Exhibit 10.2
October 7, 2016
AR Capital Acquisition Corp.
405 Park Avenue, 14th Floor
New York, New York 10022
AR Capital, LLC
405 Park Avenue, 14th Floor
New York, New York 10022
Re: Termination Letter
Gentlemen:
Reference is made to that certainletter agreement dated as of October 1, 2014 (the “Insider LetterAgreement”), by and among AR Capital Acquisition Corp., a Delaware corporation (the “Company”), AR Capital, LLC, a Delaware limited liability company (“AR Capital”), Nicholas S. Schorsch, William M. Kahane, Nicholas Radesca and Yoav Wiegenfeld (collectively, the “Parties”).
Based on the due execution and delivery of (i) that certain transfer agreement dated as of September 16, 2016, by and amongAR Capital,Axar Master Fund Ltd., a Cayman Islands exempted company (“Axar”), and the Company,as amended by the First Amendment to the Agreement, dated September 27, 2016, and (ii) that certain insider letter agreement dated as of even date herewith, by and between Axar and the Company, the Parties hereby agree that the Insider Letter Agreement is terminated effective as of the date hereof with respect toNicholas S. Schorsch, William M. Kahane and Nicholas Radesca; provided however, that the Insider Letter Agreement shall remain in full force and effect with respect to Yoav Wiegenfeld.
[Signature Page Follows]
| Very truly, yours, | ||
| AR CAPITAL ACQUISITION CORP. | ||
| By: | /s/ William Kahane | |
Name: William Kahane Title: CEO | ||
[Signature Page to Insider Letter Amendment]
ACKNOWLEDGED AND AGREED:
AR CAPITAL, LLC
| By: | /s/ Edward Michael Weil Jr | |
| Name: Edward Michael Weil Jr | ||
| Title: CEO | ||
| By: | /s/ Nicholas S. Schorsch | |
| Name: Nicholas S. Schorsch |
| By: | /s/ William M. Kahane | |
| Name: William M. Kahane | ||
| By: | /s/ Nicholas Radesca | |
| Name: Nicholas Radesca |
| By: | /s/ Yoav Wiegenfeld | |
| Name: Yoav Wiegenfeld |
[Signature Page to Insider Letter Amendment]