First Amendment, dated as of March 6, 2019, to 2018 Advisor Multi-Year Outperformance Award Agreement, dated as of July 19, 2018, between American Finance Operating Partnership, L.P. and America Finance Advisors, LLC

This FIRST AMENDMENT TO THE 2018 ADVISOR MULTI-YEAR OUTPERFORMANCE AGREEMENT (this “Amendment”) made as of and effective as of March 6, 2019, by and among AMERICAN FINANCE TRUST, INC. a Maryland corporation (the “Company”), its subsidiary AMERICAN FINANCE OPERATING PARTNERSHIP, L.P., a Delaware limited partnership and the entity through which the Company conducts substantially all of its operations (the “Partnership”), and AMERICAN FINANCE ADVISORS, LLC, a Delaware limited liability company, the Company’s manager (the “Advisor”).

WHEREAS, the Company, the Operating Partnership and the Advisor previously entered into that certain 2018 Advisor Multi-Year Outperformance Agreement, dated as of July 19, 2018 (the “2018 OPP”);

WHEREAS on December 31, 2018, one of the Peer Group Companies (as defined in the 2018 OPP), Select Income REIT, completed a merger with Government Properties Income Trust, with the surviving entity, Government Properties Income Trust, being renamed Office Properties Income Trust, and, in connection therewith, the Company, the Operating Partnership and the Advisor desire to make certain amendments to the 2018 OPP.

NOW, THEREFORE, the Company, the Partnership and the Advisor agree as follows:

“Peer Group Companies” means Colony Capital, Inc., Lexington Realty Trust, Ramco-Gershenson Properties Trust, Office Properties Income Trust and Spirit Realty Capital, Inc.