Leases</U>&rdquo;) are in full force
and effect and have been entered into in the ordinary course of business of such entity, except as would not reasonably be expected to
have a Material Adverse Effect; (E)&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 reasonably be expected to have a Material Adverse Effect; and (F)&nbsp;all liens, charges, encumbrances,
claims or restrictions on or affecting the assets (including the Properties) of the Company and its subsidiaries that are required to
be disclosed in the Registration Statement and the Prospectus are disclosed therein.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Absence
of Conflicts</U>. Neither the issuance and sale of the Securities, the execution, delivery or performance of this Agreement by the Company
or the Operating Partnership, nor the consummation by the Company or the Operating Partnership of the transactions contemplated hereby
(including the application of the proceeds from the sale of the Securities as described in the Registration Statement and the Prospectus):
(A)&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 Securities
under the Securities Act, the listing of the Securities 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 articles of incorporation,
or by-laws (or analogous governing documents) of the Company, the Operating Partnership or any of their subsidiaries; or (B)&nbsp;(i)&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, the Operating Partnership or any of their subsidiaries is a party or by which the Company or the Operating Partnership
or any properties of the Company or the Operating Partnership or any of their subsidiaries may be bound, except as would not reasonably
be expected to have a Material Adverse Effect, or (ii)&nbsp;violates or will violate any statute, law, regulation or filing or judgment,
injunction, order or decree applicable to the Company, the Operating Partnership or any of their subsidiaries or any properties of the
Company, the Operating Partnership or any of their subsidiaries, or (iii)&nbsp;will result in the creation or imposition of any lien,
charge or encumbrance upon any property or assets of the Company, the Operating Partnership or any of their subsidiaries pursuant to the
terms of any agreement or instrument to which the Company, the Operating Partnership or any of their subsidiaries is a party or by which
the Company, the Operating Partnership or any of their subsidiaries may be bound, or to which any property or assets of the Company, the
Operating Partnership or any of their subsidiaries is subject.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(16)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Independent
Accountants</U>. To the Company&rsquo;s knowledge, the accountants who certified the financial statements and schedules included or incorporated
by reference in the Registration Statement and the Prospectus (or any amendment or supplement thereto) are an independent registered public
accounting firm with respect to the Company as required by the Securities Act and the Exchange Act and the applicable published rules&nbsp;and
regulations thereunder and by the Public Company Accounting Oversight Board (&ldquo;<U>PCAOB</U>&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(17)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Financial
Statements; Non-GAAP Financial Measures</U>. The historical financial statements, together with related schedules and notes, included
or incorporated by reference in the Registration Statement and the Prospectus (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 Incorporated Documents 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 historical financial and statistical
information and data included or incorporated by reference in the Registration Statement and the Prospectus (and any amendment or supplement
thereto) are accurately presented and prepared on a basis consistent with the audited financial statements, included or incorporated in
the Registration Statement and the Prospectus, and the books and records of the Company and its subsidiaries. The financial statements
of the businesses or properties acquired or proposed to be acquired, if any, included in, or incorporated by reference into, the Registration
Statement or the Prospectus present fairly in all material respects the information set forth therein, have been prepared in conformity
with generally accepted accounting principles (&ldquo;<U>GAAP</U>&rdquo;) applied on a consistent basis and otherwise have been prepared
in accordance with the applicable financial statement requirements of Rule&nbsp;3-05 or Rule&nbsp;3-14 of Regulation S-X with respect
to real estate operations acquired or to be acquired. The pro forma financial statements and other pro forma financial information included,
or incorporated by reference in, the Registration Statement and the Prospectus 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 Prospectus.
The pro forma financial statements included in the Registration Statement and the Prospectus comply as to form in all material respects
with the applicable accounting requirements of Regulation S-X under the Securities Act. The Company has filed with the Commission all
financial statements, together with related schedules and notes, required to be filed pursuant to the Securities Act. Any disclosures
contained or incorporated in the Registration Statement or the Prospectus regarding &ldquo;non-GAAP financial measures&rdquo; (as such
term is defined by the rules&nbsp;and regulations of the Commission) comply with Regulation G under the Exchange Act and Item 10 of Regulation
S-K under the Securities Act, to the extent applicable. The interactive data in eXtensible Business Reporting Language incorporated by
reference in the Registration Statement and the Prospectus fairly presents the information called for in all material respects and has
been prepared in accordance in all material respects with the Commission&rsquo;s rules&nbsp;and guidelines applicable thereto.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(18)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Corporate
Power</U>. The Company has the corporate power to issue, sell and deliver the Securities 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, fraudulent
transfer, reorganization, moratorium or other similar laws affecting creditors&rsquo; rights generally or by general principles of equity,
and except to the extent that rights to indemnity and contribution hereunder may be limited by federal or state securities laws; the execution
and delivery of, and the performance by the Operating Partnership of its obligations under, this Agreement have been duly and validly
authorized by the Operating Partnership, and this Agreement has been duly executed and delivered by the Operating Partnership and constitutes
the valid and legally binding agreement of the Operating Partnership, enforceable against the Operating Partnership in accordance with
its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors&rsquo;
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.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(19)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Material Adverse Change in Business</U>. Except as disclosed in the Registration Statement and the Prospectus (or any amendment or supplement
thereto), subsequent to the respective dates as of which such information is given in the Registration Statement and the Prospectus (or
any amendment or supplement thereto), (A)&nbsp;none of the Company, the Operating Partnership or any of their subsidiaries has incurred
any liability or obligation (financial or other), direct or contingent, or entered into any transaction (including any off-balance sheet
activities or transactions), not in the ordinary course of business, that is material to the Company and its subsidiaries, as a whole;
(B)&nbsp;there has not been any material change in the capital stock, or partnership interests, as the case may be, or material increase
in the short-term debt or long-term debt (including any off-balance sheet activities or transactions), of either of the Company or the
Operating Partnership or the occurrence of or any development which may reasonably be expected to result in a Material Adverse Effect;
and (C)&nbsp;except for regular quarterly dividends on the Common Stock in amounts per share that are consistent with the past practice,
there has been no dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(20)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Title
to Property</U>. The Company, the Operating Partnership and each of their subsidiaries has good and marketable title to all property (real
and personal) described in the Registration Statement and the Prospectus 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 Prospectus, except such as are described in the Registration Statement and the Prospectus, or in any document filed as an exhibit
to the Registration Statement, and each property described in the Registration Statement and the Prospectus as being held under lease
by the Company or any of its subsidiaries is held by it under a valid, subsisting and enforceable lease.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(21)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Permitted
Free Writing Prospectus</U>. Neither the Company nor any of its subsidiaries has distributed or will distribute any offering material
in connection with the offering and sale of the Securities to be sold hereunder by the Manager, as principal or agent for the Company,
other than the Prospectus and any Permitted Free Writing Prospectus (as defined in Section&nbsp;20) reviewed and consented to by the Manager.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(22)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Absence
of Manipulation</U>. None of the Company, the Operating Partnership or any of their subsidiaries, nor any of the officers, directors or
partners thereof has taken, nor will any of them take, directly or indirectly, any action resulting in a violation of Regulation M under
the Exchange Act or designed to cause or result in, or which has constituted or which reasonably might be expected to constitute, the
stabilization or manipulation of the price of the Securities or facilitation of the sale or resale of the Securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(23)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Prior
Written Communications</U>. Any offer that is a written communication relating to the Securities made prior to the initial filing of the
Registration Statement by the Company or any person acting on its behalf (within the meaning, for this paragraph only, of Rule&nbsp;163(c)&nbsp;of
the Securities Act) has been filed with the Commission in accordance with the exemption provided by Rule&nbsp;163 of the Securities Act
and otherwise complied with the requirements of Rule&nbsp;163 of the Securities Act, including without limitation the legending requirement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(24)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Possession
of Licenses and Permits</U>. The Company, the Operating Partnership and each of their subsidiaries possess all certificates, permits,
licenses, franchises and authorizations of governmental or regulatory authorities (the &ldquo;<U>permits</U>&rdquo;) as are necessary
to own their respective properties and to conduct their respective businesses in the manner described in the Registration Statement and
the Prospectus, where such failure to possess could have, individually or in the aggregate, a Material Adverse Effect, subject to such
qualifications as may be set forth in the Registration Statement and the Prospectus. The Company, the Operating Partnership and each of
their subsidiaries has fulfilled and performed all of their respective material obligations with respect to such permits, 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 Prospectus.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(25)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Disclosure
Controls and Procedures; Internal Controls</U>. The Company, the Operating Partnership and each of their subsidiaries have established
and maintain disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e)&nbsp;and 15d-15(e)) 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&rsquo;s rules&nbsp;and forms and is accumulated
and communicated to the Company&rsquo;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, the Operating Partnership
and each of their 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, the Operating
Partnership and each of their 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, the Operating Partnership and each of their subsidiaries are being made only in accordance with the authorization of management,
(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, and (iv)&nbsp;provide reasonable assurance that the interactive
data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement and the Prospectus
fairly presents the information called for in all material respects and is prepared in accordance with the Commission&rsquo;s rules&nbsp;and
guidelines applicable thereto. The Company&rsquo;s disclosure controls and procedures have been evaluated for effectiveness as of the
end of the period covered by the Company&rsquo;s most recently filed Quarterly Report on Form&nbsp;10-Q or, if more recent, the most recently
filed Annual Report on Form&nbsp;10-K (in each case as amended, if applicable), as the case may be, which precedes the date of the Prospectus
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 (i)&nbsp;any material weaknesses in the design or operation
of internal control over financial reporting, except as disclosed in the Registration Statement and the Prospectus, or (ii)&nbsp;any fraud,
whether or not material, that involves management or other employees who have a significant role in the Company&rsquo;s internal control
over financial reporting. There has been no change in the Company&rsquo;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&rsquo;s
internal control over financial reporting, except as disclosed in the Registration Statement and the Prospectus.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(26)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Cybersecurity.</U>
With such exceptions as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect: to the
Company&rsquo;s knowledge, there has been no material security breach, incident, or other compromise of the Company&rsquo;s, the Operating
Partnership&rsquo;s or any of their subsidiaries&rsquo; information computer systems, networks, and databases (including, without limitation,
the personal data and information of their respective customers, employees, suppliers and vendors and any third party data maintained,
processed or stored by the Company, the Operating Partnership and each of their subsidiaries, (collectively, &ldquo;<U>IT Systems and
Data</U>&rdquo;)); neither the Company, the Operating Partnership nor any of their subsidiaries have been notified of, or have knowledge
of any event or condition that would reasonably be expected to result in, any material security breach, incident or other compromise to
their IT Systems and Data; the Company, the Operating Partnership and each of their subsidiaries have implemented appropriate physical,
technological and administrative controls designed to maintain and protect the integrity, confidentiality and availability of their IT
Systems and Data, taking into account the nature, sensitivity and use of such IT Systems and Data, or as required by applicable regulatory
standards in all material respects; and the Company, the Operating Partnership and each of their subsidiaries are presently in material
compliance with all applicable laws or statutes, applicable judgments, orders, rules&nbsp;and regulations of any court or arbitrator or
governmental or regulatory authority having jurisdiction over the Company, the Operating Partnership or any of their subsidiaries and
internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and the protection of such IT
Systems and Data from unauthorized use, access, misappropriation or modification.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(27)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Sarbanes-Oxley
Act</U>. There is and has been no failure on the part of the Company or any of the Company&rsquo;s directors or officers, in their capacities
as such, to comply with any provision of the Sarbanes-Oxley Act and the rules&nbsp;and regulations promulgated in connection therewith,
including, without limitation, Section&nbsp;402 related to loans to insiders and Sections 302 and 906 related to certifications.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(28)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Payment
of Funds</U>. To the Company&rsquo;s knowledge, none of the Company, the Operating Partnership or any of their subsidiaries nor any employee
or agent of the Company, the Operating Partnership or any of their 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&nbsp;or regulation, which payment, receipt or retention of funds is of
a character required to be disclosed in the Registration Statement or the Prospectus.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(29)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Foreign
Corrupt Practices Act</U>. None of the Company, the Operating Partnership or any of their subsidiaries nor, to the knowledge of the Company,
any director, officer, agent, employee or affiliate of the Company, the Operating Partnership or any of their 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&nbsp;and regulations thereunder (the &ldquo;<U>FCPA</U>&rdquo;), 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 &ldquo;foreign official&rdquo; (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, the Operating Partnership, their subsidiaries
and, to the knowledge of the Company, their 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(30)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Money
Laundering Laws</U>. The operations of the Company, the Operating Partnership and their 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&nbsp;and
regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental
agency (collectively, the &ldquo;<U>Money Laundering Laws</U>&rdquo;) and no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Company, the Operating Partnership or any of their subsidiaries with respect
to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(31)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Conflict with Sanctions Laws</U>. Neither the Company, the Operating Partnership, or any of their subsidiaries, directors, officers or
employees, nor, to the knowledge of the Company, any agent, or affiliate or other person associated with or acting on behalf of the Company,
the Operating Partnership or any of their subsidiaries is currently the subject or the target of any sanctions administered or enforced
by the U.S. Government, (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury or
the U.S. Department of State and including, without limitation, the designation as a &ldquo;specially designated national&rdquo; or &ldquo;blocked
person&rdquo;), the United Nations Security Council, the European Union, Her Majesty&rsquo;s Treasury, or other relevant sanctions authority
(collectively, &ldquo;<U>Sanctions</U>&rdquo;), nor is the Company, the Operating Partnership or any of their subsidiaries located, organized
or resident in a country or territory that is the subject or the target of Sanctions, including, without limitation, Cuba,&nbsp;Iran,
North Korea, Syria, the Crimea Region of Ukraine, the so-called Donetsk People&rsquo;s Republic, the so-called Luhansk People&rsquo;s
Republic or in any other country or territory that is the subject of Sanctions (each, a &ldquo;<U>Sanctioned Country</U>&rdquo;); and
the Company will not directly or indirectly use the proceeds of the sale of the Securities hereunder, or lend, contribute or otherwise
make available such proceeds to any subsidiaries, joint venture partners or other person or entity (i)&nbsp;to fund or facilitate any
activities of or business with any person that, at the time of such funding or facilitation, is the subject or the target of Sanctions,
(ii)&nbsp;to fund or facilitate any activities of or business in any Sanctioned Country or (iii)&nbsp;in any other manner that will result
in a violation by any person (including any person participating in the transaction, whether as Manager, advisor, investor or otherwise)
of Sanctions. For the past five years, the Company, the Operating Partnership and their subsidiaries have not knowingly engaged in, are
not now knowingly engaged in, and will not knowingly engage in, any dealings or transactions with any person that at the time of the dealing
or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country.</FONT></P>

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<!-- Field: Split-Segment; Name: 1 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(32)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Absence
of Labor Dispute</U>. No labor problem or dispute with the employees of the Company and/or any of its subsidiaries or, to the Company&rsquo;s
knowledge, any of the Company&rsquo;s or its subsidiaries&rsquo; principal suppliers, contractors or customers, exists, is threatened
or imminent that could result in a Material Adverse Effect. To the Company&rsquo;s knowledge, no labor problem or dispute with the Company&rsquo;s
or its subsidiaries&rsquo; tenants exists, is threatened or imminent that could result in a Material Adverse Effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(33)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Tax
Returns</U>. Each of the Company, the Operating Partnership and their subsidiaries has timely 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 to so file timely would not reasonably be expected to have a Material Adverse Effect and except as set forth
in the Registration Statement and the Prospectus) and has paid all material taxes required to be paid by it and any material 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. The Company has made appropriate provisions in the Company&rsquo;s financial
statements that are incorporated by reference into the Registration Statement (or otherwise described in the Registration Statement and
the Prospectus) in respect of all federal, state, local and foreign income and franchise taxes for all current or prior periods as to
which the tax liability of the Company, the Operating Partnership and their subsidiaries has not been finally determined, except to the
extent of any inadequacy that would not reasonably be expected to result in a Material Adverse Effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(34)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Registration
Rights</U>. No holder of any security of the Company or the Operating Partnership has any right to require registration of the Securities
or any other security of the Company or the Operating Partnership because of the filing of the Registration Statement or consummation
of the transactions contemplated by this Agreement, which right has not been waived. The holders of outstanding shares of capital stock
of the Company and the Operating Partnership are not entitled to preemptive or other rights to subscribe for the Securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(35)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Possession
of Intellectual Property</U>. The Company, the Operating Partnership and their 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 Prospectus 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, the Operating Partnership
and their subsidiaries with respect to the foregoing that would reasonably be expected to have a Material Adverse Effect.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(36)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Investment
Company Act</U>. Neither the Company nor any subsidiary is now, and after sale of the Securities to be sold by the Company hereunder and
the application of the net proceeds from such sale as described in the Registration Statement and the Prospectus under the caption &ldquo;Use
of Proceeds,&rdquo; will be, an &ldquo;investment company&rdquo; within the meaning of the Investment Company Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(37)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Environmental
Laws</U>. To the Company&rsquo;s knowledge, the Company, the Operating Partnership, their subsidiaries, the Properties and the operations
conducted thereon comply and heretofore have complied with all applicable Environmental Laws, and no expenditures are required to maintain
or achieve such compliance, except as disclosed in environmental site assessment reports obtained by the Company on or before the date
hereof in connection with the purchase of any of the Properties or in a written summary maintained by the Company of the status of ongoing
environmental projects at the Properties, each of which have been directly provided to the Manager or its counsel (collectively, the &ldquo;<U>Environmental
Reports</U>&rdquo;) and except for those circumstances that have not had or would not reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect, or as disclosed in the Registration Statement and the Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">None of the Company,
the Operating Partnership or any of their subsidiaries has at any time and, to the Company&rsquo;s knowledge, no other party has at any
time, handled, buried, stored, retained, refined, transported, processed, manufactured, generated, produced, spilled, allowed to seep,
leak, escape or leach, or be pumped, poured, emitted, emptied, discharged, injected, dumped, transferred or otherwise disposed of or dealt
with, Hazardous Materials (as defined below) on, to, under or from the Properties, except as disclosed in Environmental Reports, the Registration
Statement and the Prospectus and except for those circumstances that have not had or would not reasonably be expected to have a Material
Adverse Effect. None of the Company, the Operating Partnership or any of their subsidiaries intends to use the Properties or any subsequently
acquired properties for the purpose of handling, burying, storing, retaining, refining, transporting, processing, manufacturing, generating,
producing, spilling, seeping, leaking, escaping, leaching, pumping, pouring, emitting, emptying, discharging, injecting, dumping, transferring
or otherwise disposing of or dealing with Hazardous Materials; <I>provided</I>, <I>however</I>, the tenants of the Company and the Operating
Partnership may use Properties for their intended purpose, which may involve the handling, storing and transporting of Hazardous Materials.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">To the Company&rsquo;s
knowledge, no seepage, leak, escape, leach, discharge, injection, release, emission, spill, pumping, pouring, emptying or dumping of Hazardous
Materials into any surface water, groundwater, soil, air or other media on or adjacent to the Properties has occurred, is occurring or
is reasonably expected to occur, except as is disclosed in the Environmental Reports or the Registration Statement and the Prospectus,
and except for those circumstances that would not reasonably be expected to have a Material Adverse Effect.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">None of the Company,
the Operating Partnership or any of their subsidiaries has received written notice from any Governmental Authority or other person of,
or has knowledge of, any occurrence or circumstance which, with notice, passage of time, or failure to act, would give rise to any claim
against the Company, the Operating Partnership or any of their subsidiaries under or pursuant to any Environmental Law or under common
law pertaining to Hazardous Materials on or originating from the existing Properties or any act or omission of any party with respect
to the existing Properties, except as disclosed in the Environmental Reports, or the Registration Statement and the Prospectus and except
for those circumstances that would not reasonably be expected to have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">To the Company&rsquo;s
knowledge, none of the Properties is included or proposed for inclusion on any federal, state, or local lists of sites which require or
might require environmental cleanup, including, but not limited to, the National Priorities List or CERCLIS List issued pursuant to CERCLA
(as defined below) by the United States Environmental Protection Agency or any analogous state list, except as is disclosed in the Environmental
Reports, the Registration Statement and the Prospectus and except for those circumstances that would not reasonably be expected to have
a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">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 clean-up, 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 would not, singly or in the
aggregate, reasonably be expected to 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 the Registration Statement and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">As used herein,
 &ldquo;<U>Hazardous Material</U>&rdquo; shall include, without limitation, any flammable explosives, radioactive materials, hazardous
materials, hazardous wastes, hazardous or toxic substances, or related materials, asbestos, polychlorinated biphenyls (&ldquo;<U>PCBs</U>&rdquo;),
petroleum products and by-products and substances defined or listed as &ldquo;hazardous substances,&rdquo; &ldquo;toxic substances,&rdquo;
 &ldquo;hazardous waste,&rdquo; or &ldquo;hazardous materials&rdquo; in any Federal, state or local Environmental Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">As used herein,
 &ldquo;<U>Environmental Law</U>&rdquo; shall mean all laws, common law duties, regulations or ordinances (including any orders or agreements)
of any Federal, state or local governmental authority having or claiming jurisdiction over any of the Properties (a &ldquo;<U>Governmental
Authority</U>&rdquo;) that are designed or intended to protect the public health and the environment or to regulate the handling of Hazardous
Materials, including, without limitation, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended
(42 U.S.C. Section&nbsp;9601 et seq.) (&ldquo;<U>CERCLA</U>&rdquo;), the Hazardous Material Transportation Act, as amended (49 U.S.C.
Section&nbsp;1801 et seq.), the Resource Conservation and Recovery Act, as amended (42 U.S.C. Section&nbsp;6901 et seq.), the Federal
Water Pollution Control Act, as amended (33 U.S.C. Section&nbsp;1251 et seq.), and the Clean Air Act, as amended (42 U.S.C. Section&nbsp;7401
et seq.), and any and all analogous state or local laws.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(38)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>REIT
Qualification</U>. Commencing with its taxable year ended December&nbsp;31, 1994, the Company has been organized and operated in conformity
with the requirements for qualification and taxation as a real estate investment trust (&ldquo;<U>REIT</U>&rdquo;) under the Internal
Revenue Code of 1986, as amended, and the regulations and published interpretations thereunder (collectively, the &ldquo;<U>Code</U>&rdquo;),
and the Company&rsquo;s current and proposed method of operations as described in the Registration Statement and the Prospectus will enable
it to continue to meet the requirements for qualification and taxation as a REIT under the Code for its taxable year ending December&nbsp;31,
2022 and thereafter. No transaction or other event has occurred, and none of the Company, the Operating Partnership, or any of their subsidiaries
has taken any action, that would reasonably be expected to cause the Company to not be able to qualify as a REIT for its taxable year
ending December&nbsp;31, 2022 or future taxable years. Each of the Company&rsquo;s direct or indirect subsidiaries that is treated as
a corporation for U.S. federal income tax purposes will qualify as a &ldquo;taxable REIT subsidiary&rdquo; within the meaning of Section&nbsp;856(l)&nbsp;of
the Code. The Operating Partnership will be treated as a partnership and not as an association taxable as a corporation for U.S. federal
income tax purposes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(39)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Insurance</U>.
The Company, the Operating Partnership and each of their 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 their
properties. All policies of insurance and fidelity or surety bonds insuring the Company, the Operating Partnership or any of their subsidiaries
or their respective businesses, assets, employees, officers and directors are in full force and effect. The Company, the Operating Partnership
and each of their subsidiaries are in compliance with the terms of such policies and instruments in all material respects and there are
no claims by the Company, the Operating Partnership or any of their subsidiaries under any such policy or instrument as to which any insurance
company is denying liability or defending under a reservation of rights clause, except as would not reasonably be expected to have a Material
Adverse Effect. None of the Company, the Operating Partnership or any of their subsidiaries has been refused any insurance coverage sought
or applied for, and the Company does not have any reason to believe that the Company, the Operating Partnership and each of their 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 reasonably be expected to have a
Material Adverse Effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(40)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Title&nbsp;Insurance</U>.
The Company, the Operating Partnership and their 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 reasonably be expected to have a Material Adverse Effect.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(41)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Distributions</U>.
Except as disclosed in the Registration Statement and the Prospectus (or pursuant to the terms of the indebtedness described therein),
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&rsquo;s capital stock, from repaying to the Company any loans or advances to such subsidiary from
the Company or from transferring any of such subsidiary&rsquo;s assets or property to the Company or any other subsidiary of the Company.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(42)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Transfer
Taxes</U>. 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 Securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(43)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Employee
Benefits</U>. 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 (&ldquo;<U>ERISA</U>&rdquo;) and the regulations and published interpretations
thereunder with respect to each &ldquo;plan&rdquo; (as defined in Section&nbsp;3(3)&nbsp;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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(44)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Equity Awards</U>. To the knowledge of the Company, no stock option awards granted by the Company have been retroactively granted, or
the exercise or purchase price of any stock option award determined retroactively.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(45)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Authorized
Capital Stock</U>. The Company&rsquo;s authorized capitalization is as set forth in the Registration Statement and the Prospectus; the
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 non-assessable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(46)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>NYSE</U>.
The outstanding shares of Common Stock and the Securities to be sold by the Company from time to time hereunder have been approved for
listing, subject only to official notice of issuance, on the NYSE, and are registered pursuant to Section&nbsp;12(b)&nbsp;of the Exchange
Act, and the Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Securities
under the Exchange Act or delisting any such securities from the NYSE, nor has the Company received any notification that the Commission
or the NYSE is contemplating terminating such registration or listing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(47)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Statistical
and Market-Related Data</U>. The statistical and market related data included in the Registration Statement and the Prospectus are based
on or derived from sources the Company believes to be reliable and accurate as of the respective dates of such documents, and the Company
has obtained the written consent to the use of such data from such sources to the extent required.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(48)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Independent
Directors</U>. Each of the independent directors (or independent director nominees, once appointed, if applicable) named in the Registration
Statement and Prospectus satisfies the independence standards established by NYSE and, with respect to members of the Company&rsquo;s
audit committee, the enhanced independence standards contained in Rule&nbsp;10A-3(b)(1)&nbsp;promulgated by the Commission under the Exchange
Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(49)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Absence
of Further Requirements</U>. The Company is not required to register as a &ldquo;broker&rdquo; or &ldquo;dealer&rdquo; in accordance with
the provisions of the rules&nbsp;and the Exchange Act and does not, directly or indirectly through one or more intermediaries, control
or have any other association with (within the meaning of Article&nbsp;I of the Bylaws of the Financial Industry Regulatory Authority,&nbsp;Inc.
(&ldquo;<U>FINRA</U>&rdquo;)) any member firm of FINRA. No relationship, direct or indirect, exists between or among the Company, on the
one hand, and the directors, officers or stockholders of the Company, on the other hand, which is required by the rules&nbsp;of FINRA
to be described in the Registration Statement and the Prospectus, which is not so described.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(50)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Lending
Relationships</U>. Except as disclosed in the Registration Statement and the Prospectus, (i)&nbsp;neither the Company nor any of its subsidiaries
has any material lending or similar relationship with the Manager or any bank or other lending institution affiliated with the Manager;
and (ii)&nbsp;the Company does not intend to use any of the proceeds from the sale of the Securities by the Company hereunder to reduce
or retire the balance of any loan or credit facility extended by any affiliate of the Manager.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(51)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Finder&rsquo;s Fee</U>. Except for the discounts and commissions payable by the Company to the Manager and each of the Alternative Managers
in connection with the offering of the Securities contemplated herein or as otherwise disclosed in the Registration Statement and the
Prospectus, the Company has not incurred any liability for any brokerage commission, finder&rsquo;s fees or similar payments in connection
with the offering of the Securities contemplated hereby.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(52)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Actively
Traded Security</U>. The shares of Common Stock are &ldquo;actively traded securities&rdquo; excepted from the requirements of Rule&nbsp;101
of Regulation M under the Exchange Act by subsection (c)(1)&nbsp;of such rule.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(53)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Proprietary
Trading by the Manager</U>. The Company acknowledges and agrees that the Manager has informed the Company that the Manager may, to the
extent permitted under the Securities Act and the Exchange Act, purchase and sell the Common Stock for its own account while this Agreement
is in effect, and shall be under no obligation to purchase Securities on a principal basis pursuant to this Agreement, except as otherwise
agreed by the Manager in the Placement Notice (as amended by the corresponding Acceptance, if applicable); provided, that no such purchase
or sales shall take place while a Placement Notice is in effect (except (i)&nbsp;as agreed by the Manager in the Placement Notice (as
amended by the corresponding Acceptance, if applicable) or (ii)&nbsp;to the extent the Manager may engage in sales of Placement Securities
purchased or deemed purchased from the Company as a &ldquo;riskless principal&rdquo; or in a similar capacity).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Officers&rsquo;
Certificates</I>. Any certificate signed by any officer of the Company or any authorized representative of the Operating Partnership and
delivered to the Manager or to counsel for the Manager shall be deemed a representation and warranty by the Company or the Operating Partnership,
as the case may be, to the Manager as to the matters covered thereby as of the date or dates indicated on such certificate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>SALE
AND DELIVERY; SETTLEMENT</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Sale
of Securities. </I>On the basis of the representations and warranties herein contained and subject to the terms and conditions herein
set forth, upon the Manager&rsquo;s acceptance of the terms of a Placement Notice or upon receipt by the Manager of an Acceptance, as
the case may be, and unless the sale of the Securities described therein has been declined, suspended, or otherwise terminated in accordance
with the terms of this Agreement, the Manager will use its commercially reasonable efforts consistent with its normal trading and sales
practices to sell such Securities at market prevailing prices up to the amount specified, and otherwise in accordance with the terms of
such Placement Notice (as amended by the corresponding Acceptance, if applicable). Each of the Company and the Operating Partnership acknowledges
and agrees that (i)&nbsp;there can be no assurance that the Manager will be successful in selling Securities, (ii)&nbsp;the Manager will
incur no liability or obligation to the Company, the Operating Partnership or any other person or entity if it does not sell Securities
for any reason other than a failure by the Manager to use its commercially reasonable efforts consistent with its normal trading and sales
practices to sell such Securities as required under this Section&nbsp;6 and (iii)&nbsp;the Manager shall be under no obligation to purchase
Securities on a principal basis pursuant to this Agreement, except as otherwise agreed by the Manager in the Placement Notice (as amended
by the corresponding Acceptance, if applicable).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Settlement
of Securities. </I>Unless otherwise specified in the applicable Placement Notice (as amended by the corresponding Acceptance, if applicable),
settlement for sales of Securities will occur on the second (2nd) Trading Day (or such earlier day as is industry practice for regular-way
trading) following the date on which such sales are made (each, a &ldquo;<U>Settlement Date</U>&rdquo;). The amount of proceeds to be
delivered to the Company on a Settlement Date against receipt of the Securities sold will be equal to the aggregate offering price received
by the Manager at which such Securities were sold, after deduction for (i)&nbsp;the Manager&rsquo;s commission, discount or other compensation
for such sales payable by the Company pursuant to Section&nbsp;3 hereof, (ii)&nbsp;any other amounts due and payable by the Company to
the Manager hereunder pursuant to Section&nbsp;8(a)&nbsp;hereof, and (iii)&nbsp;any transaction fees imposed by any governmental or self-regulatory
organization in respect of such sales (the &ldquo;<U>Net Proceeds</U>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Delivery
of Securities</I>. On or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically transfer the
Securities being sold by crediting the Manager&rsquo;s or its designee&rsquo;s account (provided the Manager shall have given the Company
written notice of such designee prior to the Settlement Date) at The Depository Trust Company through its Deposit and Withdrawal at Custodian
System or by such other means of delivery as may be mutually agreed upon by the parties hereto which in all cases shall be freely tradable,
transferable, registered shares in good deliverable form. On each Settlement Date, the Manager will deliver the related Net Proceeds in
same day funds to an account designated by the Company prior to the Settlement Date. The Company agrees that if the Company, or its transfer
agent (if applicable), defaults in its obligation to deliver Securities on a Settlement Date, the Company agrees that in addition to and
in no way limiting the rights and obligations set forth in Section&nbsp;10(a)&nbsp;and Section&nbsp;11 hereto, it will (i)&nbsp;hold the
Manager harmless against any loss, liability, claim, damage, or expense whatsoever (including reasonable legal fees and expenses), as
incurred, arising out of or in connection with such default by the Company or its transfer agent (if applicable) and (ii)&nbsp;pay to
the Manager any commission, discount, or other compensation to which it would otherwise have been entitled absent such default. If the
Manager breaches this Agreement by failing to deliver the applicable Net Proceeds on any Settlement Date for Securities delivered by the
Company, the Manager will pay the Company interest based on the effective overnight federal funds rate until such proceeds, together with
interest, have been fully paid.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Denominations;
Registration. </I>The Securities shall be in such denominations and registered in such names as the Manager may request in writing at
least one full business day before the Settlement Date. The Company shall deliver the Securities, if any, through the facilities of The
Depository Trust Company as described in the preceding paragraphs unless the Manager shall otherwise instruct.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Limitations
on Offering Size</I>. Under no circumstances shall the Company cause or request the offer or sale of any Securities, if after giving effect
to the sale of such Securities, the aggregate offering price of the Securities sold pursuant to this Agreement would exceed the lesser
of (A)&nbsp;together with all sales of Securities under this Agreement and each of the Alternative Distribution Agreements, the Maximum
Amount, (B)&nbsp;the amount available for offer and sale under the currently effective Registration Statement, and (C)&nbsp;the amount
authorized from time to time to be issued and sold under this Agreement by the Company and notified to the Manager in writing. Under no
circumstances shall the Company cause or request the offer or sale of any Securities pursuant to this Agreement at a price lower than
the minimum price authorized from time to time by the Company and notified to the Manager in writing. Further, under no circumstances
shall the aggregate offering price of Securities sold pursuant to this Agreement and the Alternative Distribution Agreements, including
any separate underwriting or similar agreement covering principal transactions described in Section&nbsp;1 of this Agreement and the Alternative
Distribution Agreements, exceed the Maximum Amount.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Limitation
on Managers. </I>The Company agrees that any offer to sell, any solicitation of an offer to buy or any sales of Securities shall only
be effected by or through only the Manager or the respective Alternative Manager on any single given day, but in no event more than one,
and the Company shall in no event request that the Manager and one or more of the Alternative Managers sell Securities on the same day;
<U>provided</U>, <U>however</U>, that (a)&nbsp;the foregoing limitation shall not apply to (i)&nbsp;the exercise of any option, warrant,
right or any conversion privilege set forth in the instrument governing such security or (ii)&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,
(b)&nbsp;such limitation shall not apply on any day during which no sales are made pursuant to this Agreement and (c)&nbsp;such limitation
shall not apply if, prior to any such request to sell Securities, all Securities the Company has previously requested the Manager to sell
have been sold.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
any other provision of this Agreement, the Company shall not offer, sell or deliver, or request the offer or sale of, any Securities and,
by notice to the Manager given by telephone (confirmed promptly by facsimile transmission or email), shall cancel any instructions for
the offer or sale of any Securities, and the Manager shall not be obligated to offer or sell any Securities, (i)&nbsp;during any period
in which the Company is, or reasonably could be deemed to be, in possession of material non-public information, (ii)&nbsp;at any time
during the period commencing on the 10th business day prior to the date (each, an &ldquo;<U>Announcement Date</U>&rdquo;) on which the
Company issues a press release containing, or shall otherwise publicly announce, its earnings, revenues or other results of operations
(each, an &ldquo;<U>Earnings Announcement</U>&rdquo;), (iii)&nbsp;except as provided in Section&nbsp;6(h)&nbsp;below, at any time from
and including an Announcement Date through and including the time that the Company files (a &ldquo;<U>Filing Time</U>&rdquo;) a Quarterly
Report on Form&nbsp;10-Q or an Annual Report on Form&nbsp;10-K that includes consolidated financial statements as of and for the same
period or periods, as the case may be, covered by such Earnings Announcement; provided that, unless otherwise agreed between the Company
and the Manager for purposes of (i)&nbsp;and (ii)&nbsp;above, such period shall be deemed to end at the relevant Filing Time.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
the Company wishes to offer, sell or deliver Securities at any time during the period from and including an Announcement Date through
and including 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 its counsel) a Current Report on Form&nbsp;8-K 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&rsquo;
quotations) (each, an &ldquo;<U>Earnings 8-K</U>&rdquo;), in form and substance reasonably satisfactory to the Manager, (ii)&nbsp;provide
the Manager with the officers&rsquo; certificate, opinions/letters of counsel and accountants&rsquo; letter called for by Sections 7(o),
(p), (q), (r), and (s)&nbsp;hereof; respectively, (iii)&nbsp;afford the Manager the opportunity to conduct a due diligence review in accordance
with Section&nbsp;7(m)&nbsp;hereof and (iv)&nbsp;file such Earnings 8-K with the Commission. The provisions of clause (ii)&nbsp;of Section&nbsp;6(g)&nbsp;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 Filing
Time of the relevant Quarterly Report on Form&nbsp;10-Q or Annual Report on Form&nbsp;10-K under the Exchange Act, as the case may be.
For purposes of clarity, the parties hereto agree that (A)&nbsp;the delivery of any officers&rsquo; certificate, opinions/letters of counsel
and accountants&rsquo; letter pursuant to this Section&nbsp;6(h)&nbsp;shall not relieve the Company from any of its obligations under
this Agreement with respect to any Quarterly Report on Form&nbsp;10-Q or Annual Report on Form&nbsp;10-K, as the case may be, including,
without limitation, the obligation to deliver officers&rsquo; certificates, opinions/letters of counsel and accountants&rsquo; letters
as provided in Section&nbsp;7 hereof and (B)&nbsp;other than as set forth in this Section&nbsp;6(h), this Section&nbsp;6(h)&nbsp;shall
in no way affect or limit the operation of the provisions of clauses (i)&nbsp;and (iii)&nbsp;of Section&nbsp;6(h), which shall have independent
application.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>COVENANTS
OF THE COMPANY AND THE OPERATING PARTNERSHIP</U>.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the Company and the
Operating Partnership jointly and severally covenants with the Manager as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Registration
Statement Amendments</I>. After the date of this Agreement and during any Selling Period or period in which a Prospectus relating to any
Securities is required to be delivered by the Manager under the Securities Act (including in circumstances where such requirement may
be satisfied pursuant to Rule&nbsp;172 under the Securities Act), (i)&nbsp;the Company will promptly notify the Manager of the time when
any subsequent amendment to the Registration Statement, other than documents incorporated by reference therein, has been filed with the
Commission and/or has become effective or any subsequent supplement to the Prospectus has been filed and of any comment letter from the
Commission or any request by the Commission for any amendment or supplement to the Registration Statement or Prospectus or for additional
information; (ii)&nbsp;the Company will prepare and file with the Commission, promptly upon the Manager&rsquo;s request, any amendments
or supplements to the Registration Statement or Prospectus that, in the reasonable opinion of the Manager may be necessary or advisable
in connection with the distribution of the Securities by the Manager (<U>provided</U>, <U>however</U>, that the failure of the Manager
to make such request shall not relieve the Company of any obligation or liability hereunder, or affect the Manager&rsquo;s right to rely
on the representations and warranties made by the Company and the Operating Partnership in this Agreement); (iii)&nbsp;the Company will
not file any amendment or supplement to the Registration Statement or Prospectus, other than documents incorporated by reference into
the Registration Statement, relating to the Securities or a security convertible into the Securities unless a copy thereof has been submitted
to the Manager within a reasonable period of time before the filing and the Manager has not reasonably objected thereto (<U>provided</U>,
<U>however</U>, that the failure of the Manager to make such objection shall not relieve the Company of any obligation or liability hereunder,
or affect the Manager&rsquo;s right to rely on the representations and warranties made by the Company and the Operating Partnership in
this Agreement) and the Company will furnish to the Manager at the time of filing thereof a copy of any document that upon filing is deemed
to be incorporated by reference into the Registration Statement or Prospectus, except for those documents available via EDGAR; and (iv)&nbsp;the
Company will cause each amendment or supplement to the Prospectus, other than documents incorporated by reference into the Registration
Statement, to be filed with the Commission as required pursuant to the applicable paragraph of Rule&nbsp;424(b)&nbsp;under the Securities
Act (without reliance on Rule&nbsp;424(b)(8)).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Notice
of Commission Stop Orders</I>. The Company will advise the Manager, promptly after it receives notice or obtains knowledge thereof, of
the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or
of any other order preventing or suspending the use of the Prospectus or any Issuer Free Writing Prospectus, or of the suspension of the
qualification of the Securities for offering or sale in any jurisdiction or of the loss or suspension of any exemption from any such qualification,
or of the initiation or threatening of any proceedings for any of such purposes, or of any examination pursuant to Section&nbsp;8(e)&nbsp;of
the Securities Act concerning the Registration Statement or if the Company becomes the subject of a proceeding under Section&nbsp;8A of
the Securities Act in connection with the offering of the Securities. The Company will use its commercially reasonable efforts to prevent
the issuance of any stop order, the suspension of any qualification of the Securities for offering or sale and any loss or suspension
of any exemption from any such qualification, and if any such stop order is issued or any such suspension or loss occurs, to obtain the
lifting thereof at the earliest possible moment.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Delivery
of Registration Statement and Prospectus. </I>The Company will furnish to the Manager and its respective counsel (at the expense of the
Company), on or before their respective due dates, copies of the Registration Statement, the Prospectus (including all documents incorporated
by reference therein) and all amendments and supplements to the Registration Statement or Prospectus, and any Issuer Free Writing Prospectuses,
that are filed with the Commission during any Selling Period or period in which a Prospectus relating to the Securities is required to
be delivered under the Securities Act, in such quantities and at such locations as the Manager may from time to time reasonably request;
<U>provided</U>, <U>however</U>, that the Company shall not be required to furnish any document (other than the Prospectus) to the Manager
to the extent such document is available on EDGAR. The copies of the Registration Statement and the Prospectus and any supplements or
amendments thereto furnished to the Manager will be identical to the electronically transmitted copies thereof filed with the Commission
pursuant to EDGAR, except to the extent permitted by Regulation S-T.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Continued
Compliance with Securities Laws. </I>If at any time during any Selling Period or period when a Prospectus is required by the Securities
Act or the Exchange Act to be delivered in connection with a pending sale of the Securities (including, without limitation, pursuant to
Rule&nbsp;172), any event shall occur or condition shall exist as a result of which it is necessary, in the opinion of counsel for the
Manager or for the Company, to (i)&nbsp;amend the Registration Statement in order that the Registration Statement will not include an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading, (ii)&nbsp;amend or supplement the Prospectus in order that the Prospectus 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 not misleading in the light of the
circumstances existing at the time it is delivered to a purchaser, or (iii)&nbsp;amend the Registration Statement or amend or supplement
the Prospectus in order to comply with the requirements of the Securities Act, the Company will promptly notify the Manager to suspend
the offering of Securities during such period and the Company will promptly prepare and file with the Commission such amendment or supplement
as may be necessary to correct such statement or omission or to make the Registration Statement or the Prospectus comply with such requirements,
and the Company will furnish to the Manager such number of copies of such amendment or supplement as the Manager may reasonably request.
If at any time following issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of
which such Issuer Free Writing Prospectus conflicted, conflicts or would conflict with the information contained in the Registration Statement
or the Prospectus or included, includes or would include an untrue statement of a material fact or omitted, omits or would 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, prevailing
at that subsequent time, not misleading, the Company will promptly notify the Manager to suspend the offering of Securities during such
period and the Company will, subject to Section&nbsp;7(a)&nbsp;hereof, promptly amend or supplement, at its own expense, such Issuer Free
Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Blue
Sky and Other Qualifications. </I>The Company will use its best efforts, in cooperation with the Manager, to qualify the Securities for
offering and sale, or to obtain an exemption for the Securities to be offered and sold, under the applicable securities laws of such states
and other jurisdictions (domestic or foreign) as the Manager may designate and to maintain such qualifications and exemptions in effect
for so long as required for the distribution of the Securities (but in no event for less than one year from the date of this Agreement);
<U>provided</U>, <U>however</U>, that the Company shall not be obligated to file any general consent to service of process or to qualify
as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation
in respect of doing business in any jurisdiction in which it is not otherwise so subject. In each jurisdiction in which the Securities
have been so qualified or exempt, the Company will file such statements and reports as may be required by the laws of such jurisdiction
to continue such qualification or exemption, as the case may be, in effect for so long as required for the distribution of the Securities
(but in no event for less than one year from the date of this Agreement).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Rule&nbsp;158.
</I>The Company will make generally available to its securityholders as soon as practicable an earnings statement for the purposes of,
and to provide to the Manager the benefits contemplated by, the last paragraph of Section&nbsp;11(a)&nbsp;of the Securities Act and Rule&nbsp;158.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Use
of Proceeds</I>. The Company and the Operating Partnership will use the Net Proceeds received by them from the sale of the Securities
in the manner specified in the Prospectus under &ldquo;Use of Proceeds.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Listing.
</I>During any Selling Period or any period in which the Prospectus relating to the Securities is required to be delivered by the Manager
under the Securities Act with respect to a pending sale of the Securities (including in circumstances where such requirement may be satisfied
pursuant to Rule&nbsp;172 under the Securities Act), the Company will use its commercially reasonable efforts to cause the Securities
to be listed on the NYSE.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Filings
with the NYSE</I>. The Company will timely file with the NYSE all material documents and notices required by the NYSE of companies that
have or will issue securities that are traded on the NYSE.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Reporting
Requirements. </I>The Company, during any Selling Period or period when the Prospectus is required to be delivered under the Securities
Act and the Exchange Act (including in circumstances where such requirement may be satisfied pursuant to Rule&nbsp;172 under the Securities
Act), 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Notice
of Other Sales</I>. During any Selling Period, the Company shall provide the Manager notice as promptly as reasonably possible (and, in
any event, at least two (2)&nbsp;business days) before it offers to sell, contracts to sell, sells, grants any option to sell or otherwise
disposes of any shares of Common Stock (other than Securities offered pursuant to the provisions of this Agreement or the Alternative
Distribution Agreements) or securities convertible into or exchangeable for Common Stock, warrants or any rights to purchase or acquire
shares of Common Stock; <U>provided</U>, that such notice shall not be required in connection with the (i)&nbsp;issuance, grant or sale
of Common Stock, options to purchase shares of Common Stock or shares of Common Stock issuable upon the exercise of options or other equity
awards pursuant to any stock option, stock bonus or other stock or compensatory plan or arrangement described in the Prospectus, including
shares of Common Stock issuable upon redemption of OP Units, (ii)&nbsp;the issuance of securities in connection with an acquisition, merger
or sale or purchase of assets described in the Prospectus, or (iii)&nbsp;the issuance or sale of shares of Common Stock pursuant to any
dividend reinvestment plan that the Company may adopt from time to time, provided the implementation of such dividend reinvestment plan
is disclosed to the Manager in advance.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Change
of Circumstances</I>. The Company will, at any time during a fiscal quarter in which the Company intends to tender a Placement Notice
or sell Securities, advise the Manager promptly after it shall have received notice or obtained knowledge thereof, of any information
or fact that would alter or affect in any material respect any opinion, certificate, letter or other document provided to the Manager
pursuant to this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Due
Diligence Cooperation</I>. The Company will cooperate with any reasonable due diligence review conducted by the Manager or its respective
agents in connection with the transactions contemplated hereby, including, without limitation, providing information and making available
documents and senior officers, during regular business hours and at the Company&rsquo;s principal offices, as the Manager may reasonably
request.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Disclosure
of Sales. </I>The Company will disclose in its Quarterly Reports on Form&nbsp;10-Q and in its Annual Report on Form&nbsp;10-K in respect
of any quarter in which sales of Securities were made under this Agreement, and/or, at the Company&rsquo;s option, in a Current Report
on Form&nbsp;8-K, the number of Securities sold under this Agreement and any Alternative Distribution Agreement, the Net Proceeds to the
Company and the compensation payable by the Company with respect to such sales.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Representation
Dates; Certificates</I>. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement, each time
Securities are delivered to the Manager as principal on a Settlement Date, each time the Manager shall reasonably request and each time
the Company:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">files
the Prospectus relating to the Securities or amends or supplements the Registration Statement or the Prospectus relating to the Securities
by means of a post-effective amendment, sticker, or supplement but not by means of incorporation of documents by reference into the Registration
Statement or the Prospectus relating to the Securities;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">files
an Annual Report on Form&nbsp;10-K under the Exchange Act;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">files
a Quarterly Report on Form&nbsp;10-Q under the Exchange Act; or</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">files
a Current Report on Form&nbsp;8-K containing amended financial information (other than an Earnings Announcement, to &ldquo;furnish&rdquo;
information pursuant to Item 2.02 or 7.01 of Form&nbsp;8-K or to provide disclosure pursuant to Item 8.01 of Form&nbsp;8-K relating to
the reclassifications of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards
No.&nbsp;144) under the Exchange Act (each such date of filing of one or more of the documents referred to in clauses (1)(i)&nbsp;through
(iv)&nbsp;and any time of request pursuant to this Section&nbsp;7(o)&nbsp;shall be a &ldquo;<U>Representation Date</U>&rdquo;), the Company
shall furnish the Manager with a certificate, in the form attached hereto as <U>Exhibit&nbsp;D</U> as promptly as possible and in no event
later than three (3)&nbsp;Trading Days of any Representation Date. The requirement to provide a certificate under this Section&nbsp;7(o)&nbsp;shall
be waived for any Representation Date occurring at a time at which no Placement Notice (as amended by the corresponding Acceptance, if
applicable) is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder
(which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date; provided, however,
that such waiver shall not apply for any Representation Date on which the Company files its Annual Report on Form&nbsp;10-K. Notwithstanding
the foregoing, if the Company subsequently decides to sell Securities following a Representation Date when the Company relied on such
waiver and did not provide the Manager with a certificate under this Section&nbsp;7(o), then before the Company delivers the Placement
Notice or the Manager sells any Securities, the Company shall provide the Manager with a certificate, in the form attached hereto as <U>Exhibit&nbsp;D</U>,
dated the date of the Placement Notice.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Opinion
of Counsel for Company and the Operating Partnership</I>. On or prior to the date that the first Securities are sold pursuant to the terms
of this Agreement, each time Securities are delivered to the Manager as principal on a Settlement Date, and as promptly as possible and
in no event later than three (3)&nbsp;Trading Days of each Representation Date with respect to which the Company is obligated to deliver
a certificate in the form attached hereto as <U>Exhibit&nbsp;D</U> for which no waiver is applicable, the Company shall cause to be furnished
to the Manager a written opinion and a 10b-5 statement of Honigman LLP, counsel for the Company and the Operating Partnership, or other
counsel satisfactory to the Manager, in form and substance satisfactory to the Manager and its counsel, dated the date that the opinion
and 10b-5 statement is required to be delivered, substantially similar to the form attached hereto as <U>Exhibit&nbsp;E</U>, modified,
as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented; <U>provided</U>, <U>however</U>,
that in lieu of such opinions for subsequent Representation Dates, any such counsel may furnish the Manager with a letter (a &ldquo;<U>Reliance
Letter</U>&rdquo;) to the effect that the Manager may rely on a prior opinion delivered under this Section&nbsp;7(p)&nbsp;to the same
extent as if it were dated the date of such letter (except that statements in such prior opinion shall be deemed to relate to the Registration
Statement and the Prospectus as amended or supplemented at such Representation Date).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Opinion
of Tax Counsel</I>. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement, each time Securities
are delivered to the Manager as principal on a Settlement Date, and as promptly as possible and in no event later than three (3)&nbsp;Trading
Days of each Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as
<U>Exhibit&nbsp;D</U> for which no waiver is applicable, the Company shall cause to be furnished to the Manager a written opinion of Honigman
LLP, tax counsel for the Company and the Operating Partnership, or other counsel satisfactory to the Manager, in form and substance satisfactory
to the Manager and its counsel, dated the date that the opinion is required to be delivered, substantially similar to the form attached
hereto as <U>Exhibit&nbsp;F</U>, modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or
supplemented; <U>provided</U>, <U>however</U>, that in lieu of such opinions for subsequent Representation Dates, any such counsel may
furnish the Manager with a Reliance Letter to the effect that the Manager may rely on a prior opinion delivered under this Section&nbsp;7(q)&nbsp;to
the same extent as if it were dated the date of such letter (except that statements in such prior opinion shall be deemed to relate to
the Registration Statement and the Prospectus as amended or supplemented at such Representation Date).</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Maryland
Counsel Legal Opinion</I>. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement, each time
Securities are delivered to the Manager as principal on a Settlement Date, and as promptly as possible and in no event later than three
(3)&nbsp;Trading Days of each Representation Date with respect to which the Company is obligated to deliver a certificate in the form
attached hereto as <U>Exhibit&nbsp;D</U> for which no waiver is applicable, the Manager shall have received the favorable opinion of Ballard
Spahr LLP, Maryland counsel for the Company dated the date that the opinion is required to be delivered, substantially similar to the
form attached hereto as <U>Exhibit&nbsp;G</U>, modified, as necessary, to relate to the Registration Statement and the Prospectus as then
amended or supplemented; <U>provided</U><I>, </I><U>however</U>, that in lieu of such opinions for subsequent Representation Dates, any
such counsel may furnish the Manager with a Reliance Letter to the effect that the Manager may rely on a prior opinion delivered under
this Section&nbsp;7(r)&nbsp;to the same extent as if it were dated the date of such letter (except that statements in such prior opinion
shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented at such Representation Date).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Comfort
Letter</I>. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement, each time Securities are
delivered to the Manager as principal on a Settlement Date, and as promptly as possible and in no event later than three (3)&nbsp;Trading
Days of each Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as
<U>Exhibit&nbsp;D</U> for which no waiver is applicable, the Company shall cause its independent accountants to furnish the Manager a
letter (a &ldquo;<U>Comfort Letter</U>&rdquo;), dated the date the Comfort Letter is delivered, in form and substance satisfactory to
the Manager, (i)&nbsp;confirming that they are an independent registered public accounting firm within the meaning of the Securities Act,
the Exchange Act and the PCAOB, (ii)&nbsp;stating, as of such date, the conclusions and findings of such firm with respect to the financial
information and other matters ordinarily covered by accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters in connection with
registered public offerings (the first such letter, the &ldquo;<U>Initial Comfort Letter</U>&rdquo;) and (iii)&nbsp;updating the Initial
Comfort Letter with any information that would have been included in the Initial Comfort Letter had it been given on such date and modified
as necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Market
Activities</I>. Neither the Company nor the Operating Partnership will, directly or indirectly, (i)&nbsp;take any action designed to cause
or result in, or that constitutes or 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 Securities or (ii)&nbsp;sell, bid for, or purchase the Securities to be
issued and sold pursuant to this Agreement, or pay anyone any compensation for soliciting purchases of the Securities to be issued and
sold pursuant to this Agreement other than the Manager; <U>provided</U>, <U>however</U>, that the Company may bid for and purchase shares
of its Common Stock in accordance with Rule&nbsp;10b-18 under the Exchange Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(u)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Compliance
with Laws</I>. The Company, the Operating Partnership and each of their subsidiaries shall maintain, or cause to be maintained, all material
environmental permits, licenses and other authorizations required by federal, state and local law in order to conduct their businesses
as described in the Prospectus, and the Company and each of its subsidiaries shall conduct their businesses, or cause their businesses
to be conducted, in substantial compliance with such permits, licenses and authorizations and with applicable Environmental Laws, except
where the failure to maintain or be in compliance with such permits, licenses and authorizations could not reasonably be expected to have
a Material Adverse Effect.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Securities
Act and Exchange Act</I>. The Company will use its best efforts to comply with all requirements imposed upon it by the Securities Act
and the Exchange Act as from time to time in force, so far as necessary to permit the continuance of sales of, or dealings in, the Securities
as contemplated by the provisions hereof and the Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(w)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>No
Offer to Sell</I>. Other than a free writing prospectus (as defined in Rule&nbsp;405 under the Securities Act) approved in advance in
writing by the Company and the Manager in its capacity as principal or agent hereunder, the Company (including its agents and representatives,
other than the Manager as such) will not, directly or indirectly, make, use, prepare, authorize, approve or refer to any free writing
prospectus relating to the Securities to be sold by the Manager as principal or agent hereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Regulation
M. </I>If the Company has reason to believe that the exemptive provisions set forth in Rule&nbsp;101(c)(1)&nbsp;of Regulation M under
the Exchange Act are not satisfied with respect to the Company or the Common Stock, it shall promptly notify the Manager and sales of
the Securities under this Agreement shall be suspended until that or other exemptive provisions have been satisfied in the judgment of
each party.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(y)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Qualification
and Taxation as a REIT</I>. The Company will use its best efforts to continue to qualify for taxation as a REIT under the Code and will
not take any action to revoke or otherwise terminate the Company&rsquo;s REIT election, unless the Company&rsquo;s board of directors
determines in good faith that it is no longer in the best interests of the Company and its stockholders to be so qualified.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(z)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Renewal
of Registration Statement. </I>The date of this Agreement is not more than three years subsequent to the initial effective date of the
Registration Statement (the &ldquo;<U>Renewal Date</U>&rdquo;). If, immediately prior to the Renewal Date, this Agreement has not terminated
and a prospectus is required to be delivered or made available by the Manager under the Securities Act or the Exchange Act in connection
with the sale of such Securities, the Company will, prior to the Renewal Date, file, if it has not already done so, a new shelf registration
statement or, if applicable, an automatic shelf registration statement relating to such Securities, and, if such registration statement
is not an automatic shelf registration statement, will use its best efforts to cause such registration statement to be declared effective
within 180 days after the Renewal Date, and will take all other reasonable actions necessary or appropriate to permit the public offer
and sale of such Securities to continue as contemplated in the expired registration statement relating to such Securities. References
herein to the &ldquo;Registration Statement&rdquo; shall include such new shelf registration statement or automatic shelf registration
statement, as the case may be.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(aa)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Rights
to Refuse Purchase. </I>If, to the knowledge of the Company, all filings required by Rule&nbsp;424 under the Securities Act in connection
with the offering of the Securities shall not have been made or the representations and warranties of the Company and the Operating Partnership
in Section&nbsp;5 hereof shall not be true and correct on any applicable Settlement Date, the Company will offer to any person who has
agreed to purchase Securities from the Company as a result of an offer to purchase solicited by the Manager the right to refuse to purchase
and pay for such Securities.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;8&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>PAYMENT
OF EXPENSES</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Expenses.
</I>The Company will pay all expenses incident to the performance of its obligations under this Agreement, including (i)&nbsp;the preparation,
printing and filing of the Registration Statement (including financial statements and exhibits) as originally filed and of each amendment
and supplement thereto, (ii)&nbsp;the preparation, issuance and delivery of the certificates for the Securities to the Manager, including
any stock or other transfer taxes and any capital duties, stamp duties or other duties or taxes payable upon the sale, issuance or delivery
of the Securities to the Manager, (iii)&nbsp;the fees and disbursements of the counsel, accountants and other advisors to the Company,
(iv)&nbsp;the qualification or exemption of the Securities under securities laws in accordance with the provisions of Section&nbsp;7(e)&nbsp;hereof,
including filing fees and the reasonable fees and disbursements of counsel for the Manager in connection therewith and in connection with
the preparation of a state securities law or &ldquo;blue sky&rdquo; survey and any supplements thereto (which fees and disbursements of
counsel shall not exceed $10,000), (v)&nbsp;the printing and delivery to the Manager of copies of any Permitted Free Writing Prospectus
and the Prospectus and any amendments or supplements thereto and any costs associated with electronic delivery of any of the foregoing
by the Manager to investors, (vi)&nbsp;the fees and expenses of the custodian and the transfer agent and registrar for the Securities,
(vii)&nbsp;the filing fees incident to, and the reasonable fees and disbursements of counsel to the Manager in connection with, the review
by FINRA of the terms of the sale of the Securities (which fees and disbursements of counsel shall not exceed $10,000) and (viii)&nbsp;the
fees and expenses incurred in connection with the listing of the Securities on the NYSE.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Termination
of Agreement</I>. If this Agreement is terminated by the Manager in accordance with the provisions of Section&nbsp;9 or Section&nbsp;13(a)(i)&nbsp;or
(iii)&nbsp;(with respect to the first clause only) hereof, the Company shall reimburse the Manager and the Alternative Managers for all
reasonable, accountable out of pocket expenses, including reasonable fees and disbursements of counsel actually incurred by the Manager
and the Alternative Managers in connection with the transactions contemplated by this Agreement and the Alternative Distribution Agreements,
unless Securities having an aggregate offering price of $30,000,000 or more have previously been offered and sold under this Agreement
and/or the Alternative Distribution Agreements; <U>provided</U>, <U>however</U>, that the Expenses shall not exceed an aggregate under
this Agreement and the Alternative Distribution Agreements of $100,000.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;9&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>CONDITIONS
OF THE OBLIGATIONS OF THE MANAGER</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The obligations of the Manager
hereunder with respect to a Placement will be subject to the continuing accuracy and completeness of the representations and warranties
of the Company and the Operating Partnership contained in this Agreement or in certificates of any officer of the Company, the Operating
Partnership or any of their subsidiaries delivered pursuant to the provisions hereof, to the performance by the Company and the Operating
Partnership of their covenants and other obligations hereunder, and to the following further conditions:</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Effectiveness
of Registration Statement; Payment of Filing Fee. </I>The Registration Statement shall have become effective and shall be available for
(i)&nbsp;all sales of Securities issued pursuant to all prior Placement Notices (each as amended by a corresponding Acceptance, if applicable)
and (ii)&nbsp;the sale of all Securities contemplated to be issued by any Placement Notice (as amended by the corresponding Acceptance,
if applicable). The Company shall have paid the required Commission filing fees relating to the Securities within the time required by
Rule&nbsp;456(b)(1)(i)&nbsp;of the Securities Act without regard to the proviso therein and otherwise in accordance with Rules&nbsp;456(b)&nbsp;and
457(r)&nbsp;of the Securities Act (including, if applicable, by updating the &ldquo;Calculation of Registration Fee&rdquo; table in accordance
with Rule&nbsp;456(b)(1)(ii)&nbsp;either in a post-effective amendment to the Registration Statement or on the cover page&nbsp;of the
Prospectus).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>No
Material Notices</I>. None of the following events shall have occurred and be continuing: (i)&nbsp;receipt by the Company or any of its
subsidiaries of any request for additional information from the Commission or any other federal or state governmental authority during
the period of effectiveness of the Registration Statement, the response to which would require any post-effective amendments or supplements
to the Registration Statement or the Prospectus; (ii)&nbsp;the issuance by the Commission or any other federal or state governmental authority
of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; (iii)&nbsp;receipt
by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Securities
for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; or (iv)&nbsp;the occurrence of any event
that makes any material statement made in the Registration Statement or the Prospectus, or any Issuer Free Writing Prospectus, or any
material document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making
of any changes in the Registration Statement, related Prospectus, or any Issuer Free Writing Prospectus, or such documents so that, in
the case of the Registration Statement, it will not contain any materially untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein not misleading and, that in the case of the Prospectus
and any Issuer Free Writing Prospectus, it will not contain any materially untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>No
Misstatement or Material Omission</I>. The Manager shall not have advised the Company that the Registration Statement or Prospectus, or
any Issuer Free Writing Prospectus, or any amendment or supplement thereto, contains a material untrue statement of fact or omits to state
a material fact that is required to be stated therein or is necessary to make the statements therein not misleading.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Material
Changes</I>. Except as contemplated in the Prospectus, or disclosed in the Company&rsquo;s reports filed with the Commission, there shall
not have been any material adverse change to the condition, financial or otherwise, or in the properties, earnings, business affairs or
business prospects of the Company, the Operating Partnership and each of their subsidiaries considered as one enterprise.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Opinion
of Counsel for Company and the Operating Partnership. </I>The Manager shall have received the favorable opinions of Honigman LLP, required
to be delivered pursuant to Section&nbsp;7(p)&nbsp;on the date on which such delivery of such opinion is required pursuant to Section&nbsp;7(p).</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Opinion
of Tax Counsel for Company and the Operating Partnership. </I>The Manager shall have received the favorable opinions of Honigman LLP,
tax counsel for the Company and the Operating Partnership, required to be delivered pursuant to Section&nbsp;7(q)&nbsp;on the date on
which such delivery of such opinion is required pursuant to Section&nbsp;7(q).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Opinion
of Maryland Counsel for the Company</I>. The Manager shall have received the favorable opinions of the Company&rsquo;s Maryland Counsel,
required to be delivered pursuant to Section&nbsp;7(r)&nbsp;on the date on which such delivery of such opinion is required pursuant to
Section&nbsp;7(r).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Opinion
of Counsel for the Manager</I>. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement and
each time Securities are delivered to the Manager as principal on the Settlement Date, as promptly as possible and in no event later than
three (3)&nbsp;Trading Days of each Representation Date with respect to which no waiver is applicable, the Manager shall have received
the favorable opinion of Latham&nbsp;&amp; Watkins LLP, counsel for the Manager, dated the date the opinion is required to be delivered,
in customary form and substance satisfactory to the Manager, and the Company shall have furnished to such counsel such documents as they
reasonably request for the purpose of enabling them to pass upon such matters. In rendering such opinion, Latham&nbsp;&amp; Watkins LLP
may rely as to matter involving the laws of the State of Maryland upon the opinion of Ballard Spahr LLP referred to in Section&nbsp;7(r).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Representation
Certificate. </I>The Manager shall have received the certificate required to be delivered pursuant to Section&nbsp;7(o)&nbsp;on the date
on which delivery of such certificate is required pursuant to Section&nbsp;7(o).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Accountant&rsquo;s
Comfort Letter. </I>The Manager shall have received the Comfort Letter required to be delivered pursuant to Section&nbsp;7(s)&nbsp;on
the date on which such delivery of such Comfort Letter is required pursuant to Section&nbsp;7(s).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Approval
of Listing</I>. The Securities shall have been approved for listing on the NYSE, subject only to official notice of issuance.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>No
Suspension</I>. Trading in the Securities shall not have been suspended on the NYSE.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Additional
Documents. </I>On each date on which the Company is required to deliver a certificate pursuant to Section&nbsp;7(o), counsel for the Manager
shall have been furnished with such documents and opinions as they may reasonably require for the purpose of enabling them to pass upon
the issuance and sale of the Securities as herein contemplated, or in order to evidence the accuracy of any of the representations or
warranties, or the fulfillment of any of the conditions, herein contained.</FONT></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Securities
Act Filings Made</I>. All filings with the Commission required by Rule&nbsp;424 under the Securities Act to have been filed prior to the
issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule&nbsp;424.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Termination
of Agreement. </I>If any condition specified in this Section&nbsp;9 shall not have been fulfilled when and as required to be fulfilled,
this Agreement may be terminated by the Manager by notice to the Company, and such termination shall be without liability of any party
to any other party except as provided in Section&nbsp;8 hereof and except that, in the case of any termination of this Agreement, Sections&nbsp;5,
10, 11, 12 and 21 hereof shall survive such termination and remain in full force and effect. For the avoidance of doubt, any such termination
shall not affect or impair any party&rsquo;s obligations with respect to any Securities sold hereunder prior to the occurrence thereof
or any Securities sold under any Alternative Distribution Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Downgrade</U>. </FONT>&nbsp;<FONT STYLE="font-size: 10pt; background-color: white">Subsequent to the execution and delivery of this Agreement</FONT><FONT STYLE="font-size: 10pt">,
there shall not have been any decrease in the rating of any of the Company&rsquo;s debt securities by any &ldquo;nationally recognized
statistical rating organization&rdquo; (as defined in Section&nbsp;3(a)(62) of the Exchange 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;10&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>INDEMNIFICATION</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Indemnification
by the Company. </I>The Company and the Operating Partnership, jointly and severally, agree to indemnify and hold harmless the Manager,
its affiliates (as such term is defined in Rule&nbsp;501(b)&nbsp;under the Securities Act (each an &ldquo;<U>Affiliate</U>&rdquo;)), its
selling agents and each person, if any, who controls the Manager within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20
of the Exchange Act and any director, officer, employee or affiliate thereof as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of or based upon any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), or the omission or alleged omission
therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out
of or based upon any untrue statement or alleged untrue statement of a material fact included in any Issuer Free Writing Prospectus or
the Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in
order to make the statements therein, in the light of the circumstances under which they were made, not misleading;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement
of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever
arising out of or based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject
to Section&nbsp;10(d)&nbsp;below) any such settlement is effected with the written consent of the Company; and</FONT></P>

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

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

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

<!-- Field: Split-Segment; Name: 2 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">against
any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by the Manager) reasonably incurred
in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body,
commenced or threatened, or any claim whatsoever arising out of or based upon any such untrue statement or omission, or any such alleged
untrue statement or omission, to the extent that any such expense is not paid under (i)&nbsp;or (ii)&nbsp;above, <U>provided</U>, <U>however</U>,
that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of or based
upon any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information
furnished to the Company by the Manager expressly for use in the Registration Statement (or any amendment thereto), or in any Issuer
Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Indemnification
by the Manager</I>. The Manager agrees to indemnify and hold harmless the Company and the Operating Partnership, the Company&rsquo;s directors,
each of the Company&rsquo;s officers who signed the Registration Statement, and each person, if any, who controls the Company or the Operating
Partnership within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, to the same extent as
the foregoing indemnity from the Company and the Operating Partnership to the Manager contained in subsection (a)&nbsp;of this Section&nbsp;10,
as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration
Statement (or any amendment thereto), any Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto) in
reliance upon and in conformity with written information furnished to the Company by the Manager expressly for use therein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Actions
against Parties; Notification. </I>Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying
party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying
party shall not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a result
thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement.
In the case of parties indemnified pursuant to Section&nbsp;10(a)&nbsp;above, counsel to the indemnified parties shall be selected by
the Manager, and, in the case of parties indemnified pursuant to Section&nbsp;10(b)&nbsp;above, counsel to the indemnified parties shall
be selected by the Company. An indemnifying party may participate at its own expense in the defense of any such action; <U>provided</U>,
<U>however</U>, that counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be counsel to
the indemnified party. In no event shall the indemnifying parties be liable for fees and expenses of more than one counsel (in addition
to any local counsel) separate from their own counsel for all indemnified parties in connection with any one action or separate but similar
or related actions in the same jurisdiction arising out of or based upon the same general allegations or circumstances. No indemnifying
party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment
with respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any
claim whatsoever in respect of which indemnification or contribution could be sought under this Section&nbsp;10 or Section&nbsp;11 hereof
(whether or not the indemnified parties are actual or potential parties thereto), unless (x)&nbsp;such settlement, compromise or consent
(i)&nbsp;includes an unconditional release of each indemnified party from all liability arising out of or based upon such litigation,
investigation, proceeding or claim and (ii)&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 and (y)&nbsp;the indemnifying party confirms in writing its indemnification obligations
hereunder with respect to such settlement, compromise or judgment.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Settlement
without Consent if Failure to Reimburse</I>. If at any time an indemnified party shall have requested an indemnifying party to reimburse
the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the
nature contemplated by Section&nbsp;10(a)(ii)&nbsp;effected without its written consent if (i)&nbsp;such settlement is entered into more
than 45 days after receipt by such indemnifying party of the aforesaid request, (ii)&nbsp;such indemnifying party shall have received
notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii)&nbsp;such indemnifying party
shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;11&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>CONTRIBUTION</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the indemnification provided
for in Section&nbsp;10 hereof is for any reason unavailable to or insufficient to hold harmless an indemnified party in respect of any
losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount
of such losses, liabilities, claims, damages and expenses reasonably incurred by such indemnified party, as incurred, (i)&nbsp;in such
proportion as is appropriate to reflect the relative benefits received by the Company and the Operating Partnership, on the one hand,
and the Manager, on the other hand, from the offering of the Securities pursuant to this Agreement or (ii)&nbsp;if the allocation provided
by clause (i)&nbsp;is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i)&nbsp;above but also the relative fault of the Company and the Operating Partnership, on the one hand, and of
the Manager, on the other hand, in connection with the statements or omissions that resulted in such losses, liabilities, claims, damages
or expenses, as well as any other relevant equitable considerations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The relative benefits received
by the Company and the Operating Partnership, on the one hand, and the Manager, on the other hand, in connection with the offering of
the Securities pursuant to this Agreement shall be deemed to be in the same respective proportions as (a)&nbsp;in the case of the Company
and the Operating Partnership, the total net proceeds from the offering of the Securities for each Issuance under this Agreement (before
deducting expenses) received by the Company and the Operating Partnership, and (b)&nbsp;in the case of Manager, the total commissions
received by the Manager bear to the aggregate public offering price of the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The relative fault of the
Company and the Operating Partnership, on the one hand, and the Manager, on the other hand, shall be determined by reference to, among
other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material
fact relates to information supplied by each such party and the parties&rsquo; relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the Company, the Operating
Partnership and the Manager agrees that it would not be just and equitable if contribution pursuant to this Section&nbsp;11 were determined
by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to above
in this Section&nbsp;11. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and
referred to above in this Section&nbsp;11 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified
party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever arising out of or based upon any such untrue or alleged untrue statement or omission
or alleged omission.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
the provisions of this Section&nbsp;11, the Manager shall not in any event be required to contribute any amount in excess of the amount
by which total price at which the Securities sold by it pursuant to this Agreement, exceeds the amount </FONT>of any damages which the
Manager has otherwise been required to pay by reason of any such untrue or alleged untrue statement or omission or alleged omission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No person guilty of fraudulent
misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this Section&nbsp;11,
each person, if any who controls the Manager within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange
Act and the Manager&rsquo;s Affiliates and selling agents shall have the same rights to contribution as the Manager, and each director
of the Company, each officer of the Company who signed the Registration Statement, and each person, if any, who controls the Company or
the Operating Partnership within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act shall have
the same rights to contribution as the Company or the Operating Partnership, subject in each case to the preceding two paragraphs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this Section&nbsp;11,
the Company and the Operating Partnership shall be deemed one party, jointly and severally liable for any obligations hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;12&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>REPRESENTATIONS,
WARRANTIES AND AGREEMENTS TO SURVIVE DELIVERY</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All representations, warranties
and agreements contained in this Agreement or in certificates of officers of the Company, the Operating Partnership or each of their subsidiaries
submitted pursuant hereto, shall remain operative and in full force and effect, regardless of any investigation made by or on behalf of
the Manager or any of its Affiliates or selling agents, any person controlling the Manager or its respective officers or directors, or
by or on behalf of the Company or the Operating Partnership or any person controlling the Company or the Operating Partnership, and shall
survive delivery of the Securities to the Manager and shall survive delivery and acceptance of the Securities and payment therefor or
any termination of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;13&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>TERMINATION
OF AGREEMENT</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Termination;
General. </I>The Manager may terminate this Agreement, by notice to the Company, as hereinafter specified at any time (i)&nbsp;if there
has been, since the time of execution of this Agreement or since the date as of which information is given in the Prospectus, any material
adverse change in the condition, financial or otherwise, or in the properties, earnings, business affairs or business prospects of the
Company, the Operating Partnership and each of their subsidiaries whether or not arising in the ordinary course of business, or (ii)&nbsp;if
there has occurred any material adverse change in the financial markets in the United States or the international financial markets, any
outbreak of hostilities or escalation thereof, any acts of terrorism involving the United States or other calamity or crisis or any change
or development involving a prospective change in national or international political, financial or economic conditions, in each case the
effect of which is such as to make it, in the sole judgment of the Manager, impracticable or inadvisable to market the Securities or to
enforce contracts for the sale of the Securities, (iii)&nbsp;if trading in the Securities has been suspended or materially limited by
the Commission or the NYSE, or (iv)&nbsp;if trading generally on the NYSE, the NYSE American or the Nasdaq Global Market has been suspended
or materially limited, or minimum or maximum prices for trading have been fixed, or maximum ranges for prices have been required, by any
of said exchanges or by order of the Commission, FINRA or any other governmental authority, or a material disruption has occurred in commercial
banking or securities settlement or clearance services in the United States, or (v)&nbsp;if a banking moratorium has been declared by
either Federal or New York authorities.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Termination
by the Company. </I>Subject to Section&nbsp;13(f)&nbsp;hereof, the Company shall have the right to terminate this Agreement in its sole
discretion at any time after the date of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Termination
by the Manager. </I>Subject to Section&nbsp;13(f)&nbsp;hereof, the Manager shall have the right to terminate this Agreement in its sole
discretion at any time after the date of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Automatic
Termination. </I>Unless earlier terminated pursuant to this Section&nbsp;13, this Agreement shall automatically terminate upon the issuance
and sale of Securities through the Manager or the Alternative Managers on the terms and subject to the conditions set forth herein or
the Alternative Distribution Agreements, as applicable, with an aggregate sale price equal to the Maximum Amount.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Continued
Force and Effect. </I>This Agreement shall remain in full force and effect unless terminated pursuant to Sections 13(a), (b), (c), or
(d)&nbsp;above or otherwise by mutual agreement of the parties.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Effectiveness
of Termination. </I>Any termination of this Agreement shall be effective on the date specified in such notice of termination; <U>provided</U>,
<U>however</U>, 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 for any sale of Securities, such
Securities shall settle in accordance with the provisions of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Liabilities.
</I>If this Agreement is terminated pursuant to this Section&nbsp;13, such termination shall be without liability of any party to any
other party except as provided in Section&nbsp;8 hereof, and except that, in the case of any termination of this Agreement, Section&nbsp;5,
Section&nbsp;10, Section&nbsp;11, Section&nbsp;12, Section&nbsp;21 and Section&nbsp;22 hereof shall survive such termination and remain
in full force and effect.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;14&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>NOTICES</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise provided
in this Agreement, all notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed
or transmitted by any standard form of telecommunication. Notices to the Manager shall be directed to [ ] [ ]; and notices to the Company
and the Operating Partnership shall be directed to it at 70 E. Long Lake Road, Bloomfield, Michigan 48304 (facsimile: 248-737-9110), Attention:
Peter Coughenour, Email: peter@agreerealty.com.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;15&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>PARTIES</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement shall inure
to the benefit of and be binding upon the Manager, the Company, the Operating Partnership and their respective successors. Nothing expressed
or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation, other than the Manager, the
Company, the Operating Partnership and their respective successors and the controlling persons and officers, directors, employees or affiliates
referred to in Sections 10 and 11 and their heirs and legal representatives, any legal or equitable right, remedy or claim under or in
respect of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be
for the sole and exclusive benefit of the Manager, the Company, the Operating Partnership and their respective successors, and said controlling
persons and officers, directors, employees or affiliates and their heirs and legal representatives, and for the benefit of no other person,
firm or corporation. No purchaser of Securities from the Manager shall be deemed to be a successor by reason merely of such purchase.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>ADJUSTMENTS
FOR SHARE SPLITS</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The parties acknowledge and
agree that all share-related numbers contained in this Agreement shall be adjusted to take into account any share split, share dividend
or similar event effected with respect to the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;17&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>GOVERNING
LAW AND TIME</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS AGREEMENT AND ANY CLAIM,
CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO ITS CHOICE OF LAW PROVISIONS. UNLESS OTHERWISE EXPLICITLY PROVIDED, SPECIFIED TIMES OF DAY REFER TO
NEW YORK CITY TIME.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;18&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>EFFECT
OF HEADINGS</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Section&nbsp;and Exhibit&nbsp;headings
herein are for convenience only and shall not affect the construction hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;19&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>RESEARCH
ANALYST INDEPENDENCE</U><FONT STYLE="text-transform: uppercase">.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company acknowledges that (a)&nbsp;the Manager&rsquo;s
research analysts and research departments are required to be independent from their respective investment banking divisions and are subject
to certain regulations and internal policies and (b)&nbsp;the Manager&rsquo;s research analysts may hold views and make statements or
investment recommendations and/or publish research reports with respect to the Company, the value of the Common Stock and/or the offering
that differ from the views of their respective investment banking divisions. The Company hereby waives and releases, to the fullest extent
permitted by law, any claims that it may have against the Manager with respect to any conflict of interest that may arise from the fact
that the views expressed by the Manager&rsquo;s independent research analysts and research departments may be different from or inconsistent
with the views or advice communicated to the Company by the Manager&rsquo;s investment banking division. The Company acknowledges that
the Manager is a full service securities firm and as such, from time to time, subject to applicable securities laws, may effect transactions
for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that
are the subject of the transactions contemplated by this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;20&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>PERMITTED
FREE WRITING PROSPECTUSES</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the Company and the
Operating Partnership represent, warrant and agree that, unless it obtains the prior consent of the Manager and the Manager represents,
warrants and agrees that, unless it obtains the prior consent of the Company, it has not made and will not make any offer relating to
the Securities that would constitute an Issuer Free Writing Prospectus, or that would otherwise constitute a &ldquo;free writing prospectus,&rdquo;
as defined in Rule&nbsp;405 under the Securities Act, required to be filed with the Commission. Any such free writing prospectus consented
to by the Manager or by the Company, as the case may be, is hereinafter referred to as a &ldquo;<U>Permitted Free Writing Prospectus</U>.&rdquo;
The Company represents and warrants that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an &ldquo;issuer
free writing prospectus,&rdquo; as defined in Rule&nbsp;433 under the Securities Act, and has complied and will comply with the requirements
of Rule&nbsp;433 applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending
and record keeping. For the purposes of clarity, the parties hereto agree that all free writing prospectuses, if any, listed in <U>Exhibit&nbsp;H</U>
hereto are Permitted Free Writing Prospectuses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;21&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>ABSENCE
OF FIDUCIARY RELATIONSHIP</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the Company and the
Operating Partnership, severally and not jointly, acknowledges and agrees that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Manager is acting solely as agent and/or principal in connection with the public offering of the Securities and in connection with each
transaction contemplated by this Agreement and the process leading to such transactions, and no fiduciary or advisory relationship among
the Company, the Operating Partnership or any of their respective affiliates, stockholders (or other equity holders), creditors or employees
or any other party, on the one hand, and the Manager, on the other hand, has been or will be created in respect of any of the transactions
contemplated by this Agreement, irrespective of whether or not the Manager has advised or is advising the Company and/or the Operating
Partnership on other matters, and the Manager has no obligation to the Company or the Operating Partnership with respect to the transactions
contemplated by this Agreement except the obligations expressly set forth in this Agreement;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
public offering price of the Securities set forth in this Agreement was not established by the Manager;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">it
is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated
by this Agreement;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Manager has not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated by this Agreement
and it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">it
is aware that the Manager and its respective affiliates are engaged in a broad range of transactions which may involve interests that
differ from those of the Company and the Operating Partnership and the Manager have no obligation to disclose such interests and transactions
to the Company or the Operating Partnership by virtue of any fiduciary, advisory or agency relationship or otherwise;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Manager and its respective affiliates may engage in trading in the Common Stock for their own account or for the account of its clients
at the same time as sales of the Securities occur pursuant to this Agreement; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">it
waives, to the fullest extent permitted by law, any claims it may have against the Manager for breach of fiduciary duty or alleged breach
of fiduciary duty and agrees that the Manager shall not have any liability (whether direct or indirect, in contract, tort or otherwise)
to it in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on its behalf or in right of it or the
Company, the Operating Partnership, employees or creditors of the Company or the Operating Partnership.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;22&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>CONSENT
TO JURISDICTION</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any legal suit, action or
proceeding arising out of or based upon this Agreement or the transactions contemplated hereby shall be instituted in (i)&nbsp;the federal
courts of the United States of America located in the City and County of New York, Borough of Manhattan or (ii)&nbsp;the courts of the
State of New York located in the City and County of New York, Borough of Manhattan (collectively, the &ldquo;<U>Specified Courts</U>&rdquo;),
and each party irrevocably submits to the exclusive jurisdiction (except for proceedings instituted in regard to the enforcement of a
judgment of any such court, as to which such jurisdiction is non-exclusive) of such courts in any such suit, action or proceeding. Service
of any process, summons, notice or document by mail to such party&rsquo;s address set forth above shall be effective service of process
for any suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to
the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree
not to plead or claim in any such court that any such suit, action or other proceeding brought in any such court has been brought in an
inconvenient forum.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;23&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>PARTIAL
UNENFORCEABILITY</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The invalidity or unenforceability
of any Section, paragraph or provision of this Agreement shall not affect the validity or enforceability of any other Section, paragraph
or provision hereof. If any Section, paragraph or provision of this Agreement is for any reason determined to be invalid or unenforceable,
there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;24&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>WAIVER
OF JURY TRIAL</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the Company (on its
behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates), the Operating Partnership and the
Manager 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 or the transactions contemplated hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;25&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>COUNTERPARTS</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement may be executed
in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one
and the same Agreement. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the
U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law,
e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered
and be valid and effective for all purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;26&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>AMENDMENTS
AND WAIVERS</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any provision or requirement
of this Agreement may be waived or amended in any respect by a writing signed by the parties hereto. No waiver or amendment shall be enforceable
against any party hereto unless in writing and signed by the party against which such waiver is claimed. A waiver of any provision or
requirement of this Agreement shall not constitute a waiver of any other term and shall not affect the other provisions of this Agreement.
A waiver of a provision or requirement of this Agreement will apply only to the specific circumstances cited therein and will not prevent
a party from subsequently requiring compliance with the waived provision or requirement in other circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;27&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>RECOGNITION
OF THE U.S. SPECIAL RESOLUTION REGIMES</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the event that the Manager is a Covered Entity and becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer
from the Manager of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as
the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were
governed by the laws of the United States or a state of the United States.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the event that the Manager is a Covered Entity or a BHC Act Affiliate of the Manager and becomes subject to a proceeding under a U.S.
Special Resolution Regime, Default Rights under this Agreement that may be exercised against the Manager are permitted to be exercised
to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed
by the laws of the United States or a state of the United States.</FONT></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used in this Section&nbsp;15:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>BHC Act Affiliate</U>&rdquo;
has the meaning assigned to the term &ldquo;affiliate&rdquo; in, and shall be interpreted in accordance with, 12 U.S.C. &sect; 1841(k).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Covered Entity</U>&rdquo;
means any of the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">a &ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with, 12&nbsp;C.F.R.
 &sect; 252.82(b);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">a &ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance with, 12&nbsp;C.F.R.
 &sect; 47.3(b); or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">a &ldquo;covered FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12&nbsp;C.F.R.
 &sect; 382.2(b).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Default Right</U>&rdquo;
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12&nbsp;C.F.R. &sect;&sect; 252.81, 47.2 or 382.1,
as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Special Resolution
Regime</U>&rdquo; means each of (i)&nbsp;the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&nbsp;Title
II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</P>

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

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

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the foregoing is in accordance
with your understanding of our agreement, please sign and return to the Company a counterpart hereof, whereupon this instrument, along
with all counterparts, will become a binding agreement among the Manager, the Operating Partnership and the Company in accordance with
its terms.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Agree Realty Corporation</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Agree Limited Partnership</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Realty Corporation,</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as the sole general partner</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT>[<I>Signature
Page&nbsp;to the 2022 Equity Distribution Agreement without Forward</I>]</FONT></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CONFIRMED AND ACCEPTED, as of the date first above written:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[ &#8239;&#8239;&#8239;&#8239;], as Manager</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT>[<I>Signature
Page&nbsp;to the 2022 Equity Distribution Agreement without Forward</I>]</FONT></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="text-transform: uppercase"><B>Exhibit&nbsp;A</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Form&nbsp;of
Placement Notice</U></B></FONT></P>

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

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="text-transform: uppercase"><B><U>Authorized Individuals
for Placement Notices and Acceptances</U></B></FONT></P>

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

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

<!-- Field: Page; Sequence: 53; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Compensation</U></B></FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Manager shall be paid compensation at a mutually
agreed rate, not to exceed 2.0% of the gross sales price of Securities pursuant to the terms of this Agreement.</P>

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

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

<!-- Field: Page; Sequence: 54; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Exhibit&nbsp;D</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Officers&rsquo;
Certificate</U></B></FONT></P>

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

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

<!-- Field: Page; Sequence: 55; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">D-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Exhibit&nbsp;E</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Form&nbsp;of
Corporate Opinion of<BR>
Honigman LLP</U></B></FONT></P>

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

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

<!-- Field: Page; Sequence: 56; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">E-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Exhibit&nbsp;F</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Form&nbsp;of
TAX Opinion of<BR>
Honigman LLP</U></B></FONT></P>

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

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

<!-- Field: Page; Sequence: 57; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Exhibit&nbsp;G</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Form&nbsp;of
Opinion of Ballard Spahr LLP</U></B></FONT></P>

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

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

<!-- Field: Page; Sequence: 58; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">G-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Exhibit&nbsp;H</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="text-transform: uppercase"><B><U>Permitted
Free Writing Prospectus</U></B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule
I</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>List
of Subsidiaries and Joint Ventures</U></B></FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule
II</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Material
Agreements</U></B></FONT></P>

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

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

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<DOCUMENT>
<TYPE>EX-1.2
<SEQUENCE>3
<FILENAME>tm2224755d2_ex1-2.htm
<DESCRIPTION>EXHIBIT 1.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 1.2</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 2.5pt double; width: 100%; border-bottom: Black 2.5pt double">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AGREE REALTY CORPORATION</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Shares of Common Stock</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Par Value $0.0001 Per Share)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EQUITY DISTRIBUTION AGREEMENT</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: September&nbsp;2, 2022</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>TABLE
OF CONTENTS</B></FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1</FONT></TD>
    <TD STYLE="width: 82%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF SECURITIES</FONT></TD>
    <TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLACEMENTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SALE OF SECURITIES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUSPENSION OF SALES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REPRESENTATIONS AND WARRANTIES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SALE AND DELIVERY; SETTLEMENT</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COVENANTS OF THE COMPANY AND THE OPERATING PARTNERSHIP</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PAYMENT OF EXPENSES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONDITIONS OF THE OBLIGATIONS OF THE AGENT, THE FORWARD SELLER AND THE FORWARD PURCHASER</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDEMNIFICATION</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTRIBUTION</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;12</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REPRESENTATIONS, WARRANTIES AND AGREEMENTS TO SURVIVE DELIVERY</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TERMINATION OF AGREEMENT</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;14</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTICES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;15</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RECOGNITION OF THE U.S. SPECIAL RESOLUTION REGIMES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;16</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PARTIES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;17</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADJUSTMENTS FOR SHARE SPLITS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;18</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GOVERNING LAW AND TIME</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;19</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EFFECT OF HEADINGS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;20</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RESEARCH ANALYST INDEPENDENCE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;21</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PERMITTED FREE WRITING PROSPECTUSES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;22</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABSENCE OF FIDUCIARY RELATIONSHIP</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;23</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSENT TO JURISDICTION</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;24</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PARTIAL UNENFORCEABILITY</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;25</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WAIVER OF JURY TRIAL</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;26</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COUNTERPARTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;27</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMENDMENTS AND WAIVERS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  </TABLE>

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

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">EXHIBITS</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: left">Exhibit&nbsp;A</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%">&ndash;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 86%; text-align: left">Form&nbsp;of Placement Notice</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Exhibit&nbsp;B</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&ndash;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Authorized Individuals for Placement Notices and Acceptances</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Exhibit&nbsp;C</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&ndash;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Compensation</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Exhibit&nbsp;D</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&ndash;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Officers&rsquo; Certificate</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Exhibit&nbsp;E</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&ndash;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Form&nbsp;of Corporate Opinion of Honigman LLP</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Exhibit&nbsp;F</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&ndash;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Form&nbsp;of Tax Opinion of Honigman LLP</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Exhibit&nbsp;G</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&ndash;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Form&nbsp;of Opinion of Ballard Spahr LLP</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Exhibit&nbsp;H</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&ndash;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Permitted Free Writing Prospectus</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">SCHEDULES</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Schedule I</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&ndash;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">List of Subsidiaries and Joint Ventures</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Schedule II</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&ndash;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Material Agreements</TD></TR>
  </TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Agree Realty Corporation<BR>
(a Maryland corporation)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Shares of Common Stock</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Par Value $.0001 Per Share)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><U>EQUITY
DISTRIBUTION AGREEMENT</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">September&nbsp;2, 2022</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Agree
Realty Corporation, a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), and Agree Limited Partnership, a Delaware limited partnership
(the &ldquo;<U>Operating Partnership</U>&rdquo;), of which the Company is the sole general partner, each confirms its agreement (this
 &ldquo;<U>Agreement</U>&rdquo;) with [ ] (in its capacity as purchaser under any Forward Contract (as defined below), the &ldquo;<U>Forward
Purchaser</U>&rdquo;) and [ ] (in its capacity as agent for the Company and/or principal in connection with the offering and sale of any
Issuance Securities (as defined below) hereunder, &ldquo;</FONT>Manager,&rdquo; and in its capacity as agent for the Forward Purchaser
in connection with the offering and sale of any Forward Hedge Securities (as defined below) hereunder, the &ldquo;<U>Forward Seller</U>&rdquo;),
as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>DESCRIPTION
OF SECURITIES</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the Company and the
Operating Partnership agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions set
forth herein, the Company may issue and sell, in the manner contemplated by this Agreement, shares (the &ldquo;<U>Securities</U>&rdquo;)
of the Company&rsquo;s common stock, par value $0.0001 per share (the &ldquo;<U>Common Stock</U>&rdquo;), having an aggregate offering
price of up to $750,000,000 (the &ldquo;<U>Maximum Amount</U>&rdquo;). Notwithstanding anything to the contrary contained herein, the
parties hereto agree that compliance with the limitations set forth in this Section&nbsp;1 regarding the aggregate offering price of the
Securities issued and sold under this Agreement shall be the sole responsibility of the Company, and the Manager or the Forward Seller,
as applicable, shall have no obligation in connection with such compliance. The issuance and sale of the Securities through the Manager
or the Forward Seller, as applicable, will be effected pursuant to the Registration Statement (as defined below) that was filed by the
Company under the Securities Act of 1933, as amended (collectively with the rules&nbsp;and regulations of the Securities and Exchange
Commission (the &ldquo;<U>Commission</U>&rdquo;) thereunder, the &ldquo;<U>Securities Act</U>&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has filed, in
accordance with the provisions of the Securities Act, with the Commission a shelf registration statement on Form&nbsp;S-3 (File No.&nbsp;333-238729)
on May&nbsp;27, 2020 including a base prospectus, relating to certain securities, including the Securities to be issued from time to time
by the Company, which shelf registration statement, including any amendments thereto, was declared effective by the Commission under the
Securities Act and which incorporates by reference documents that the Company has filed or will file in accordance with the provisions
of the Securities Exchange Act of 1934, as amended, and the rules&nbsp;and regulations of the Commission thereunder (collectively, the
 &ldquo;<U>Exchange Act</U>&rdquo;). The Company has prepared a prospectus supplement specifically relating to the Securities (the &ldquo;<U>Prospectus
Supplement</U>&rdquo;) to the base prospectus included as part of such registration statement. The Company will furnish to the Manager
or the Forward Seller, as applicable, for use by the Manager or the Forward Seller, as applicable, copies of the base prospectus included
as part of such registration statement, as supplemented by the Prospectus Supplement, relating to the Securities. Except where the context
otherwise requires, such registration statement, on each date and time that such registration statement and any post-effective amendment
thereto became or becomes effective, including all documents filed as part thereof or incorporated by reference therein, and including
any information contained in a Prospectus (as defined below) subsequently filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;of
the Securities Act or deemed to be a part of such registration statement pursuant to Rule&nbsp;430B of the Securities Act (the &ldquo;<U>Rule&nbsp;430B
Information</U>&rdquo;), is herein called the &ldquo;<U>Registration Statement</U>.&rdquo; The base prospectus included in the Registration
Statement, including all documents incorporated therein by reference, as it may be supplemented by the Prospectus Supplement, in the form
in which such prospectus and/or Prospectus Supplement have most recently been filed by the Company with the Commission pursuant to Rule&nbsp;424(b)&nbsp;of
the Securities Act, is herein called the &ldquo;<U>Prospectus</U>.&rdquo; The Company may file one or more additional registration statements
(which shall be the Registration Statement) from time to time that will contain a base prospectus and related prospectus or prospectus
supplement, if applicable (which shall be the Prospectus Supplement), with respect to the Securities. Any reference herein to the Registration
Statement, the Prospectus or any amendment or supplement thereto shall be deemed to refer to and include the documents incorporated by
reference therein, and any reference herein to the terms &ldquo;amend,&rdquo; &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; with
respect to the Registration Statement or the Prospectus shall be deemed to refer to and include the filing after the execution hereof
of any document with the Commission deemed to be incorporated by reference therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this Agreement,
all references to the Registration Statement, the Prospectus or to any amendment or supplement thereto shall be deemed to include any
copy filed with the Commission pursuant to the Commission&rsquo;s Electronic Data Gathering, Analysis and Retrieval system (&ldquo;<U>EDGAR</U>&rdquo;);
all references in this Agreement to any Issuer Free Writing Prospectus (other than any Issuer Free Writing Prospectuses that, pursuant
to Rule&nbsp;433 under the Securities Act, are not required to be filed with the Commission) shall be deemed to include the copy thereof
filed with the Commission pursuant to EDGAR; and all references in this Agreement to &ldquo;supplements&rdquo; to the Prospectus shall
include, without limitation, any supplements, &ldquo;wrappers&rdquo; or similar materials prepared in connection with any offering, sale
or private placement of any Placement Securities by the Manager or the Forward Seller outside of the United States. All references in
this Agreement to financial statements and schedules and other information that is &ldquo;contained,&rdquo; &ldquo;included&rdquo; or
 &ldquo;stated&rdquo; in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed to mean
and include all such financial statements and schedules and other information that is incorporated by reference in the Registration Statement
or the Prospectus, as the case may be.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used in this Agreement,
the following terms have the respective meanings set forth below:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Actual Sold Forward
Amount</U>&rdquo; means, for any Forward Hedge Selling Period for any Forward, the number of Forward Hedge Securities that the Forward
Seller has sold during such Forward Hedge Selling Period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Aggregate Forward
Hedge Price</U>&rdquo; means, with respect to a period, the product of the Actual Sold Forward Amount during such period and the Forward
Hedge Price during such period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Aggregate Sales
Price</U>&rdquo; means, with respect to a period, the sum of the Sales Prices for all Issuance Securities or Forward Hedge Securities,
as applicable, sold during such period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Applicable Time</U>&rdquo;
means the time of each sale of any Securities pursuant to this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Capped Number</U>&rdquo;
with respect to any Forward Contract has the meaning set forth in such Forward Contract.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Commitment Period</U>&rdquo;
means the period commencing on the date of this Agreement and expiring on the date this Agreement is terminated pursuant to Section&nbsp;13.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Forward</U>&rdquo;
means the transaction resulting from each Placement Notice (as amended by the corresponding Acceptance, if applicable) specifying that
it relates to a &ldquo;Forward&rdquo; and requiring the Forward Seller to use commercially reasonable efforts to sell, as specified in
such Placement Notice and subject to the terms and conditions of this Agreement and the applicable Forward Contract, the Forward Hedge
Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Forward Contract</U>&rdquo;
means, for each Forward, the contract evidencing such Forward between the Company and the Forward Purchaser, which shall be comprised
of the Master Forward Confirmation and the related &ldquo;Supplemental Confirmation&rdquo; (as defined in the Master Forward Confirmation)
for such Forward.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Forward Hedge Amount</U>&rdquo;
means, for any Forward, the amount specified as such in the Placement Notice for such Forward (as amended by the corresponding Acceptance,
if applicable), which amount shall be the target Aggregate Sales Price of the Forward Hedge Securities to be sold by the Forward Seller
in respect of such Forward, subject to the terms and conditions of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Forward Hedge Price</U>&rdquo;
means, for any Forward Contract, the product of (x)&nbsp;an amount equal to one (1)&nbsp;minus the Forward Hedge Selling Commission Rate
for such Forward Contract; and (y)&nbsp;the Volume-Weighted Hedge Price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Forward Hedge Securities</U>&rdquo;
means all Common Stock borrowed by the Forward Purchaser and offered and sold by the Forward Seller in connection with any Forward that
has occurred or may occur in accordance with the terms and conditions of this Agreement. Where the context requires, the term &ldquo;Forward
Hedge Securities&rdquo; as used herein shall include the definition of the same under the Alternative Distribution Agreements.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Forward Hedge Selling
Commission</U>&rdquo; means, for any Forward Contract, the product of (x)&nbsp;the Forward Hedge Selling Commission Rate for such Forward
Contract and (y)&nbsp;the Volume-Weighted Hedge Price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Forward Hedge Selling
Commission Rate</U>&rdquo; means, for any Forward Contract, a rate mutually agreed to between the Company and the Forward Seller and recorded
in the applicable Placement Notice (as amended by the corresponding Acceptance, if applicable), not to exceed 2%.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Forward Hedge Selling
Period</U>&rdquo; means, subject to Section&nbsp;2(c)&nbsp;hereof, the period of one to 20 consecutive Trading Days (as determined by
the Company in the Company&rsquo;s sole discretion and specified in the applicable Placement Notice (as amended by the corresponding Acceptance,
if applicable) specifying that it relates to a &ldquo;Forward&rdquo;) beginning on the date specified in the applicable Placement Notice
(as amended by the corresponding Acceptance, if applicable) or, if such date is not a Trading Day, the next Trading Day following such
date and ending on the last such Trading Day or such earlier date on which the Forward Seller shall have completed the sale of Forward
Hedge Securities in connection with the applicable Forward; provided that if, prior to the scheduled end of any Forward Hedge Selling
Period (x)&nbsp;any event occurs that would permit the Forward Purchaser to designate a &ldquo;Scheduled Trading Day&rdquo; as an &ldquo;Early
Valuation Date&rdquo; (as each such term is defined in the Master Forward Confirmation) under, and pursuant to the provisions opposite
the caption &ldquo;Early Valuation&rdquo; in Section&nbsp;2 of the Master Forward Confirmation or (y)&nbsp;a &ldquo;Bankruptcy Termination
Event&rdquo; (as such term is defined in the Master Forward Confirmation) occurs, then the Forward Hedge Selling Period shall, upon the
Forward Seller becoming aware of such occurrence, immediately terminate as of the first such occurrence. Any Forward Hedge Selling Period
then in effect shall immediately terminate upon the termination of this Agreement pursuant to Section&nbsp;9 or Section&nbsp;13 hereof
and as set forth in Sections 2(b)&nbsp;and 4 hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Forward Purchaser</U>&rdquo;
has the meaning set forth in the introductory paragraph of this Agreement. If a Forward Purchaser has not been identified in the introductory
paragraph of this Agreement, the Company agrees that all provisions of this Agreement related to the Forward Purchaser are not applicable
hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Forward Seller</U>&rdquo;
has the meaning set forth in the introductory paragraph of this Agreement. If a Forward Seller has not been identified in the introductory
paragraph of this Agreement, the Company agrees that all provisions of this Agreement related to the Forward Seller are not applicable
hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Investment Company
Act</U>&rdquo; means the Investment Company Act of 1940, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<U>Issuance</U>&rdquo;
means each occasion the Company elects to exercise its right to deliver a Placement Notice that does not involve a Forward and that specifies
that it relates to an &ldquo;Issuance&rdquo; and requires the </FONT>Manager to use commercially reasonable efforts to sell the Issuance
Securities as specified in such Placement Notice, subject to the terms and conditions of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Issuance Selling
Period</U>&rdquo; means the period of one to 20 consecutive Trading Days (as determined by the Company in the Company&rsquo;s sole discretion
and specified in the applicable Placement Notice (as amended by the corresponding Acceptance, if applicable) specifying that it relates
to an &ldquo;Issuance&rdquo;) beginning on the date specified in the applicable Placement Notice (as amended by the corresponding Acceptance,
if applicable) or, if such date is not a Trading Day, the next Trading Day following such date.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Issuance Securities</U>&rdquo;
means all shares of Common Stock issued or issuable pursuant to an Issuance that has occurred or may occur in accordance with the terms
and conditions of this Agreement. Where the context requires, the term &ldquo;Issuance Securities&rdquo; as used herein, shall include
the definition of the same under the Alternative Distribution Agreements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Issuer Free Writing
Prospectus</U>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule&nbsp;433 under the Securities Act, relating
to the Securities that (i)&nbsp;is required to be filed with the Commission by the Company, (ii)&nbsp;is a &ldquo;road show&rdquo; that
is a &ldquo;written communication&rdquo; within the meaning of Rule&nbsp;433(d)(8)(i)&nbsp;whether or not required to be filed with the
Commission, or (iii)&nbsp;is exempt from filing pursuant to Rule&nbsp;433(d)(5)(i)&nbsp;because it contains a description of the Securities
or of the offering that does not reflect the final terms, and all free writing prospectuses that are listed in <U>Exhibit&nbsp;H</U> hereto,
in each case in the form furnished (electronically or otherwise) to the Manager for use in connection with the offering of the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Manager</U>&rdquo;
has the meaning set forth in the introductory paragraph of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Master Forward Confirmation</U>&rdquo;
means the Master Confirmation for Issuer Share Forward Sale Transactions, dated as of the date hereof, by and among the Company, the Operating
Partnership and the Forward Purchaser, including all provisions incorporated by reference therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>NYSE</U>&rdquo;
means the New York Stock Exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Rule&nbsp;158</U>,&rdquo;
 &ldquo;<U>Rule&nbsp;172</U>,&rdquo; &ldquo;<U>Rule&nbsp;405</U>,&rdquo; &ldquo;<U>Rule&nbsp;415</U>,&rdquo; &ldquo;<U>Rule&nbsp;424(b)</U>,&rdquo;
 &ldquo;<U>Rule&nbsp;430B</U>,&rdquo; and &ldquo;<U>Rule&nbsp;433</U>&rdquo; refer to such rules&nbsp;under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Sales Price</U>&rdquo;
means, for each Forward or each Issuance hereunder, the actual sale execution price of each Forward Hedge Security or Issuance Security,
as the case may be, sold by the Manager or the Forward Seller on the NYSE hereunder in the case of ordinary brokers&rsquo; transactions,
or as otherwise agreed by the parties in other methods of sale. Where the context requires, the term &ldquo;Sales Price&rdquo; as used
herein shall include the definition of the same under the Alternative Distribution Agreements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Sarbanes-Oxley Act</U>&rdquo;
means the Sarbanes-Oxley Act of 2002 and the rules&nbsp;and regulations promulgated thereunder or implementing the provisions thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Securities</U>&rdquo;
means Issuance Securities and Forward Hedge Securities, as applicable. Where the context requires, the term &ldquo;Securities&rdquo; as
used herein shall include the definition of the same under the Alternative Distribution Agreements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Selling Period</U>&rdquo;
means any Forward Hedge Selling Period or any Issuance Selling Period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Settlement Date</U>&rdquo;
means, unless the Company and the Manager shall otherwise agree, any Forward Hedge Settlement Date or any Issuance Settlement Date, as
applicable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trading Day</U>&rdquo;
means any day which is a trading day on the NYSE.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Unwind Date</U>&rdquo;
shall have the meaning set forth in the Master Forward Confirmation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<U>Volume-Weighted
Hedge Price</U>&rdquo; has the meaning set forth in the Master Forward Confirmation; provided that, for purposes of determining the Aggregate
Forward Hedge Price payable to the Forward Purchaser in respect of a Trading Day on which the Forward Seller has made sales of Forward
Hedge</FONT> Securities hereunder pursuant to Sections 3(b)&nbsp;and 6(e), the Volume-Weighted Hedge Price shall be determined solely
with respect to the Forward Hedge Securities sold by the Forward Seller on such Trading Day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company will contribute
the Net Proceeds (as defined in Section&nbsp;6(b)) from the sale of the Securities and any proceeds received under the Forward Contract
from time to time pursuant to this Agreement to the Operating Partnership, and in exchange therefor, at each Issuance Settlement Date
(as defined in Section&nbsp;6(b)) and on each day the Company is required to deliver Common Stock under any Forward Contract, the Operating
Partnership will issue to the Company units of limited partnership interest in the Operating Partnership (&ldquo;<U>OP Units</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Manager has been appointed
by the Company as its agent to sell the Issuance Securities and agrees to use commercially reasonable efforts to sell the Issuance Securities
offered by the Company upon the terms and subject to the conditions contained herein. The Forward Seller agrees with the Company and the
Forward Purchaser to use commercially reasonable efforts to sell the Forward Hedge Securities to be borrowed by the Forward Purchaser
upon the terms and subject to the conditions contained herein. Notwithstanding any other provision of this Agreement, if a Forward Seller
and Forward Purchaser have not been identified in the introductory paragraph of this Agreement and have not executed this Agreement, the
Company agrees that all provisions of this Agreement related to the Forward Seller, the Forward Purchaser and Forwards are not applicable
hereunder and no sales of Forward Hedge Securities shall take place pursuant to this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company and the Operating Partnership have also entered into separate equity distribution agreements (collectively, the &ldquo;<U>Alternative
Distribution Agreements</U>&rdquo;), dated as of even date herewith, with [ ] (and, as applicable, their respective affiliates) (each,
in its capacity as agent and/or principal, forward seller and forward purchaser thereunder, an &ldquo;<U>Alternative Manager</U>&rdquo;),
for the issuance (in the case of the Issuance Securities) or borrowing (in the case of the Forward Hedge Securities) and sale from time
to time through the applicable Alternative Managers on the terms set forth in the applicable Alternative Distribution Agreements. The
aggregate offering price of the Securities that may be sold pursuant to this Agreement and the </FONT>Alternative Distribution Agreements
shall not exceed the Maximum Amount.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>PLACEMENTS</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Upon
the terms and subject to the conditions of this Agreement, on any Trading Day as provided in Section&nbsp;2(c)&nbsp;hereof during the
Commitment Period on which (i)&nbsp;the conditions set forth in Section&nbsp;9 hereof have been satisfied and (ii)&nbsp;with respect to
any Forward, no event described in clause (x)&nbsp;or clause (y)&nbsp;of the proviso contained in the definition of Forward Hedge Selling
Period shall have occurred, the Company wishes to issue (in the case of an Issuance) and sell the Securities hereunder (each, a &ldquo;<U>Placement</U>&rdquo;),
by delivery of an email notice (or other method mutually agreed to in writing by the parties) to the Manager (in the case of an Issuance)
or the Forward Seller and the Forward Purchaser (in the case of a Forward) containing the parameters in accordance with which it desires
the Securities to be sold, which shall at a minimum specify whether it relates to an &ldquo;Issuance&rdquo; or a &ldquo;Forward&rdquo;
and include the number of Securities to be issued (in the case of an Issuance) and/or sold (the &ldquo;<U>Placement Securities</U>&rdquo;),
the time period during which sales are requested to be made, any limitation on the number of Securities that may be sold in any one day,
any minimum price below which sales may not be made or a formula pursuant to which such minimum price shall be determined and, as applicable,
certain specified terms of the Forward (a &ldquo;<U>Placement Notice</U>&rdquo;), a form of which containing such minimum sales parameters
necessary with respect to Issuances and Forwards is attached hereto as <U>Exhibit&nbsp;A</U>. The Placement Notice shall originate from
any of the individuals from the Company set forth on <U>Exhibit&nbsp;B</U> (with a copy to each of the other individuals from the Company
listed on such schedule), and shall be addressed to each of the individuals from the Manager or the Forward Seller and the Forward Purchaser,
as applicable, set forth on <U>Exhibit&nbsp;B</U>, as such <U>Exhibit&nbsp;B</U> may be amended from time to time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
the Manager or the Forward Seller and the Forward Purchaser, as applicable, wish to accept such proposed terms included in the Placement
Notice (which they may decline to do for any reason in their sole discretion) or, following discussion with the Company, wish to accept
amended terms, the Manager or the Forward Seller and the Forward Purchaser, as applicable, will, prior to 4:30&nbsp;p.m.&nbsp;(New York
City Time) on the business day following the business day on which such Placement Notice is delivered to the Manager or the Forward Seller
and the Forward Purchaser, as applicable, issue to the Company a notice by email (or other method mutually agreed to in writing by the
parties) addressed to all of the individuals from the Company and the Manager or the Forward Seller and the Forward Purchaser, as applicable,
set forth on <U>Exhibit&nbsp;B</U>) setting forth the terms that the Manager or the Forward Seller and the Forward Purchaser, as applicable,
are willing to accept. Where the terms provided in the Placement Notice are amended as provided for in the immediately preceding sentence,
such terms will not be binding on the Company or the Manager or the Forward Seller and the Forward Purchaser, as applicable, until the
Company delivers to the Manager or the Forward Seller and the Forward Purchaser, as applicable, an acceptance by email (or other method
mutually agreed to in writing by the parties) of all of the terms of such Placement Notice, as amended (the &ldquo;<U>Acceptance</U>&rdquo;),
which email shall be addressed to all of the individuals from the Company and the Manager or the Forward Seller and the Forward Purchaser,
as applicable, set forth on <U>Exhibit&nbsp;B</U>. The Placement Notice (as amended by the corresponding Acceptance, if applicable) shall
be effective upon receipt by the Company of the Manager&rsquo;s or the Forward Seller&rsquo;s and the Forward Purchaser&rsquo;s, as applicable,
acceptance of the terms of the Placement Notice or upon receipt by the Manager or the Forward Seller and the Forward Purchaser, as applicable,
of the Company&rsquo;s Acceptance, as the case may be, unless and until (i)&nbsp;the entire amount of the Placement Securities has been
sold, (ii)&nbsp;in accordance with the notice requirements set forth in the second sentence of the prior paragraph, the Company terminates
the Placement Notice, (iii)&nbsp;the Company issues a subsequent Placement Notice with parameters superseding those on the earlier dated
Placement Notice, (iv)&nbsp;this Agreement has been terminated under the provisions of Section&nbsp;13 or (v)&nbsp;either party shall
have suspended the sale of the Placement Securities in accordance with Section&nbsp;4 below. The termination of the effectiveness of a
Placement Notice as set forth in the prior sentence shall not affect or impair any party&rsquo;s obligations with respect to any Securities
sold hereunder prior to such termination or any Securities sold under any Alternative Distribution Agreement (including, in the case of
any Forward Hedge Securities, the obligation to enter into the resulting Forward Contract). It is expressly acknowledged and agreed that
neither the Company nor the Manager will have any obligation whatsoever with respect to a Placement or any Placement Securities unless
and until the Company delivers a Placement Notice to the Manager and either (i)&nbsp;the Manager accepts the terms of such Placement Notice
or (ii)&nbsp;where the terms of such Placement Notice are amended, the Company accepts such amended terms by means of an Acceptance pursuant
to the terms set forth above, and then only upon the terms specified in the Placement Notice (as amended by the corresponding Acceptance,
if applicable) and herein. It is expressly acknowledged and agreed that the Company, the Forward Seller and the Forward Purchaser will
have no obligation whatsoever with respect to a Placement or any Placement Securities unless and until the Company delivers a Placement
Notice to the Forward Seller and the Forward Purchaser and either (i)&nbsp;the Forward Seller and the Forward Purchaser accept the terms
of such Placement Notice or (ii)&nbsp;where the terms of such Placement Notice are amended, the Company accepts such amended terms by
means of an Acceptance pursuant to the terms set forth above, and then only upon the terms specified in the Placement Notice (as amended
by the corresponding Acceptance, if applicable), this Agreement and the Master Forward Confirmation. In the event of a conflict between
the terms of this Agreement and the terms of a Placement Notice (as amended by the corresponding Acceptance, if applicable), the terms
of the Placement Notice (as amended by the corresponding Acceptance, if applicable) will control.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">No
Placement Notice may be delivered hereunder other than on a Trading Day during the Commitment Period, no Placement Notice may be delivered
hereunder if the Selling Period specified therein may overlap in whole or in part with any Selling Period specified in a Placement Notice
(as amended by the corresponding Acceptance, if applicable) delivered hereunder or under any Alternative Distribution Agreement unless
the Securities to be sold under all such previously delivered Placement Notices have all been sold; no Placement Notice may be delivered
hereunder or under any Alternative Distribution Agreement if any Selling Period specified therein may overlap in whole or in part with
any Unwind Date under any Forward Contract entered into between the Company and the Forward Purchaser or any Alternative Manager; and
no Placement Notice specifying that it relates to a &ldquo;Forward&rdquo; may be delivered if such Placement Notice, together with all
prior Placement Notices (as amended by the corresponding Acceptance, if applicable) delivered by the Company relating to a &ldquo;Forward&rdquo;
hereunder and under any Alternative Distribution Agreements, would result in the sum of the number of shares of Common Stock issued under
all Forward Contracts (whether with a Forward Purchaser or any Alternative Manager) that have settled, plus the Capped Numbers under all
Forward Contracts then outstanding or to be entered into between the Company and the Forward Purchaser and any Forward Contracts then
outstanding between the Company and any Alternative Manager exceeding 19.99% of the number of shares of Common Stock outstanding as of
the date of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
any other provision of this Agreement, any notice required to be delivered by the Company or by the Manager (in the case of an Issuance)
or the Forward Seller and the Forward Purchaser (in the case of a Forward) pursuant to this Section&nbsp;2 may be delivered by telephone
(confirmed promptly by facsimile or email addressed to all of the individuals from the Company and the Manager (in the case of an Issuance)
or the Forward Seller and the Forward Purchaser (in the case of a Forward) set forth on <U>Exhibit&nbsp;B</U>, which confirmation will
be promptly acknowledged by the receiving party) or other method mutually agreed to in writing by the parties. For the avoidance of doubt,
notices delivered by telephone shall originate from any of the individuals from the Company or the Manager (in the case of an Issuance)
or the Forward Seller and the Forward Purchaser (in the case of a Forward) set forth on <U>Exhibit&nbsp;B</U>.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>SALE
OF SECURITIES</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Subject
to the provisions of Sections 2(b)&nbsp;and 6(a), upon the delivery of a Placement Notice (as amended by the corresponding Acceptance,
if applicable) specifying that it relates to an &ldquo;Issuance,&rdquo; the Manager will use its commercially reasonable efforts consistent
with its normal trading and sales practices to sell the Issuance Securities at market prevailing prices up to the amount specified, and
otherwise in accordance with the terms of such Placement Notice (as amended by the corresponding Acceptance, if applicable). The Manager
will provide written confirmation to the Company no later than the opening of the Trading Day (as defined below) immediately following
the Trading Day on which it has made sales of Issuance Securities hereunder setting forth the number of Issuance Securities sold on such
day, the corresponding Aggregate Sales Price, the compensation payable by the Company to the Manager pursuant to this Section&nbsp;3(a)&nbsp;with
respect to such sales, and the Net Proceeds payable to the Company, with an itemization of deductions made by the Manager (as set forth
in Section&nbsp;6(b)) from the gross proceeds that it receives from such sales. The amount of any commission, discount or other compensation
to be paid by the Company to the Manager, when the Manager is acting as agent, in connection with the sale of the Issuance Securities
shall be determined in accordance with the terms set forth in <U>Exhibit&nbsp;C</U>. The amount of any commission, discount or other compensation
to be paid by the Company to the Manager, when the Manager is acting as principal, in connection with the sale of the Issuance Securities
shall be as separately agreed among the parties hereto at the time of any such sales.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Subject
to the provisions of Sections 3(b), 6(d)&nbsp;and the Master Forward Confirmation, upon the delivery of a Placement Notice (as amended
by the corresponding Acceptance, if applicable) specifying that it relates to a &ldquo;Forward,&rdquo; the Forward Purchaser will use
commercially reasonable efforts to borrow, offer and sell Forward Hedge Securities through the Forward Seller to hedge the Forward, and
the Forward Seller will use its commercially reasonable efforts consistent with its normal trading and sales practices to sell such Forward
Hedge Securities at market prevailing prices up to the Forward Hedge Amount specified in such Placement Notice (as amended by the corresponding
Acceptance, if applicable), and otherwise in accordance with the terms of such Placement Notice (as amended by the corresponding Acceptance,
if applicable). The Forward Seller will provide written confirmation by email to all of the individuals from the Company set forth on
<U>Exhibit&nbsp;B</U> (as such <U>Exhibit&nbsp;B</U> may be amended from time to time) and to the Forward Purchaser no later than the
opening of the Trading Day immediately following each Trading Day on which it has made sales of Forward Hedge Securities hereunder setting
forth the number of Forward Hedge Securities sold on such day, the Forward Hedge Selling Commission in respect of such Forward Hedge Securities,
the corresponding Aggregate Sales Price and the Aggregate Forward Hedge Price payable to the Forward Purchaser in respect thereof.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">No
later than the opening of the Trading Day immediately following the last Trading Day of each Forward Hedge Selling Period (or, if earlier,
no later than the opening of the Trading Day immediately following the date on which any Forward Hedge Selling Period is suspended or
terminated pursuant to Section&nbsp;4 or the Forward Contract or this Agreement is terminated pursuant to Section&nbsp;9 or Section&nbsp;13
hereof), the Forward Purchaser shall execute and deliver to the Company a &ldquo;Supplemental Confirmation&rdquo; in respect of the Forward
for such Forward Hedge Selling Period, which &ldquo;Supplemental Confirmation&rdquo; shall set forth the &ldquo;Trade Date&rdquo; for
such Forward (which shall, subject to the terms of the Master Forward Confirmation, be the last Trading Day of such Forward Hedge Selling
Period), the &ldquo;Effective Date&rdquo; for such Forward (which shall, subject to the terms of the Master Forward Confirmation, be the
date one Settlement Cycle (as such term is defined in the Master Forward Confirmation) immediately following the last Trading Day of such
Forward Hedge Selling Period), the initial &ldquo;Number of Shares&rdquo; for such Forward (which shall be the Actual Sold Forward Amount
for such Forward Hedge Selling Period), the &ldquo;Maturity Date&rdquo; for such Forward (which shall, subject to the terms of the Master
Forward Confirmation, be the date that follows the last Trading Day of such Forward Hedge Selling Period by the number of days or months
set forth opposite the caption &ldquo;Term&rdquo; in the Placement Notice (as amended by the corresponding Acceptance, if applicable)
for such Forward, which number of days or months shall in no event be less than three months nor more than two years), the &ldquo;Initial
Forward Price&rdquo; for such Forward, the &ldquo;Spread&rdquo; for such Forward (as set forth in the related Placement Notice (as amended
by the corresponding Acceptance, if applicable)), the &ldquo;Volume-Weighted Hedge Price&rdquo; for such Forward, the &ldquo;Threshold
Price&rdquo; for such Forward, the &ldquo;Initial Stock Loan Rate&rdquo; for such Forward (as set forth in the related Placement Notice
(as amended by the corresponding Acceptance, if applicable)), the &ldquo;Maximum Stock Loan Rate&rdquo; for such Forward (as set forth
in the related Placement Notice (as amended by the corresponding Acceptance, if applicable)), the &ldquo;Forward Price Reduction Dates&rdquo;
for such Forward (which shall be each of the dates set forth below the caption &ldquo;Forward Price Reduction Dates&rdquo; in the Placement
Notice (as amended by the corresponding Acceptance, if applicable) for such Forward) and the &ldquo;Forward Price Reduction Amounts&rdquo;
corresponding to such Forward Price Reduction Dates (which shall be each amount set forth opposite each &ldquo;Forward Price Reduction
Date&rdquo; and below the caption &ldquo;Forward Price Reduction Amounts&rdquo; in the Placement Notice (as amended by the corresponding
Acceptance, if applicable) for such Forward) and the &ldquo;Regular Dividend Amounts&rdquo; for such Forward (which shall be each of the
amount(s)&nbsp;set forth below the caption &ldquo;Regular Dividend Amounts&rdquo; in the Placement Notice (as amended by the corresponding
Acceptance, if applicable) for such Forward).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
anything herein to the contrary, the Forward Purchaser&rsquo;s obligation to use its commercially reasonable efforts to borrow all or
any portion of the Forward Hedge Securities (and the Forward Seller&rsquo;s obligation to use its commercially reasonable efforts to sell
such portion of the Forward Hedge Securities) for any Forward hereunder shall be subject in all respects to the last paragraph of Section&nbsp;3
of the Master Forward Confirmation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Securities may be offered and sold by any method permitted by law deemed to be an &ldquo;at the market&rdquo; offering as defined in Rule&nbsp;415
under the Securities Act, including without limitation sales made directly on the NYSE, on any other existing trading market for the Common
Stock or to or through a market maker, or subject to the terms of the Placement Notice (as amended by the corresponding Acceptance, if
applicable), by any other method permitted by law, including but not limited to, privately negotiated transactions.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>SUSPENSION
OF SALES</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company, the Manager or the Forward Seller or the Forward Purchaser may, upon notice to the other parties in writing (including by email
correspondence to each of the individuals of the other party set forth on <U>Exhibit&nbsp;B</U>, if receipt of such correspondence is
actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately
by verifiable facsimile transmission or email correspondence to each of the individuals of the other party set forth on <U>Exhibit&nbsp;B</U>),
suspend any sale of Securities, and the applicable Selling Period shall immediately terminate; <U>provided</U>, <U>however</U>, that such
suspension and termination shall not affect or impair any party&rsquo;s obligations with respect to any Securities sold hereunder prior
to the receipt of such notice or any Securities sold under any Alternative Distribution Agreement (including, in the case of any Forward
Hedge Securities, the obligation to enter into the resulting Forward Contract). The Company agrees that no such notice under this Section&nbsp;4
shall be effective against the Manager, the Forward Seller or the Forward Purchaser unless it is made to one of the individuals named
on <U>Exhibit&nbsp;B</U> hereto, as such Exhibit&nbsp;may be amended from time to time. Each of the Manager, the Forward Seller and the
Forward Purchaser agrees that no such notice shall be effective against the Company unless it is made to one of the individuals named
</FONT>on <U>Exhibit&nbsp;B</U> hereto, as such Exhibit&nbsp;may be amended from time to time; provided that the failure by Manager, the
Forward Seller or the Forward Purchaser to deliver such notice shall in no way effect such party&rsquo;s right to suspend the sale of
Securities hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>REPRESENTATIONS
AND WARRANTIES</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Representations
and Warranties of the Company and the Operating Partnership</I>. The Company and the Operating Partnership, jointly and severally, represent,
warrant and covenant to the Manager as of the date hereof and as of each Representation Date (as defined below) on which a certificate
is required to be delivered pursuant to Section&nbsp;7(o)&nbsp;of this Agreement, as of each Applicable Time and as of each Settlement
Date, and agrees with the Manager, as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Registration
Statement and Prospectuses</U>. The Registration Statement is an &ldquo;automatic shelf registration statement&rdquo; (as defined in Rule&nbsp;405
of the Securities Act) and the Securities have been and remain eligible for registration by the Company on such automatic shelf registration
statement. The Company and the transactions contemplated by this Agreement meet the requirements for using Form&nbsp;S-3 under the Securities
Act pursuant to the standards for such form as currently in effect and as in effect immediately prior to October&nbsp;21, 1992 and the
Securities have been and remain eligible for registration by the Company on such shelf registration statement. The Registration Statement
was automatically deemed effective upon filing with the Commission on May&nbsp;27, 2020. No stop order suspending the effectiveness of
the Registration Statement is in effect, and no proceedings or examination under Section&nbsp;8(d)&nbsp;or 8(e)&nbsp;of the Securities
Act are pending before or, to the Company&rsquo;s knowledge, threatened by the Commission. The Company is not the subject of a pending
proceeding under Section&nbsp;8A of the Securities Act in connection with the offering of the Securities. The Registration Statement meets
the requirements set forth in Rule&nbsp;415(a)(1)(x)&nbsp;and complies in all other material respects with such Rule. The Company has
not received from the Commission any notice objecting to the use of the shelf registration statement form.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Each of the Registration
Statement and any post-effective amendment thereto, at the time of its effectiveness, at each deemed effective date with respect to the
Manager or Forward Seller, as applicable, pursuant to Rule&nbsp;430B(f)(2)&nbsp;under the Securities Act and as of each Settlement Date,
complied and will comply in all material respects at the time it became effective and at each Applicable Time with the requirements of
the Securities Act. Each preliminary prospectus (including the prospectus filed as part of the Registration Statement as originally filed
or as part of any amendment or supplement thereto), any supplement or any prospectus wrapper prepared in connection therewith, and the
Prospectus complied in all material respects at the time it was filed and at each Applicable Time with the Securities Act. Each preliminary
prospectus and the Prospectus delivered to the Manager or Forward Seller, as applicable, for use in connection with the offering of any
Securities was identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent
permitted by Regulation S-T.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Well-Known
Seasoned Issuer</U>. (i)&nbsp;At the time of filing of 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)&nbsp;of the Act or otherwise (whether such amendment was by post-effective
amendment, incorporated report filed pursuant to Section&nbsp;13 or 15(d)&nbsp;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)&nbsp;of the Securities
Act) made any offer relating to the Securities in reliance on the exemption of Rule&nbsp;163 of the Act and (iv)&nbsp;at the date hereof,
the Company is a &ldquo;well-known seasoned issuer&rdquo; as defined in Rule&nbsp;405 of the Securities Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Incorporated
Documents</U>. The documents incorporated or deemed to be incorporated by reference in the Registration Statement, the Prospectus and
any Issuer Free Writing Prospectus (the &ldquo;<U>Incorporated Documents</U>&rdquo;), when they became effective or at the time they were
or hereafter are filed with the Commission, as the case may be, complied, comply and will comply in all material respects with the requirements
of the Exchange Act and, when read together with the other information in the Registration Statement, the Prospectus or such Issuer Free
Writing Prospectus when considered together with the Prospectus, as the case may be, (a)&nbsp;at the time the Registration Statement became
effective, (b)&nbsp;with respect to any offering of Securities,&nbsp;at the earlier of the time the Prospectus was first used and the
date and time of the first contract of sale of such Securities, and (c)&nbsp;at each relevant Settlement Date, did not and will not include
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Accurate
Disclosure</U>. Neither the Registration Statement nor any amendment thereto, at the times they became effective, at each deemed effective
date with respect to the Manager pursuant to Rule&nbsp;430B(f)(2)&nbsp;under the Securities Act, at each Applicable Time and at each Settlement
Date, contained, contains or will contain an untrue statement of a material fact or omitted, omits or will omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading. Neither the Prospectus (nor any one or more
Issuer Free Writing Prospectuses when considered together with the Prospectus) nor any amendment or supplement thereto (including any
prospectus wrapper), as of its issue date, at the time of filing with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under the Securities
Act, at each Applicable Time or at any Settlement Date, included, includes or will include an untrue statement of a material fact or omitted,
omits or will 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.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The representations
and warranties in this subsection shall not apply to statements in or omissions from the Registration Statement (or any amendment thereto),
any Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto (including any prospectus wrapper)), made
in reliance upon and in conformity with written information furnished to the Company by the Manager or Forward Seller expressly for use
therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Issuer
Free Writing Prospectuses</U>. No Issuer Free Writing Prospectus conflicts or will conflict with the information contained in the Registration
Statement or the Prospectus including any document incorporated or deemed incorporated by reference therein, and any preliminary or other
prospectus deemed to be a part thereof that has not been superseded or modified.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Authorization
and Description of Securities</U>. The Securities to be sold through the Manager, as principal or agent, or Forward Seller, as applicable,
have been duly and validly authorized and conform in all material respects to the description thereof contained in the Registration Statement
and the Prospectus and, when issued and delivered pursuant to this Agreement or the Forward Contract, will be fully paid and non-assessable
free and clear of any pledge, lien, encumbrance, security interest or other claim, and the issuance and sale of the Securities by the
Company is not subject to preemptive or other similar rights arising by operation of law, under the articles of incorporation, by-laws
or other organizational documents of the Company 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 Securities by the Company or the Forward Seller.
The form of certificate for the Securities will be in valid and sufficient form in compliance with Maryland law and the NYSE requirements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Authorization
of Securities Under the Forward Contract</U>. A number of shares of Common Stock equal to the Share Cap (as defined in the Forward Contract)
have been duly authorized and reserved for issuance upon settlement of the Forward Contract and, when issued and delivered by the Company
to the Forward Purchaser pursuant thereto, against payment of any consideration required to be paid by the Forward Purchaser pursuant
to the terms of the Forward Contract, the shares of Common Stock so issued and delivered will be validly issued, fully paid and non-assessable,
free and clear of any pledge, lien, encumbrance, security interest or other claim, and the issuance of such shares of Common Stock will
not be subject to any preemptive or other similar rights arising by operation of law, under the articles of incorporation, by-laws or
other organizational documents of the Company or any one of its subsidiaries or under any agreement to which the Company or any one of
its subsidiaries is a party or otherwise.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Capitalization</U>.
The authorized, issued and outstanding capital stock of the Company is as set forth in the financial statements appearing in the most
recently filed Quarterly Report on Form&nbsp;10-Q or, if more recent, the most recently filed Annual Report on Form&nbsp;10-K (in each
case as amended, if applicable) filed by the Company with the Commission (other than for subsequent issuances, if any, pursuant to this
Agreement, the Master Forward Confirmation and any related Supplemental Confirmation, any other underwritten public offerings and other
than for subsequent issuances or share repurchases or cancellations, if any, pursuant to any employee benefit plans or dividend reinvestment
plans described in the Registration Statement and the Prospectus or upon exercise of outstanding options or other equity awards pursuant
to any stock option, stock bonus or other stock or compensatory plan or arrangement described in the Registration Statement and the Prospectus,
as the case may be, or upon the redemption of OP Units); all of the outstanding shares of Common Stock of the Company 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 Prospectus (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 Prospectus (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 Securities Act
(other than those that have been waived).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Good
Standing of the Company</U>. Each of the Company and the Operating Partnership is a corporation and limited partnership, respectively,
duly organized, validly existing and in good standing under the laws of the state of its formation, with full corporate or partnership
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 Prospectus, 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 to so register or qualify would not reasonably be expected to 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 (a &ldquo;<U>Material Adverse Effect</U>&rdquo;).</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Good
Standing of the Subsidiaries</U>. Each of the direct and indirect subsidiaries of the Company (other than the Operating Partnership)
is a corporation, limited liability company, limited partnership or trust, as applicable, duly organized, validly existing and in good
standing under the laws of the state of its formation, as set forth on <U>Schedule&nbsp;I</U> hereto, except where the failure to be
in good standing would not result in a Material Adverse Effect, 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 Prospectus, 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 to so register or qualify or be in good standing would not reasonably be expected to have a Material Adverse Effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Subsidiaries</U>.
Other than as set forth on <U>Schedule&nbsp;I</U> hereto, the Company has no subsidiary or subsidiaries and does not control, directly
or indirectly, any corporation, partnership, joint venture, association or other business association. The issued shares of capital stock
of each of the Company&rsquo;s subsidiaries (including the Operating Partnership) have been duly authorized and validly issued, are fully
paid and non-assessable and are owned legally and beneficially by the Company free and clear of any security interests, liens, encumbrances,
equities or claims, except as disclosed in the Registration Statement and the Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Significant
Subsidiaries</U>. The &ldquo;significant subsidiaries&rdquo; of the Company as defined in Section&nbsp;1-02(w)&nbsp;of Regulation S-X
under the Securities Act are set forth in <U>Schedule&nbsp;I</U> hereto.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Absence
of Proceedings</U>. There are no legal or governmental actions, suits, inquiries, investigations or proceedings pending or, to the knowledge
of the Company, threatened, against the Company, the Operating Partnership or any of their subsidiaries, or to which the Company, the
Operating Partnership or any properties of the Company, the Operating Partnership or any of their subsidiaries is subject, that (A)&nbsp;are
required to be described in the Registration Statement or the Prospectus but are not described as required; (B)&nbsp;could reasonably
be expected to have a Material Adverse Effect on the performance of this Agreement or the Forward Contract or the consummation of any
of the transactions contemplated thereby; or (C)&nbsp;could reasonably be expected to have a Material Adverse Effect, except as set forth
in or contemplated in the Registration Statement and the Prospectus (exclusive of any supplement thereto). There are no statutes, regulations,
off-balance 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 Prospectus or to be filed or incorporated by reference as an exhibit
to the Registration Statement or any Incorporated Document that are not described, filed or incorporated as required by the Securities
Act or the Exchange Act. The statements in the Registration Statement and the Prospectus under the heading &ldquo;Material Federal Income
Tax Considerations&rdquo; fairly summarize the matters therein described.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Absence
of Violation, Defaults and Conflicts</U>. None of the Company, the Operating Partnership or any of their subsidiaries is: (A)&nbsp;in
violation of (i)&nbsp;its respective articles of incorporation, partnership agreement, operating agreement or by-laws (or analogous governing
instruments), (ii)&nbsp;any law, ordinance, administrative or governmental rule&nbsp;or regulation applicable to the Company, the Operating
Partnership or any of their subsidiaries, except in the case of clause (ii), which violation would not reasonably be expected to have
a Material Adverse Effect, or (iii)&nbsp;any decree of any court or governmental agency or body having jurisdiction over the Company or
its subsidiaries; or (B)&nbsp;except as disclosed in the Registration Statement and the Prospectus (or any amendment or supplement thereto),
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 (as defined below), indenture, lease or
other instrument to which the Company, the Operating Partnership or any of their subsidiaries is a party or by which the Company, the
Operating Partnership or any of their subsidiaries or any of their respective properties may be bound, and, to the Company&rsquo;s knowledge,
no such default is expected. All agreements, contracts or other arrangements that are material to the Company and the Operating Partnership
are set forth on <U>Schedule&nbsp;II</U> of this Agreement (the &ldquo;<U>Material Agreements</U>&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Properties</U>.
(A)&nbsp;The Company owns either directly or indirectly through its subsidiaries and has good and marketable title in fee simple to all
of the real properties (the &ldquo;<U>Properties</U>&rdquo;) described in the Registration Statement and the Prospectus as owned by them.
To the Company&rsquo;s knowledge, none of the Company, the Operating Partnership or any of their subsidiaries is in violation of any municipal,
state or federal law, rule&nbsp;or regulation concerning any of their Properties, which violation would reasonably be expected to have
a Material Adverse Effect; (B)&nbsp;to the Company&rsquo;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; (C)&nbsp;none of the Company,
the Operating Partnership or any of their subsidiaries has received from any governmental authority 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, in each case, if consummated would reasonably be expected to have a Material Adverse Effect; (D)&nbsp;the leases
under which the Company or any of its subsidiaries leases the Properties as lessor (the &ldquo;<U>Leases</U>&rdquo;) are in full force
and effect and have been entered into in the ordinary course of business of such entity, except as would not reasonably be expected to
have a Material Adverse Effect; (E)&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 reasonably be expected to have a Material Adverse Effect; and (F)&nbsp;all liens, charges, encumbrances,
claims or restrictions on or affecting the assets (including the Properties) of the Company and its subsidiaries that are required to
be disclosed in the Registration Statement and the Prospectus are disclosed therein.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(16)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Absence
of Conflicts</U>. Neither the issuance and sale of the Securities, the execution, delivery or performance of this Agreement or the Forward
Contract by the Company or the Operating Partnership, nor the consummation by the Company or the Operating Partnership of the transactions
contemplated hereby (including the application of the proceeds from the sale of the Securities as described in the Registration Statement
and the Prospectus): (A)&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 Securities under the Securities Act, the listing of the Securities 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 articles of incorporation, or by-laws (or analogous governing documents) of the Company, the Operating Partnership or any of
their subsidiaries; or (B)&nbsp;(i)&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, the Operating Partnership or any of their subsidiaries is a
party or by which the Company or the Operating Partnership or any properties of the Company or the Operating Partnership or any of their
subsidiaries may be bound, except as would not reasonably be expected to have a Material Adverse Effect, or (ii)&nbsp;violates or will
violate any statute, law, regulation or filing or judgment, injunction, order or decree applicable to the Company, the Operating Partnership
or any of their subsidiaries or any properties of the Company, the Operating Partnership or any of their subsidiaries, or (iii)&nbsp;will
result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company, the Operating Partnership
or any of their subsidiaries pursuant to the terms of any agreement or instrument to which the Company, the Operating Partnership or any
of their subsidiaries is a party or by which the Company, the Operating Partnership or any of their subsidiaries may be bound, or to which
any property or assets of the Company, the Operating Partnership or any of their subsidiaries is subject.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(17)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Independent
Accountants</U>. To the Company&rsquo;s knowledge, the accountants who certified the financial statements and schedules included or incorporated
by reference in the Registration Statement and the Prospectus (or any amendment or supplement thereto) are an independent registered public
accounting firm with respect to the Company as required by the Securities Act and the Exchange Act and the applicable published rules&nbsp;and
regulations thereunder and by the Public Company Accounting Oversight Board (&ldquo;<U>PCAOB</U>&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(18)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Financial
Statements; Non-GAAP Financial Measures</U>. The historical financial statements, together with related schedules and notes, included
or incorporated by reference in the Registration Statement and the Prospectus (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 Incorporated Documents 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 historical financial and statistical
information and data included or incorporated by reference in the Registration Statement and the Prospectus (and any amendment or supplement
thereto) are accurately presented and prepared on a basis consistent with the audited financial statements, included or incorporated in
the Registration Statement and the Prospectus, and the books and records of the Company and its subsidiaries. The financial statements
of the businesses or properties acquired or proposed to be acquired, if any, included in, or incorporated by reference into, the Registration
Statement or the Prospectus present fairly in all material respects the information set forth therein, have been prepared in conformity
with generally accepted accounting principles (&ldquo;<U>GAAP</U>&rdquo;) applied on a consistent basis and otherwise have been prepared
in accordance with the applicable financial statement requirements of Rule&nbsp;3-05 or Rule&nbsp;3-14 of Regulation S-X with respect
to real estate operations acquired or to be acquired. The pro forma financial statements and other pro forma financial information included,
or incorporated by reference in, the Registration Statement and the Prospectus 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 Prospectus.
The pro forma financial statements included in the Registration Statement and the Prospectus comply as to form in all material respects
with the applicable accounting requirements of Regulation S-X under the Securities Act. The Company has filed with the Commission all
financial statements, together with related schedules and notes, required to be filed pursuant to the Securities Act. Any disclosures
contained or incorporated in the Registration Statement or the Prospectus regarding &ldquo;non-GAAP financial measures&rdquo; (as such
term is defined by the rules&nbsp;and regulations of the Commission) comply with Regulation G under the Exchange Act and Item 10 of Regulation
S-K under the Securities Act, to the extent applicable. The interactive data in eXtensible Business Reporting Language incorporated by
reference in the Registration Statement and the Prospectus fairly presents the information called for in all material respects and has
been prepared in accordance in all material respects with the Commission&rsquo;s rules&nbsp;and guidelines applicable thereto.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(19)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Corporate
Power</U>. The Company has the corporate power to issue, sell and deliver the Securities 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, fraudulent
transfer, reorganization, moratorium or other similar laws affecting creditors&rsquo; rights generally or by general principles of equity,
and except to the extent that rights to indemnity and contribution hereunder may be limited by federal or state securities laws; the execution
and delivery of, and the performance by the Operating Partnership of its obligations under, this Agreement have been duly and validly
authorized by the Operating Partnership, and this Agreement has been duly executed and delivered by the Operating Partnership and constitutes
the valid and legally binding agreement of the Operating Partnership, enforceable against the Operating Partnership in accordance with
its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors&rsquo;
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.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(20)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Enforceability
of the Forward Contract</U>. The Forward Contract has been duly authorized, executed and delivered by the Company and the Operating Partnership
and constitutes a valid and binding agreement of the Company and the Operating Partnership, enforceable against the Company and the Operating
Partnership in accordance with its terms, except as may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium
or similar laws affecting creditors&rsquo; rights generally or by general principles of equity, and except to the extent that any indemnification
and contribution provisions thereof may be limited by federal or state securities laws or public policy considerations in respect thereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(21)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Material Adverse Change in Business</U>. Except as disclosed in the Registration Statement and the Prospectus (or any amendment or supplement
thereto), subsequent to the respective dates as of which such information is given in the Registration Statement and the Prospectus (or
any amendment or supplement thereto), (A)&nbsp;none of the Company, the Operating Partnership or any of their subsidiaries has incurred
any liability or obligation (financial or other), direct or contingent, or entered into any transaction (including any off-balance sheet
activities or transactions), not in the ordinary course of business, that is material to the Company and its subsidiaries, as a whole;
(B)&nbsp;there has not been any material change in the capital stock, or partnership interests, as the case may be, or material increase
in the short-term debt or long-term debt (including any off-balance sheet activities or transactions), of either of the Company or the
Operating Partnership or the occurrence of or any development which may reasonably be expected to result in a Material Adverse Effect;
and (C)&nbsp;except for regular quarterly dividends on the Common Stock in amounts per share that are consistent with the past practice,
there has been no dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(22)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Title
to Property</U>. The Company, the Operating Partnership and each of their subsidiaries has good and marketable title to all property (real
and personal) described in the Registration Statement and the Prospectus 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 Prospectus, except such as are described in the Registration Statement and the Prospectus, or in any document filed as an exhibit
to the Registration Statement, and each property described in the Registration Statement and the Prospectus as being held under lease
by the Company or any of its subsidiaries is held by it under a valid, subsisting and enforceable lease.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(23)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Permitted
Free Writing Prospectus</U>. Neither the Company nor any of its subsidiaries has distributed or will distribute any offering material
in connection with the offering and sale of the Securities to be sold hereunder by the Manager, as principal or agent for the Company,
or the Forward Seller, as applicable, other than the Prospectus and any Permitted Free Writing Prospectus (as defined in Section&nbsp;21)
reviewed and consented to by the Manager or Forward Seller, as applicable.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<!-- Field: Split-Segment; Name: 1 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(24)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Absence
of Manipulation</U>. None of the Company, the Operating Partnership or any of their subsidiaries, nor any of the officers, directors or
partners thereof has taken, nor will any of them take, directly or indirectly, any action resulting in a violation of Regulation M under
the Exchange Act or designed to cause or result in, or which has constituted or which reasonably might be expected to constitute, the
stabilization or manipulation of the price of the Securities or facilitation of the sale or resale of the Securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(25)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Prior
Written Communications</U>. Any offer that is a written communication relating to the Securities made prior to the initial filing of the
Registration Statement by the Company or any person acting on its behalf (within the meaning, for this paragraph only, of Rule&nbsp;163(c)&nbsp;of
the Securities Act) has been filed with the Commission in accordance with the exemption provided by Rule&nbsp;163 of the Securities Act
and otherwise complied with the requirements of Rule&nbsp;163 of the Securities Act, including without limitation the legending requirement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(26)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Possession
of Licenses and Permits</U>. The Company, the Operating Partnership and each of their subsidiaries possess all certificates, permits,
licenses, franchises and authorizations of governmental or regulatory authorities (the &ldquo;<U>permits</U>&rdquo;) as are necessary
to own their respective properties and to conduct their respective businesses in the manner described in the Registration Statement and
the Prospectus, where such failure to possess could have, individually or in the aggregate, a Material Adverse Effect, subject to such
qualifications as may be set forth in the Registration Statement and the Prospectus. The Company, the Operating Partnership and each of
their subsidiaries has fulfilled and performed all of their respective material obligations with respect to such permits, 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 Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(27)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Disclosure
Controls and Procedures; Internal Controls</U>. The Company, the Operating Partnership and each of their subsidiaries have established
and maintain disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e)&nbsp;and 15d-15(e)) 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&rsquo;s rules&nbsp;and forms and is accumulated
and communicated to the Company&rsquo;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, the Operating Partnership
and each of their 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, the Operating
Partnership and each of their 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, the Operating Partnership and each of their subsidiaries are being made only in accordance with the authorization of management,
(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, and (iv)&nbsp;provide reasonable assurance that the interactive
data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement and the Prospectus
fairly presents the information called for in all material respects and is prepared in accordance with the Commission&rsquo;s rules&nbsp;and
guidelines applicable thereto. The Company&rsquo;s disclosure controls and procedures have been evaluated for effectiveness as of the
end of the period covered by the Company&rsquo;s most recently filed Quarterly Report on Form&nbsp;10-Q or, if more recent, the most recently
filed Annual Report on Form&nbsp;10-K (in each case as amended, if applicable), as the case may be, which precedes the date of the Prospectus
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 (i)&nbsp;any material weaknesses in the design or operation
of internal control over financial reporting, except as disclosed in the Registration Statement and the Prospectus, or (ii)&nbsp;any fraud,
whether or not material, that involves management or other employees who have a significant role in the Company&rsquo;s internal control
over financial reporting. There has been no change in the Company&rsquo;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&rsquo;s
internal control over financial reporting, except as disclosed in the Registration Statement and the Prospectus.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(28)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Cybersecurity.</U>
With such exceptions as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect: to the
Company&rsquo;s knowledge, there has been no material security breach, incident, or other compromise of the Company&rsquo;s, the Operating
Partnership&rsquo;s or any of their subsidiaries&rsquo; information computer systems, networks, and databases (including, without limitation,
the personal data and information of their respective customers, employees, suppliers and vendors and any third party data maintained,
processed or stored by the Company, the Operating Partnership and each of their subsidiaries, (collectively, &ldquo;<U>IT Systems and
Data</U>&rdquo;)); neither the Company, the Operating Partnership nor any of their subsidiaries have been notified of, or have knowledge
of any event or condition that would reasonably be expected to result in, any material security breach, incident or other compromise to
their IT Systems and Data; the Company, the Operating Partnership and each of their subsidiaries have implemented appropriate physical,
technological and administrative controls designed to maintain and protect the integrity, confidentiality and availability of their IT
Systems and Data, taking into account the nature, sensitivity and use of such IT Systems and Data, or as required by applicable regulatory
standards in all material respects; and the Company, the Operating Partnership and each of their subsidiaries are presently in material
compliance with all applicable laws or statutes, applicable judgments, orders, rules&nbsp;and regulations of any court or arbitrator or
governmental or regulatory authority having jurisdiction over the Company, the Operating Partnership or any of their subsidiaries and
internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and the protection of such IT
Systems and Data from unauthorized use, access, misappropriation or modification.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(29)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Sarbanes-Oxley
Act</U>. There is and has been no failure on the part of the Company or any of the Company&rsquo;s directors or officers, in their capacities
as such, to comply with any provision of the Sarbanes-Oxley Act and the rules&nbsp;and regulations promulgated in connection therewith,
including, without limitation, Section&nbsp;402 related to loans to insiders and Sections 302 and 906 related to certifications.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(30)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Payment
of Funds</U>. To the Company&rsquo;s knowledge, none of the Company, the Operating Partnership or any of their subsidiaries nor any employee
or agent of the Company, the Operating Partnership or any of their 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&nbsp;or regulation, which payment, receipt or retention of funds is of
a character required to be disclosed in the Registration Statement or the Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(31)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Foreign
Corrupt Practices Act</U>. None of the Company, the Operating Partnership or any of their subsidiaries nor, to the knowledge of the Company,
any director, officer, agent, employee or affiliate of the Company, the Operating Partnership or any of their 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&nbsp;and regulations thereunder (the &ldquo;<U>FCPA</U>&rdquo;), 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 &ldquo;foreign official&rdquo; (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, the Operating Partnership, their subsidiaries
and, to the knowledge of the Company, their 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(32)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Money
Laundering Laws</U>. The operations of the Company, the Operating Partnership and their 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&nbsp;and
regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental
agency (collectively, the &ldquo;<U>Money Laundering Laws</U>&rdquo;) and no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Company, the Operating Partnership or any of their subsidiaries with respect
to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.</FONT></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(33)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Conflict with Sanctions Laws</U>. Neither the Company, the Operating Partnership, or any of their subsidiaries, directors, officers or
employees, nor, to the knowledge of the Company, any agent, or affiliate or other person associated with or acting on behalf of the Company,
the Operating Partnership or any of their subsidiaries is currently the subject or the target of any sanctions administered or enforced
by the U.S. Government, (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury or
the U.S. Department of State and including, without limitation, the designation as a &ldquo;specially designated national&rdquo; or &ldquo;blocked
person&rdquo;), the United Nations Security Council, the European Union, Her Majesty&rsquo;s Treasury, or other relevant sanctions authority
(collectively, &ldquo;<U>Sanctions</U>&rdquo;), nor is the Company, the Operating Partnership or any of their subsidiaries located, organized
or resident in a country or territory that is the subject or the target of Sanctions, including, without limitation, Cuba,&nbsp;Iran,
North Korea, Syria, the Crimea Region of Ukraine, the so-called Donetsk People&rsquo;s Republic, the so-called Luhansk People&rsquo;s
Republic or in any other country or territory that is the subject of Sanctions (each, a &ldquo;<U>Sanctioned Country</U>&rdquo;); and
the Company will not directly or indirectly use the proceeds of the sale of the Securities hereunder, or lend, contribute or otherwise
make available such proceeds to any subsidiaries, joint venture partners or other person or entity (i)&nbsp;to fund or facilitate any
activities of or business with any person that, at the time of such funding or facilitation, is the subject or the target of Sanctions,
(ii)&nbsp;to fund or facilitate any activities of or business in any Sanctioned Country or (iii)&nbsp;in any other manner that will result
in a violation by any person (including any person participating in the transaction, whether as Manager, Forward Seller, Forward Purchaser,
advisor, investor or otherwise) of Sanctions. For the past five years, the Company, the Operating Partnership and their subsidiaries have
not knowingly engaged in, are not now knowingly engaged in, and will not knowingly engage in, any dealings or transactions with any person
that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(34)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Absence
of Labor Dispute</U>. No labor problem or dispute with the employees of the Company and/or any of its subsidiaries or, to the Company&rsquo;s
knowledge, any of the Company&rsquo;s or its subsidiaries&rsquo; principal suppliers, contractors or customers, exists, is threatened
or imminent that could result in a Material Adverse Effect. To the Company&rsquo;s knowledge, no labor problem or dispute with the Company&rsquo;s
or its subsidiaries&rsquo; tenants exists, is threatened or imminent that could result in a Material Adverse Effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(35)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Tax
Returns</U>. Each of the Company, the Operating Partnership and their subsidiaries has timely 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 to so file timely would not reasonably be expected to have a Material Adverse Effect and except as set forth
in the Registration Statement and the Prospectus) and has paid all material taxes required to be paid by it and any material 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. The Company has made appropriate provisions in the Company&rsquo;s financial
statements that are incorporated by reference into the Registration Statement (or otherwise described in the Registration Statement and
the Prospectus) in respect of all federal, state, local and foreign income and franchise taxes for all current or prior periods as to
which the tax liability of the Company, the Operating Partnership and their subsidiaries has not been finally determined, except to the
extent of any inadequacy that would not reasonably be expected to result in a Material Adverse Effect.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(36)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Registration
Rights</U>. No holder of any security of the Company or the Operating Partnership has any right to require registration of the Securities
or any other security of the Company or the Operating Partnership because of the filing of the Registration Statement or consummation
of the transactions contemplated by this Agreement or the Forward Contract, which right has not been waived. The holders of outstanding
shares of capital stock of the Company and the Operating Partnership are not entitled to preemptive or other rights to subscribe for the
Securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(37)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Possession
of Intellectual Property</U>. The Company, the Operating Partnership and their 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 Prospectus 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, the Operating Partnership
and their subsidiaries with respect to the foregoing that would reasonably be expected to have a Material Adverse Effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(38)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Investment
Company Act</U>. Neither the Company nor any subsidiary is now, and after sale of the Securities to be sold by the Company hereunder and
under any Forward Contract and the application of the net proceeds from such sale as described in the Registration Statement and the Prospectus
under the caption &ldquo;Use of Proceeds,&rdquo; will be, an &ldquo;investment company&rdquo; within the meaning of the Investment Company
Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(39)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Environmental
Laws</U>. To the Company&rsquo;s knowledge, the Company, the Operating Partnership, their subsidiaries, the Properties and the operations
conducted thereon comply and heretofore have complied with all applicable Environmental Laws, and no expenditures are required to maintain
or achieve such compliance, except as disclosed in environmental site assessment reports obtained by the Company on or before the date
hereof in connection with the purchase of any of the Properties or in a written summary maintained by the Company of the status of ongoing
environmental projects at the Properties, each of which have been directly provided to the Manager, the Forward Seller, the Forward Purchaser
or their counsel (collectively, the &ldquo;<U>Environmental Reports</U>&rdquo;) and except for those circumstances that have not had or
would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, or as disclosed in the Registration
Statement and the Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">None of the Company,
the Operating Partnership or any of their subsidiaries has at any time and, to the Company&rsquo;s knowledge, no other party has at any
time, handled, buried, stored, retained, refined, transported, processed, manufactured, generated, produced, spilled, allowed to seep,
leak, escape or leach, or be pumped, poured, emitted, emptied, discharged, injected, dumped, transferred or otherwise disposed of or dealt
with, Hazardous Materials (as defined below) on, to, under or from the Properties, except as disclosed in Environmental Reports, the Registration
Statement and the Prospectus and except for those circumstances that have not had or would not reasonably be expected to have a Material
Adverse Effect. None of the Company, the Operating Partnership or any of their subsidiaries intends to use the Properties or any subsequently
acquired properties for the purpose of handling, burying, storing, retaining, refining, transporting, processing, manufacturing, generating,
producing, spilling, seeping, leaking, escaping, leaching, pumping, pouring, emitting, emptying, discharging, injecting, dumping, transferring
or otherwise disposing of or dealing with Hazardous Materials; <I>provided</I>, <I>however</I>, the tenants of the Company and the Operating
Partnership may use Properties for their intended purpose, which may involve the handling, storing and transporting of Hazardous Materials.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">To the Company&rsquo;s
knowledge, no seepage, leak, escape, leach, discharge, injection, release, emission, spill, pumping, pouring, emptying or dumping of Hazardous
Materials into any surface water, groundwater, soil, air or other media on or adjacent to the Properties has occurred, is occurring or
is reasonably expected to occur, except as is disclosed in the Environmental Reports or the Registration Statement and the Prospectus,
and except for those circumstances that would not reasonably be expected to have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">None of the Company,
the Operating Partnership or any of their subsidiaries has received written notice from any Governmental Authority or other person of,
or has knowledge of, any occurrence or circumstance which, with notice, passage of time, or failure to act, would give rise to any claim
against the Company, the Operating Partnership or any of their subsidiaries under or pursuant to any Environmental Law or under common
law pertaining to Hazardous Materials on or originating from the existing Properties or any act or omission of any party with respect
to the existing Properties, except as disclosed in the Environmental Reports, or the Registration Statement and the Prospectus and except
for those circumstances that would not reasonably be expected to have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">To the Company&rsquo;s
knowledge, none of the Properties is included or proposed for inclusion on any federal, state, or local lists of sites which require or
might require environmental cleanup, including, but not limited to, the National Priorities List or CERCLIS List issued pursuant to CERCLA
(as defined below) by the United States Environmental Protection Agency or any analogous state list, except as is disclosed in the Environmental
Reports, the Registration Statement and the Prospectus and except for those circumstances that would not reasonably be expected to have
a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">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 clean-up, 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 would not, singly or in the
aggregate, reasonably be expected to 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 the Registration Statement and the Prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">As used herein,
 &ldquo;<U>Hazardous Material</U>&rdquo; shall include, without limitation, any flammable explosives, radioactive materials, hazardous
materials, hazardous wastes, hazardous or toxic substances, or related materials, asbestos, polychlorinated biphenyls (&ldquo;<U>PCBs</U>&rdquo;),
petroleum products and by-products and substances defined or listed as &ldquo;hazardous substances,&rdquo; &ldquo;toxic substances,&rdquo;
 &ldquo;hazardous waste,&rdquo; or &ldquo;hazardous materials&rdquo; in any Federal, state or local Environmental Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">As used herein,
 &ldquo;<U>Environmental Law</U>&rdquo; shall mean all laws, common law duties, regulations or ordinances (including any orders or agreements)
of any Federal, state or local governmental authority having or claiming jurisdiction over any of the Properties (a &ldquo;<U>Governmental
Authority</U>&rdquo;) that are designed or intended to protect the public health and the environment or to regulate the handling of Hazardous
Materials, including, without limitation, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended
(42 U.S.C. Section&nbsp;9601 et seq.) (&ldquo;<U>CERCLA</U>&rdquo;), the Hazardous Material Transportation Act, as amended (49 U.S.C.
Section&nbsp;1801 et seq.), the Resource Conservation and Recovery Act, as amended (42 U.S.C. Section&nbsp;6901 et seq.), the Federal
Water Pollution Control Act, as amended (33 U.S.C. Section&nbsp;1251 et seq.), and the Clean Air Act, as amended (42 U.S.C. Section&nbsp;7401
et seq.), and any and all analogous state or local laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(40)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>REIT
Qualification</U>. Commencing with its taxable year ended December&nbsp;31, 1994, the Company has been organized and operated in conformity
with the requirements for qualification and taxation as a real estate investment trust (&ldquo;<U>REIT</U>&rdquo;) under the Internal
Revenue Code of 1986, as amended, and the regulations and published interpretations thereunder (collectively, the &ldquo;<U>Code</U>&rdquo;),
and the Company&rsquo;s current and proposed method of operations as described in the Registration Statement and the Prospectus will enable
it to continue to meet the requirements for qualification and taxation as a REIT under the Code for its taxable year ending December&nbsp;31,
2022 and thereafter. No transaction or other event has occurred, and none of the Company, the Operating Partnership, or any of their subsidiaries
has taken any action, that would reasonably be expected to cause the Company to not be able to qualify as a REIT for its taxable year
ending December&nbsp;31, 2022 or future taxable years. Each of the Company&rsquo;s direct or indirect subsidiaries that is treated as
a corporation for U.S. federal income tax purposes will qualify as a &ldquo;taxable REIT subsidiary&rdquo; within the meaning of Section&nbsp;856(l)&nbsp;of
the Code. The Operating Partnership will be treated as a partnership and not as an association taxable as a corporation for U.S. federal
income tax purposes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(41)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Insurance</U>.
The Company, the Operating Partnership and each of their 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 their
properties. All policies of insurance and fidelity or surety bonds insuring the Company, the Operating Partnership or any of their subsidiaries
or their respective businesses, assets, employees, officers and directors are in full force and effect. The Company, the Operating Partnership
and each of their subsidiaries are in compliance with the terms of such policies and instruments in all material respects and there are
no claims by the Company, the Operating Partnership or any of their subsidiaries under any such policy or instrument as to which any insurance
company is denying liability or defending under a reservation of rights clause, except as would not reasonably be expected to have a Material
Adverse Effect. None of the Company, the Operating Partnership or any of their subsidiaries has been refused any insurance coverage sought
or applied for, and the Company does not have any reason to believe that the Company, the Operating Partnership and each of their 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 reasonably be expected to have a
Material Adverse Effect.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(42)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Title&nbsp;Insurance</U>.
The Company, the Operating Partnership and their 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 reasonably be expected to have a Material Adverse Effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(43)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Distributions</U>.
Except as disclosed in the Registration Statement and the Prospectus (or pursuant to the terms of the indebtedness described therein),
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&rsquo;s capital stock, from repaying to the Company any loans or advances to such subsidiary from
the Company or from transferring any of such subsidiary&rsquo;s assets or property to the Company or any other subsidiary of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(44)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Transfer
Taxes</U>. 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 Forward Contract or the issuance by
the Company or sale by the Company of the Securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(45)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Employee
Benefits</U>. 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 (&ldquo;<U>ERISA</U>&rdquo;) and the regulations and published interpretations
thereunder with respect to each &ldquo;plan&rdquo; (as defined in Section&nbsp;3(3)&nbsp;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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(46)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Equity Awards</U>. To the knowledge of the Company, no stock option awards granted by the Company have been retroactively granted, or
the exercise or purchase price of any stock option award determined retroactively.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(47)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Authorized
Capital Stock</U>. The Company&rsquo;s authorized capitalization is as set forth in the Registration Statement and the Prospectus; the
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 non-assessable.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(48)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>NYSE</U>.
The outstanding shares of Common Stock and the Securities to be sold by the Company from time to time hereunder, including shares issued
and delivered by the Company in settlement of any Forward Contract, have been approved for listing, subject only to official notice of
issuance, on the NYSE, and are registered pursuant to Section&nbsp;12(b)&nbsp;of the Exchange Act, and the Company has taken no action
designed to, or likely to have the effect of, terminating the registration of the Securities under the Exchange Act or delisting any such
securities from the NYSE, nor has the Company received any notification that the Commission or the NYSE is contemplating terminating such
registration or listing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(49)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Statistical
and Market-Related Data</U>. The statistical and market related data included in the Registration Statement and the Prospectus are based
on or derived from sources the Company believes to be reliable and accurate as of the respective dates of such documents, and the Company
has obtained the written consent to the use of such data from such sources to the extent required.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(50)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Independent
Directors</U>. Each of the independent directors (or independent director nominees, once appointed, if applicable) named in the Registration
Statement and Prospectus satisfies the independence standards established by NYSE and, with respect to members of the Company&rsquo;s
audit committee, the enhanced independence standards contained in Rule&nbsp;10A-3(b)(1)&nbsp;promulgated by the Commission under the Exchange
Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(51)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Absence
of Further Requirements</U>. The Company is not required to register as a &ldquo;broker&rdquo; or &ldquo;dealer&rdquo; in accordance with
the provisions of the rules&nbsp;and the Exchange Act and does not, directly or indirectly through one or more intermediaries, control
or have any other association with (within the meaning of Article&nbsp;I of the Bylaws of the Financial Industry Regulatory Authority,&nbsp;Inc.
(&ldquo;<U>FINRA</U>&rdquo;)) any member firm of FINRA. No relationship, direct or indirect, exists between or among the Company, on the
one hand, and the directors, officers or stockholders of the Company, on the other hand, which is required by the rules&nbsp;of FINRA
to be described in the Registration Statement and the Prospectus, which is not so described.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(52)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Lending
Relationships</U>. Except as disclosed in the Registration Statement and the Prospectus, (i)&nbsp;neither the Company nor any of its subsidiaries
has any material lending or similar relationship with the Manager or any bank or other lending institution affiliated with the Manager;
and (ii)&nbsp;the Company does not intend to use any of the proceeds from the sale of the Securities by the Company hereunder to reduce
or retire the balance of any loan or credit facility extended by any affiliate of the Manager.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(53)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Finder&rsquo;s Fee</U>. Except for the discounts and commissions payable by the Company to the Manager and each of the Alternative Managers
or the Forward Seller, as applicable, in connection with the offering of the Securities contemplated herein or as otherwise disclosed
in the Registration Statement and the Prospectus, the Company has not incurred any liability for any brokerage commission, finder&rsquo;s
fees or similar payments in connection with the offering of the Securities contemplated hereby.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(54)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Actively
Traded Security</U>. The shares of Common Stock are &ldquo;actively traded securities&rdquo; excepted from the requirements of Rule&nbsp;101
of Regulation M under the Exchange Act by subsection (c)(1)&nbsp;of such rule.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(55)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Proprietary
Trading by the Manager</U>. The Company acknowledges and agrees that the Manager has informed the Company that the Manager may, to the
extent permitted under the Securities Act and the Exchange Act, purchase and sell the Common Stock for its own account while this Agreement
is in effect, and shall be under no obligation to purchase Securities on a principal basis pursuant to this Agreement, except as otherwise
agreed by the Manager in the Placement Notice (as amended by the corresponding Acceptance, if applicable); provided, that no such purchase
or sales shall take place while a Placement Notice is in effect (except (i)&nbsp;as agreed by the Manager in the Placement Notice (as
amended by the corresponding Acceptance, if applicable) or (ii)&nbsp;to the extent the Manager may engage in sales of Placement Securities
purchased or deemed purchased from the Company as a &ldquo;riskless principal&rdquo; or in a similar capacity).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Officers&rsquo;
Certificates</I>. Any certificate signed by any officer of the Company or any authorized representative of the Operating Partnership and
delivered to the Manager, Forward Seller or Forward Purchaser or to counsel for the Manager, Forward Seller or Forward Purchaser shall
be deemed a representation and warranty by the Company or the Operating Partnership, as the case may be, to the Manager, Forward Seller
or Forward Purchaser as to the matters covered thereby as of the date or dates indicated on such certificate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>SALE
AND DELIVERY; SETTLEMENT</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Sale
of Issuance Securities. </I>On the basis of the representations and warranties herein contained and subject to the terms and conditions
herein set forth, upon the Manager&rsquo;s acceptance of the terms of a Placement Notice specifying that it relates to an &ldquo;Issuance&rdquo;
or upon receipt by the Manager of an Acceptance, as the case may be, and unless the sale of the Issuance Securities described therein
has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement, the Manager will use its commercially
reasonable efforts consistent with its normal trading and sales practices to sell such Issuance Securities at market prevailing prices
up to the amount specified, and otherwise in accordance with the terms of such Placement Notice (as amended by the corresponding Acceptance,
if applicable). Each of the Company and the Operating Partnership acknowledges and agrees that (i)&nbsp;there can be no assurance that
the Manager will be successful in selling Issuance Securities, (ii)&nbsp;the Manager will incur no liability or obligation to the Company,
the Operating Partnership or any other person or entity if it does not sell Issuance Securities for any reason other than a failure by
the Manager to use its commercially reasonable efforts consistent with its normal trading and sales practices to sell such Issuance Securities
as required under this Section&nbsp;6 and (iii)&nbsp;the Manager shall be under no obligation to purchase Issuance Securities on a principal
basis pursuant to this Agreement, except as otherwise agreed by the Manager in the Placement Notice (as amended by the corresponding Acceptance,
if applicable).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Settlement
of Issuance Securities. </I>Unless otherwise specified in the applicable Placement Notice (as amended by the corresponding Acceptance,
if applicable), settlement for sales of Issuance Securities will occur on the second (2nd) Trading Day (or such earlier day as is industry
practice for regular-way trading) following the date on which such sales are made (each, an &ldquo;<U>Issuance Settlement Date</U>&rdquo;).
The amount of proceeds to be delivered to the Company on an Issuance Settlement Date against receipt of the Issuance Securities sold will
be equal to the aggregate offering price received by the Manager at which such Issuance Securities were sold, after deduction for (i)&nbsp;the
Manager&rsquo;s commission, discount or other compensation for such sales payable by the Company pursuant to Section&nbsp;3 hereof, (ii)&nbsp;any
other amounts due and payable by the Company to the Manager hereunder pursuant to Section&nbsp;8(a)&nbsp;hereof, and (iii)&nbsp;any transaction
fees imposed by any governmental or self-regulatory organization in respect of such sales (the &ldquo;<U>Net Proceeds</U>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Delivery
of Issuance Securities</I>. On or before each Issuance Settlement Date, the Company will, or will cause its transfer agent to, electronically
transfer the Issuance Securities being sold by crediting the Manager&rsquo;s or its designee&rsquo;s account (provided the Manager shall
have given the Company written notice of such designee prior to the Issuance Settlement Date) at The Depository Trust Company through
its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties hereto
which in all cases shall be freely tradable, transferable, registered shares in good deliverable form. On each Issuance Settlement Date,
the Manager will deliver the related Net Proceeds in same day funds to an account designated by the Company prior to the Issuance Settlement
Date. The Company agrees that if the Company, or its transfer agent (if applicable), defaults in its obligation to deliver Issuance Securities
on an Issuance Settlement Date, the Company agrees that in addition to and in no way limiting the rights and obligations set forth in
Section&nbsp;10(a)&nbsp;and Section&nbsp;11 hereto, it will (i)&nbsp;hold the Manager harmless against any loss, liability, claim, damage,
or expense whatsoever (including reasonable legal fees and expenses), as incurred, arising out of or in connection with such default by
the Company or its transfer agent (if applicable) and (ii)&nbsp;pay to the Manager any commission, discount, or other compensation to
which it would otherwise have been entitled absent such default. If the Manager breaches this Agreement by failing to deliver the applicable
Net Proceeds on any Settlement Date for Issuance Securities delivered by the Company, the Manager will pay the Company interest based
on the effective overnight federal funds rate until such proceeds, together with interest, have been fully paid.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Sale
of Forward Hedge Securities</I>. On the basis of the representations and warranties herein contained and subject to the terms and conditions
in this Agreement and the Master Forward Confirmation, upon the Forward Purchaser&rsquo;s and the Forward Seller&rsquo;s acceptance of
the terms of a Placement Notice specifying that it relates to a &ldquo;Forward&rdquo; or upon receipt by the Forward Purchaser and Forward
Seller of an Acceptance, as the case may be, and unless the sale of the Forward Hedge Securities described therein has been declined,
suspended, or otherwise terminated in accordance with the terms of this Agreement or the Master Forward Confirmation (including without
limitation as a result of any event described in clause (x)&nbsp;or (y)&nbsp;of the proviso contained in the definition of Forward Hedge
Selling Period), the Forward Purchaser will use its commercially reasonable efforts to borrow a number of Forward Hedge Securities sufficient
to have an Aggregate Sales Price as close as reasonably practicable to the Forward Hedge Amount specified in the Placement Notice (as
amended by the corresponding Acceptance, if applicable) and the Forward Seller will use its commercially reasonable efforts consistent
with its normal trading and sales practices to sell such Forward Hedge Securities at market prevailing prices, and otherwise in accordance
with the terms of such Placement Notice (as amended by the corresponding Acceptance, if applicable). Each of the Company and the Forward
Purchaser acknowledges and agrees that (i)&nbsp;there can be no assurance that the Forward Purchaser will be successful in borrowing or
that the Forward Seller will be successful in selling Forward Hedge Securities, (ii)&nbsp;the Forward Seller will incur no liability or
obligation to the Company, the Forward Purchaser, or any other person or entity if it does not sell Forward Hedge Securities borrowed
by the Forward Purchaser for any reason other than a failure by the Forward Seller to use its commercially reasonable efforts consistent
with its normal trading and sales practices to sell such Forward Hedge Securities as required under this Section&nbsp;6, and (iii)&nbsp;the
Forward Purchaser will incur no liability or obligation to the Company, the Forward Seller, or any other person or entity if it does not
borrow Forward Hedge Securities for any reason other than a failure by the Forward Purchaser to use its commercially reasonable efforts
to borrow such Forward Hedge Securities as required under this Section&nbsp;6. In acting hereunder, the Forward Seller will be acting
as agent for the Forward Purchaser and not as principal.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Delivery
of Forward Hedge Securities</I>. Unless otherwise specified in the applicable Placement Notice (as amended by the corresponding Acceptance,
if applicable), settlement for sales of Forward Hedge Securities will occur on the second (2nd) Trading Day (or such earlier day as is
industry practice for regular-way trading) following the date on which such sales are made (each, a &ldquo;<U>Forward Hedge Settlement
Date</U>&rdquo;). On or before each Forward Hedge Settlement Date, the Forward Purchaser will, or will cause its transfer agent to, electronically
transfer the Forward Hedge Securities being sold by crediting the Forward Seller or its designee&rsquo;s account (provided Forward Seller
shall have given the Forward Purchaser written notice of such designee prior to the Forward Hedge Settlement Date) at The Depository Trust
Company through its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the
parties hereto which in all cases shall be freely tradable, transferable, registered shares in good deliverable form. On each Forward
Hedge Settlement Date, the Forward Seller will deliver the related Aggregate Forward Hedge Price to the Forward Purchaser in same day
funds to an account designated by the Forward Purchaser prior to the relevant Forward Hedge Settlement Date.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Denominations;
Registration. </I>The Securities shall be in such denominations and registered in such names as the Manager or the Forward Seller, as
applicable, may request in writing at least one full business day before the Settlement Date. The Company or the Forward Purchaser, as
the case may be, shall deliver the Securities, if any, through the facilities of The Depository Trust Company as described in the preceding
paragraphs unless the Manager or the Forward Seller, as applicable, shall otherwise instruct.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Limitations
on Offering Size</I>. Under no circumstances shall the Company cause or request the offer or sale of any Securities, if after giving effect
to the sale of such Securities, the aggregate offering price of the Securities sold pursuant to this Agreement would exceed the lesser
of (A)&nbsp;together with (i)&nbsp;all sales of Issuance Securities under this Agreement and each of the Alternative Distribution Agreements
and (ii)&nbsp;all Forward Hedge Securities sold under this Agreement and each of the Alternative Distribution Agreements, the Maximum
Amount, (B)&nbsp;the amount available for offer and sale under the currently effective Registration Statement, and (C)&nbsp;the amount
authorized from time to time to be issued and sold under this Agreement by the Company and notified to the Manager, the Forward Seller
and the Forward Purchaser in writing. Under no circumstances shall the Company cause or request the offer or sale of any Securities pursuant
to this Agreement at a price lower than the minimum price authorized from time to time by the Company and notified to the Manager in writing.
Further, under no circumstances shall the aggregate offering price of Securities sold pursuant to this Agreement and the Alternative Distribution
Agreements, including any separate underwriting or similar agreement covering principal transactions described in Section&nbsp;1 of this
Agreement and the Alternative Distribution Agreements, exceed the Maximum Amount.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Limitation
on Managers. </I>The Company agrees that any offer to sell, any solicitation of an offer to buy or any sales of Securities shall only
be effected by or through only one of the Manager or the Forward Seller, as the case may be, or the respective Alternative Manager on
any single given day, but in no event more than one, and the Company shall in no event request that the Manager or the Forward Seller,
as the case may be, or one or more of the Alternative Managers sell Securities on the same day; <U>provided</U>, <U>however</U>, that
(a)&nbsp;the foregoing limitation shall not apply to (i)&nbsp;the exercise of any option, warrant, right or any conversion privilege set
forth in the instrument governing such security or (ii)&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, (b)&nbsp;such limitation shall not apply on
any day during which no sales are made pursuant to this Agreement and (c)&nbsp;such limitation shall not apply if, prior to any such request
to sell Securities, all Securities the Company has previously requested the Manager, the Forward Seller or any Alternative Managers to
sell have been sold.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
any other provision of this Agreement, the Company shall not offer, sell or deliver, or request the offer or sale of, any Securities and,
by notice to the Manager (in the case of an Issuance) or the Forward Seller and the Forward Purchaser (in the case of a Forward) given
by telephone (confirmed promptly by facsimile transmission or email), shall cancel any instructions for the offer or sale of any Securities,
and the Manager, the Forward Seller and the Forward Purchaser, as the case may be, shall not be obligated to offer or sell any Securities,
(i)&nbsp;during any period in which the Company is, or reasonably could be deemed to be, in possession of material non-public information,
(ii)&nbsp;at any time during the period commencing on the 10th business day prior to the date (each, an &ldquo;<U>Announcement Date</U>&rdquo;)
on which the Company issues a press release containing, or shall otherwise publicly announce, its earnings, revenues or other results
of operations (each, an &ldquo;<U>Earnings Announcement</U>&rdquo;), (iii)&nbsp;except as provided in Section&nbsp;6(j)&nbsp;below, at
any time from and including an Announcement Date through and including the time that the Company files (a &ldquo;<U>Filing Time</U>&rdquo;)
a Quarterly Report on Form&nbsp;10-Q or an Annual Report on Form&nbsp;10-K that includes consolidated financial statements as of and for
the same period or periods, as the case may be, covered by such Earnings Announcement; provided that, unless otherwise agreed between
the Company and the Manager, the Forward Seller or the Forward Purchaser, as the case may be, for purposes of (i)&nbsp;and (ii)&nbsp;above,
such period shall be deemed to end at the relevant Filing Time.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
the Company wishes to offer, sell or deliver Securities at any time during the period from and including an Announcement Date through
and including time that is 24 hours after the corresponding Filing Time, the Company shall (i)&nbsp;prepare and deliver to the Manager
(in the case of an Issuance) or the Forward Seller and the Forward Purchaser (in the case of a Forward) (with a copy to their counsel)
a Current Report on Form&nbsp;8-K 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&rsquo; quotations) (each,
an &ldquo;<U>Earnings 8-K</U>&rdquo;), in form and substance reasonably satisfactory to the Manager or the Forward Seller and the Forward
Purchaser, as the case may be, (ii)&nbsp;provide the Manager or the Forward Seller and the Forward Purchaser, as the case may be, with
the officers&rsquo; certificate, opinions/letters of counsel and accountants&rsquo; letter called for by Sections 7(o), (p), (q), (r),
and (s)&nbsp;hereof; respectively, (iii)&nbsp;afford the Manager or the Forward Seller and the Forward Purchaser, as the case may be,
the opportunity to conduct a due diligence review in accordance with Section&nbsp;7(m)&nbsp;hereof and (iv)&nbsp;file such Earnings 8-K
with the Commission. The provisions of clause (ii)&nbsp;of Section&nbsp;6(i)&nbsp;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 Filing Time of the relevant Quarterly Report on
Form&nbsp;10-Q or Annual Report on Form&nbsp;10-K under the Exchange Act, as the case may be. For purposes of clarity, the parties hereto
agree that (A)&nbsp;the delivery of any officers&rsquo; certificate, opinions/letters of counsel and accountants&rsquo; letter pursuant
to this Section&nbsp;6(j)&nbsp;shall not relieve the Company from any of its obligations under this Agreement with respect to any Quarterly
Report on Form&nbsp;10-Q or Annual Report on Form&nbsp;10-K, as the case may be, including, without limitation, the obligation to deliver
officers&rsquo; certificates, opinions/letters of counsel and accountants&rsquo; letters as provided in Section&nbsp;7 hereof and (B)&nbsp;other
than as set forth in this Section&nbsp;6(j), this Section&nbsp;6(j)&nbsp;shall in no way affect or limit the operation of the provisions
of clauses (i)&nbsp;and (iii)&nbsp;of Section&nbsp;6(j), which shall have independent application.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>COVENANTS
OF THE COMPANY AND THE OPERATING PARTNERSHIP</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the Company and the
Operating Partnership jointly and severally covenants with the Manager, the Forward Seller and the Forward Purchaser as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Registration
Statement Amendments</I>. After the date of this Agreement and during any Selling Period or period in which a Prospectus relating to any
Securities is required to be delivered by the Manager under the Securities Act (including in circumstances where such requirement may
be satisfied pursuant to Rule&nbsp;172 under the Securities Act), (i)&nbsp;the Company will promptly notify the Manager, the Forward Seller
and the Forward Purchaser of the time when any subsequent amendment to the Registration Statement, other than documents incorporated by
reference therein, has been filed with the Commission and/or has become effective or any subsequent supplement to the Prospectus has been
filed and of any comment letter from the Commission or any request by the Commission for any amendment or supplement to the Registration
Statement or Prospectus or for additional information; (ii)&nbsp;the Company will prepare and file with the Commission, promptly upon
the request of the Manager or the Forward Seller and the Forward Purchaser, as the case may be, any amendments or supplements to the Registration
Statement or Prospectus that, in the reasonable opinion of the Manager or the Forward Seller and the Forward Purchaser, as the case may
be, may be necessary or advisable in connection with the distribution of the Securities by the Manager, the Forward Seller or the Forward
Purchaser, as the case may be (<U>provided</U>, <U>however</U>, that the failure of the Manager, the Forward Seller or the Forward Purchaser
to make such request shall not relieve the Company of any obligation or liability hereunder, or affect the Manager&rsquo;s, the Forward
Seller&rsquo;s or the Forward Purchaser&rsquo;s right to rely on the representations and warranties made by the Company and the Operating
Partnership in this Agreement); (iii)&nbsp;the Company will not file any amendment or supplement to the Registration Statement or Prospectus,
other than documents incorporated by reference into the Registration Statement, relating to the Securities or a security convertible into
the Securities unless a copy thereof has been submitted to the Manager, the Forward Seller and the Forward Purchaser within a reasonable
period of time before the filing and the Manager, the Forward Seller and the Forward Purchaser have not reasonably objected thereto (<U>provided</U>,
<U>however</U>, that the failure of the Manager, the Forward Seller or the Forward Purchaser to make such objection shall not relieve
the Company of any obligation or liability hereunder, or affect the Manager&rsquo;s, the Forward Seller&rsquo;s or the Forward Purchaser&rsquo;s
right to rely on the representations and warranties made by the Company and the Operating Partnership in this Agreement) and the Company
will furnish to the Manager, the Forward Seller and the Forward Purchaser at the time of filing thereof a copy of any document that upon
filing is deemed to be incorporated by reference into the Registration Statement or Prospectus, except for those documents available via
EDGAR; and (iv)&nbsp;the Company will cause each amendment or supplement to the Prospectus, other than documents incorporated by reference
into the Registration Statement, to be filed with the Commission as required pursuant to the applicable paragraph of Rule&nbsp;424(b)&nbsp;under
the Securities Act (without reliance on Rule&nbsp;424(b)(8)).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Notice
of Commission Stop Orders</I>. The Company will advise the Manager, the Forward Seller and the Forward Purchaser, promptly after it receives
notice or obtains knowledge thereof, of the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness
of the Registration Statement or of any other order preventing or suspending the use of the Prospectus or any Issuer Free Writing Prospectus,
or of the suspension of the qualification of the Securities for offering or sale in any jurisdiction or of the loss or suspension of any
exemption from any such qualification, or of the initiation or threatening of any proceedings for any of such purposes, or of any examination
pursuant to Section&nbsp;8(e)&nbsp;of the Securities Act concerning the Registration Statement or if the Company becomes the subject of
a proceeding under Section&nbsp;8A of the Securities Act in connection with the offering of the Securities. The Company will use its commercially
reasonable efforts to prevent the issuance of any stop order, the suspension of any qualification of the Securities for offering or sale
and any loss or suspension of any exemption from any such qualification, and if any such stop order is issued or any such suspension or
loss occurs, to obtain the lifting thereof at the earliest possible moment.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Delivery
of Registration Statement and Prospectus. </I>The Company will furnish to the Manager, the Forward Seller, the Forward Purchaser and their
respective counsel (at the expense of the Company), on or before their respective due dates, copies of the Registration Statement, the
Prospectus (including all documents incorporated by reference therein) and all amendments and supplements to the Registration Statement
or Prospectus, and any Issuer Free Writing Prospectuses, that are filed with the Commission during any Selling Period or period in which
a Prospectus relating to the Securities is required to be delivered under the Securities Act, in such quantities and at such locations
as the Manager, the Forward Seller or the Forward Purchaser may from time to time reasonably request; <U>provided</U>, <U>however</U>,
that the Company shall not be required to furnish any document (other than the Prospectus) to the Manager, the Forward Seller and the
Forward Purchaser to the extent such document is available on EDGAR. The copies of the Registration Statement and the Prospectus and any
supplements or amendments thereto furnished to the Manager will be identical to the electronically transmitted copies thereof filed with
the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Continued
Compliance with Securities Laws. </I>If at any time during any Selling Period or period when a Prospectus is required by the Securities
Act or the Exchange Act to be delivered in connection with a pending sale of the Securities (including, without limitation, pursuant to
Rule&nbsp;172), any event shall occur or condition shall exist as a result of which it is necessary, in the opinion of counsel for the
Manager, the Forward Seller or the Forward Purchaser or for the Company, to (i)&nbsp;amend the Registration Statement in order that the
Registration Statement will not include an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading, (ii)&nbsp;amend or supplement the Prospectus in order that the Prospectus
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
not misleading in the light of the circumstances existing at the time it is delivered to a purchaser, or (iii)&nbsp;amend the Registration
Statement or amend or supplement the Prospectus in order to comply with the requirements of the Securities Act, the Company will promptly
notify the Manager or the Forward Seller and the Forward Purchaser, as applicable, to suspend the offering of Securities during such period
and the Company will promptly prepare and file with the Commission such amendment or supplement as may be necessary to correct such statement
or omission or to make the Registration Statement or the Prospectus comply with such requirements, and the Company will furnish to the
Manager or the Forward Seller and the Forward Purchaser, as applicable, such number of copies of such amendment or supplement as the Manager
or the Forward Seller and the Forward Purchaser, as applicable, may reasonably request. If at any time following issuance of an Issuer
Free Writing Prospectus there occurred or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted,
conflicts or would conflict with the information contained in the Registration Statement or the Prospectus or included, includes or would
include an untrue statement of a material fact or omitted, omits or would 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, prevailing at that subsequent time, not misleading,
the Company will promptly notify the Manager or the Forward Seller and the Forward Purchaser, as applicable, to suspend the offering of
Securities during such period and the Company will, subject to Section&nbsp;7(a)&nbsp;hereof, promptly amend or supplement, at its own
expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Blue
Sky and Other Qualifications. </I>The Company will use its best efforts, in cooperation with the Manager and the Forward Seller, to qualify
the Securities for offering and sale, or to obtain an exemption for the Securities to be offered and sold, under the applicable securities
laws of such states and other jurisdictions (domestic or foreign) as the Manager and the Forward Seller may designate and to maintain
such qualifications and exemptions in effect for so long as required for the distribution of the Securities (but in no event for less
than one year from the date of this Agreement); <U>provided</U>, <U>however</U>, that the Company shall not be obligated to file any general
consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not
so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject.
In each jurisdiction in which the Securities have been so qualified or exempt, the Company will file such statements and reports as may
be required by the laws of such jurisdiction to continue such qualification or exemption, as the case may be, in effect for so long as
required for the distribution of the Securities (but in no event for less than one year from the date of this Agreement).</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Rule&nbsp;158.
</I>The Company will make generally available to its securityholders as soon as practicable an earnings statement for the purposes of,
and to provide to the Manager and the Forward Seller the benefits contemplated by, the last paragraph of Section&nbsp;11(a)&nbsp;of the
Securities Act and Rule&nbsp;158.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Use
of Proceeds</I>. The Company and the Operating Partnership will use the Net Proceeds received by them from the sale of the Securities
and the net proceeds received under each Forward Contract in the manner specified in the Prospectus under &ldquo;Use of Proceeds.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Listing.
</I>During any Selling Period or any period in which the Prospectus relating to the Securities is required to be delivered by the Manager
or the Forward Seller under the Securities Act with respect to a pending sale of the Securities (including in circumstances where such
requirement may be satisfied pursuant to Rule&nbsp;172 under the Securities Act), the Company will use its commercially reasonable efforts
to cause the Securities to be listed on the NYSE. The Company will use its commercially reasonable efforts to cause all Securities delivered
to the Forward Purchaser in settlement of any Forward Contract to be listed on the NYSE.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Filings
with the NYSE</I>. The Company will timely file with the NYSE all material documents and notices required by the NYSE of companies that
have or will issue securities that are traded on the NYSE.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Reporting
Requirements. </I>The Company, during any Selling Period or period when the Prospectus is required to be delivered under the Securities
Act and the Exchange Act (including in circumstances where such requirement may be satisfied pursuant to Rule&nbsp;172 under the Securities
Act), 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Notice
of Other Sales</I>. During any Selling Period, the Company shall provide the Manager, the Forward Seller and the Forward Purchaser notice
as promptly as reasonably possible (and, in any event, at least two (2)&nbsp;business days) before it offers to sell, contracts to sell,
sells, grants any option to sell or otherwise disposes of any shares of Common Stock (other than Securities offered pursuant to the provisions
of this Agreement or the Alternative Distribution Agreements) or securities convertible into or exchangeable for Common Stock, warrants
or any rights to purchase or acquire shares of Common Stock; <U>provided</U>, that such notice shall not be required in connection with
the (i)&nbsp;issuance, grant or sale of Common Stock, options to purchase shares of Common Stock or shares of Common Stock issuable upon
the exercise of options or other equity awards pursuant to any stock option, stock bonus or other stock or compensatory plan or arrangement
described in the Prospectus, including shares of Common Stock issuable upon redemption of OP Units, (ii)&nbsp;the issuance of securities
in connection with an acquisition, merger or sale or purchase of assets described in the Prospectus, or (iii)&nbsp;the issuance or sale
of shares of Common Stock pursuant to any dividend reinvestment plan that the Company may adopt from time to time, provided the implementation
of such dividend reinvestment plan is disclosed to the Manager, the Forward Seller and the Forward Purchaser in advance.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Change
of Circumstances</I>. The Company will, at any time during a fiscal quarter in which the Company intends to tender a Placement Notice
or sell Securities, advise the Manager or Forward Seller, as applicable, promptly after it shall have received notice or obtained knowledge
thereof, of any information or fact that would alter or affect in any material respect any opinion, certificate, letter or other document
provided to the Manager or Forward Seller, as applicable, pursuant to this Agreement.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Due
Diligence Cooperation</I>. The Company will cooperate with any reasonable due diligence review conducted by the Manager or the Forward
Seller and the Forward Purchaser, or its respective agents in connection with the transactions contemplated hereby, including, without
limitation, providing information and making available documents and senior officers, during regular business hours and at the Company&rsquo;s
principal offices, as the Manager or the Forward Seller and the Forward Purchaser may reasonably request.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Disclosure
of Sales. </I>The Company will disclose in its Quarterly Reports on Form&nbsp;10-Q and in its Annual Report on Form&nbsp;10-K in respect
of any quarter in which sales of Securities were made under this Agreement, and/or, at the Company&rsquo;s option, in a Current Report
on Form&nbsp;8-K, the number of Securities sold under this Agreement and any Alternative Distribution Agreement, the Net Proceeds to the
Company and the compensation payable by the Company with respect to such sales.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Representation
Dates; Certificates</I>. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement, each time
Securities are delivered to the Manager as principal on a Settlement Date, each time the Manager shall reasonably request and each time
the Company:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">files
the Prospectus relating to the Securities or amends or supplements the Registration Statement or the Prospectus relating to the Securities
by means of a post-effective amendment, sticker, or supplement but not by means of incorporation of documents by reference into the Registration
Statement or the Prospectus relating to the Securities;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">files
an Annual Report on Form&nbsp;10-K under the Exchange Act;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">files
a Quarterly Report on Form&nbsp;10-Q under the Exchange Act; or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">files
a Current Report on Form&nbsp;8-K containing amended financial information (other than an Earnings Announcement, to &ldquo;furnish&rdquo;
information pursuant to Item 2.02 or 7.01 of Form&nbsp;8-K or to provide disclosure pursuant to Item 8.01 of Form&nbsp;8-K relating to
the reclassifications of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards
No.&nbsp;144) under the Exchange Act (each such date of filing of one or more of the documents referred to in clauses (1)(i)&nbsp;through
(iv)&nbsp;and any time of request pursuant to this Section&nbsp;7(o)&nbsp;shall be a &ldquo;<U>Representation Date</U>&rdquo;), the Company
shall furnish the Manager, the Forward Seller and the Forward Purchaser with a certificate, in the form attached hereto as <U>Exhibit&nbsp;D</U>
as promptly as possible and in no event later than three (3)&nbsp;Trading Days of any Representation Date. The requirement to provide
a certificate under this Section&nbsp;7(o)&nbsp;shall be waived for any Representation Date occurring at a time at which no Placement
Notice (as amended by the corresponding Acceptance, if applicable) is pending, which waiver shall continue until the earlier to occur
of the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall be considered a Representation Date)
and the next occurring Representation Date; provided, however, that such waiver shall not apply for any Representation Date on which the
Company files its Annual Report on Form&nbsp;10-K. Notwithstanding the foregoing, if the Company subsequently decides to sell Securities
following a Representation Date when the Company relied on such waiver and did not provide the Manager with a certificate under this Section&nbsp;7(o),
then before the Company delivers the Placement Notice or the Manager or the Forward Seller sells any Securities, the Company shall provide
the Manager, the Forward Seller and the Forward Purchaser with a certificate, in the form attached hereto as <U>Exhibit&nbsp;D</U>, dated
the date of the Placement Notice.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Opinion
of Counsel for Company and the Operating Partnership</I>. On or prior to the date that the first Securities are sold pursuant to the terms
of this Agreement, each time Securities are delivered to the Manager as principal on a Settlement Date, and as promptly as possible and
in no event later than three (3)&nbsp;Trading Days of each Representation Date with respect to which the Company is obligated to deliver
a certificate in the form attached hereto as <U>Exhibit&nbsp;D</U> for which no waiver is applicable, the Company shall cause to be furnished
to the Manager, the Forward Seller and the Forward Purchaser a written opinion and to the Manager and the Forward Seller a 10b-5 statement
of Honigman LLP, counsel for the Company and the Operating Partnership, or other counsel satisfactory to the Manager, the Forward Seller
and the Forward Purchaser, in form and substance satisfactory to the Manager, the Forward Seller and the Forward Purchaser and its counsel,
dated the date that the opinion and 10b-5 statement is required to be delivered, substantially similar to the form attached hereto as
<U>Exhibit&nbsp;E</U>, modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented;
<U>provided</U>, <U>however</U>, that in lieu of such opinions for subsequent Representation Dates, any such counsel may furnish the Manager,
the Forward Seller and the Forward Purchaser with a letter (a &ldquo;<U>Reliance Letter</U>&rdquo;) to the effect that the Manager, the
Forward Seller and the Forward Purchaser may rely on a prior opinion delivered under this Section&nbsp;7(p)&nbsp;to the same extent as
if it were dated the date of such letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement
and the Prospectus as amended or supplemented at such Representation Date).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Opinion
of Tax Counsel</I>. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement, each time Securities
are delivered to the Manager as principal on a Settlement Date, and as promptly as possible and in no event later than three (3)&nbsp;Trading
Days of each Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as
<U>Exhibit&nbsp;D</U> for which no waiver is applicable, the Company shall cause to be furnished to the Manager, the Forward Seller and
the Forward Purchaser a written opinion of Honigman LLP, tax counsel for the Company and the Operating Partnership, or other counsel satisfactory
to the Manager, the Forward Seller and the Forward Purchaser, in form and substance satisfactory to the Manager, the Forward Seller and
the Forward Purchaser and its counsel, dated the date that the opinion is required to be delivered, substantially similar to the form
attached hereto as <U>Exhibit&nbsp;F</U>, modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended
or supplemented; <U>provided</U>, <U>however</U>, that in lieu of such opinions for subsequent Representation Dates, any such counsel
may furnish the Manager, the Forward Seller and the Forward Purchaser with a Reliance Letter to the effect that the Manager, the Forward
Seller and the Forward Purchaser may rely on a prior opinion delivered under this Section&nbsp;7(q)&nbsp;to the same extent as if it were
dated the date of such letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement and
the Prospectus as amended or supplemented at such Representation Date).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Maryland
Counsel Legal Opinion</I>. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement, each time
Securities are delivered to the Manager as principal on a Settlement Date, and as promptly as possible and in no event later than three
(3)&nbsp;Trading Days of each Representation Date with respect to which the Company is obligated to deliver a certificate in the form
attached hereto as <U>Exhibit&nbsp;D</U> for which no waiver is applicable, the Manager, the Forward Seller and the Forward Purchaser
shall have received the favorable opinion of Ballard Spahr LLP, Maryland counsel for the Company dated the date that the opinion is required
to be delivered, substantially similar to the form attached hereto as <U>Exhibit&nbsp;G</U>, modified, as necessary, to relate to the
Registration Statement and the Prospectus as then amended or supplemented; <U>provided</U><I>, </I><U>however</U>, that in lieu of such
opinions for subsequent Representation Dates, any such counsel may furnish the Manager, the Forward Seller and the Forward Purchaser with
a Reliance Letter to the effect that the Manager, the Forward Seller and the Forward Purchaser may rely on a prior opinion delivered under
this Section&nbsp;7(r)&nbsp;to the same extent as if it were dated the date of such letter (except that statements in such prior opinion
shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented at such Representation Date).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Comfort
Letter</I>. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement, each time Securities are
delivered to the Manager as principal on a Settlement Date, and as promptly as possible and in no event later than three (3)&nbsp;Trading
Days of each Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as
<U>Exhibit&nbsp;D</U> for which no waiver is applicable, the Company shall cause its independent accountants to furnish the Manager and
the Forward Seller a letter (a &ldquo;<U>Comfort Letter</U>&rdquo;), dated the date the Comfort Letter is delivered, in form and substance
satisfactory to the Manager and the Forward Seller, (i)&nbsp;confirming that they are an independent registered public accounting firm
within the meaning of the Securities Act, the Exchange Act and the PCAOB, (ii)&nbsp;stating, as of such date, the conclusions and findings
of such firm with respect to the financial information and other matters ordinarily covered by accountants&rsquo; &ldquo;comfort letters&rdquo;
to underwriters in connection with registered public offerings (the first such letter, the &ldquo;<U>Initial Comfort Letter</U>&rdquo;)
and (iii)&nbsp;updating the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had
it been given on such date and modified as necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented
to the date of such letter.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Market
Activities</I>. Neither the Company nor the Operating Partnership will, directly or indirectly, (i)&nbsp;take any action designed to cause
or result in, or that constitutes or 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 Securities or (ii)&nbsp;sell, bid for, or purchase the Securities to be
issued and sold pursuant to this Agreement, or pay anyone any compensation for soliciting purchases of the Securities to be issued and
sold pursuant to this Agreement other than the Manager; <U>provided</U>, <U>however</U>, that the Company may bid for and purchase shares
of its Common Stock in accordance with Rule&nbsp;10b-18 under the Exchange Act. In connection with entering into any Forward Contract,
the Company will not acquire any long position (either directly or indirectly, including through an Affiliate or through a derivative
transaction) with respect to shares of Common Stock. For purposes of the foregoing, Affiliate means, with respect to any person or entity,
any other person or entity directly or indirectly controlling, controlled by, or under common control with such person or entity. For
purposes of this definition, &ldquo;control&rdquo; when used with respect to any person or entity means ownership of 50% or more of the
voting power or value of such person or entity.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(u)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Compliance
with Laws</I>. The Company, the Operating Partnership and each of their subsidiaries shall maintain, or cause to be maintained, all material
environmental permits, licenses and other authorizations required by federal, state and local law in order to conduct their businesses
as described in the Prospectus, and the Company and each of its subsidiaries shall conduct their businesses, or cause their businesses
to be conducted, in substantial compliance with such permits, licenses and authorizations and with applicable Environmental Laws, except
where the failure to maintain or be in compliance with such permits, licenses and authorizations could not reasonably be expected to have
a Material Adverse Effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Securities
Act and Exchange Act</I>. The Company will use its best efforts to comply with all requirements imposed upon it by the Securities Act
and the Exchange Act as from time to time in force, so far as necessary to permit the continuance of sales of, or dealings in, the Securities
as contemplated by the provisions hereof and the Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(w)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>No
Offer to Sell</I>. Other than a free writing prospectus (as defined in Rule&nbsp;405 under the Securities Act) approved in advance in
writing by the Company and the Manager in its capacity as principal or agent hereunder or the Forward Seller as agent hereunder, as applicable,
the Company (including its agents and representatives, other than the Manager or the Forward Seller, in their respective capacities as
such) will not, directly or indirectly, make, use, prepare, authorize, approve or refer to any free writing prospectus relating to the
Securities to be sold by the Manager as principal or agent hereunder or by the Forward Seller as agent hereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Regulation
M. </I>If the Company has reason to believe that the exemptive provisions set forth in Rule&nbsp;101(c)(1)&nbsp;of Regulation M under
the Exchange Act are not satisfied with respect to the Company or the Common Stock, it shall promptly notify the other parties to this
Agreement and sales of the Securities under this Agreement shall be suspended until that or other exemptive provisions have been satisfied
in the judgment of all parties to this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(y)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Qualification
and Taxation as a REIT</I>. The Company will use its best efforts to continue to qualify for taxation as a REIT under the Code and will
not take any action to revoke or otherwise terminate the Company&rsquo;s REIT election, unless the Company&rsquo;s board of directors
determines in good faith that it is no longer in the best interests of the Company and its stockholders to be so qualified.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(z)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Renewal
of Registration Statement. </I>The date of this Agreement is not more than three years subsequent to the initial effective date of the
Registration Statement (the &ldquo;<U>Renewal Date</U>&rdquo;). If, immediately prior to the Renewal Date, this Agreement has not terminated
and a prospectus is required to be delivered or made available by the Manager or the Forward Seller under the Securities Act or the Exchange
Act in connection with the sale of such Securities, the Company will, prior to the Renewal Date, file, if it has not already done so,
a new shelf registration statement or, if applicable, an automatic shelf registration statement relating to such Securities, and, if such
registration statement is not an automatic shelf registration statement, will use its best efforts to cause such registration statement
to be declared effective within 180 days after the Renewal Date, and will take all other reasonable actions necessary or appropriate to
permit the public offer and sale of such Securities to continue as contemplated in the expired registration statement relating to such
Securities. References herein to the &ldquo;Registration Statement&rdquo; shall include such new shelf registration statement or automatic
shelf registration statement, as the case may be.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(aa)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Rights
to Refuse Purchase. </I>If, to the knowledge of the Company, all filings required by Rule&nbsp;424 under the Securities Act in connection
with the offering of the Securities shall not have been made or the representations and warranties of the Company and the Operating Partnership
in Section&nbsp;5 hereof shall not be true and correct on any applicable Settlement Date, the Company will offer to any person who has
agreed to purchase Securities from the Company as a result of an offer to purchase solicited by the Manager the right to refuse to purchase
and pay for such Securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(bb)</FONT>
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Reservation of Shares</I>. In respect of any Forward, a number of
shares of Common Stock at least equal to the Capped Number will be reserved for issuance by the Company&rsquo;s board of
directors.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;8 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>PAYMENT
OF EXPENSES</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Expenses.
</I>The Company will pay all expenses incident to the performance of its obligations under this Agreement, including (i)&nbsp;the preparation,
printing and filing of the Registration Statement (including financial statements and exhibits) as originally filed and of each amendment
and supplement thereto, (ii)&nbsp;the preparation, issuance and delivery of the certificates for the Securities to the Manager, including
any stock or other transfer taxes and any capital duties, stamp duties or other duties or taxes payable upon the sale, issuance or delivery
of the Securities to the Manager, (iii)&nbsp;the fees and disbursements of the counsel, accountants and other advisors to the Company,
(iv)&nbsp;the qualification or exemption of the Securities under securities laws in accordance with the provisions of Section&nbsp;7(e)&nbsp;hereof,
including filing fees and the reasonable fees and disbursements of counsel for the Manager in connection therewith and in connection with
the preparation of a state securities law or &ldquo;blue sky&rdquo; survey and any supplements thereto (which fees and disbursements of
counsel shall not exceed $10,000), (v)&nbsp;the printing and delivery to the Manager, the Forward Seller and the Forward Purchaser of
copies of any Permitted Free Writing Prospectus and the Prospectus and any amendments or supplements thereto and any costs associated
with electronic delivery of any of the foregoing by the Manager or the Forward Seller to investors, (vi)&nbsp;the fees and expenses of
the custodian and the transfer agent and registrar for the Securities, (vii)&nbsp;the filing fees incident to, and the reasonable fees
and disbursements of counsel to the Manager in connection with, the review by FINRA of the terms of the sale of the Securities (which
fees and disbursements of counsel shall not exceed $10,000) and (viii)&nbsp;the fees and expenses incurred in connection with the listing
of the Securities on the NYSE.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Termination
of Agreement</I>. If this Agreement is terminated by the Manager in accordance with the provisions of Section&nbsp;9 or Section&nbsp;13(a)(i)&nbsp;or
(iii)&nbsp;(with respect to the first clause only) hereof, the Company shall reimburse the Manager, the Forward Seller, the Forward Purchasers
and the Alternative Managers for all reasonable, accountable out of pocket expenses, including reasonable fees and disbursements of counsel
actually incurred by the Manager, the Forward Seller, the Forward Purchasers and the Alternative Managers in connection with the transactions
contemplated by this Agreement and the Alternative Distribution Agreements, unless Securities having an aggregate offering price of $30,000,000
or more have previously been offered and sold under this Agreement and/or the Alternative Distribution Agreements; <U>provided</U>, <U>however</U>,
that the Expenses shall not exceed an aggregate under this Agreement and the Alternative Distribution Agreements of $100,000.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;9&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>CONDITIONS
OF THE OBLIGATIONS OF THE AGENT, THE FORWARD SELLER AND THE FORWARD PURCHASER</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The obligations of each of
the Manager, the Forward Seller and the Forward Purchaser hereunder with respect to a Placement will be subject to the continuing accuracy
and completeness of the representations and warranties of the Company and the Operating Partnership contained in this Agreement or in
certificates of any officer of the Company, the Operating Partnership or any of their subsidiaries delivered pursuant to the provisions
hereof, to the performance by the Company and the Operating Partnership of their covenants and other obligations hereunder, and to the
following further conditions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Effectiveness
of Registration Statement; Payment of Filing Fee. </I>The Registration Statement shall have become effective and shall be available for
(i)&nbsp;all sales of Securities issued pursuant to all prior Placement Notices (each as amended by a corresponding Acceptance, if applicable)
and (ii)&nbsp;the sale of all Securities contemplated to be issued by any Placement Notice (as amended by the corresponding Acceptance,
if applicable). The Company shall have paid the required Commission filing fees relating to the Securities within the time required by
Rule&nbsp;456(b)(1)(i)&nbsp;of the Securities Act without regard to the proviso therein and otherwise in accordance with Rules&nbsp;456(b)&nbsp;and
457(r)&nbsp;of the Securities Act (including, if applicable, by updating the &ldquo;Calculation of Registration Fee&rdquo; table in accordance
with Rule&nbsp;456(b)(1)(ii)&nbsp;either in a post-effective amendment to the Registration Statement or on the cover page&nbsp;of the
Prospectus).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>No
Material Notices</I>. None of the following events shall have occurred and be continuing: (i)&nbsp;receipt by the Company or any of its
subsidiaries of any request for additional information from the Commission or any other federal or state governmental authority during
the period of effectiveness of the Registration Statement, the response to which would require any post-effective amendments or supplements
to the Registration Statement or the Prospectus; (ii)&nbsp;the issuance by the Commission or any other federal or state governmental authority
of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; (iii)&nbsp;receipt
by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Securities
for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; or (iv)&nbsp;the occurrence of any event
that makes any material statement made in the Registration Statement or the Prospectus, or any Issuer Free Writing Prospectus, or any
material document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making
of any changes in the Registration Statement, related Prospectus, or any Issuer Free Writing Prospectus, or such documents so that, in
the case of the Registration Statement, it will not contain any materially untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein not misleading and, that in the case of the Prospectus
and any Issuer Free Writing Prospectus, it will not contain any materially untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>No
Misstatement or Material Omission</I>. None of the Manager, the Forward Seller or the Forward Purchaser shall have advised the Company
that the Registration Statement or Prospectus, or any Issuer Free Writing Prospectus, or any amendment or supplement thereto, contains
a material untrue statement of fact or omits to state a material fact that is required to be stated therein or is necessary to make the
statements therein not misleading.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Material
Changes</I>. Except as contemplated in the Prospectus, or disclosed in the Company&rsquo;s reports filed with the Commission, there shall
not have been any material adverse change to the condition, financial or otherwise, or in the properties, earnings, business affairs or
business prospects of the Company, the Operating Partnership and each of their subsidiaries considered as one enterprise.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Opinion
of Counsel for Company and the Operating Partnership. </I>The Manager, the Forward Seller and the Forward Purchaser shall have received
the favorable opinions of Honigman LLP, required to be delivered pursuant to Section&nbsp;7(p)&nbsp;on the date on which such delivery
of such opinion is required pursuant to Section&nbsp;7(p).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Opinion
of Tax Counsel for Company and the Operating Partnership. </I>The Manager, the Forward Seller and the Forward Purchaser shall have received
the favorable opinions of Honigman LLP, tax counsel for the Company and the Operating Partnership, required to be delivered pursuant to
Section&nbsp;7(q)&nbsp;on the date on which such delivery of such opinion is required pursuant to Section&nbsp;7(q).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Opinion
of Maryland Counsel for the Company</I>. The Manager, the Forward Seller and the Forward Purchaser shall have received the favorable opinions
of the Company&rsquo;s Maryland Counsel, required to be delivered pursuant to Section&nbsp;7(r)&nbsp;on the date on which such delivery
of such opinion is required pursuant to Section&nbsp;7(r).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Opinion
of Counsel for the Manager</I>. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement and
each time Securities are delivered to the Manager as principal on the Settlement Date, as promptly as possible and in no event later than
three (3)&nbsp;Trading Days of each Representation Date with respect to which no waiver is applicable, the Manager, the Forward Seller
and the Forward Purchaser shall have received the favorable opinion of Latham&nbsp;&amp; Watkins LLP, counsel for the Manager, dated the
date the opinion is required to be delivered, in customary form and substance satisfactory to the Manager, the Forward Seller and the
Forward Purchaser, and the Company shall have furnished to such counsel such documents as they reasonably request for the purpose of enabling
them to pass upon such matters. In rendering such opinion, Latham&nbsp;&amp; Watkins LLP may rely as to matter involving the laws of the
State of Maryland upon the opinion of Ballard Spahr LLP referred to in Section&nbsp;7(r).</FONT></P>

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

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

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<!-- Field: Split-Segment; Name: 2 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Representation
Certificate. </I>The Manager, the Forward Seller and the Forward Purchaser shall have received the certificate required to be delivered
pursuant to Section&nbsp;7(o)&nbsp;on the date on which delivery of such certificate is required pursuant to Section&nbsp;7(o).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Accountant&rsquo;s
Comfort Letter. </I>The Manager and the Forward Seller shall have received the Comfort Letter required to be delivered pursuant to Section&nbsp;7(s)&nbsp;on
the date on which such delivery of such Comfort Letter is required pursuant to Section&nbsp;7(s).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Approval
of Listing</I>. The Securities shall have been approved for listing on the NYSE, subject only to official notice of issuance.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>No
Suspension</I>. Trading in the Securities shall not have been suspended on the NYSE.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Additional
Documents. </I>On each date on which the Company is required to deliver a certificate pursuant to Section&nbsp;7(o), counsel for the Manager,
the Forward Seller and the Forward Purchaser, as applicable, shall have been furnished with such documents and opinions as they may reasonably
require for the purpose of enabling them to pass upon the issuance and sale of the Securities as herein contemplated, or in order to evidence
the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, herein contained.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Securities
Act Filings Made</I>. All filings with the Commission required by Rule&nbsp;424 under the Securities Act to have been filed prior to the
issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule&nbsp;424.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Effectiveness
of Master Forward Confirmation</I>. In respect of any Placement Notice delivered in respect of any Forward, the Master Forward Confirmation
shall be in full force and effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Termination
of Agreement. </I>If any condition specified in this Section&nbsp;9 shall not have been fulfilled when and as required to be fulfilled,
this Agreement may be terminated by the Manager, the Forward Seller or the Forward Purchaser, as applicable, by notice to the Company,
and such termination shall be without liability of any party to any other party except as provided in Section&nbsp;8 hereof and except
that, in the case of any termination of this Agreement, Sections&nbsp;5, 10, 11, 12 and 22 hereof, as well as the obligation to enter
into any Forward Contract pursuant to Section&nbsp;2(c)&nbsp;hereof as a result of sales of Forward Hedge Securities occurring prior to
such termination, shall survive such termination and remain in full force and effect. For the avoidance of doubt, any such termination
shall not affect or impair any party&rsquo;s obligations with respect to any Securities sold hereunder prior to the occurrence thereof
or any Securities sold under any Alternative Distribution Agreement (including, in the case of any Forward Hedge Securities, the obligation
to enter into the resulting Forward Contract).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Downgrade</U>. </FONT>&nbsp;<FONT STYLE="font-size: 10pt; background-color: white">Subsequent to the execution and delivery of this Agreement</FONT><FONT STYLE="font-size: 10pt">,
there shall not have been any decrease in the rating of any of the Company&rsquo;s debt securities by any &ldquo;nationally recognized
statistical rating organization&rdquo; (as defined in Section&nbsp;3(a)(62) of the Exchange 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.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;10&#9;</FONT><FONT STYLE="text-transform: uppercase"><U>INDEMNIFICATION</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Indemnification
by the Company. </I>The Company and the Operating Partnership, jointly and severally, agree to indemnify and hold harmless each of the
Manager, the Forward Seller and the Forward Purchaser, each of their respective affiliates (as such term is defined in Rule&nbsp;501(b)&nbsp;under
the Securities Act (each an &ldquo;<U>Affiliate</U>&rdquo;)), each of their respective selling agents and each person, if any, who controls
the Manager, the Forward Seller or the Forward Purchaser within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20
of the Exchange Act and any director, officer, employee or affiliate thereof as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of or based upon any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), or the omission or alleged omission
therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out
of or based upon any untrue statement or alleged untrue statement of a material fact included in any Issuer Free Writing Prospectus or
the Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in
order to make the statements therein, in the light of the circumstances under which they were made, not misleading;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement
of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever
arising out of or based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject
to Section&nbsp;10(d)&nbsp;below) any such settlement is effected with the written consent of the Company; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">against
any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by the Manager, the Forward Seller
or the Forward Purchaser, as applicable) reasonably incurred in investigating, preparing or defending against any litigation, or any investigation
or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever arising out of or based upon any such
untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under
(i)&nbsp;or (ii)&nbsp;above, <U>provided</U>, <U>however</U>, that this indemnity agreement shall not apply to any loss, liability, claim,
damage or expense to the extent arising out of or based upon any untrue statement or omission or alleged untrue statement or omission
made in reliance upon and in conformity with written information furnished to the Company by the Manager, the Forward Seller or the Forward
Purchaser, as the case may be, expressly for use in the Registration Statement (or any amendment thereto), or in any Issuer Free Writing
Prospectus or the Prospectus (or any amendment or supplement thereto).</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Indemnification
by the Manager, the Forward Seller or the Forward Purchaser</I>. Each of the Manager, the Forward Seller or the Forward Purchaser agrees
to indemnify and hold harmless the Company and the Operating Partnership, the Company&rsquo;s directors, each of the Company&rsquo;s officers
who signed the Registration Statement, and each person, if any, who controls the Company or the Operating Partnership within the meaning
of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, to the same extent as the foregoing indemnity from the
Company and the Operating Partnership to the Manager, the Forward Seller or the Forward Purchaser, as applicable, contained in subsection
(a)&nbsp;of this Section&nbsp;10, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or
omissions, made in the Registration Statement (or any amendment thereto), any Issuer Free Writing Prospectus or the Prospectus (or any
amendment or supplement thereto) in reliance upon and in conformity with written information furnished to the Company by the Manager,
the Forward Seller or the Forward Purchaser expressly for use therein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Actions
against Parties; Notification. </I>Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying
party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying
party shall not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a result
thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement.
In the case of parties indemnified pursuant to Section&nbsp;10(a)&nbsp;above, counsel to the indemnified parties shall be selected by
the Manager or the Forward Seller, as applicable, and, in the case of parties indemnified pursuant to Section&nbsp;10(b)&nbsp;above, counsel
to the indemnified parties shall be selected by the Company. An indemnifying party may participate at its own expense in the defense of
any such action; <U>provided</U>, <U>however</U>, that counsel to the indemnifying party shall not (except with the consent of the indemnified
party) also be counsel to the indemnified party. In no event shall the indemnifying parties be liable for fees and expenses of more than
one counsel (in addition to any local counsel) separate from their own counsel for all indemnified parties in connection with any one
action or separate but similar or related actions in the same jurisdiction arising out of or based upon the same general allegations or
circumstances. No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent
to the entry of any judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced
or threatened, or any claim whatsoever in respect of which indemnification or contribution could be sought under this Section&nbsp;10
or Section&nbsp;11 hereof (whether or not the indemnified parties are actual or potential parties thereto), unless (x)&nbsp;such settlement,
compromise or consent (i)&nbsp;includes an unconditional release of each indemnified party from all liability arising out of or based
upon such litigation, investigation, proceeding or claim and (ii)&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 and (y)&nbsp;the indemnifying party confirms in writing its indemnification
obligations hereunder with respect to such settlement, compromise or judgment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Settlement
without Consent if Failure to Reimburse</I>. If at any time an indemnified party shall have requested an indemnifying party to reimburse
the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the
nature contemplated by Section&nbsp;10(a)(ii)&nbsp;effected without its written consent if (i)&nbsp;such settlement is entered into more
than 45 days after receipt by such indemnifying party of the aforesaid request, (ii)&nbsp;such indemnifying party shall have received
notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii)&nbsp;such indemnifying party
shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;11&#9;</FONT><FONT STYLE="text-transform: uppercase"><U>CONTRIBUTION</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the indemnification provided
for in Section&nbsp;10 hereof is for any reason unavailable to or insufficient to hold harmless an indemnified party in respect of any
losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount
of such losses, liabilities, claims, damages and expenses reasonably incurred by such indemnified party, as incurred, (i)&nbsp;in such
proportion as is appropriate to reflect the relative benefits received by the Company and the Operating Partnership, on the one hand,
and the Manager, the Forward Seller and the Forward Purchaser on the other hand, from the offering of the Securities pursuant to this
Agreement or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;is not permitted by applicable law, in such proportion as is appropriate
to reflect not only the relative benefits referred to in clause (i)&nbsp;above but also the relative fault of the Company and the Operating
Partnership, on the one hand, and of the Manager, the Forward Seller and the Forward Purchaser on the other hand, in connection with the
statements or omissions that resulted in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable
considerations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The relative benefits received
by the Company and the Operating Partnership, on the one hand, and the Manager, the Forward Seller and the Forward Purchaser, on the other
hand, in connection with the offering of the Securities pursuant to this Agreement shall be deemed to be in the same respective proportions
as (a)&nbsp;in the case of the Company and the Operating Partnership, (x)&nbsp;the total net proceeds from the offering of the Issuance
Securities for each Issuance under this Agreement (before deducting expenses) received by the Company and the Operating Partnership bear
to the Aggregate Sales Price of the Issuance Securities, or (y)&nbsp;the Actual Sold Forward Amount for each Forward under this Agreement,
multiplied by the Forward Hedge Price for such Forward (the &ldquo;<U>Net Forward Proceeds</U>&rdquo;), bear to the sum of the Net Forward
Proceeds and the Actual Forward Commission (as defined below) (such sum, the &ldquo;<U>Gross Forward Amount</U>&rdquo;), (b)&nbsp;in the
case of Manager, the total commissions received by the Manager bear to the aggregate public offering price of the Issuance Securities,
(c)&nbsp;in the case of the Forward Seller, the Actual Sold Forward Amount for each Forward under this Agreement, multiplied by the Forward
Hedge Selling Commission for such Forward (the &ldquo;<U>Actual Forward Commission</U>&rdquo;), bear to the Gross Forward Amount, and
(d)&nbsp;in the case of the Forward Purchaser, the net Spread (as such term is defined in the Master Forward Confirmation and net of any
related stock borrow costs or other costs or expenses actually incurred) for all Forward Contracts executed in connection with this Agreement,
bear to the Gross Forward Amount.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The relative fault of the
Company and the Operating Partnership, on the one hand, and the Manager, the Forward Seller and the Forward Purchaser, on the other hand,
shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission
or alleged omission to state a material fact relates to information supplied by each such party and the parties&rsquo; relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the Company, the Operating
Partnership, the Manager, the Forward Seller and the Forward Purchaser agrees that it would not be just and equitable if contribution
pursuant to this Section&nbsp;11 were determined by pro rata allocation or by any other method of allocation which does not take account
of the equitable considerations referred to above in this Section&nbsp;11. The aggregate amount of losses, liabilities, claims, damages
and expenses incurred by an indemnified party and referred to above in this Section&nbsp;11 shall be deemed to include any legal or other
expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation
or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever arising out of or based upon any such
untrue or alleged untrue statement or omission or alleged omission.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
the provisions of this Section&nbsp;11, none of the Manager, the Forward Seller and the Forward Purchaser shall in any event be required
to contribute any amount in excess of the amount by which, in the case of the Manager, the total price at which the Issuance Securities
sold by such Manager, or in the case of the Forward Seller and the Forward Purchaser, as applicable, the total price of the Forward Hedge
Securities sold by the Forward Seller, in each case pursuant to this Agreement, exceeds the amount </FONT>of any damages which the Manager,
the Forward Seller or the Forward Purchaser has otherwise been required to pay by reason of any such untrue or alleged untrue statement
or omission or alleged omission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No person guilty of fraudulent
misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this Section&nbsp;11,
each person, if any who controls the Manager, the Forward Seller or the Forward Purchaser within the meaning of Section&nbsp;15 of the
Securities Act or Section&nbsp;20 of the Exchange Act and the Manager&rsquo;s, the Forward Seller&rsquo;s and the Forward Purchaser&rsquo;s
Affiliates and selling agents shall have the same rights to contribution as the Manager, the Forward Seller or the Forward Purchaser,
as the case may be, and each director of the Company, each officer of the Company who signed the Registration Statement, and each person,
if any, who controls the Company or the Operating Partnership within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20
of the Exchange Act shall have the same rights to contribution as the Company or the Operating Partnership, subject in each case to the
preceding two paragraphs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this Section&nbsp;11,
the Company and the Operating Partnership shall be deemed one party, jointly and severally liable for any obligations hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;12&#9;</FONT><FONT STYLE="text-transform: uppercase"><U>REPRESENTATIONS,
WARRANTIES AND AGREEMENTS TO SURVIVE DELIVERY</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All representations, warranties
and agreements contained in this Agreement or in certificates of officers of the Company, the Operating Partnership or each of their subsidiaries
submitted pursuant hereto, shall remain operative and in full force and effect, regardless of any investigation made by or on behalf of
the Manager, the Forward Seller or the Forward Purchaser or any of their Affiliates or selling agents, any person controlling the Manager,
the Forward Seller or the Forward Purchaser or their respective officers or directors, or by or on behalf of the Company or the Operating
Partnership or any person controlling the Company or the Operating Partnership, and shall survive delivery of the Securities to the Manager
and shall survive delivery and acceptance of the Securities and payment therefor and the settlement of any Forward Contract or any termination
of this Agreement or the Master Forward Confirmation and any &ldquo;Supplemental Confirmation&rdquo; executed in connection with the Master
Forward Confirmation.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;13&#9;</FONT><FONT STYLE="text-transform: uppercase"><U>TERMINATION
OF AGREEMENT</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Termination;
General. </I>Each of the Manager, the Forward Seller or the Forward Purchaser, as applicable may terminate this Agreement, by notice to
the Company, as hereinafter specified at any time (i)&nbsp;if there has been, since the time of execution of this Agreement or since the
date as of which information is given in the Prospectus, any material adverse change in the condition, financial or otherwise, or in the
properties, earnings, business affairs or business prospects of the Company, the Operating Partnership and each of their subsidiaries
whether or not arising in the ordinary course of business, or (ii)&nbsp;if there has occurred any material adverse change in the financial
markets in the United States or the international financial markets, any outbreak of hostilities or escalation thereof, any acts of terrorism
involving the United States or other calamity or crisis or any change or development involving a prospective change in national or international
political, financial or economic conditions, in each case the effect of which is such as to make it, in the sole judgment of the Manager,
impracticable or inadvisable to market the Securities or to enforce contracts for the sale of the Securities, (iii)&nbsp;if trading in
the Securities has been suspended or materially limited by the Commission or the NYSE, or (iv)&nbsp;if trading generally on the NYSE,
the NYSE American or the Nasdaq Global Market has been suspended or materially limited, or minimum or maximum prices for trading have
been fixed, or maximum ranges for prices have been required, by any of said exchanges or by order of the Commission, FINRA or any other
governmental authority, or a material disruption has occurred in commercial banking or securities settlement or clearance services in
the United States, or (v)&nbsp;if a banking moratorium has been declared by either Federal or New York authorities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Termination
by the Company. </I>Subject to Section&nbsp;13(f)&nbsp;hereof, the Company shall have the right to terminate this Agreement in its sole
discretion at any time after the date of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Termination
by the Manager, the Forward Seller or the Forward Purchaser. </I>Subject to Section&nbsp;13(f)&nbsp;hereof, each of the Manager, the Forward
Seller or the Forward Purchaser, as applicable, shall have the right to terminate this Agreement in its sole discretion at any time after
the date of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Automatic
Termination. </I>Unless earlier terminated pursuant to this Section&nbsp;13, this Agreement shall automatically terminate upon the issuance
and sale of Securities through the Manager or the Alternative Managers on the terms and subject to the conditions set forth herein or
the Alternative Distribution Agreements, as applicable, with an aggregate Sale Price equal to the Maximum Amount.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Continued
Force and Effect. </I>This Agreement shall remain in full force and effect unless terminated pursuant to Sections 13(a), (b), (c), or
(d)&nbsp;above or otherwise by mutual agreement of the parties.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Effectiveness
of Termination. </I>Any termination of this Agreement shall be effective on the date specified in such notice of termination; <U>provided</U>,
<U>however</U>, that such termination shall not be effective until the close of business on the date of receipt of such notice by the
Manager, the Forward Seller, the Forward Purchaser or the Company, as the case may be. If such termination shall occur prior to the Settlement
Date for any sale of Securities, such Securities shall settle in accordance with the provisions of this Agreement. Notwithstanding anything
to the contrary contained herein, the obligation to enter into any Forward Contract pursuant to Section&nbsp;2(c)&nbsp;hereof as a result
of sales of Forward Hedge Securities occurring prior to such termination, shall survive such termination and remain in full force and
effect. For the avoidance of doubt, any such termination shall not affect or impair any party&rsquo;s obligations with respect to any
Securities sold hereunder prior to the occurrence thereof or any Securities sold under any Alternative Distribution Agreement (including,
in the case of any Forward Hedge Securities, the obligation to enter into the resulting Forward Contract).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Liabilities.
</I>If this Agreement is terminated pursuant to this Section&nbsp;13, such termination shall be without liability of any party to any
other party except as provided in Section&nbsp;8 hereof, and except that, in the case of any termination of this Agreement, Section&nbsp;5,
Section&nbsp;10, Section&nbsp;11, Section&nbsp;12, Section&nbsp;22 and Section&nbsp;23 hereof shall survive such termination and remain
in full force and effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;14&#9;</FONT><FONT STYLE="text-transform: uppercase"><U>NOTICES</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise provided
in this Agreement, all notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed
or transmitted by any standard form of telecommunication. Notices to the Manager shall be directed to [ ] [ ]; notices to the Forward
Seller shall be sent to: [ ] [ ]; notices to the Forward Purchaser shall be sent to: [ ] [ ]; and notices to the Company and the Operating
Partnership shall be directed to it at 70 E. Long Lake Road, Bloomfield, Michigan 48304 (facsimile: 248-737-9110), Attention: Peter Coughenour,
Email: peter@agreerealty.com.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;15&#9;</FONT><FONT STYLE="text-transform: uppercase"><U>RECOGNITION
OF THE U.S. SPECIAL RESOLUTION REGIMES.</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the event that the Manager, Forward Seller or Forward Purchaser is a Covered Entity and becomes subject to a proceeding under a U.S. Special
Resolution Regime, the transfer from the Manager, Forward Seller or Forward Purchaser of this Agreement, and any interest and obligation
in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution
Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United
States.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the event that the Manager, Forward Seller or Forward Purchaser is a Covered Entity or a BHC Act Affiliate of the Manager, Forward Seller
or Forward Purchaser and becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that
may be exercised against the Manager, Forward Seller or Forward Purchaser are permitted to be exercised to no greater extent than such
Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States
or a state of the United States.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used in this Section&nbsp;15:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>BHC Act Affiliate</U>&rdquo;
has the meaning assigned to the term &ldquo;affiliate&rdquo; in, and shall be interpreted in accordance with, 12 U.S.C. &sect; 1841(k).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Covered Entity</U>&rdquo;
means any of the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">a &ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with, 12&nbsp;C.F.R.
 &sect; 252.82(b);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">a &ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance with, 12&nbsp;C.F.R.
 &sect; 47.3(b); or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">a &ldquo;covered FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12&nbsp;C.F.R.
 &sect; 382.2(b).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Default Right</U>&rdquo;
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12&nbsp;C.F.R. &sect;&sect; 252.81, 47.2 or 382.1,
as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Special Resolution
Regime</U>&rdquo; means each of (i)&nbsp;the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&nbsp;Title
II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;16&#9;</FONT><FONT STYLE="text-transform: uppercase"><U>PARTIES</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement shall inure
to the benefit of and be binding upon the Manager, the Forward Seller, the Forward Purchaser, the Company, the Operating Partnership and
their respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm
or corporation, other than the Manager, the Forward Seller, the Forward Purchaser, the Company, the Operating Partnership and their respective
successors and the controlling persons and officers, directors, employees or affiliates referred to in Sections 10 and 11 and their heirs
and legal representatives, any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision herein
contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the Manager,
the Forward Seller, the Forward Purchaser, the Company, the Operating Partnership and their respective successors, and said controlling
persons and officers, directors, employees or affiliates and their heirs and legal representatives, and for the benefit of no other person,
firm or corporation. No purchaser of Securities from the Manager or the Forward Seller shall be deemed to be a successor by reason merely
of such purchase.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;17&#9;</FONT><FONT STYLE="text-transform: uppercase"><U>ADJUSTMENTS
FOR SHARE SPLITS</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The parties acknowledge and
agree that all share-related numbers contained in this Agreement shall be adjusted to take into account any share split, share dividend
or similar event effected with respect to the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;18&#9;</FONT><FONT STYLE="text-transform: uppercase"><U>GOVERNING
LAW AND TIME</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS AGREEMENT AND ANY CLAIM,
CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO ITS CHOICE OF LAW PROVISIONS. UNLESS OTHERWISE EXPLICITLY PROVIDED, SPECIFIED TIMES OF DAY REFER TO
NEW YORK CITY TIME.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;19&#9;</FONT><FONT STYLE="text-transform: uppercase"><U>EFFECT
OF HEADINGS</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Section&nbsp;and Exhibit&nbsp;headings
herein are for convenience only and shall not affect the construction hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;20&#9;</FONT><U>RESEARCH
ANALYST INDEPENDENCE<FONT STYLE="text-transform: uppercase">.</FONT></U></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company acknowledges that (a)&nbsp;the Manager&rsquo;s
research analysts and research departments are required to be independent from their respective investment banking divisions and are subject
to certain regulations and internal policies and (b)&nbsp;the Manager&rsquo;s research analysts may hold views and make statements or
investment recommendations and/or publish research reports with respect to the Company, the value of the Common Stock and/or the offering
that differ from the views of their respective investment banking divisions. The Company hereby waives and releases, to the fullest extent
permitted by law, any claims that it may have against the Manager with respect to any conflict of interest that may arise from the fact
that the views expressed by the Manager&rsquo;s independent research analysts and research departments may be different from or inconsistent
with the views or advice communicated to the Company by the Manager&rsquo;s investment banking division. The Company acknowledges that
the Manager is a full service securities firm and as such, from time to time, subject to applicable securities laws, may effect transactions
for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that
are the subject of the transactions contemplated by this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;21&#9;</FONT><FONT STYLE="text-transform: uppercase"><U>PERMITTED
FREE WRITING PROSPECTUSES</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the Company and the
Operating Partnership represent, warrant and agree that, unless it obtains the prior consent of the Manager or the Forward Seller, as
applicable, and the Manager or the Forward Seller, as applicable, represents, warrants and agrees that, unless it obtains the prior consent
of the Company, it has not made and will not make any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus,
or that would otherwise constitute a &ldquo;free writing prospectus,&rdquo; as defined in Rule&nbsp;405 under the Securities Act, required
to be filed with the Commission. Any such free writing prospectus consented to by the Manager or the Forward Seller, as applicable, or
by the Company, as the case may be, is hereinafter referred to as a &ldquo;<U>Permitted Free Writing Prospectus</U>.&rdquo; The Company
represents and warrants that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an &ldquo;issuer free
writing prospectus,&rdquo; as defined in Rule&nbsp;433 under the Securities Act, and has complied and will comply with the requirements
of Rule&nbsp;433 applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending
and record keeping. For the purposes of clarity, the parties hereto agree that all free writing prospectuses, if any, listed in <U>Exhibit&nbsp;H</U>
hereto are Permitted Free Writing Prospectuses.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;22&#9;</FONT><FONT STYLE="text-transform: uppercase"><U>ABSENCE
OF FIDUCIARY RELATIONSHIP</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the Company and the
Operating Partnership, severally and not jointly, acknowledges and agrees that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
of the Manager, the Forward Seller and the Forward Purchaser is acting solely as agent and/or principal in connection with the public
offering of the Securities and in connection with each transaction contemplated by this Agreement and the process leading to such transactions,
and no fiduciary or advisory relationship among the Company, the Operating Partnership or any of their respective affiliates, stockholders
(or other equity holders), creditors or employees or any other party, on the one hand, and the Manager, the Forward Seller and the Forward
Purchaser, on the other hand, has been or will be created in respect of any of the transactions contemplated by this Agreement, irrespective
of whether or not the Manager, the Forward Seller or the Forward Purchaser have advised or is advising the Company and/or the Operating
Partnership on other matters, and none of the Manager, the Forward Seller or the Forward Purchaser has any obligation to the Company or
the Operating Partnership with respect to the transactions contemplated by this Agreement except the obligations expressly set forth in
this Agreement;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
public offering price of the Securities set forth in this Agreement was not established by the Manager, the Forward Seller or the Forward
Purchaser;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">it
is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated
by this Agreement;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">none
of the Manager, the Forward Seller or the Forward Purchaser has provided any legal, accounting, regulatory or tax advice with respect
to the transactions contemplated by this Agreement and it has consulted its own legal, accounting, regulatory and tax advisors to the
extent it has deemed appropriate;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">it
is aware that the Manager, the Forward Seller, the Forward Purchaser and their respective affiliates are engaged in a broad range of transactions
which may involve interests that differ from those of the Company and the Operating Partnership and the Manager, the Forward Seller and
the Forward Purchaser have no obligation to disclose such interests and transactions to the Company or the Operating Partnership by virtue
of any fiduciary, advisory or agency relationship or otherwise;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Manager, the Forward Seller, the Forward Purchaser and their respective affiliates may engage in trading in the Common Stock for their
own account or for the account of its clients at the same time as sales of the Securities occur pursuant to this Agreement; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">it
waives, to the fullest extent permitted by law, any claims it may have against the Manager, the Forward Seller or the Forward Purchaser
for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that the Manager, the Forward Seller and the Forward Purchaser
shall not have any liability (whether direct or indirect, in contract, tort or otherwise) to it in respect of such a fiduciary duty claim
or to any person asserting a fiduciary duty claim on its behalf or in right of it or the Company, the Operating Partnership, employees
or creditors of the Company or the Operating Partnership.</FONT></P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;23&#9;</FONT><FONT STYLE="text-transform: uppercase"><U>CONSENT
TO JURISDICTION</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any legal suit, action or
proceeding arising out of or based upon this Agreement or the transactions contemplated hereby shall be instituted in (i)&nbsp;the federal
courts of the United States of America located in the City and County of New York, Borough of Manhattan or (ii)&nbsp;the courts of the
State of New York located in the City and County of New York, Borough of Manhattan (collectively, the &ldquo;<U>Specified Courts</U>&rdquo;),
and each party irrevocably submits to the exclusive jurisdiction (except for proceedings instituted in regard to the enforcement of a
judgment of any such court, as to which such jurisdiction is non-exclusive) of such courts in any such suit, action or proceeding. Service
of any process, summons, notice or document by mail to such party&rsquo;s address set forth above shall be effective service of process
for any suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to
the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree
not to plead or claim in any such court that any such suit, action or other proceeding brought in any such court has been brought in an
inconvenient forum.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;24&#9;</FONT><FONT STYLE="text-transform: uppercase"><U>PARTIAL
UNENFORCEABILITY</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The invalidity or unenforceability
of any Section, paragraph or provision of this Agreement shall not affect the validity or enforceability of any other Section, paragraph
or provision hereof. If any Section, paragraph or provision of this Agreement is for any reason determined to be invalid or unenforceable,
there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;25&#9;</FONT><FONT STYLE="text-transform: uppercase"><U>WAIVER
OF JURY TRIAL</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the Company (on its
behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates), the Operating Partnership, the Manager,
the Forward Seller and the Forward Purchaser 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 or the transactions contemplated hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;26&#9;</FONT><FONT STYLE="text-transform: uppercase"><U>COUNTERPARTS</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement may be executed
in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one
and the same Agreement. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the
U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law,
e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered
and be valid and effective for all purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;27&#9;</FONT><FONT STYLE="text-transform: uppercase"><U>AMENDMENTS
AND WAIVERS</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any provision or requirement
of this Agreement may be waived or amended in any respect by a writing signed by the parties hereto. No waiver or amendment shall be enforceable
against any party hereto unless in writing and signed by the party against which such waiver is claimed. A waiver of any provision or
requirement of this Agreement shall not constitute a waiver of any other term and shall not affect the other provisions of this Agreement.
A waiver of a provision or requirement of this Agreement will apply only to the specific circumstances cited therein and will not prevent
a party from subsequently requiring compliance with the waived provision or requirement in other circumstances.</P>

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

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the foregoing is in accordance
with your understanding of our agreement, please sign and return to the Company a counterpart hereof, whereupon this instrument, along
with all counterparts, will become a binding agreement among the Manager, the Forward Seller, the Forward Purchaser, the Operating Partnership
and the Company in accordance with its terms.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Agree Realty Corporation</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Agree Limited Partnership</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Realty Corporation,</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as the sole general partner</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page&nbsp;to the 2022 Equity Distribution
Agreement with Forward</I>]</P>

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

<!-- Field: Page; Sequence: 58 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CONFIRMED AND ACCEPTED, as of the date first above written:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[ ], as Manager</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[ ], as Forward Seller</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[ ], as Forward Purchaser</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page&nbsp;to the 2022 Equity Distribution
Agreement with Forward</I>]</P>

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

<!-- Field: Page; Sequence: 59 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Form&nbsp;of
Placement Notice</U></B></FONT></P>

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

<!-- Field: Page; Sequence: 60; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Authorized
Individuals for Placement Notices and Acceptances</U></B></FONT></P>

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

<!-- Field: Page; Sequence: 61; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Compensation</U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">The Manager shall be paid compensation at a mutually
agreed rate, not to exceed 2.0% of the gross sales price of Issuance Securities pursuant to the terms of this Agreement.</P>

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

<!-- Field: Page; Sequence: 62; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Officers&rsquo;
Certificate</U></B></FONT></P>

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

<!-- Field: Page; Sequence: 63; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">D-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Form&nbsp;of
Corporate Opinion of<BR>
Honigman LLP</U></B></FONT></P>

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

<!-- Field: Page; Sequence: 64; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">E-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Form&nbsp;of
Tax Opinion of<BR>
Honigman LLP</U></B></FONT></P>

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

<!-- Field: Page; Sequence: 65; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Form&nbsp;of
Opinion of Ballard Spahr LLP</U></B></FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Permitted
Free Writing Prospectus</U></B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule
I</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>List
of Subsidiaries and Joint Ventures</U></B></FONT></P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule
II</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Material
Agreements</U></B></FONT></P>

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

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

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

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<TYPE>EX-1.3
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<FILENAME>tm2224755d2_ex1-3.htm
<DESCRIPTION>EXHIBIT 1.3
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 1.3</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>To:</B></FONT></TD><TD>Agree Realty Corporation</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>From:</B></FONT></TD><TD>[DEALER]</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Re:</B></FONT></TD><TD>Issuer Share Forward Sale Transactions</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Date:</B></FONT></TD><TD>September&nbsp;2, 2022</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
purpose of this communication (this &ldquo;<B>Master Confirmation</B>&rdquo;) is to set forth the terms and conditions of the transactions
to be entered into from time to time between [DEALER] (&ldquo;<B>Dealer</B>&rdquo;) and Agree Realty Corporation (&ldquo;<B>Counterparty</B>&rdquo;)
in accordance with the terms of the Equity Distribution Agreement dated September</FONT>&nbsp;2, 2022 among Dealer, [______], Agree Limited
Partnership (the &ldquo;<B>Operating Partnership</B>&rdquo;) and Counterparty (the&nbsp;&ldquo;<B>Equity Distribution Agreement</B>&rdquo;)
on the Trade Dates specified herein (collectively, the &ldquo;<B>Transactions</B>&rdquo; and, each, a &ldquo;<B>Transaction</B>&rdquo;).
This communication constitutes a &ldquo;Confirmation&rdquo; as referred to in the Agreement specified below. Each Transaction will be
evidenced by a supplemental confirmation (each, a &ldquo;<B>Supplemental Confirmation</B>,&rdquo; and each such Supplemental Confirmation,
together with this Master Confirmation, a &ldquo;<B>Confirmation</B>&rdquo; for purposes of the Agreement specified below) substantially
in the form of Exhibit&nbsp;A hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
Confirmation is subject to, and incorporates, the 2002 ISDA Equity Derivatives Definitions (the &ldquo;<B>Equity Definitions</B>&rdquo;),
as published by the International Swaps and Derivatives Association,&nbsp;Inc. (&ldquo;<B>ISDA</B>&rdquo;). For purposes of the Equity
Definitions, each Transaction will be deemed to be a Share Forward Transaction.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Each
Confirmation shall supplement, form a </FONT>part of and be subject to an agreement (the &ldquo;<B>Agreement</B>&rdquo;) in the form of
the ISDA 2002 Master Agreement (the &ldquo;<B>ISDA Form</B>&rdquo;), as published by ISDA, as if Dealer and Counterparty had executed
the ISDA Form&nbsp;on the date hereof (but without any Schedule except for (i)&nbsp;the election of New York law (without regard to New
York&rsquo;s choice of laws doctrine other than Title 14 of Article&nbsp;5 of the New York General Obligations Law (the &ldquo;<B>General
Obligations Law</B>&rdquo;)) as the governing law and US Dollars (&ldquo;<B>USD</B>&rdquo;) as the Termination Currency and (ii)&nbsp;the
election that the &ldquo;Cross Default&rdquo; provisions of Section&nbsp;5(a)(vi)&nbsp;shall apply to Dealer and Counterparty with a &ldquo;Threshold
Amount&rdquo; in respect of Dealer of 3% of the stockholders&rsquo; equity of Dealer and a &ldquo;Threshold Amount&rdquo; in respect of
Counterparty of USD $100 million (including its equivalent in another currency); <I>provided</I> that (x)&nbsp;the words &ldquo;, or becoming
capable at such time of being declared,&rdquo; shall be deleted from clause (1)&nbsp;thereof, (y)&nbsp;&ldquo;Specified Indebtedness&rdquo;
has the meaning specified in Section&nbsp;14 of the Agreement, except that such term shall not include obligations in respect of deposits
received in the ordinary course of Dealer&rsquo;s banking business and (z)&nbsp;the following language shall be added to the end of such
Section&nbsp;5(a)(vi): &ldquo;Notwithstanding the foregoing, a default under subsection (2)&nbsp;hereof shall not constitute an Event
of Default if (X)&nbsp;the default was caused solely by error or omission of an administrative or operational nature; (Y)&nbsp;funds were
available to enable the party to make the payment when due; and (Z)&nbsp;the payment is made within two Local Business Days of such party&rsquo;s
receipt of written notice of its failure to pay;&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
</FONT>provisions contained in the Agreement are incorporated into and shall govern each Confirmation except as expressly modified below.
Each Confirmation evidences a complete and binding agreement between Dealer and Counterparty as to the terms of the relevant Transaction
and replaces any previous agreement between the parties with respect to the subject matter hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Transactions hereunder shall be the sole Transactions under the Agreement. If there exists any ISDA Master Agreement between Dealer or
any of its Affiliates and Counterparty or any confirmation or other </FONT>agreement between Dealer or any of its Affiliates and Counterparty
pursuant to which an ISDA Master Agreement is deemed to exist between Dealer or any of its Affiliates and Counterparty, then notwithstanding
anything to the contrary in such ISDA Master Agreement, such confirmation or agreement or any other agreement to which Dealer or such
other Affiliates and Counterparty are parties, the Transactions shall not be considered Transactions under, or otherwise governed by,
such existing or deemed ISDA Master Agreement. In the event of any inconsistency among the Agreement, this Master Confirmation, any Supplemental
Confirmation and the Equity Definitions, the following will prevail in the order of precedence indicated: (i)&nbsp;such Supplemental Confirmation;
(ii)&nbsp;this Master Confirmation; (iii)&nbsp;the Equity Definitions; and (iv)&nbsp;the Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
terms of the particular Transactions to which this Master Confirmation relates are as follows:</FONT></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>General Terms:</U></B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; width: 63%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade Date:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For each Transaction, as specified in the Supplemental Confirmation for such Transaction, to be, subject to the provisions opposite the caption &ldquo;Early Valuation&rdquo; below, the last Trading Day (as defined in the Equity Distribution Agreement) of the Forward Hedge Selling Period (as defined in the Equity Distribution Agreement) for such Transaction.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective Date:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For each Transaction, as specified in the Supplemental Confirmation for such Transaction, to be the date that is one Settlement Cycle following the Trade Date for such Transaction, or such later date on which the conditions set forth in Section&nbsp;3 of this Master Confirmation shall have been satisfied or waived by Dealer.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Buyer:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dealer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seller:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparty</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For each Transaction, as specified in the Supplemental Confirmation for such Transaction, to be the date that follows the Trade Date for such Transaction by the number of days or months set forth in the Placement Notice (as defined in the Equity Distribution Agreement and amended by any corresponding Acceptance (as defined in the Equity Distribution Agreement), if applicable (the &ldquo;Accepted Placement Notice&rdquo;)) for such Transaction (or, if such date is not a Scheduled Trading Day, the next following Scheduled Trading Day).</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The shares of common stock, par value USD $0.0001 per Share, of Counterparty (Ticker: &ldquo;ADC&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of Shares:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For each Transaction, initially, as specified in the Supplemental Confirmation for such Transaction, to be the number of Shares equal to the Actual Sold Forward Amount&nbsp;(as defined in the Equity Distribution Agreement) for the Forward Hedge Selling Period for such Transaction, as reduced on each Relevant Settlement Date (as defined under &ldquo;Settlement Terms&rdquo; below) by the number of Settlement Shares to which the related Valuation Date relates.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Currency:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The New York Stock Exchange</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Related Exchange:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All Exchanges</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayment:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variable Obligation:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward Price:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For each Transaction, on the Effective Date for such Transaction, the Initial Forward Price for such Transaction, and on any day thereafter, the product of the Forward Price for such Transaction on the immediately preceding calendar day and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 + the Daily Rate * (1/365);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provided that the Forward Price for such Transaction on each Forward Price Reduction Date for such Transaction shall be the Forward Price for such Transaction otherwise in effect on such date minus the Forward Price Reduction Amount for such Forward Price Reduction Date.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; width: 37%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the foregoing, to the extent Counterparty delivers Shares hereunder on or after a Forward Price Reduction Date and at or before the record date for an ordinary cash dividend with an ex-dividend date corresponding to such Forward Price Reduction Date (and, for the avoidance of doubt, the related dividend will be paid on such Shares), the Calculation Agent shall adjust the Forward Price to the extent the Calculation Agent determines, in good faith and its commercially reasonable discretion, that such an adjustment is practicable and appropriate to preserve the economic intent of the parties (taking into account Dealer&rsquo;s commercially reasonable Hedge Positions in respect of the Transaction).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial Forward Price:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For each Transaction, as specified in the Supplemental Confirmation for such Transaction, to be the product of (i)&nbsp;an amount equal to 1 minus the Forward Hedge Selling Commission Rate (as defined in the Equity Distribution Agreement) applicable to such Transaction; and (ii)&nbsp;the Volume-Weighted Hedge Price, subject to adjustment as set forth herein.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volume-Weighted Hedge Price:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For each Transaction, as specified in the Supplemental Confirmation for such Transaction, to be the volume-weighted average of the Sales Prices (as defined in the Equity Distribution Agreement) per share of Forward Hedge Securities (as defined in the Equity Distribution Agreement) sold on each Trading Day of the Forward Hedge Selling Period for such Transaction, as determined by the Calculation Agent; provided that, solely for the purposes of calculating the Initial Forward Price, each such Sales Price (other than, with respect to the application of the Daily Rate, the Sales Price for the last day of the relevant Forward Hedge Selling Period) shall be subject to adjustment by the Calculation Agent (including, for the avoidance of doubt, by application of the Daily Rate and any Forward Price Reduction Amount), in the same manner as the Forward Price pursuant to the definition thereof during the period from, and including, the date one Settlement Cycle immediately following the first Trading Day of the relevant Forward Hedge Selling Period on which the Forward Hedge Securities related to such Sales Price are sold (or, for any Sales Price adjusted with respect to any Forward Price Reduction Amount, the related Forward Price Reduction Date after the Trading Day on which the related Forward Hedge Securities were sold for such Sales Price) to, and including, the Effective Date of such Transaction.</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daily Rate:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For any day, the Overnight Bank Rate (or if the Overnight Bank Rate is no longer available, a successor rate selected by the Calculation Agent in its commercially reasonable discretion) minus the Spread.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spread:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For each Transaction, as specified in the Supplemental Confirmation for such Transaction.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overnight Bank Rate:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For any day, the rate set forth for such day opposite the caption &ldquo;Overnight bank funding rate&rdquo; as displayed on the page&nbsp;&ldquo;OBFR01 &lt;Index&gt; &lt;GO&gt;&rdquo; on the BLOOMBERG Professional Service, or any successor page; provided that, if no such rate appears for such day on such page, Overnight&nbsp;Bank Rate for such day shall be such rate for the immediately preceding day for which such a rate appears.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward Price Reduction Dates:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For each Transaction, as specified in Schedule I to the Supplemental Confirmation for such Transaction, to be each date after the first Trading Day of the relevant Forward Hedge Selling Period set forth under the heading &ldquo;Forward Price Reduction Dates&rdquo; in the Accepted Placement Notice for such Transaction.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Forward Price Reduction Amount:</P></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For each Forward Price Reduction Date of a Transaction, as specified in Schedule I to the Supplemental Confirmation for such Transaction, to be the Forward Price Reduction Amount set forth opposite such date in the Accepted Placement Notice for such Transaction.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Valuation:</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valuation Date:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For any Settlement (as defined below) with respect to any Transaction, if Physical Settlement is applicable, as designated in the relevant Settlement Notice (as defined below); or if Cash Settlement or Net Share Settlement is applicable, the last Unwind Date for such Settlement. Section&nbsp;6.6 of the Equity Definitions shall not apply to any Valuation Date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unwind Dates:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For any Cash Settlement or Net Share Settlement with respect to any Settlement of any Transaction, each day on which Dealer (or its agent or affiliate) purchases Shares in the market in connection with unwinding its commercially reasonable hedge position in connection with such Settlement, starting on the First Unwind Date for such Settlement.</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">First Unwind Date:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For any Cash Settlement or Net Share Settlement with respect to any Settlement of any Transaction, as designated in the relevant Settlement Notice.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unwind Period:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For any Cash Settlement or Net Share Settlement with respect to any Settlement of any Transaction, the period starting on the First Unwind Date for such Settlement and ending on the Valuation Date for such Settlement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash Settlement Valuation Disruption:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If Cash Settlement is applicable with respect to any Transaction and any Unwind Date during the related Unwind Period is a Disrupted Day, the Calculation Agent shall determine (except in the case of a Disrupted Day that occurs as a result of a Regulatory&nbsp;Disruption, which shall always be a Disrupted Day in full) whether (i)&nbsp;such Disrupted Day is a Disrupted Day in full, in which case the 10b-18 VWAP for such Disrupted Day shall not be included in the calculation of the Settlement Price, or (ii)&nbsp;such Disrupted Day is a Disrupted Day only in part, in which case the 10b-18 VWAP for such Disrupted Day shall be determined by the Calculation Agent based on Rule&nbsp;10b-18 eligible transactions (as defined below) in the Shares on such Disrupted Day, taking into account the nature and duration of the relevant Market Disruption Event, and the weightings of the 10b-18 VWAP and the Forward Prices for each Unwind Date during such Unwind Period shall be adjusted in a commercially reasonable manner by the Calculation Agent for purposes of determining the Settlement Price and the Relevant Forward Price, as applicable, to account for the occurrence of such partially Disrupted Day, with such adjustments based on, among other factors, the duration of any Market Disruption Event and the volume, historical trading patterns and price of the Shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market Disruption Event:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The definition of &ldquo;Market Disruption Event&rdquo; in Section&nbsp;6.3(a)&nbsp;of the Equity Definitions is hereby amended by deleting the words &ldquo;at any time during the one- hour period that ends at the relevant Valuation Time, Latest Exercise Time, Knock-in Valuation Time or Knock-out Valuation Time, as the case may be&rdquo; and inserting the words &ldquo;at any time on any Exchange Business Day during the Unwind Period&rdquo; after the word &ldquo;material,&rdquo; in the third line thereof.</FONT></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.3(d)&nbsp;of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term &ldquo;Scheduled Closing Time&rdquo; in the fourth line thereof.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Settlement Terms:</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With respect to any Transaction, any Physical Settlement, Cash Settlement or Net Share Settlement of all or any portion of such Transaction.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Notice:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For any Transaction, subject to &ldquo;Early Valuation&rdquo; below, Counterparty may elect to effect a Settlement of all or any portion of such Transaction by designating one or more Scheduled Trading Days following the Effective Date for such Transaction and on or prior to the Maturity Date for such Transaction to be Valuation Dates (or, with respect to Cash Settlements or Net Share Settlements of such Transaction, First Unwind Dates, each of which First Unwind Dates shall occur no later than the sixtieth (60th) Scheduled Trading Day immediately preceding the Maturity Date for such Transaction) in a written notice to Dealer (a &ldquo;Settlement Notice&rdquo;) delivered no later than the applicable Settlement Method Election Date for such Transaction, which notice shall also specify (i)&nbsp;the number of Shares (the &ldquo;Settlement Shares&rdquo;) for such Settlement (not to exceed the number of Undesignated Shares for such Transaction as of the date of such Settlement Notice) and (ii)&nbsp;the Settlement Method applicable to such Settlement; provided that (A)&nbsp;Counterparty may not designate a First Unwind Date for a Cash Settlement or a Net Share Settlement of any Transaction if, as of the date of such Settlement Notice, any Shares have been designated as Settlement Shares for a Cash Settlement or a Net Share Settlement of such Transaction for which the related Relevant Settlement Date has not occurred; and (B)&nbsp;if the number of Undesignated Shares as of the Maturity Date for such Transaction is not zero, then the Maturity Date for such Transaction shall be a Valuation Date for a Physical Settlement of such Transaction and the number of Settlement Shares for such Settlement shall be the number of Undesignated Shares for such Transaction as of the Maturity Date for such Transaction (provided that if such Maturity Date occurs during the period from the time any Settlement Notice is given for a Cash Settlement or Net Share Settlement of such Transaction until the related Relevant Settlement Date, inclusive, then the provisions set forth below opposite &ldquo;Early Valuation&rdquo; shall apply to such Transaction as if the Maturity Date for such Transaction were the Early Valuation Date for such Transaction).</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Undesignated Shares:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For any Transaction, as of any date, the Number of Shares for such Transaction minus the number of Shares designated as Settlement Shares for Settlements of such Transaction for which the related Relevant Settlement Date has not occurred.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Method Election:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For any Transaction, applicable; provided that:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;Net Share Settlement shall be deemed to be included as an additional settlement method under Section&nbsp;7.1 of the Equity Definitions;</FONT></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; width: 37%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;Counterparty may elect Cash Settlement or Net Share Settlement for any Settlement of any Transaction only if Counterparty&nbsp;represents and warrants to Dealer in the Settlement Notice containing such election that, as of the date of such Settlement Notice: (A)&nbsp;Counterparty is not aware of any material nonpublic information concerning itself or the Shares; (B)&nbsp;Counterparty is electing the settlement method and designating the First Unwind Date specified in such Settlement Notice in good faith and not as part of a plan or scheme to evade compliance with Rule&nbsp;10b-5 (&ldquo;Rule&nbsp;10b-5&rdquo;) under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), or any other provision of the federal securities laws; (C)&nbsp;Counterparty is not &ldquo;insolvent&rdquo; (as such term is defined under Section&nbsp;101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the &ldquo;Bankruptcy Code&rdquo;)); (D)&nbsp;Counterparty would be able to purchase a number of Shares equal to the greater of (x)&nbsp;the number of Settlement Shares designated in such Settlement Notice and (y)&nbsp;a number of Shares with a value as of the date of such Settlement Notice equal to the product of (I)&nbsp;such number of Settlement Shares and (II)&nbsp;the applicable Relevant Forward Price for such Cash Settlement or Net Share Settlement in compliance with the laws of Counterparty&rsquo;s jurisdiction of organization; (E)&nbsp;such election, and settlement in accordance therewith, does not and will not violate or conflict with any law or regulation applicable to Counterparty, or any order or judgment of any court or other agency of government applicable to it or any of its assets, and any governmental consents that are required to have been obtained by Counterparty with respect to such election or settlement have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and (F)&nbsp;neither Counterparty nor any of its subsidiaries has applied, and shall not until after the first date on which no portion of the Transaction remains outstanding following any final exercise and settlement, cancellation or early termination of the Transaction, apply, for a loan, loan guarantee, direct loan (as that term is defined in the Coronavirus Aid, Relief and Economic Security Act (the &ldquo;<B>CARES Act</B>&rdquo;)) or other investment, or receive any financial assistance or relief under any program or facility (collectively &ldquo;<B>Financial Assistance</B>&rdquo;) that (I)&nbsp;is established under applicable law (whether in existence as of the Trade Date or subsequently enacted, adopted or amended), including without limitation the CARES Act and the Federal Reserve Act, as amended, and (II)&nbsp;(X)&nbsp;requires under applicable law (or any regulation, guidance, interpretation or other pronouncement of a governmental authority with jurisdiction for such program or facility) as a condition of such Financial Assistance, that Counterparty comply with any requirement not to, or otherwise agree, attest, certify or warrant that it has not, as of the date specified in such condition, repurchased, or will not repurchase, any equity security of Issuer, and that it has not, as of the date specified in the condition, made a capital distribution or will make a capital distribution, or (Y)&nbsp;where the terms of the Transaction would cause Counterparty under any circumstances to fail to satisfy any condition for application for or receipt or retention of the Financial Assistance (collectively &ldquo;<B>Restricted Financial Assistance</B>&rdquo;), other than any such applications for Restricted Financial Assistance that were (or would be) made (x)&nbsp;determined based on the advice of outside counsel of national standing that the terms of the Transaction would not cause Counterparty to fail to satisfy any condition for application for or receipt or retention of such Financial
Assistance based on the terms of the program or facility as of the date of such advice or (y)&nbsp;after delivery to Dealer evidence or other guidance from a governmental authority with jurisdiction for such program or facility that the Transaction is permitted under such program or facility (either by specific reference to the Transaction or by general reference to transactions with the attributes of the Transaction in all relevant respects) and</FONT></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; width: 37%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;Notwithstanding any election to the contrary in any Settlement Notice, Physical Settlement shall be applicable for any Settlement of any Transaction:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;to all of the Settlement Shares designated in such Settlement Notice if, at any time from the date such Settlement Notice is received by Dealer until the related First Unwind Date, inclusive, (I)&nbsp;the trading price per Share on the Exchange (as determined by Dealer in a commercially reasonable manner) is below the Threshold Price or (II)&nbsp;Dealer determines, in its good faith and commercially reasonable judgment, that it would, after using commercially reasonable efforts, be unable to purchase a number of Shares in the market sufficient to unwind a commercially reasonable hedge position in respect of the portion of the Transaction represented by such Settlement Shares and satisfy its delivery obligation hereunder, if any, by the Maturity Date (x)&nbsp;in a manner that (A)&nbsp;would, if Dealer were Counterparty or an affiliated purchaser of Counterparty and taking into account any other Transactions hereunder with an overlapping Unwind Period, be in compliance with the safe harbor provided by Rule&nbsp;10b-18(b)&nbsp;under the Exchange Act and (B)&nbsp;based on advice of counsel, would not raise material risks under applicable securities laws, other than as a result of activities by Dealer unrelated to any Transaction, or (y)&nbsp;due to the lack of sufficient liquidity in the Shares (each, a &ldquo;Trading Condition&rdquo;); or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; padding-left: 35.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;to all or a portion of the Settlement Shares designated in such Settlement Notice if, on any day during the relevant Unwind Period, (I)&nbsp;the trading price per Share on the Exchange (as determined by Dealer in a commercially reasonable manner) is below the Threshold Price or (II)&nbsp;Dealer determines, in its good faith and commercially reasonable judgment or based on advice of counsel, as applicable, that a Trading Condition has occurred with respect to such Transaction, in which case the provisions set forth below in the fourth paragraph opposite &ldquo;Early Valuation&rdquo; shall apply as if such day were the Early Valuation Date for such Transaction and (x)&nbsp;for purposes of clause (i)&nbsp;of such paragraph, such day shall be the last Unwind Date of such Unwind Period and the &ldquo;Unwound Shares&rdquo; shall be calculated to, and including, such day and (y)&nbsp;for purposes of clause (ii)&nbsp;of such paragraph, the &ldquo;Remaining Shares&rdquo; shall be equal to the number of Settlement Shares designated in such Settlement Notice minus the Unwound Shares determined in accordance with clause (x)&nbsp;of this sentence.</FONT></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Threshold Price:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For each Transaction, as specified in the Supplemental Confirmation for such Transaction, to be 50 % of the Initial Forward Price for such Transaction.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electing Party:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparty</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Settlement Method Election Date:</P></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With respect to any Settlement of any Transaction, the 2nd Scheduled Trading Day immediately preceding (x)&nbsp;the Valuation Date for such Transaction, in the case of Physical Settlement, or (y)&nbsp;the First Unwind Date for such Transaction, in the case of Cash Settlement or Net Share Settlement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Default Settlement Method:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Physical Settlement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Physical Settlement:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding Section&nbsp;9.2(a)(i)&nbsp;of the Equity Definitions, on the Settlement Date for any Physical Settlement of any Transaction, Dealer shall pay to Counterparty an amount equal to the Forward Price for such Transaction on the relevant Settlement Date multiplied by the number of Settlement Shares for such Settlement, and Counterparty shall deliver to Dealer such Settlement Shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Date:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For any Settlement of any Transaction to which Physical Settlement is applicable, the Valuation Date for such Settlement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Share Settlement:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On the Net Share Settlement Date for any Settlement of any Transaction to which Net Share Settlement is applicable, if the Net Share Settlement Amount for such Settlement is greater than zero, Counterparty shall deliver a number of Shares equal to such Net Share Settlement Amount (rounded down to the nearest integer) to Dealer, and if such Net Share Settlement Amount is less than zero, Dealer shall deliver a number of Shares equal to the absolute value of such Net Share Settlement Amount (rounded down to the nearest integer) to Counterparty, in either case, in accordance with Section&nbsp;9.4 of the Equity Definitions, with such Net Share Settlement Date deemed to be a &ldquo;Settlement Date&rdquo; for purposes of such Section&nbsp;9.4, and, in either case, plus cash in lieu of any fractional Shares included in such Net Share Settlement Amount but not delivered due to rounding required hereby, valued at the relevant Settlement Price.</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Share Settlement Date:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For any Settlement of any Transaction to which Net Share Settlement is applicable, the date that follows the Valuation Date for such Settlement by one Settlement Cycle.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Share Settlement Amount:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For any Settlement of any Transaction to which Net Share Settlement is applicable, an amount equal to the Forward Cash Settlement Amount for such Settlement divided by the Settlement Price for such Settlement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward Cash Settlement Amount:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding Section&nbsp;8.5(c)&nbsp;of the Equity Definitions, the Forward Cash Settlement Amount for any Cash Settlement or Net Share Settlement of any Transaction shall be equal to (i)&nbsp;the number of Settlement Shares for such Settlement multiplied by (ii)&nbsp;an amount equal to (A)&nbsp;the Settlement Price for such Settlement minus (B)&nbsp;the Relevant Forward Price for such Settlement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Relevant Forward Price:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For any Cash Settlement of any Transaction, subject to &ldquo;Cash Settlement Valuation Disruption&rdquo; above, the arithmetic average of the Forward Prices for such Transaction on each Unwind Date relating to such Settlement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For any Net Share Settlement of any Transaction, the weighted average of the Forward Prices for such Transaction on each Unwind Date relating to such Settlement (weighted based on the number of Shares purchased by Dealer or its agent or affiliate on each such Unwind Date in connection with unwinding its commercially reasonable hedge position in connection with such Settlement, as determined by the Calculation Agent).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash Settlement Payment Date:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For any Settlement of any Transaction to which Cash Settlement is applicable, the date that follows the Valuation Date for such Settlement by one Settlement Cycle.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Price:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For any Cash Settlement of any Transaction, subject to &ldquo;Cash Settlement Valuation Disruption&rdquo; above, the arithmetic average of the 10b-18 VWAP on each Unwind Date relating to such Settlement, plus a commercially reasonable amount determined by the Calculation Agent that in no event will exceed USD 0.05.</FONT></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; width: 37%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For any Net Share Settlement of any Transaction, the weighted average price of the purchases of Shares made by Dealer (or its agent or affiliate) during the Unwind Period for such Settlement in connection with unwinding its commercially reasonable hedge position relating to such Settlement (weighted based on the number of Shares purchased by Dealer or its agent or affiliate on each Unwind Date in connection with unwinding its commercially reasonable hedge position in connection with such Settlement, as determined by the Calculation Agent), plus a commercially reasonable amount determined by the Calculation Agent that in no event will exceed USD 0.03.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10b-18 VWAP:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For any Exchange Business Day, as determined by the Calculation Agent based on the 10b-18 Volume Weighted Average Price per Share as reported in the composite transactions for United States exchanges and quotation systems for the regular trading session (including any extensions thereof) of the Exchange on such Exchange Business Day (without regard to pre-open or after hours trading outside of such regular trading session for such Exchange Business Day), as published by Bloomberg at 4:15 p.m.&nbsp;New York time (or 15 minutes following the end of any extension of the regular trading session) on such Exchange Business Day, on Bloomberg page&nbsp;&ldquo;ADC &lt;Equity&gt; AQR SEC&rdquo; (or any successor thereto), or if such price is not so reported on such Exchange Business Day for any reason or is, in the Calculation Agent&rsquo;s reasonable determination, erroneous, such 10b-18 VWAP shall be as reasonably determined by the Calculation Agent. For purposes of calculating the 10b-18 VWAP for such Exchange Business Day, the Calculation Agent will include only those trades that are reported during the period of time during which Counterparty could purchase its own shares under Rule&nbsp;10b-18(b)(2)&nbsp;and are effected pursuant to the conditions of Rule&nbsp;10b-18(b)(3), each under the Exchange Act (such trades, &ldquo;Rule&nbsp;10b-18 eligible transactions&rdquo;).</FONT></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unwind Activities:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The times and prices at which Dealer (or its agent or affiliate) purchases any Shares during any Unwind Period in connection with unwinding its commercially reasonable hedge position in respect of each Transaction shall be determined by Dealer in a commercially reasonable manner.&nbsp;&nbsp;Without limiting the generality of the foregoing, in the event that Dealer concludes, in its reasonable discretion based on advice of counsel, that it is appropriate with respect to any legal, regulatory or self-regulatory requirements or related policies and procedures (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by Dealer) (a &ldquo;<B>Regulatory Disruption</B>&rdquo;), for it to refrain from purchasing Shares in connection with unwinding its commercially reasonable hedge position in respect of such Transaction on any Scheduled Trading Day that would have been an Unwind Date but for the occurrence of a Regulatory Disruption, Dealer may (but shall not be required to) notify Counterparty in writing that a Regulatory Disruption has occurred on such Scheduled Trading Day with respect to such Transaction, in which case Dealer shall, to the extent practicable in its good faith discretion, specify the nature of such Regulatory Disruption.&nbsp;&nbsp;In such an instance, the Regulatory Disruption shall be deemed to be a Market Disruption Event and, for the avoidance of doubt, such Scheduled Trading Day shall be a Disrupted Day in full.&nbsp;&nbsp;Dealer may exercise its right in respect of any Regulatory Disruption only in good faith in relation to events or circumstances that are not the result of actions of it or any of its Affiliates that are taken with the intent to avoid its obligations under the Transactions.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Relevant Settlement Date:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For any Settlement of any Transaction, the Settlement Date, Cash Settlement Payment Date or Net Share Settlement Date for such Settlement, as the case may be.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Applicable Provisions:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To the extent Dealer is obligated to deliver Shares under any Transaction, the provisions of Sections 9.2 (last sentence only), 9.8, 9.9, 9.10, 9.11 and 9.12 of the Equity Definitions will be applicable as if &ldquo;Physical Settlement&rdquo; applied to such Transaction; provided that the Representation and Agreement contained in Section&nbsp;9.11 of the Equity Definitions shall be modified by excluding any representations therein relating to restrictions, obligations, limitations or requirements under applicable securities laws that exist as a result of the fact that Counterparty is the issuer of the Shares.</FONT></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Share Adjustments:</U></B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; width: 63%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Potential Adjustment Events:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An Extraordinary Dividend shall not constitute a Potential Adjustment Event.&nbsp;&nbsp;For the avoidance of doubt, a cash dividend&nbsp;on the Shares that differs from expected dividends as of the first Trading Day of the Forward Hedge Selling Period for such Transaction shall not be a Potential Adjustment Event under Section&nbsp;11.2(e)(vii)&nbsp;of the Equity Definitions with respect to such Transaction.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extraordinary Dividend:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For any Transaction, any dividend or distribution on the Shares with an ex-dividend date occurring on any day following the first Trading Day of the Forward Hedge Selling Period for such Transaction (other than (i)&nbsp;any dividend or distribution of the type described in Section&nbsp;11.2(e)(i)&nbsp;or Section&nbsp;11.2(e)(ii)(A)&nbsp;of the Equity Definitions or (ii)&nbsp;a regular, quarterly cash dividend in an amount equal to or less than the Regular Dividend Amount for such calendar quarter for such Transaction that has an ex-dividend&nbsp;date no earlier than the Forward Price Reduction Date occurring in the relevant month for such Transaction).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regular Dividend Amount:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For each Transaction and for each calendar quarter from and including the calendar quarter in which the first Trading Day of the Forward Hedge Selling Period for such Transaction occurs to and including the calendar quarter in which the Maturity Date occurs, the amount set forth under the heading &ldquo;Regular Dividend Amounts&rdquo; in the Accepted Placement Notice for such Transaction and for such calendar quarter (or, if no such amount is specified, zero), as specified in Schedule I to the Supplemental Confirmation for such Transaction.&nbsp;&nbsp;For the avoidance of doubt, Counterparty may not specify a Regular Dividend Amount in an Accepted Placement Notice for a particular calendar quarter that exceeds the Forward Price Reduction Amount for the Forward Price Reduction Date that occurs in such calendar quarter (or, if none, that exceeds zero).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Method of Adjustment:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculation Agent Adjustment</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Extraordinary Events:</U></B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extraordinary Events:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consequences that would otherwise apply under Article&nbsp;12 of the Equity Definitions (as modified herein) to any applicable Extraordinary Event (excluding any Failure to Deliver,&nbsp;Increased Cost of Hedging,&nbsp;Increased Cost of Stock Borrow, Loss of Stock Borrow or any Extraordinary Event that also constitutes a Bankruptcy Termination Event, but including, for the avoidance of doubt, any other applicable Additional Disruption Event) shall not apply.</FONT></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tender Offer:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicable; provided that Section&nbsp;12.1(d)&nbsp;of the Equity Definitions shall be amended by replacing the reference therein to &ldquo;10%&rdquo; with a reference to &ldquo;20%.&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delisting:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to the provisions of Section&nbsp;12.6(a)(iii)&nbsp;of the Equity Definitions, it shall also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, the NASDAQ Global Select Market or the NASDAQ Global Market (or their respective successors); if the Shares are immediately re-listed, re- traded or re-quoted on any such exchange or quotation system, such exchange or quotation system shall be deemed to be the Exchange.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Additional Disruption Events:</U></B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change in Law:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicable; provided that (A)&nbsp;any determination as to whether (i)&nbsp;the adoption of or any change in any applicable law or regulation (including, without limitation, any tax law) or (ii)&nbsp;the promulgation of or any change in or announcement or statement of the formal or informal interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law or regulation (including any action taken by a taxing&nbsp;authority), in each case, constitutes a &ldquo;Change in Law&rdquo; shall be made without regard to Section&nbsp;739 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any similar legal certainty provision in any legislation enacted, or rule&nbsp;or regulation promulgated, on or after the Trade Date, (B)&nbsp;Section&nbsp;12.9(a)(ii)&nbsp;of the Equity Definitions is hereby amended (i)&nbsp;by adding the words &ldquo;(including, for the avoidance of doubt and without limitation, adoption or promulgation of new regulations authorized or mandated by existing statute)&rdquo; after the word &ldquo;regulation&rdquo; in the second line thereof and (ii)&nbsp;by replacing the words &ldquo;the interpretation&rdquo; with the words &ldquo;or announcement or statement of any formal or informal interpretation&rdquo; in the third line thereof and (C)&nbsp;the words &ldquo;, unless the illegality is due to an act or omission of the party seeking to elect termination of the Transaction with the intent to avoid its obligations under the terms of the Transaction&rdquo; are added immediately following the word &ldquo;Transaction&rdquo; in the fifth line thereof; and provided further that Section&nbsp;12.9(a)(ii)&nbsp;of the Equity Definitions is hereby amended by adding the phrase &ldquo;and/or Hedge Position&rdquo; after the word &ldquo;Shares&rdquo; in clause (X)&nbsp;thereof and (iii)&nbsp;by immediately following the word &ldquo;Transaction&rdquo; in clause (X)&nbsp;thereof, adding the phrase &ldquo;in the manner contemplated by the Hedging Party on the Trade Date.&rdquo;</FONT></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure to Deliver:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hedging Disruption:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increased Cost of Hedging:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicable; provided that Section&nbsp;12.9(b)(vi)&nbsp;of the Equity Definitions shall be amended by (i)&nbsp;adding &ldquo;or&rdquo; before clause (B)&nbsp;of the second sentence thereof, (ii)&nbsp;deleting clause (C)&nbsp;of the second sentence thereof and (iii)&nbsp;deleting the third and fourth sentences thereof.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increased Cost of Stock Borrow:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicable; provided that Section&nbsp;12.9(b)(v)&nbsp;of the Equity Definitions shall be amended by (i)&nbsp;adding &ldquo;or&rdquo; before clause (B)&nbsp;of the second sentence thereof, (ii)&nbsp;deleting clause (C)&nbsp;of the second sentence thereof and (iii)&nbsp;deleting the third, fourth and fifth sentences thereof.&nbsp;&nbsp;For the avoidance of doubt, upon the announcement of any event that, if consummated, would result in a Merger Event or Tender Offer, the term &ldquo;rate to borrow Shares&rdquo; as used in Section&nbsp;12.9(a)(viii)&nbsp;of the Equity Definitions shall include any commercially reasonable cost borne or amount payable by the Hedging Party in respect of maintaining or reestablishing its hedge position with respect to the relevant Transaction, including, but not limited to, any assessment or other amount payable by the Hedging Party to a lender of Shares in respect of any merger or tender offer premium, as applicable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial Stock Loan Rate:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For each Transaction, as specified in the Supplemental Confirmation for such Transaction.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss of Stock Borrow:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicable; provided that Section&nbsp;12.9(b)(iv)&nbsp;of the Equity Definitions shall be amended by (i)&nbsp;deleting clause (A)&nbsp;of the first sentence thereof in its entirety and (ii)&nbsp;replacing the words &ldquo;neither the Non-Hedging Party nor the Lending Party lends&rdquo; with &ldquo;the Lending Party does not lend&rdquo; in the second sentence thereof.&nbsp;&nbsp;The Lending Party may not be the Issuer or an affiliate of the Issuer.</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maximum&nbsp;Stock Loan Rate:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For each Transaction, as specified in the Supplemental Confirmation for such Transaction.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hedging Party:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For all applicable Additional Disruption Events, Dealer.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determining Party:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For all applicable Extraordinary Events, Dealer.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Early Valuation:</U></B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Early Valuation:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For any Transaction, notwithstanding anything to the contrary herein, in the Agreement, in any Supplemental Confirmation or in the Equity Definitions, at any time (x)&nbsp;following the occurrence of (1)&nbsp;a Hedging Event with respect to such Transaction, (2)&nbsp;the declaration by Issuer of an Extraordinary Dividend, or (3)&nbsp;an ISDA Event with respect to such Transaction or (y)&nbsp;if an Excess Section&nbsp;13 Ownership Position, an Excess NYSE Ownership Position or an Excess Regulatory Ownership Position exists, Dealer (or, in the case of such an ISDA Event that is an Event of Default or Termination Event, the party entitled to designate an Early Termination Date in respect of such event pursuant to Section&nbsp;6 of the Agreement) shall have the right to designate any Scheduled Trading Day to be the &ldquo;Early Valuation Date&rdquo; for such Transaction, in which&nbsp;case the provisions set forth in this &ldquo;Early Valuation&rdquo; section shall apply to such Transaction, which right shall be, other than in the case of an Event of Default under Section&nbsp;5(a)(vii)&nbsp;of the Agreement with respect to which Dealer is the sole Defaulting Party, in lieu of those specified in Section&nbsp;6 of the Agreement.&nbsp;&nbsp;For the avoidance of doubt, any amount calculated pursuant to this &ldquo;Early Valuation&rdquo; section as a result of an Extraordinary Dividend shall not be adjusted by the value associated with such Extraordinary Dividend.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dealer represents and warrants to and agrees with Counterparty that (i)&nbsp;based upon advice of counsel, Dealer (A)&nbsp;does not know of the existence on the first Trading Day of the relevant Forward Hedge Selling Period of an Excess Section&nbsp;13 Ownership Position, an Excess NYSE Ownership Position or an Excess Regulatory Ownership Position and (B)&nbsp;based on reasonable internal inquiry in the ordinary course of Dealer&rsquo;s business does not know on the first Trading Day of the relevant Forward Hedge Selling Period of any event or circumstance that will cause the occurrence of an Excess Section&nbsp;13 Ownership Position, an Excess NYSE Ownership Position or an Excess Regulatory Ownership&nbsp;Position on any day during the term of such Transaction; and (ii)&nbsp;Dealer will not knowingly cause the occurrence of an Excess Section&nbsp;13 Ownership Position, an Excess NYSE Ownership Position or an Excess Regulatory Ownership Position on any day during the term of any Transaction for the purpose, in whole or in part, of causing the occurrence of an Early Valuation Date.</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; width: 37%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If an Early Valuation Date for a Transaction occurs on a date that is not during an Unwind Period for such Transaction, then such Early Valuation Date shall be a Valuation Date for a Physical Settlement of such Transaction, and the number of Settlement Shares for such Settlement shall be the Number of Shares on such Early Valuation Date; provided that Dealer may in its sole discretion permit Counterparty to elect Cash Settlement or Net Share Settlement in respect of such Transaction. Notwithstanding anything to the contrary in this Master Confirmation, any Supplemental Confirmation, the Agreement or the Equity Definitions, if Dealer designates an Early Valuation Date with respect to a Transaction (1)&nbsp;following the occurrence of an ISDA Event and such Early Valuation Date is to occur before the date that is one Settlement Cycle after the last day of the Forward Hedge Selling Period for such Transaction or (2)&nbsp;prior to the Counterparty&rsquo;s execution of the Supplemental Confirmation relating to such Transaction, then, for purposes of such Early Valuation Date, (i)&nbsp;a Supplemental Confirmation relating to such Transaction reasonably completed by Dealer shall, notwithstanding the provisions under Section&nbsp;3 below, be deemed to be effective; and (ii)&nbsp;in the case of (1), the Forward Price shall be deemed to be the Initial Forward Price (calculated assuming that the last Trading Day of such Forward Hedge Selling Period were the day immediately following the date Dealer so notifies Counterparty of such designation of an Early Valuation Date for purposes of such Early Valuation Date).</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; width: 37%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If an Early Valuation Date for a Transaction occurs during an Unwind Period for such Transaction, then (i)&nbsp;(A)&nbsp;the last Unwind Date of such Unwind Period shall be deemed to be such Early Valuation Date, (B)&nbsp;a Settlement shall occur in respect of such Unwind Period, and the Settlement Method elected by Counterparty in respect of such Settlement shall apply, and (C)&nbsp;the number of Settlement Shares for such Settlement shall be the number of Unwound Shares for such Unwind Period on such Early Valuation Date, and (ii)&nbsp;(A)&nbsp;such Early Valuation Date shall be a Valuation Date for an additional Physical Settlement of such Transaction (provided that Dealer may in its sole discretion elect that the Settlement Method elected by Counterparty for the Settlement described in clause (i)&nbsp;of this sentence shall apply) and (B)&nbsp;the number of Settlement Shares for such additional Settlement shall be the number of Remaining Shares on such Early Valuation Date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the foregoing, in the case of a Nationalization or Merger Event, if at the time of the related Relevant Settlement Date the Shares have changed into cash or any other property or the right to receive cash or any other property, the Calculation Agent shall adjust the nature of the Shares as it determines appropriate to account for such change such that the nature of the Shares is consistent with what shareholders receive in such event.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISDA Event:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;Any Event of Default or Termination Event, other than an Event of Default or Termination Event that also constitutes a Bankruptcy Termination Event, that gives rise to the right of either party to designate an Early Termination Date pursuant to Section&nbsp;6 of the Agreement or (ii)&nbsp;the announcement of any event or transaction on or after the first Trading Day of the Forward Hedge Selling Period for such Transaction that, if consummated, would result in a Merger Event, Tender Offer, Nationalization,&nbsp;Insolvency, Delisting or Change in Law, in each case, as determined by the Calculation Agent; provided that, in the case of a Merger Event, only an announcement of such event or transaction by Counterparty will constitute an ISDA Event.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment to Merger Event:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;12.1(b)&nbsp;of the Equity Definitions is hereby amended by deleting the remainder of such Section&nbsp;beginning with the words &ldquo;in each case if the Merger Date is on or before&rdquo; in the fourth to last line thereof.</FONT></TD></TR>
</TABLE>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hedging Event:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In respect of any Transaction, the occurrence or existence of any of the following events on or following the first Trading Day of the Forward Hedge Selling Period: (i)&nbsp;(x)&nbsp;a Loss of Stock Borrow in connection with which Counterparty does not refer the Hedging Party to a satisfactory Lending Party that lends Shares in the amount of the Hedging Shares within the required time period as provided in Section&nbsp;12.9(b)&nbsp;(iv)&nbsp;of the Equity Definitions or (y)&nbsp;a Hedging Disruption, (ii)&nbsp;(A)&nbsp;an Increased Cost of Stock Borrow or (B)&nbsp;an Increased Cost of Hedging in connection with which, in the case of sub-clause (A)&nbsp;or (B), Counterparty does not elect, and so notify the Hedging Party of its election, in each case, within the required time period to either amend such Transaction pursuant to Section&nbsp;12.9(b)(v)(A)&nbsp;or Section&nbsp;12.9(b)(vi)&nbsp;(A)&nbsp;of the Equity Definitions, as applicable, or pay an amount determined by the Calculation Agent that corresponds to the relevant Price Adjustment pursuant to Section&nbsp;12.9(b)(v)(B)&nbsp;or Section&nbsp;12.9(b)(vi)(B)&nbsp;of the Equity Definitions, as applicable, or (iii)&nbsp;a Market Disruption Event during an Unwind Period for such Transaction and the continuance of such Market Disruption Event for at least eight Scheduled Trading Days. In respect of any Transaction, if a Hedging&nbsp;Event occurs or exists with respect to such Transaction on or after the first Trading Day of the Forward Hedge Selling Period (as each such term is defined in the Equity Distribution Agreement) for such Transaction and prior to the Trade Date for such Transaction, the Calculation Agent may reduce the Initial Forward Price to account for such Hedging Event and any costs or expenses reasonably incurred by Dealer as a result of such Hedging Event.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remaining Shares:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For any Transaction, on any day, the Number of Shares for such Transaction as of such day (or, if such day occurs during an Unwind Period for such Transaction, the Number of Shares for such Transaction as of such day minus the Unwound Shares for such Transaction for such Unwind Period on such day).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unwound Shares:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For any Transaction, for any Unwind Period in respect of such Transaction on any day, the aggregate number of Shares with respect to which Dealer has unwound its commercially reasonable hedge position in respect of such Transaction in connection with the related Settlement as of such day.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Acknowledgements:</U></B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Reliance:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicable</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-bottom: 10pt; padding-left: 9pt; width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreements and Acknowledgements Regarding Hedging Activities:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional Acknowledgements:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding anything to the contrary in the Agreement, Dealer may assign, transfer and set over all rights, title and interest, powers, privileges and remedies of Dealer under any Transaction to (A)&nbsp;an affiliate of Dealer wholly owned by, wholly owning, or under 100% common control with, Dealer, whose obligations hereunder are fully and unconditionally guaranteed by [Dealer] [Dealer&rsquo;s Ultimate Parent Company], or (B)&nbsp;an affiliate of Dealer, directly or indirectly wholly owned by, directly or indirectly wholly owning, or under 100% direct or indirect common control with, Dealer, with a long-term issuer rating equal to or better than the credit rating of Dealer at the time of transfer without the consent of Counterparty; <I>provided</I> that (i)&nbsp;at the time of such assignment or transfer, Counterparty would not, as a result of such assignment or transfer, reasonably be expected (A)&nbsp;to be required to pay (including a payment in kind) to such transferee or assignee an amount in respect of an Indemnifiable Tax greater than the amount Counterparty would have been required to pay to Dealer in the absence of such assignment or transfer or (B)&nbsp;to receive a payment (including a payment in kind) from such transferee or assignee an amount less than the amount Counterparty would have been entitled to receive in the absence of such assignment or transfer, (ii)&nbsp;Dealer shall have caused the assignee or transferee to make such Payee Tax Representations and to provide such tax documentation as may be reasonably requested by Counterparty to permit Counterparty to determine that the transfer complies with the requirements of clause (i)&nbsp;in this paragraph, (iii)&nbsp;any assignee or transferee would be eligible to provide a U.S. Internal Revenue Service Form&nbsp;W-9 or W-8ECI with respect to any payments or deliveries under the Agreement, and (iv)&nbsp;such assignment or transfer would not at the time, as a result of such transfer or assignment, reasonably be expected to require Counterparty to take any additional action or incur any additional obligation, cost or expense to ensure the continued fulfillment of Counterparty&rsquo;s representations, warranties and covenants set forth herein, in each case as to such assignee or transferee..</FONT></TD></TR>
</TABLE>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 9pt; width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculation Agent:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dealer; provided that, following the occurrence and during the continuation of an Event of Default pursuant to Section&nbsp;5(a)(vii)&nbsp;of the Agreement with respect to which Dealer is the sole Defaulting Party, Counterparty shall have the right to select a leading dealer in the market for U.S. corporate equity derivatives reasonably acceptable to Dealer to replace Dealer as Calculation Agent, and the parties shall work in good faith to execute any appropriate documentation required by such replacement Calculation Agent.&nbsp;&nbsp;Following any determination or calculation by the Calculation Agent hereunder, upon a written request by Counterparty, the Calculation Agent will, within a commercially reasonable period of time following such request, provide to Counterparty by e-mail to the e-mail address provided by Counterparty in such written request a report (in a commonly used file format for the storage and manipulation of financial data) displaying in reasonable detail the basis for such determination or calculation, as the case may be; provided that Dealer shall not be required to disclose any proprietary or confidential models of Dealer or any information that is proprietary or subject to contractual, legal or regulatory obligations to not disclose such information.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparty Payment/Delivery Instructions:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To be provided by Counterparty.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dealer Payment/Delivery Instructions:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To be provided by Dealer.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-bottom: 10pt; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparty&rsquo;s Contact Details for Purpose of Giving Notice:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To be provided by Counterparty.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-bottom: 10pt; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dealer&rsquo;s Contact Details for Purpose of Giving Notice:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Effectiveness</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The effectiveness of each Supplemental Confirmation
and the related Transaction on the Effective Date for such Supplemental Confirmation shall be subject to the satisfaction (or waiver by
Dealer) of the following conditions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
representations and warranties of Counterparty and the Operating Partnership contained in the Equity Distribution Agreement, and any certificate
delivered pursuant thereto by Counterparty or the Operating Partnership shall be true and correct on such Effective Date as if made as
of such Effective Date;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Counterparty
shall have performed all of the obligations required to be performed by it under the Equity Distribution Agreement on or prior to such
Effective Date;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">all
of the conditions set forth in Section&nbsp;9 of the Equity Distribution Agreement shall have been satisfied;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
effective date of the Accepted Placement Notice (the &ldquo;<B>Placement Date</B>&rdquo;) shall have occurred as provided in the Equity
Distribution Agreement;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">all
of the representations and warranties of Counterparty hereunder and under the Agreement shall be true and correct on such Effective Date
as if made as of such Effective Date;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Counterparty
shall have performed all of the obligations required to be performed by it hereunder and under the Agreement on or prior to such Effective
Date, including without limitation its obligations under Section&nbsp;6 hereof; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Counterparty
shall, if requested by Dealer prior to the commencement of the Forward Hedge Selling Period, have delivered to Dealer an opinion of Maryland
counsel in form and substance reasonably satisfactory to Dealer, with respect to the matters set forth in Section&nbsp;3(a)(i)&mdash;(iv)&nbsp;of
the Agreement and that the maximum number of Shares initially issuable under such Transaction have been duly authorized and, upon issuance
pursuant to the terms of such Transaction, will be validly issued, fully paid and nonassessable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing or any other provision of this Master
Confirmation or any Supplemental Confirmation, if in respect of any Transaction (x)&nbsp;on or prior to 9:00 a.m., New York City time,
on any Settlement Date (as defined in the Equity Distribution Agreement), in connection with Dealer establishing Dealer&rsquo;s commercially
reasonable hedge position in respect of such Transaction Dealer, in Dealer&rsquo;s sole judgment, Dealer is unable, after using commercially
reasonable efforts, to borrow and deliver for sale the full number of Shares to be borrowed and sold pursuant to the Equity Distribution
Agreement on such Settlement Date or (y)&nbsp;in Dealer&rsquo;s sole judgment, Dealer would incur a stock loan cost of more than a rate
equal to the Maximum Stock Loan Rate for such Transaction with respect to all or any portion of such full number of Shares, the effectiveness
of the related Supplemental Confirmation and such Transaction shall be limited to the number of Shares Dealer is so able to borrow in
connection with establishing its commercially reasonable hedge position of such Transaction at a cost of not more than a rate equal to
the Maximum Stock Loan Rate for such Transaction, which, for the avoidance of doubt, may be zero.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Additional
Mutual Representations and Warranties.</U> In addition to the representations and warranties in the Agreement, each party represents
and warrants to the other party that it is an &ldquo;eligible contract participant,&rdquo; as defined in the U.S. Commodity Exchange
Act (as amended), and an &ldquo;accredited investor&rdquo; as defined in Section&nbsp;2(a)(15)(ii)&nbsp;of the Securities Act of 1933
(as amended) (the &ldquo;<B>Securities Act</B>&rdquo;), and is entering into each Transaction hereunder as principal and not for the
benefit of any third party.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Additional
Representations and Warranties of Counterparty and the Operating Partnership</U>. The representations and warranties of Counterparty
and the Operating Partnership set forth in Section&nbsp;5 of the Equity Distribution Agreement are true and correct as of the date hereof,
each Placement Date, each Trade Date for any Transaction and each &ldquo;Forward Hedge Settlement Date&rdquo; (as defined in the Equity
Distribution Agreement), and are hereby deemed to be repeated to Dealer as if set forth herein. In addition to the representations and
warranties in Section&nbsp;5 of the Equity Distribution Agreement, the Agreement and those contained elsewhere herein, Counterparty represents
and warrants to Dealer, and agrees with Dealer, that:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">without
limiting the generality of Section&nbsp;13.1 of the Equity Definitions, it acknowledges that Dealer is not making any representations
or warranties with respect to the treatment of any Transaction, including without limitation ASC Topic 260, <I>Earnings Per Share</I>,
ASC Topic 815, <I>Derivatives and Hedging</I>, ASC Topic 480, <I>Distinguishing Liabilities from Equity</I>, ASC 815-40, <I>Derivatives
and Hedging &mdash; Contracts in Entity&rsquo;s Own Equity</I> (or any successor issue statements) or under the Financial Accounting
Standards Board&rsquo;s Liabilities&nbsp;&amp; Equity Project;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Counterparty
shall not take any action to reduce or decrease the number of authorized and unissued Shares below the sum of (i)&nbsp;the aggregate
Number of Shares across all Transactions hereunder <I>plus</I> (ii)&nbsp;the total number of Shares issuable upon settlement (whether
by net share settlement or otherwise) of any other transaction or agreement to which it is a party;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Counterparty
will not repurchase any Shares if, immediately following such repurchase, the aggregate Number of Shares across all Transactions hereunder
would be equal to or greater than 4.5% of the number of then-outstanding Shares and it will notify Dealer promptly upon the announcement
or consummation of any repurchase of Shares in an amount that, taken together with the amount of all repurchases since the date of the
last such notice exceeds 0.5% of the number of then-outstanding Shares (or, in the case of the first such notice would result in the
aggregate Number of Shares across all Transactions hereunder being equal to or greater than 3.5% of the number of then-outstanding Shares);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">it
is not entering into this Master Confirmation or any Supplemental Confirmation to create actual or apparent trading activity in the Shares
(or any security convertible into or exchangeable for Shares), or to raise or depress or otherwise manipulate the price of the Shares
(or any security convertible into or exchangeable for Shares) for the purpose of inducing the purchase or sale of the Shares (or any
security convertible into or exchangeable for Shares) by others;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">it
is not aware of any material non-public information regarding itself or the Shares; it is entering into this Master Confirmation and
each Supplemental Confirmation and will provide any Settlement Notice in good faith and not as part of a plan or scheme to evade compliance
with Rule&nbsp;10b-5 or any other provision of the federal securities laws; it has not entered into or altered any hedging transaction
relating to the Shares corresponding to or offsetting any Transaction; and it has consulted with its own advisors as to the legal aspects
of its adoption and implementation of this Master Confirmation and each Supplemental Confirmation under Rule&nbsp;10b5-1 under the Exchange
Act (&ldquo;<B>Rule&nbsp;10b5-1</B>&rdquo;);</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">as
of the date hereof and the Trade Date for each Transaction no state or local (including non-U.S. jurisdictions) law, rule, regulation
or regulatory order applicable to the Shares would give rise to any reporting, consent, registration or other requirement (including
without limitation a requirement to obtain prior approval from any person or entity) as a result of Dealer or its affiliates owning or
holding (however defined) Shares; <I>provided</I> that Counterparty makes no such representation or warranty regarding any such requirement
that is applicable generally to the ownership of equity securities by Dealer;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">as
of the date hereof, the Trade Date for each Transaction and the date of any payment or delivery by Counterparty or Dealer under any Transaction,
it is not and will not be &ldquo;insolvent&rdquo; (as such term is defined under Section&nbsp;101(32) of the Bankruptcy Code), nor will
Counterparty be rendered &ldquo;insolvent&rdquo; as a result of the transactions contemplated hereby and by each Supplemental Confirmation
or its performance of the terms hereof or thereof;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">it
is not as of the date hereof, and on the Trade Date for each Transaction and after giving effect to the transactions contemplated hereby
and by each Supplemental Confirmation will not be, required to register as an &ldquo;investment company&rdquo; as such term is defined
in the Investment Company Act of 1940, as amended;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">as
of the date hereof and the Trade Date for each Transaction, it: (i)&nbsp;is an &ldquo;institutional account&rdquo; as defined in FINRA
Rule&nbsp;4512(c); and (ii)&nbsp;is capable of evaluating investment strategies involving a security or securities, and will exercise
independent judgment in evaluating any recommendations of Dealer or its associated persons;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Counterparty
is, and shall during the terms of the Transactions maintain its status as, a real estate investment trust under the U.S. Internal Revenue
Code of 1986, as amended (the &ldquo;Code&rdquo;); and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">IT
UNDERSTANDS AS OF THE DATE HEREOF AND AS OF THE TRADE DATE FOR EACH TRANSACTION THAT EACH TRANSACTION IS SUBJECT TO COMPLEX RISKS WHICH
MAY&nbsp;ARISE WITHOUT WARNING AND MAY&nbsp;AT TIMES BE VOLATILE AND THAT LOSSES MAY&nbsp;OCCUR QUICKLY AND IN UNANTICIPATED MAGNITUDE
AND IS WILLING TO ACCEPT SUCH TERMS AND CONDITIONS AND ASSUME (FINANCIALLY AND OTHERWISE) SUCH RISKS.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Additional
Covenants of Counterparty</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Counterparty
acknowledges and agrees that any Shares delivered by Counterparty to Dealer on any Settlement Date or Net Share Settlement Date for any
Transaction will be (i)&nbsp;newly issued, (ii)&nbsp;approved for listing or quotation on the Exchange, subject to official notice of
issuance, and (iii)&nbsp;pursuant to the terms of the Interpretive Letter (as defined below), may be used by Dealer (or an affiliate
of Dealer) to securities lenders from whom Dealer (or an affiliate of Dealer) borrowed Shares in connection with hedging its exposure
to such Transaction, will be freely saleable without further registration or other restrictions under the Securities Act in the hands
of those securities lenders, irrespective of whether any such stock loan is effected by Dealer or an affiliate of Dealer. Accordingly,
Counterparty agrees that any Shares so delivered will not bear a restrictive legend and will be deposited in, and the delivery thereof
shall be effected through the facilities of, the Clearance System. In addition, Counterparty represents and agrees that any such Shares
shall be, upon such delivery, duly and validly authorized, issued and outstanding, fully paid and nonassessable, free of any lien, charge,
claim or other encumbrance and not subject to any preemptive or similar rights.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Counterparty
agrees that Counterparty shall not enter into or alter any hedging transaction relating to the Shares corresponding to or offsetting
any Transaction. Without limiting the generality of the provisions set forth opposite the caption &ldquo;Unwind Activities&rdquo; in
Section&nbsp;2 of this Master Confirmation, Counterparty acknowledges that it has no right to, and agrees that it will not seek to, control
or influence Dealer&rsquo;s decision to make any &ldquo;purchases or sales&rdquo; (within the meaning of Rule&nbsp;10b5-1(c)(1)&nbsp;(i)(B)(3))
under or in connection with any Transaction, including, without limitation, Dealer&rsquo;s decision to enter into any hedging transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Counterparty
acknowledges and agrees that any amendment, modification or waiver of this Master Confirmation or any Supplemental Confirmation must
be effected in accordance with the requirements for the amendment or termination of a &ldquo;plan&rdquo; as defined in Rule&nbsp;10b5-1(c).
Without limiting the generality of the foregoing, any such amendment, modification or waiver shall be made in good faith and not as part
of a plan or scheme to evade the compliance with federal securities laws including, without limitation, Rule&nbsp;10b-5, and no such
amendment, modification or waiver shall be made at any time at which Counterparty is aware of any material non-public information regarding
Counterparty or the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Counterparty
shall promptly provide notice thereof to Dealer (i)&nbsp;upon the occurrence of any event that would constitute an Event of Default or
a Termination Event in respect of which Counterparty is a Defaulting Party or an Affected Party, as the case may be, and (ii)&nbsp;upon
announcement of any event that, if consummated, would constitute an Extraordinary Event, an Event of Default or Potential Adjustment
Event.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Neither
Counterparty nor any of its &ldquo;affiliated purchasers&rdquo; (as defined by Rule&nbsp;10b-18 under the Exchange Act (&ldquo;<B>Rule&nbsp;10b-18</B>&rdquo;))
shall take or refrain from taking any action (including, without limitation, any direct purchases by Counterparty or any of its affiliates)
that would cause any purchases of Shares by Dealer or any of its affiliates in connection with any Cash Settlement or Net Share Settlement
of any Transaction not to meet the requirements of the safe harbor provided by Rule&nbsp;10b-18 as if such purchases were made by Counterparty.
Without limiting the generality of the foregoing, during any Unwind Period for any Transaction, except with the prior written consent
of Dealer, Counterparty will not, and will cause its affiliated purchasers (as defined in Rule&nbsp;10b-18) not to, directly or indirectly
(including, without limitation, by means of a derivative instrument) purchase, offer to purchase, place any bid or limit order that would
effect a purchase of, or announce or commence any tender offer relating to, any Shares (or equivalent interest, including a unit of beneficial
interest in a trust or limited partnership or a depository share) or any security convertible into or exchangeable for the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Counterparty
will not engage in any &ldquo;distribution&rdquo; (as such term is defined in Regulation M promulgated under the Exchange Act (&ldquo;<B>Regulation
M</B>&rdquo;)) in respect of Shares or any security with respect to which the Shares are a &ldquo;reference security&rdquo; (as such
term is defined in Regulation M) that would cause a &ldquo;restricted period&rdquo; (as defined in Regulation M) to occur during any
Unwind Period for any Transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Counterparty
shall: (i)&nbsp;not, during any Unwind Period, make, and will use its commercially reasonable efforts to not permit to be made to the
extent within its control, any public announcement (as defined in Rule&nbsp;165(f)&nbsp;under the Securities Act) of any Merger Transaction
unless such public announcement is made prior to the opening or after the close of the regular trading session on the Exchange; (ii)&nbsp;promptly
(but in any event prior to the next opening of the regular trading session on the Exchange) notify Dealer following any such announcement
that such announcement has been made; (iii)&nbsp;promptly (but in any event prior to the next opening of the regular trading session
on the Exchange) provide Dealer with written notice specifying (A)&nbsp;Counterparty&rsquo;s average daily Rule&nbsp;10b-18 Purchases
(as defined in Rule&nbsp;10b-18) during the three full calendar months immediately preceding the announcement date for the Merger Transaction
that were not effected through Dealer or its affiliates and (B)&nbsp;the number of Shares purchased pursuant to the proviso in Rule&nbsp;10b-18(b)(4)&nbsp;under
the Exchange Act for the three full calendar months preceding such announcement date. Such written notice shall be deemed to be a certification
by Counterparty to Dealer that such information is true and correct. In addition, Counterparty shall promptly notify Dealer of the earlier
to occur of the completion of such transaction and the completion of the vote by target shareholders. Counterparty acknowledges that
any such notice may result in a Regulatory Disruption, a Trading Condition or, if such notice relates to an event that is also an ISDA
Event, an Early Valuation, or may affect the length of any ongoing Unwind Period. Accordingly, Counterparty acknowledges that its delivery
of such notice must comply with the standards set forth in Section&nbsp;6(c)&nbsp;above. &ldquo;<B>Merger Transaction</B>&rdquo; means
any merger, acquisition or similar transaction involving a recapitalization as contemplated by Rule&nbsp;10b-18(a)(13)(iv)&nbsp;under
the Exchange Act. For the avoidance of doubt, a Merger Transaction or the announcement thereof shall not give either party the right
to designate an Early Valuation Date for any Transaction and/or to accelerate or preclude an election by Counterparty of Physical Settlement
for any Settlement of any Transaction, unless such Merger Transaction or the announcement thereof is also an ISDA Event.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Counterparty
will promptly execute each properly completed Supplemental Confirmation delivered to Counterparty by Dealer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Counterparty
represents to Dealer that Dealer, solely in its capacity as &ldquo;Forward Purchaser&rdquo; or &ldquo;Forward Seller&rdquo; (each as
defined in the Equity Distribution Agreement) and solely with respect to its entering into and consummating the transactions contemplated
by this Master Confirmation and the Equity Distribution Agreement (including any &ldquo;Forward Contract&rdquo; thereunder) either (x)&nbsp;will
not collectively with the other Forward Purchasers or Forward Sellers under the Alternative Distribution Agreements (as defined in the
Equity Distribution Agreement) be a &ldquo;Person&rdquo; (as defined in Counterparty&rsquo;s Articles of Incorporation, as amended (the
 &ldquo;<B>Charter</B>&rdquo;)) by virtue of being a member of a &ldquo;group&rdquo; (as referenced in the definition of Person in the
Charter) with such Forward Purchasers or Forward Sellers or both; or (y)&nbsp;may, to the extent necessary to consummate the transactions
contemplated by this Master Confirmation and the Equity Distribution Agreement (including any &ldquo;Forward Contract&rdquo; thereunder),
have &ldquo;Beneficial Ownership&rdquo; and &ldquo;Constructive Ownership&rdquo; of Shares in excess of the related &ldquo;Ownership
Limit&rdquo; (each as defined in the Charter) by virtue of entering into transactions described in Article&nbsp;Ninth of the Charter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Termination
on Bankruptcy</U>. The parties hereto agree that, notwithstanding anything to the contrary in the Agreement or the Equity Definitions,
each Transaction constitutes a contract to issue a security of Counterparty as contemplated by Section&nbsp;365(c)(2)&nbsp;of the Bankruptcy
Code and that a Transaction and the obligations and rights of Counterparty and Dealer (except for any liability as a result of breach
of any of the representations or warranties provided by Counterparty in Section&nbsp;4 or Section&nbsp;5 above) shall immediately terminate,
without the necessity of any notice, payment (whether directly, by netting or otherwise) or other action by Counterparty or Dealer, if,
on or prior to the final Settlement Date, Cash Settlement Payment Date or Net Share Settlement Date, as the case may be, for such Transaction
an Insolvency Filing occurs or any other proceeding commences with respect to Counterparty under the Bankruptcy Code (a &ldquo;<B>Bankruptcy
Termination Event</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Additional
Provisions</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Dealer
acknowledges and agrees that Counterparty&rsquo;s obligations under the Transactions are not secured by any collateral and that neither
this Master Confirmation nor any Supplemental Confirmation is intended to convey to Dealer rights with respect to the transactions contemplated
hereby and by any Supplemental Confirmation that are senior to the claims of common stockholders in any U.S. bankruptcy proceedings of
Counterparty; <I>provided</I> that nothing herein shall limit or shall be deemed to limit Dealer&rsquo;s right to pursue remedies in
the event of a breach by Counterparty of its obligations and agreements with respect to this Master Confirmation, any Supplemental Confirmation
or the Agreement; <I>provided further</I> that nothing herein shall limit or shall be deemed to limit Dealer&rsquo;s rights in respect
of any transaction other than the Transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">[Reserved].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
parties hereto intend for:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">each
Transaction to be a &ldquo;securities contract&rdquo; as defined in Section&nbsp;741(7)&nbsp;of the Bankruptcy Code, and the parties
hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(b)(27), 362(o), 546(e), 546(j), 555
and 561 of the Bankruptcy Code;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
rights given to Dealer pursuant to &ldquo;Early Valuation&rdquo; in Section&nbsp;2 above to constitute &ldquo;contractual rights&rdquo;
to cause the liquidation of a &ldquo;securities contract&rdquo; and to set off mutual debts and claims in connection with a &ldquo;securities
contract,&rdquo; as such terms are used in Sections 555 and 362(b)(6)&nbsp;of the Bankruptcy Code;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
cash, securities or other property <I>provided</I> as performance assurance, credit support or collateral with respect to the Transactions
to constitute &ldquo;margin payments&rdquo; and &ldquo;transfers&rdquo; under a &ldquo;securities contract&rdquo; as defined in the Bankruptcy
Code;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">all
payments for, under or in connection with the Transactions, all payments for Shares and the transfer of Shares to constitute &ldquo;settlement
payments&rdquo; and &ldquo;transfers&rdquo; under a &ldquo;securities contract&rdquo; as defined in the Bankruptcy Code; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
or all obligations that either party has with respect to this Master Confirmation, any Supplemental Confirmation or the Agreement to
constitute property held by or due from such party to margin, guaranty or settle obligations of the other party with respect to the transactions
under the Agreement (including the Transactions) or any other agreement between such parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
any other provision of the Agreement, this Master Confirmation or any Supplemental Confirmation, in no event will Counterparty be required
to deliver in the aggregate in respect of all Settlement Dates, Net Share Settlement Dates or other dates on which Shares are delivered
in respect of any amount owed under any Transaction a number of Shares greater than 1.5 times the Number of Shares for such Transaction
as of the Trade Date for such Transaction (the &ldquo;<B>Capped Number</B>&rdquo;). The Capped Number shall be subject to adjustment
only on account of (x)&nbsp;Potential Adjustment Events of the type specified in (1)&nbsp;Sections 11.2(e)(i)&nbsp;through (vi)&nbsp;of
the Equity Definitions or (2)&nbsp;Section&nbsp;11.2(e)(vii)&nbsp;of the Equity Definitions so long as, in the case of this sub-clause
(2), such event is within Issuer&rsquo;s control and (y)&nbsp;Merger Events requiring corporate action of Issuer (or any surviving entity
of the Issuer hereunder in connection with any such Merger Event). Counterparty represents and warrants to Dealer (which representation
and warranty shall be deemed to be repeated for all Transactions on each day that any Transaction is outstanding) that the aggregate
Capped Number across all Transactions hereunder is equal to or less than the number of authorized but unissued Shares that are not reserved
for future issuance in connection with transactions in the Shares (other than the Transactions) on the date of the determination of such
aggregated Capped Number. In the event Counterparty shall not have delivered the full number of Shares otherwise deliverable under any
Transaction as a result of this Section&nbsp;8(d)&nbsp;(the resulting deficit for such Transaction, the &ldquo;<B>Deficit Shares</B>&rdquo;),
Counterparty shall be continually obligated to deliver Shares, from time to time until the full number of Deficit Shares have been delivered
pursuant to this paragraph, on a pro rata basis across all Transactions hereunder, when, and to the extent that, (A)&nbsp;Shares are
repurchased, acquired or otherwise received by Counterparty or any of its subsidiaries after the date hereof (whether or not in exchange
for cash, fair value or any other consideration), (B)&nbsp;authorized and unissued Shares reserved for issuance in respect of other transactions
prior to such date which prior to the relevant date become no longer so reserved or (C)&nbsp;Counterparty additionally authorizes any
unissued Shares that are not reserved for transactions other than the Transactions (such events as set forth in clauses (A), (B)&nbsp;and
(C)&nbsp;above, collectively, the &ldquo;<B>Share Issuance Events</B>&rdquo;). Counterparty shall promptly notify Dealer of the occurrence
of any of the Share Issuance Events (including the number of Shares subject to clause (A), (B)&nbsp;or (C)&nbsp;and the corresponding
number of Shares to be delivered for each Transaction) and, as promptly as reasonably practicable, deliver such Shares thereafter. Counterparty
shall not, until Counterparty&rsquo;s obligations under the Transactions have been satisfied in full, use any Shares that become available
for potential delivery to Dealer as a result of any Share Issuance Event for the settlement or satisfaction of any transaction or obligation
other than the Transactions or reserve any such Shares for future issuance for any purpose other than to satisfy Counterparty&rsquo;s
obligations to Dealer under the Transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
parties intend for this Master Confirmation and each Supplemental Confirmation to constitute a &ldquo;Contract&rdquo; as described in
the letter dated October&nbsp;6, 2003 submitted on behalf of Goldman, Sachs&nbsp;&amp; Co. to Paula Dubberly of the staff of the Securities
and Exchange Commission (the &ldquo;<B>Staff</B>&rdquo;) to which the Staff responded in an interpretive letter dated October&nbsp;9,
2003 (the &ldquo;<B>Interpretive Letter</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
parties intend for each Transaction (taking into account purchases of Shares in connection with any Cash Settlement or Net Share Settlement
of any Transaction) to comply with the requirements of Rule&nbsp;10b5-1(c)(1)(i)(A)&nbsp;under the Exchange Act and for this Master Confirmation
and each Supplemental Confirmation to constitute a binding contract or instruction satisfying the requirements of 10b5-1(c)&nbsp;and
to be interpreted to comply with the requirements of Rule&nbsp;10b5-1(c).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">[Reserved.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Counterparty
acknowledges that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">during
the term of the Transactions, Dealer and its affiliates may buy or sell Shares or other securities or buy or sell options or futures
contracts or enter into swaps or other derivative securities in order to establish, adjust or unwind its hedge position with respect
to the Transactions;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Dealer
and its affiliates may also be active in the market for the Shares and derivatives linked to the Shares other than in connection with
hedging activities in relation to the Transactions, including acting as agent or as principal and for its own account or on behalf of
customers;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Dealer
shall make its own determination as to whether, when or in what manner any hedging or market activities in Counterparty&rsquo;s securities
shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the Forward
Price and the Settlement Price for each Transaction;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
market activities of Dealer and its affiliates with respect to the Shares may affect the market price and volatility of the Shares, as
well as the Forward Price and the Settlement Price for each Transaction, each in a manner that may be adverse to Counterparty; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">each
Transaction is a derivatives transaction; Dealer may purchase or sell shares for its own account at an average price that may be greater
than, or less than, the price received by Counterparty under the terms of the relevant Transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Counterparty
and Dealer agree and acknowledge that: (A)&nbsp;the Transactions contemplated by this Master Confirmation will be entered into in reliance
on the fact that this Master Confirmation and each Supplemental Confirmation hereto form a single agreement between Counterparty and
Dealer, and Dealer would not otherwise enter into such Transactions; (B)&nbsp;this Master Confirmation, together with each Supplemental
Confirmation hereto, is a &ldquo;qualified financial contract,&rdquo; as such term is defined in Section&nbsp;5-701(b)(2)&nbsp;of the
General Obligations Law; (C)&nbsp;each Supplemental Confirmation hereto, regardless of whether transmitted electronically or otherwise,
constitutes a &ldquo;confirmation in writing sufficient to indicate that a contract has been made between the parties&rdquo; hereto,
as set forth in Section&nbsp;5-701(b)(3)(b)&nbsp;of the General Obligations Law; and (D)&nbsp;this Master Confirmation and each Supplemental
Confirmation hereto constitute a prior &ldquo;written contract,&rdquo; as set forth in Section&nbsp;5-701(b)(1)&nbsp;(b)&nbsp;of the
General Obligations Law, and each party hereto intends and agrees to be bound by this Master Confirmation and such Supplemental Confirmation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Counterparty
and Dealer agree that, upon the effectiveness of any Accepted Placement Notice relating to a Forward (as such term is defined in the
Equity Distribution Agreement), in respect of the Transaction to which such Accepted Placement Notice relates, each of the representations,
warranties, covenants, agreements and other provisions of this Master Confirmation and the Supplemental Confirmation for such Transaction
(including, without limitation, Dealer&rsquo;s right to designate an Early Valuation Date in respect of such Transaction pursuant to
the provisions opposite the caption &ldquo;Early Valuation&rdquo; in Section&nbsp;2 and the termination of such Transaction following
a Bankruptcy Termination Event as described in Section&nbsp;7) shall govern, and be applicable to, such Transaction as of the first Trading
Day of the Forward Hedge Selling Period for such Transaction as if the Trade Date for such Transaction were such first Trading Day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Tax
Matters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">For
the purpose of Section&nbsp;3(f)&nbsp;of the Agreement:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Dealer
makes the following representations:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">[It
is a &ldquo;U.S. person&rdquo; (as that term is used in section 1.1441-4(a)(3)(ii)&nbsp;of United States Treasury Regulations) for U.S.
federal income tax purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">It
is a [national banking association] [limited liability company] organized and existing under the laws of the [United States of America]
[State of Delaware, is treated as a disregarded entity of a New York corporation for United States federal income tax purposes] and is
an exempt recipient under Treasury Regulation Section&nbsp;1.6049-4(c)(1)(ii).]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Counterparty
makes the following representations:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">It
is a &ldquo;U.S. person&rdquo; (as that term is used in section 1.1441-4(a)(3)(ii)&nbsp;of United States Treasury Regulations) for U.S.
federal income tax purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">It
is a corporation for U.S. federal income tax purposes and is organized under the laws of the State of Maryland, and is an exempt recipient
under Treasury Regulation Section&nbsp;1.6049-4(c)(1)(ii)(J).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Withholding
Tax imposed on payments to non-US counterparties under the United States Foreign Account Tax Compliance Act</U>. &ldquo;Indemnifiable
Tax,&rdquo; as defined in Section&nbsp;14 of the Agreement, shall not include any U.S. federal withholding tax imposed or collected pursuant
to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered
into pursuant to Section&nbsp;1471(b)&nbsp;of the Code, or any fiscal or regulatory legislation, rules&nbsp;or practices adopted pursuant
to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (a &ldquo;<B>FATCA
Withholding Tax</B>&rdquo;). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required
by applicable law for the purposes of Section&nbsp;2(d)&nbsp;of the Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>871(m)&nbsp;Protocol</U>.
The parties agree that the definitions and provisions contained in the ISDA 2015 Section&nbsp;871(m)&nbsp;Protocol, as published by ISDA
and as may be amended, supplemented, replaced or superseded from time to time (the &ldquo;<B>871(m)&nbsp;Protocol</B>&rdquo;) shall apply
to the Agreement as if the parties had adhered to the 871(m)&nbsp;Protocol as of the effective date of the Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Tax
documentation</U>. For the purposes of Sections 4(a)(i)&nbsp;and 4(a)(ii)&nbsp;of the Agreement, Counterparty shall provide to Dealer,
and Dealer shall deliver to Counterparty, a valid and duly executed U.S. Internal Revenue Service Form&nbsp;W-9, or any successor thereto,
(i)&nbsp;on or before the date of execution of this Confirmation; (ii)&nbsp;promptly upon reasonable demand by the other party; and (iii)&nbsp;promptly
upon learning that any such tax form previously provided has become invalid, obsolete, or incorrect. Additionally, Counterparty or Dealer
shall, promptly upon reasonable request by the other party, provide such other tax forms and documents reasonably requested by the other
party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Change
of Account</U>. Section&nbsp;2(b)&nbsp;of the Agreement is hereby amended by the addition of the following after the word &ldquo;delivery&rdquo;
in the first line thereof: &ldquo;to another account in the same legal and tax jurisdiction.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Indemnification</U>.
Counterparty and the Operating Partnership agree to indemnify and hold harmless Dealer, its affiliates and its assignees and their respective
directors, officers, employees, agents and controlling persons (Dealer and each such person being an &ldquo;<B>Indemnified Party</B>&rdquo;)
from and against any and all losses (excluding, for the avoidance of doubt, financial losses resulting from the economic terms of the
Transactions), claims, damages and liabilities (or actions in respect thereof), joint or several, incurred by or asserted against such
Indemnified Party arising out of, in connection with, or relating to any breach of any covenant or representation made by Counterparty
in this Master Confirmation, any Supplemental Confirmation or the Agreement. Counterparty and the Operating Partnership will not be liable
under the foregoing indemnification provision to the extent that any loss, claim, damage, liability or expense is found in a nonappealable
judgment by a court of competent jurisdiction to have resulted from Dealer&rsquo;s breach of any covenant or representation made by Dealer
in this Master Confirmation, any Supplemental Confirmation or the Agreement or any willful misconduct, gross negligence or bad faith
of any Indemnified Party. If for any reason the foregoing indemnification is unavailable to any Indemnified Party or insufficient to
hold harmless any Indemnified Party, then Counterparty and the Operating Partnership shall contribute, to the maximum extent permitted
by law, to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability. In addition, Counterparty
and the Operating Partnership will reimburse any Indemnified Party for all reasonable expenses (including reasonable counsel fees and
expenses) as they are incurred in connection with the investigation of, preparation for or defense or settlement of any pending or threatened
claim covered by this Section&nbsp;9 or any action, suit or proceeding arising therefrom, whether or not such Indemnified Party is a
party thereto and whether or not such claim, action, suit or proceeding is initiated or brought by or on behalf of Counterparty or the
Operating Partnership.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP></SUP></FONT> Counterparty and the Operating Partnership
also agree that no Indemnified Party shall have any liability to Counterparty, the Operating Partnership or any person asserting claims
on behalf of or in right of Counterparty or the Operating Partnership in connection with or as a result of any matter referred to in
this Master Confirmation and any Supplemental Confirmation except to the extent that any losses, claims, damages, liabilities or expenses
incurred by Counterparty or the Operating Partnership result from the Dealer&rsquo;s breach of any covenant or representation made by
the Dealer in this Master Confirmation, any Supplemental Confirmation or the Agreement or any willful misconduct, gross negligence or
bad faith of any Indemnified Party. The provisions of this Section&nbsp;9 shall survive the completion of the Transactions contemplated
by this Master Confirmation and any Supplemental Confirmation and any assignment and/or delegation of the Transactions made pursuant
to the Agreement, this Master Confirmation or any Supplemental Confirmation shall inure to the benefit of any permitted assignee of Dealer.
For the avoidance of doubt, any payments due as a result of this provision may not be used to set off any obligation of Dealer upon settlement
of the Transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Beneficial
Ownership</U>. Notwithstanding anything to the contrary in the Agreement, this Master Confirmation or any Supplemental Confirmation,
in no event shall Dealer be entitled to receive, or be deemed to receive, or, with respect to clause (y)&nbsp;below, have the &ldquo;right
to acquire&rdquo; (within the meaning of NYSE Rule&nbsp;312.04(g)), Shares to the extent that, upon such receipt of such Shares, (i)&nbsp;the
 &ldquo;beneficial ownership&rdquo; (within the meaning of Section&nbsp;13 of the Exchange Act and the rules&nbsp;promulgated thereunder)
of Shares by Dealer, any of its affiliates&rsquo; business units subject to aggregation with Dealer for purposes of the &ldquo;beneficial
ownership&rdquo; test under Section&nbsp;13 of the Exchange Act and all persons who may form a &ldquo;group&rdquo; (within the meaning
of Rule&nbsp;13d-5(b)(1)&nbsp;under the Exchange Act) with Dealer with respect to &ldquo;beneficial ownership&rdquo; of any Shares (collectively,
 &ldquo;<B>Dealer Group</B>&rdquo;) would be equal to or greater than the lesser of (x)&nbsp;4.5% of the outstanding Shares (such condition,
an &ldquo;<B>Excess Section&nbsp;13 Ownership Position</B>&rdquo;), and (y)&nbsp;4.9% of the outstanding Shares as of the Trade Date
for any Transaction, which shall be notified by Counterparty to Dealer on or promptly following the Trade Date and set forth in the Supplemental
Confirmation (such number of Shares, the &ldquo;<B>Threshold Number of Shares</B>&rdquo; and such condition, the &ldquo;<B>Excess NYSE
Ownership Position</B>&rdquo;) or (ii)&nbsp;Dealer, Dealer Group or any person whose ownership position would be aggregated with that
of Dealer or Dealer Group (Dealer, Dealer Group or any such person, a &ldquo;<B>Dealer Person</B>&rdquo;) under Sections 3-601 through
3-603 of the Maryland Code (Corporations and Associations) or any state or federal bank holding company or banking laws, or any federal,
state or local laws, regulations or regulatory orders applicable to ownership of Shares (&ldquo;<B>Applicable Laws</B>&rdquo;), would
own, beneficially own, constructively own, control, hold the power to vote or otherwise meet a relevant definition of ownership in excess
of a number of Shares equal to (x)&nbsp;the lesser of (A)&nbsp;the maximum number of Shares that would be permitted under Applicable
Laws and (B)&nbsp;the number of Shares that would give rise to reporting or registration obligations or other requirements (including
obtaining prior approval by a state or federal regulator) of a Dealer Person under Applicable Laws and with respect to which such requirements
have not been met or the relevant approval has not been received or that would give rise to any consequences under the constitutive documents
of Counterparty (including, without limitation, Article&nbsp;Ninth of the Charter and any contract or agreement to which Counterparty
is a party), in each case <I>minus </I>(y)&nbsp;1% of the number of Shares outstanding on the date of determination (such condition described
in clause (ii), an &ldquo;<B>Excess Regulatory Ownership Position</B>&rdquo;). If any delivery owed to Dealer under any Transaction is
not made, in whole or in part, as a result of this provision, (i)&nbsp;Counterparty&rsquo;s obligation to make such delivery shall not
be extinguished and Counterparty shall make such delivery as promptly as practicable after, but in no event later than one Exchange Business
Day after, Dealer gives notice to Counterparty that such delivery would not result in (x)&nbsp;Dealer Group directly or indirectly so
beneficially owning in excess of the lesser of (A)&nbsp;4.5% of the outstanding Shares and (B)&nbsp;the Threshold Number of Shares or
(y)&nbsp;the occurrence of an Excess Regulatory Ownership Position and (ii)&nbsp;if such delivery relates to a Physical Settlement of
any Transaction, notwithstanding anything to the contrary herein, Dealer shall not be obligated to satisfy the portion of its payment
obligation with respect to such Transaction corresponding to any Shares required to be so delivered until the date Counterparty makes
such delivery.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Non-Confidentiality</U>.
The parties hereby agree that (i)&nbsp;effective from the date of commencement of discussions concerning the Transactions, Counterparty
and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the
tax treatment and tax structure of the Transactions and all materials of any kind, including opinions or other tax analyses, provided
by Dealer and its affiliates to Counterparty relating to such tax treatment and tax structure; <I>provided</I> that the foregoing does
not constitute an authorization to disclose the identity of Dealer or its affiliates, agents or advisers, or, except to the extent relating
to such tax structure or tax treatment, any specific pricing terms or commercial or financial information, and (ii)&nbsp;Dealer does
not assert any claim of proprietary ownership in respect of any description contained herein or therein relating to the use of any entities,
plans or arrangements to give rise to a particular United States federal income tax treatment for Counterparty.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Restricted
Shares</U>. If Counterparty is unable to comply with the covenant of Counterparty contained in Section&nbsp;6 above or Dealer otherwise
determines in its reasonable opinion that any Shares to be delivered to Dealer by Counterparty under any Transaction may not be freely
returned by Dealer to securities lenders as described in the covenant of Counterparty contained in Section&nbsp;6 above or otherwise
constitute &ldquo;restricted securities&rdquo; as defined in Rule&nbsp;144 under the Securities Act, then delivery of any such Settlement
Shares (the &ldquo;<B>Unregistered Settlement Shares</B>&rdquo;) shall be effected pursuant to Annex A hereto, unless waived by Dealer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Use
of Shares</U>. Dealer acknowledges and agrees that, except in the case of a Private Placement Settlement, Dealer shall use any Shares
delivered by Counterparty to Dealer on any Settlement Date to return to securities lenders to close out borrowings created by Dealer
or an affiliate of Dealer in connection with Dealer&rsquo;s (or such affiliate&rsquo;s) hedging activities related to exposure under
the Transactions or otherwise in compliance with applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Rule&nbsp;10b-18</U>.
In connection with bids and purchases of Shares in connection with any Net Share Settlement or Cash Settlement of any Transaction, Dealer
shall use commercially reasonable efforts to conduct its activities, or cause its affiliates to conduct their activities, in a manner
consistent with the requirements of the safe harbor provided by Rule&nbsp;10b-18 under the Exchange Act, as if such provisions were applicable
to such purchases and taking into account any applicable Securities and Exchange Commission no-action letters as appropriate, and subject
to any delays between the execution and reporting of a trade of the Shares on the Exchange and other circumstances beyond Dealer&rsquo;s
control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Governing
Law</U>. Notwithstanding anything to the contrary in the Agreement, the Agreement, this Master Confirmation, any Supplemental Confirmation
and all matters arising in connection with the Agreement this Master Confirmation and any Supplemental Confirmation shall be governed
by, and construed and enforced in accordance with, the laws of the State of New York (without reference to its choice of laws doctrine
other than Title 14 of Article&nbsp;5 of the New York General Obligations Law).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Set-Off</U>.
Each party waives any and all rights it may have to set-off delivery or payment obligations it owes to the other party under any Transaction
against any delivery or payment obligations owed to it by the other party, whether arising under the Agreement, under any other agreement
between parties hereto, by operation of law or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Staggered
Settlement</U>. Notwithstanding anything to the contrary herein, Dealer may, by prior notice to Counterparty, satisfy its obligation
to deliver any Shares or other securities on any date due (an &ldquo;<B>Original Delivery Date</B>&rdquo;) by making separate deliveries
of Shares or such securities, as the case may be, at more than one time on or prior to such Original Delivery Date, so long as the aggregate
number of Shares and other securities so delivered on or prior to such Original Delivery Date is equal to the number required to be delivered
on such Original Delivery Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Waiver
of Trial by Jury</U>. EACH OF COUNTERPARTY AND DEALER HEREBY IRREVOCABLY WAIVES (ON ITS OWN BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE
LAW, ON BEHALF OF ITS STOCKHOLDERS) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT,
TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE TRANSACTION OR THE ACTIONS OF DEALER OR ITS AFFILIATES IN THE NEGOTIATION, PERFORMANCE
OR ENFORCEMENT HEREOF.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Jurisdiction</U>.
THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES COURT
FOR THE SOUTHERN DISTRICT OF NEW YORK IN CONNECTION WITH ALL MATTERS RELATING HERETO AND WAIVE ANY OBJECTION TO THE LAYING OF VENUE IN,
AND ANY CLAIM OF INCONVENIENT FORUM WITH RESPECT TO, THESE COURTS. NOTHING IN THIS PROVISION SHALL PROHIBIT A PARTY FROM BRINGING AN
ACTION TO ENFORCE A MONEY JUDGMENT IN ANY OTHER JURISDICTION.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Counterparts</U>.
This Master Confirmation and any Supplemental Confirmation may be executed in any number of counterparts, all of which shall constitute
one and the same instrument, and any party hereto may execute this Master Confirmation and any Supplemental Confirmation by signing and
delivering one or more counterparts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Delivery
of Cash</U>. For the avoidance of doubt, nothing in this Master Confirmation or any Supplemental Confirmation shall be interpreted as
requiring Counterparty to deliver cash in respect of the settlement of the Transactions, except in circumstances where the required cash
settlement thereof is permitted for classification of the contract as equity by ASC 815-40, <I>Derivatives and Hedging &mdash; Contracts
in Entity&rsquo;s Own Equity</I>, as in effect on the Trade Date (including, for the avoidance of doubt, where Counterparty elects Cash
Settlement). For the avoidance of doubt, the preceding sentence shall not be construed as limiting Section&nbsp;9 hereunder or any damages
that may be payable by Counterparty as a result of a breach of this Master Confirmation or any Supplemental Confirmation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Adjustments</U>.
For the avoidance of doubt, whenever the Calculation Agent, the Hedging Party or the Determining Party is called upon to make an adjustment
pursuant to the terms of this Master Confirmation, any Supplemental Confirmation or the Equity Definitions to take into account the effect
of an event, the Calculation Agent, the Hedging Party or the Determining Party, as applicable, shall make such adjustment by reference
to the effect of such event on the Hedging Party, assuming that the Hedging Party maintains a commercially reasonable hedge position
at the time of the event.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Other
Forward and Similar Dealer Transactions</U>. Counterparty agrees that (x)&nbsp;it shall not cause to occur, or permit to exist, any Forward
Hedge Selling Period at any time there is (1)&nbsp;a &ldquo;Forward Hedge Selling Period&rdquo; (or equivalent term) relating to any
other issuer forward sale or similar transaction (including, without limitation, any &ldquo;Transaction&rdquo; under (as and defined
under) any substantially identical master forward confirmation) with any financial institution other than Dealer (an &ldquo;<B>Other
Forward Transaction</B>&rdquo;), (2)&nbsp;any &ldquo;Unwind Period&rdquo; (or equivalent term) hereunder under any Other Forward Transaction
or under any other issuer forward sale or similar transaction with Dealer (a &ldquo;<B>Similar Dealer Transaction</B>&rdquo;) or (3)&nbsp;any
other period in which Counterparty directly or indirectly issues and sells Shares pursuant to an underwriting agreement (or similar agreement
including, without limitation, any equity distribution agreement) (such period, a &ldquo;<B>Selling Period</B>&rdquo;) that Counterparty
enters into with any financial institution other than Dealer, and (y)&nbsp;Counterparty shall not cause to occur, or permit to exist,
an Unwind Period at any time there is an &ldquo;Unwind Period&rdquo; (or equivalent term) under any Other Forward Transaction or any
Similar Dealer Transaction, a &ldquo;Forward Hedge Selling Period&rdquo; (or equivalent term) relating to any Transaction, any Other
Forward Transaction or any Similar Dealer Transaction, or any Selling Period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Designation
by Dealer</U>. Notwithstanding any other provision of this Master Confirmation or any Supplemental Confirmation to the contrary requiring
or allowing Dealer to purchase, sell, receive or deliver any Shares or other securities to or from Counterparty, Dealer may designate
any of its affiliates to purchase, sell, receive or deliver such Shares or other securities and otherwise to perform Dealer&rsquo;s obligations
in respect of any Transaction and any such designee may assume such obligations. Dealer shall be discharged of its obligations to Counterparty
only to the extent of any such performance.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP></SUP></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Counterparty hereby agrees (a)&nbsp;to check this
Master Confirmation carefully and promptly upon receipt so that errors or discrepancies can be promptly identified and rectified and
(b)&nbsp;to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement between
Dealer and Counterparty hereunder, by manually signing this Master Confirmation or this page&nbsp;hereof as evidence of agreement to
such terms and providing the other information requested herein and promptly returning an executed copy to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yours faithfully,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[DEALER]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[<I>Signature Page to the
Forward Sale Confirmation</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreed and accepted
    by:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AGREE REALTY CORPORATION</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreed and accepted
    with respect to Sections 5 and 9 hereof and Annex A hereto by</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AGREE LIMITED PARTNERSHIP</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Realty Corporation,</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as the sole general
    partner</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page&nbsp;to the Forward Sale Confirmation</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>ANNEX A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">PRIVATE
PLACEMENT PROCEDURES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If Counterparty delivers Unregistered Settlement
Shares pursuant to Section&nbsp;12 above (a &ldquo;<B>Private Placement Settlement</B>&rdquo;), then:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">all
Unregistered Settlement Shares shall be delivered to Dealer (or any affiliate of Dealer designated by Dealer) pursuant to the exemption
from the registration requirements of the Securities Act <I>provided</I> by Section&nbsp;4(a)(2)&nbsp;thereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">as
of or prior to the date of delivery, Dealer and any potential purchaser of any such shares from Dealer (or any affiliate of Dealer designated
by Dealer) identified by Dealer shall be afforded a commercially reasonable opportunity to conduct a due diligence investigation with
respect to Counterparty customary in scope for private placements of equity securities of similar size (including, without limitation,
the right to have made available to them for inspection all financial and other records, pertinent corporate documents and other information
reasonably requested by them); <I>provided</I> that prior to receiving or being granted access to any such information, Dealer, such
affiliate of Dealer or such potential purchaser, as the case may be, may be required by Counterparty to enter into a customary nondisclosure
agreement with Counterparty in respect of any such due diligence investigation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">as
of the date of delivery, Counterparty and the Operating Partnership shall enter into an agreement (a &ldquo;<B>Private Placement Agreement</B>&rdquo;)
with Dealer (or any affiliate of Dealer designated by Dealer) in connection with the private placement of such shares by Counterparty
to Dealer (or any such affiliate) and the private resale of such shares by Dealer (or any such affiliate), substantially similar to private
placement purchase agreements customary for private placements of equity securities of similar size, in form and substance commercially
reasonably satisfactory to Dealer, which Private Placement Agreement shall include, without limitation, provisions substantially similar
to those contained in such private placement purchase agreements relating, without limitation, to the indemnification of, and contribution
in connection with the liability of, Dealer and its affiliates and obligations to use best efforts to obtain customary opinions, accountants&rsquo;
comfort letters and lawyers&rsquo; negative assurance letters, and shall provide for the payment by Counterparty of all commercially
reasonable fees and expenses in connection with such resale, including all commercially reasonable fees and expenses of counsel for Dealer,
and shall contain representations, warranties, covenants and agreements of Counterparty reasonably necessary or advisable to establish
and maintain the availability of an exemption from the registration requirements of the Securities Act for such resales; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
connection with the private placement of such shares by Counterparty to Dealer (or any such affiliate) and the private resale of such
shares by Dealer (or any such affiliate), Counterparty shall, if so requested by Dealer, prepare, in cooperation with Dealer, a private
placement memorandum in form and substance reasonably satisfactory to Dealer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the case of a Private Placement Settlement,
Dealer shall, in its good faith discretion, adjust the amount of Unregistered Settlement Shares to be delivered to Dealer hereunder in
a commercially reasonable manner to reflect the fact that such Unregistered Settlement Shares may not be freely returned to securities
lenders by Dealer and may only be saleable by Dealer at a discount to reflect the lack of liquidity in Unregistered Settlement Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If Counterparty delivers any Unregistered Settlement
Shares in respect of a Transaction, Counterparty agrees that (i)&nbsp;such Shares may be transferred by and among Dealer and its affiliates
and (ii)&nbsp;after the applicable &ldquo;holding period&rdquo; within the meaning of Rule&nbsp;144(d)&nbsp;under the Securities Act
has elapsed after the applicable Settlement Date, Counterparty shall promptly remove, or cause the transfer agent for the Shares to remove,
any legends referring to any transfer restrictions from such Shares upon delivery by Dealer (or such affiliate of Dealer) to Counterparty
or such transfer agent of any seller&rsquo;s and broker&rsquo;s representation letters customarily delivered by Dealer or its affiliates
in connection with resales of restricted securities pursuant to Rule&nbsp;144 under the Securities Act, each without any further requirement
for the delivery of any certificate, consent, agreement, opinion of counsel, notice or any other document, any transfer tax stamps or
payment of any other amount or any other action by Dealer (or such affiliate of Dealer).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>SCHEDULE
A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">SUPPLEMENTAL
CONFIRMATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>To:</B></FONT>
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Agree Realty Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>From:</B></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;[DEALER]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Re: </B></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Issuer
Share Forward Sale Transaction</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Date:</B></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;[
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;], 20[ ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The purpose of this Supplemental Confirmation
is to confirm the terms and conditions of the Transaction entered into between [DEALER] (&ldquo;<B>Dealer</B>&rdquo;) and Agree Realty
Corporation (&ldquo;<B>Counterparty</B>&rdquo;) (together, the &ldquo;<B>Contracting Parties</B>&rdquo;) on the Trade Date specified
below. This Supplemental Confirmation is a binding contract between Dealer and Counterparty as of the relevant Trade Date for the Transaction
referenced below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">This
Supplemental Confirmation supplements, forms part of, and is subject to the Master Confirmation dated as of September&nbsp;[&nbsp;&#11044;&nbsp;],
2022 (the &ldquo;<B>Master Confirmation</B>&rdquo;) between the Contracting Parties, as amended and supplemented from time to time. All
provisions contained in the Master Confirmation govern this Supplemental Confirmation except as expressly modified below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
terms of the Transaction to which this Supplemental Confirmation relates are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade Date:</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 77%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;],
    20[&#8239;&#8239;]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective Date:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;],
    20[&#8239;&#8239;]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity Date:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;],
    20[&#8239;&#8239;]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of Shares:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial Forward Price:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD [&#8239;&#8239;&#8239;&#8239;&#8239;]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spread:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;.&nbsp;]%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volume-Weighted Hedge Price:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD [&#8239;&#8239;&#8239;&#8239;&#8239;]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Threshold Price:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD [&#8239;&#8239;&#8239;&#8239;&#8239;]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial Stock Loan Rate:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#8239;&#8239;&#8239;] basis
    points per annum</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maximum Stock Loan Rate:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#8239;&#8239;&#8239;] basis
    points per annum</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Threshold Number of Shares:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#8239;&#8239;&#8239;]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Counterparty hereby agrees (a)&nbsp;to check this
Supplemental Confirmation carefully and promptly upon receipt so that errors or discrepancies can be promptly identified and rectified
and (b)&nbsp;to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement between
Dealer and Counterparty hereunder, by manually signing this Supplemental Confirmation or this page&nbsp;hereof as evidence of agreement
to such terms and providing the other information requested herein and promptly returning an executed copy to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yours faithfully,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[DEALER]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreed and accepted
    by:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AGREE REALTY CORPORATION</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Schedule I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">FORWARD
PRICE REDUCTION AMOUNTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward Price Reduction Date:</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward Price Reduction
    Amount:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;],
    20[&#8239;&#8239;]</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD&#9;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#8239;&#8239;&#8239;&#8239;]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;],
    20[&#8239;&#8239;]</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD&#9;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#8239;&#8239;&#8239;&#8239;]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;],
    20[&#8239;&#8239;]</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD&#9;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#8239;&#8239;&#8239;&#8239;]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;],
    20[&#8239;&#8239;]</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD&#9;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#8239;&#8239;&#8239;&#8239;]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">REGULAR
DIVIDEND AMOUNTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
any calendar month ending on or prior to [ ]:</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">USD[ ]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
any calendar month ending after [ ]:</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 8pt"></FONT>&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">USD[
]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>5
<FILENAME>tm2224755d2_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2224755d2_ex5-1img001.jpg" ALT="" STYLE="height: 30px; width: 186px"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 527.25pt"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 50%; padding-right: 5.75pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; font-size: 10pt"><IMG SRC="tm2224755d2_ex5-1img002.jpg" ALT=""></TD>
    <TD STYLE="padding-right: 5.75pt; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1.75in; text-align: center; margin-top: 0pt; margin-bottom: 0pt">September&nbsp;2, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Agree Realty Corporation</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">70 East Long Lake Rd.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bloomfield Hills, Michigan 48304</P></TD>
    <TD STYLE="width: 50%; padding-right: 5.75pt; padding-bottom: 0.15in; padding-left: 5.75pt; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Re:</TD><TD STYLE="text-align: justify"><U>Agree Realty Corporation, a Maryland corporation (the &ldquo;Company&rdquo;)</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">We have acted as Maryland corporate
counsel to the Company in connection with certain matters of Maryland law arising out of the registration of shares of common stock, par
value $0.0001 per share (&ldquo;Common Stock&rdquo;), of the Company having a maximum aggregate offering price of $750,000,000 (the &ldquo;Shares&rdquo;)
to be sold in an at-the-market offering (the &ldquo;Offering&rdquo;), pursuant to the Registration Statement on Form&nbsp;S-3 (Registration
No.&nbsp;333-238729) originally filed with the United States Securities and Exchange Commission (the &ldquo;Commission&rdquo;) on May&nbsp;27,
2020, as amended by Post-Effective Amendment No.&nbsp;1 filed with the Commission on August&nbsp;12, 2020, Post-Effective Amendment No.&nbsp;2
filed with the Commission on May&nbsp;5, 2021 and Post-Effective Amendment No.&nbsp;3 filed with the Commission on August&nbsp;15, 2022
(the &ldquo;Registration Statement&rdquo;), under the Securities Act of 1933, as amended (the &ldquo;Act&rdquo;). You have requested our
opinion with respect to the matters set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In our capacity as Maryland
corporate counsel to the Company and for the purposes of this opinion, we have examined originals, or copies certified or otherwise identified
to our satisfaction, of the following documents (collectively, the &ldquo;Documents&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
corporate charter of the Company (the &ldquo;Charter&rdquo;) represented by Articles of Incorporation filed with the State Department
of Assessments and Taxation of Maryland (the &ldquo;Department&rdquo;) on December&nbsp;15, 1993, Articles of Amendment filed with the
Department on April&nbsp;7, 1994, two Articles Supplementary filed with the Department on December&nbsp;8, 2008, Articles Supplementary
filed with the Department on September&nbsp;21, 2012, Articles of Amendment filed with the Department on May&nbsp;8, 2013, two Articles
Supplementary filed with the Department on July&nbsp;31, 2013, Articles of Amendment filed with the Department on May&nbsp;5, 2015, Articles
of Amendment filed with the Department on May&nbsp;3, 2016, Articles Supplementary filed with the Department on February&nbsp;26, 2019,
Articles of Amendment filed with the Department on April&nbsp;25, 2019, Articles of Amendment filed with the Department on May&nbsp;7,
2021 and Articles Supplementary filed with the Department on September&nbsp;13, 2021;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Bylaws of the Company adopted as of November&nbsp;8, 2006, as amended and restated by the Amended and Restated Bylaws of the Company,
adopted as of May&nbsp;8, 2013, as amended by the First Amendment to the Amended and Restated Bylaws of the Company, adopted as of February&nbsp;26,
2019 (the &ldquo;Bylaws&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT><B>BALLARD SPAHR LLP</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Agree Realty Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September&nbsp;2, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>resolutions
adopted by the Board of Directors of the Company, or a duly authorized committee thereof, on or as of May&nbsp;5, 2020, September&nbsp;1,
2022 and September&nbsp;1, 2022 (collectively, the &ldquo;Directors&rsquo; Resolutions&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Registration Statement and the related base prospectus dated May&nbsp;27, 2020 (the &ldquo;Base Prospectus&rdquo;), and the related prospectus
supplement dated September&nbsp;2, 2022 (the &ldquo;Prospectus Supplement&rdquo; and together with the Base Prospectus, the &ldquo;Prospectus&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
copy of each of the fully executed (a)&nbsp;Equity Distribution Agreement, dated as of September&nbsp;2, 2022 (the &ldquo;Wells Fargo
Equity Distribution Agreement&rdquo;), by and among the Company, Agree Limited Partnership, a Delaware limited partnership of which the
Company acts as the general partner (the &ldquo;Operating Partnership&rdquo;), and Wells Fargo Securities, LLC, as agent and/or principal
and as forward seller, and the forward purchaser party thereto, (b)&nbsp;the Equity Distribution Agreement, dated as of September&nbsp;2,
2022 (the &ldquo;BofA Equity Distribution Agreement&rdquo;), by and among the Company, the Operating Partnership and BofA Securities,&nbsp;Inc.,
as agent and/or principal and as forward seller, and the forward purchaser party thereto, (c)&nbsp;the Equity Distribution Agreement,
dated as of September&nbsp;2, 2022 (the &ldquo;Capital One Equity Distribution Agreement&rdquo;), by and among the Company, the Operating
Partnership and Capital One Securities,&nbsp;Inc., as agent and/or principal, (d)&nbsp;the Equity Distribution Agreement, dated as of
September&nbsp;2, 2022 (the &ldquo;Citigroup Equity Distribution Agreement&rdquo;), by and among the Company, the Operating Partnership
and Citigroup Global Markets Inc., as agent and/or principal and as forward seller, and the forward purchaser party thereto, (e)&nbsp;the
Equity Distribution Agreement, dated as of September&nbsp;2, 2022 (the &ldquo;Jefferies Equity Distribution Agreement&rdquo;), by and
among the Company, the Operating Partnership and Jefferies LLC, as agent and/or principal and as forward seller, and the forward purchaser
party thereto, (f)&nbsp;the Equity Distribution Agreement, dated as of September&nbsp;2, 2022 (the &ldquo;J.P. Morgan Equity Distribution
Agreement&rdquo;), by and among the Company, the Operating Partnership and J.P. Morgan Securities LLC, as agent and/or principal and as
forward seller, and the forward purchaser party thereto, (g)&nbsp;the Equity Distribution Agreement, dated as of September&nbsp;2, 2022
(the &ldquo;Morgan Stanley Equity Distribution Agreement&rdquo;), by and among the Company, the Operating Partnership and Morgan Stanley&nbsp;&amp;
Co. LLC, as agent and/or principal and as forward seller, and the forward purchaser party thereto, (h)&nbsp;the Equity Distribution Agreement,
dated as of September&nbsp;2, 2022 (the &ldquo;Raymond James Equity Distribution Agreement&rdquo;), by and among the Company, the Operating
Partnership and Raymond James&nbsp;&amp; Associates,&nbsp;Inc., as agent and/or principal and as forward seller, and the forward purchaser
party thereto, (i)&nbsp;the Equity Distribution Agreement, dated as of September&nbsp;2, 2022 (the &ldquo;Baird Equity Distribution Agreement&rdquo;),
by and among the Company, the Operating Partnership and Robert W. Baird&nbsp;&amp; Co. Incorporated, as agent and/or principal, and (j)&nbsp;the
Equity Distribution Agreement, dated as of September&nbsp;2, 2022 (the &ldquo;Stifel Equity Distribution Agreement&rdquo;, and together
with the Wells Fargo Equity Distribution Agreement, the BofA Equity Distribution Agreement, the Capital One Equity Distribution Agreement,
the Citigroup Equity Distribution Agreement, the Jefferies Equity Distribution Agreement, the J.P. Morgan Equity Distribution Agreement,
the Morgan Stanley Equity Distribution Agreement, the Raymond James Equity Distribution Agreement and the Baird Equity Distribution Agreement,
collectively, the &ldquo;Equity Distribution Agreements&rdquo;), by and among the Company, the Operating Partnership and Stifel, Nicolaus&nbsp;&amp;
Co. Incorporated, as agent and/or principal;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT><B>BALLARD SPAHR LLP</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Agree Realty Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September&nbsp;2, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT>Page&nbsp;3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
certificate of Joey Agree, President and Chief Executive Officer of the Company, and Peter Coughenour, Chief Financial Officer and Secretary
of the Company, dated as of a recent date (the &ldquo;Officers&rsquo; Certificate&rdquo;), to the effect that, among other things, the
Charter, the Bylaws and the Directors&rsquo; Resolutions are true, correct and complete, have not been rescinded or modified and are in
full force and effect on the date of the Officers&rsquo; Certificate and certifying as to the form, approval, execution and delivery of
the Equity Distribution Agreements;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(vii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
status certificate of the Department, dated as of a recent date, to the effect that the Company is duly incorporated and existing under
the laws of the State of Maryland and is duly authorized to transact business in the State of Maryland; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(viii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>such
other laws, records, documents, certificates, opinions and instruments as we have deemed necessary to render this opinion, subject to
the limitations, assumptions and qualifications noted below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In reaching the opinions set
forth below, we have assumed the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>each
person executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>each
natural person executing any of the Documents is legally competent to do so;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
of the Documents submitted to us as originals are authentic; any of the Documents submitted to us as certified or photostatic copies conform
to the original documents; all signatures on all of the Documents are genuine; all public records reviewed or relied upon by us or on
our behalf are true and complete; all statements and information contained in the Documents are true and complete; there has been no modification
of, or amendment to, any of the Documents, and there has been no waiver of any provision of any of the Documents by action or omission
of the parties or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Officers&rsquo; Certificate and all other certificates submitted to us are true and correct both when made and as of the date hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Company has not, and is not required to be, registered under the Investment Company Act of 1940;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>none
of the Shares will be issued or transferred in violation of the provisions of Article&nbsp;Ninth of the Charter relating to restrictions
on ownership and transfer of shares of stock of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT><B>BALLARD SPAHR LLP</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Agree Realty Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September&nbsp;2, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT>Page&nbsp;4</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>none
of the Shares will be issued and sold to an Interested Stockholder of the Company or an Affiliate thereof, all as defined in Subtitle
6 of Title 3 of the Maryland General Corporation Law (the &ldquo;MGCL&rdquo;), in violation of Section&nbsp;3-602 of the MGCL;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
aggregate offering price of all of the Shares will not exceed $750,000,000, and the aggregate number of Shares to be issued and sold pursuant
to the Equity Distribution Agreements will not exceed the maximum number of Shares authorized for issuance and sale in the Directors&rsquo;
Resolutions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
price per share to be received by the Company for each of the Shares to be issued and sold pursuant to the Equity Distribution Agreements
will be determined in accordance with, and will not be less than the applicable minimum price per share set forth in, the Directors&rsquo;
Resolutions; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>upon
each issuance of any of the Shares subsequent to the date hereof, the total number of shares of Common Stock of the Company issued and
outstanding, after giving effect to such issuance of such Shares, will not exceed the total number of shares of Common Stock that the
Company is authorized to issue under its Charter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Based on the foregoing, and
subject to the assumptions and qualifications set forth herein, it is our opinion that, as of the date of this letter:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Maryland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Shares to be issued in the Offering have been duly authorized by all necessary corporate action on the part of the Company, and when such
Shares are issued and delivered by the Company in exchange for payment therefor, in accordance with the Equity Distribution Agreements
and the Directors&rsquo; Resolutions, such Shares will be validly issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The foregoing opinions are limited
to the substantive laws of the State of Maryland, and we do not express any opinion herein concerning any other law. We express no opinion
as to the applicability or effect of any federal or state securities laws, including the securities laws of the State of Maryland, or
as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which our opinions are expressed herein
would be governed by the laws of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This opinion letter is issued
as of the date hereof and is necessarily limited to laws now in effect and facts and circumstances presently existing and brought to our
attention. We assume no obligation to supplement this opinion letter if any applicable laws change after the date hereof, or if we become
aware of any facts or circumstances that now exist or that occur or arise in the future and may change the opinions expressed herein after
the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT><B>BALLARD SPAHR LLP</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Agree Realty Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September&nbsp;2, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT>Page&nbsp;5</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">We consent to your filing this
opinion as an exhibit to the Company&rsquo;s Current Report on Form&nbsp;8-K relating to the Shares, which is incorporated by reference
in the Registration Statement, and further consent to the filing of this opinion as an exhibit to the applications to securities commissioners
for the various states of the United States for registration of the Shares. We also consent to the identification of our firm as Maryland
corporate counsel to the Company in the section of the Registration Statement entitled &ldquo;Legal Matters&rdquo;. In giving this consent,
we do not admit that we are within the category of persons whose consent is required by Section&nbsp;7 of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
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    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Ballard Spahr LLP</FONT></TD></TR>
  </TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TYPE>EX-101.LAB
<SEQUENCE>7
<FILENAME>adc-20220902_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.15c -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
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    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CoverAbstract" xlink:label="dei_CoverAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CoverAbstract_lbl" xml:lang="en-US">Cover [Abstract]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AmendmentDescription" xlink:label="dei_AmendmentDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentDescription" xlink:to="dei_AmendmentDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentDescription_lbl" xml:lang="en-US">Amendment Description</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentRegistrationStatement" xlink:label="dei_DocumentRegistrationStatement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentRegistrationStatement" xlink:to="dei_DocumentRegistrationStatement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentRegistrationStatement_lbl" xml:lang="en-US">Document Registration Statement</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentAnnualReport" xlink:label="dei_DocumentAnnualReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAnnualReport" xlink:to="dei_DocumentAnnualReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAnnualReport_lbl" xml:lang="en-US">Document Annual Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentQuarterlyReport" xlink:label="dei_DocumentQuarterlyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentQuarterlyReport" xlink:to="dei_DocumentQuarterlyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentTransitionReport" xlink:label="dei_DocumentTransitionReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentTransitionReport_lbl" xml:lang="en-US">Document Transition Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyReport" xlink:to="dei_DocumentShellCompanyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyReport_lbl" xml:lang="en-US">Document Shell Company Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentShellCompanyEventDate" xlink:label="dei_DocumentShellCompanyEventDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyEventDate" xlink:to="dei_DocumentShellCompanyEventDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyEventDate_lbl" xml:lang="en-US">Document Shell Company Event Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentPeriodStartDate" xlink:label="dei_DocumentPeriodStartDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodStartDate" xlink:to="dei_DocumentPeriodStartDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>8
<FILENAME>adc-20220902_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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<TYPE>XML
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm140243054004080">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Sep. 02, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Sep.  02,  2022<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-12928<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">AGREE REALTY CORPORATION<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000917251<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">38-3148187<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">70 E. Long Lake Road<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Bloomfield Hills<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">MI<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">48304<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">248<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">737-4190<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, $0.0001 par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">ADC<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
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M   0              "  0    !A9&,M,C R,C Y,#(N>'-D4$L! A0#%
M  @ NH4B59.*F$+_"@  ;(<  !0              ( !:P,  &%D8RTR,#(R
M,#DP,E]L86(N>&UL4$L! A0#%     @ NH4B58JMHOE6!P  QE@  !0
M         ( !G X  &%D8RTR,#(R,#DP,E]P<F4N>&UL4$L! A0#%     @
MNH4B54-+=/$W&@  HH\  !(              ( !)!8  '1M,C(R-#<U-60R
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M  "  8LP  !T;3(R,C0W-35D,E]E>#$M,2YH=&U02P$"% ,4    " "ZA2)5
MDBX&JEO8  #^E@4 %0              @ &2\0  =&TR,C(T-S4U9#)?97@Q
M+3(N:'1M4$L! A0#%     @ NH4B5>$PO'2QA0  EWL# !4
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M^C,=9Q,  !MS   5              "  010 @!T;3(R,C0W-35D,E]E>#4M
;,2YH=&U02P4&      @ "  . @  GF,"

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
