EX-10.4



 Exhibit 10.4 
 ESCROW AGREEMENT 
 UMB Bank, N.A. 

1010 Grand Blvd., 4th Floor 
 Mail
Stop: 1020409 
 Kansas City, MO 64106 
  

	 	Re:	Cole Credit Property Trust V, Inc.  


Ladies and Gentlemen: 
 COLE CREDIT PROPERTY
TRUST V, INC., a Maryland corporation (the “Company”), will issue in a public offering (the “Offering”) shares of its common stock (the “Stock”) pursuant to a registration statement on Form S-11
filed by the Company with the Securities and Exchange Commission. Cole Capital Corporation, an Arizona corporation (the “Dealer Manager”), will act as dealer manager for the offering of the Stock. The Company is entering into this
agreement to set forth the terms on which UMB BANK, N.A. (the “Escrow Agent”), will, except as otherwise provided herein, hold and disburse the proceeds from subscriptions for the purchase of the Stock in the Offering until
such time as: (i) the Company has received subscriptions for at least $2,500,000 in shares of Stock in the Offering (the “Required Capital”); (ii) in the case of subscriptions received from residents of Washington
(“Washington Subscribers”), the Company has received subscriptions for Stock resulting in total minimum capital raised of $20,000,000 (the “Washington Required Capital”); and (iii) in the case of subscriptions
received from residents of Pennsylvania (“Pennsylvania Subscribers”), the Company has received subscriptions for Stock resulting in total minimum capital raised of $125,000,000 (the “Pennsylvania Required Capital”).

 The Company hereby appoints UMB Bank, N.A. as Escrow Agent for purposes of holding the proceeds from the subscriptions for the Stock, on the
terms and conditions hereinafter set forth: 
 1.            Until such time as the
Company has received subscriptions for Stock resulting in total minimum capital raised equal to the Required Capital and such funds are disbursed from the Escrow Account (as defined below) in accordance with paragraph 3(a) hereof, persons
subscribing to purchase the Stock (the “Subscribers”) will be instructed by the Dealer Manager or any soliciting dealers to remit the purchase price in the form of checks, drafts, wires, Automated Clearing House (ACH) or money
orders (hereinafter “instruments of payment”) payable to the order of “UMB Bank, N.A., Agent for Cole Credit Property Trust V, Inc.” or a recognizable contraction or abbreviation thereof, including but not limited
to, “UMB Bank, N.A., f/b/o CCPT V” or, in the event that the purchase is made using a subscription agreement covering the Stock and the stock of one or more other Cole REITs, “UMB Bank, N.A., Agent for Cole REIT” or a
recognizable contraction or abbreviation thereof. After subscriptions are received resulting in total minimum capital raised equal to the Required Capital and such funds are disbursed from the Escrow Account in accordance with paragraph 3(a) hereof,
subscriptions shall continue to be so submitted unless otherwise instructed by the Dealer Manager. Any checks, drafts or money orders received made payable to a party other than the Escrow Agent (or after the Required Capital is received, made
payable by a Subscriber other than a Washington Subscriber or a Pennsylvania Subscriber to a party other than the party designated by the Dealer Manager) shall be returned promptly to the soliciting dealer who submitted the check, draft or money
order. Within one (1) business day after receipt of instruments of payment from the Offering, the Dealer Manager, the Company or their respective agents will (a) send to the Escrow Agent: each Subscriber’s name, address, number of
shares purchased, and purchase price remitted, and (b) Escrow Agent will deposit the instruments of payment from such Subscribers into an 







 
interest-bearing deposit account entitled “Escrow Account for the Benefit of Subscribers for Common Stock of Cole Credit Property Trust V, Inc.” (the “Escrow Account”),
which deposit shall occur within one (1) business day after the Escrow Agent’s receipt of the instrument of payment, until such Escrow Account has closed pursuant to paragraph 3(a) hereof. The Escrow Agent agrees to maintain the funds
contributed by the Washington Subscribers and the Pennsylvania Subscribers in a manner in which they each may be separately accounted for on the records of Escrow Agent so that the requirements of paragraph 3 of this Agreement can be met. The Escrow
Account will be established and maintained in such a way as to permit the interest income calculations described in paragraph 7. The Company shall, and shall cause its agents to, cooperate with the Escrow Agent in separately accounting for
Washington and Pennsylvania subscription proceeds in the Escrow Account, and the Escrow Agent shall be entitled to rely upon information provided by the Company or its agents in this regard. 
 2.            The Escrow Agent agrees to promptly process for collection the instruments of payment upon deposit into the Escrow Account.
Deposits shall be held in the Escrow Account until such funds are disbursed in accordance with paragraph 3 hereof. Prior to disbursement of the funds deposited in the Escrow Account, such funds shall not be subject to claims by creditors of the
Escrow Agent, the Company, the Dealer Manager, any soliciting dealer or any of their respective affiliates. If any of the instruments of payment are returned to the Escrow Agent for nonpayment prior to receipt of the Required Capital or, in
connection with subscriptions from Washington Subscribers or Pennsylvania Subscribers, the Washington Required Capital or the Pennsylvania Required Capital, respectively, the Escrow Agent shall promptly notify the Dealer Manager and the Company in
writing via mail, email or facsimile of such nonpayment, and is authorized to debit the Escrow Account in the amount of such returned payment as well as any interest earned on the amount of such payment. 

3.    (a)     (i) Subject to the provisions of subparagraphs 3(b)-3(g) below, once the
collected funds in the Escrow Account are an amount equal to or greater than the Required Capital, the Escrow Agent shall promptly notify the Company and, upon receiving written instruction from the Company, (A) promptly disburse to the
Company, by check, ACH or wire transfer, the funds in the Escrow Account representing the gross purchase price for the Stock less any funds received from Washington Subscribers and Pennsylvania Subscribers, and (B) within five business days
after the first business day of the succeeding month, disburse to the Company any interest thereon pursuant to the provisions of subparagraph 3(g). After such time the Escrow Account shall remain open and the Company shall continue to cause
subscriptions for the Stock to be deposited therein until the Company informs the Escrow Agent in writing to cease depositing subscriptions received from Subscribers other than Washington Subscribers and Pennsylvania Subscribers, and thereafter any
subscription documents and instruments of payment received by the Escrow Agent from Subscribers other than Washington Subscribers and Pennsylvania Subscribers shall be forwarded directly to the Company. For purposes of this Agreement, the term
“collected funds” shall mean all funds received by the Escrow Agent that have cleared normal banking channels and are in the form of cash or cash equivalent. After the satisfaction of the aforementioned provisions of this paragraph
3(a)(i), in the event the Company receives subscriptions made payable to the Escrow Agent (other than subscriptions from Washington Subscribers and Pennsylvania Subscribers), such subscription proceeds may continue to be received in this account
generally, but to the extent such proceeds shall not be subject to escrow due to the satisfaction of the aforementioned provisions of this paragraph 3(a)(i), such proceeds are not subject to this Escrow Agreement and at the instruction of the
Company to the Escrow Agent shall be transferred from the Escrow Account or deposited directly into, as the case may be, a commercial deposit account in the name of the Company (the “Deposit Account”) that has been previously
established by the Company, unless otherwise directed by the Company. The Company hereby covenants and agrees that it shall do all things necessary in order to establish the Deposit Account, which, if established with the Escrow Agent, shall be
subject to the Escrow Agent’s usual account guidelines and regulations, prior to its use. No provisions of this Escrow Agreement shall apply to the Deposit Account. 

  
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 (ii) regardless of any release of funds from the Escrow Account from Subscribers other than
Washington Subscribers, the Company, the Dealer Manager and soliciting dealers shall continue to forward instruments of payment received from Washington Subscribers for deposit into the Escrow Account to the Escrow Agent until such time as the
Company notifies the Escrow Agent in writing that total subscription proceeds (including the amount then in the Escrow Account from Washington Subscribers but excluding the amount then in the Escrow Account from Pennsylvania Subscribers) equal or
exceed the Washington Required Capital. Promptly after receipt by the Escrow Agent of such notice, the Escrow Agent shall (A) disburse to the Company, by check, ACH or wire transfer, the funds then in the Escrow Account representing the gross
purchase price for the Stock from Washington Subscribers, and (B) within five business days after the first business day of the succeeding month, disburse to the Company any interest thereon pursuant to the provisions of subparagraph 3(g).
Following such disbursements, any instruments of payment received by the Escrow Agent from Washington Subscribers shall not be subject to this Escrow Agreement and shall be deposited directly into the Deposit Account, as instructed in writing by the
Company pursuant to subparagraph 3(a)(i) above. 
 (iii) regardless of any release of funds from the Escrow Account from
Subscribers other than Pennsylvania Subscribers, the Company, the Dealer Manager and soliciting dealers shall continue to forward instruments of payment received from Pennsylvania Subscribers for deposit into the Escrow Account to the Escrow Agent
until such time as the Company notifies the Escrow Agent in writing that total subscription proceeds (including the amount then in the Escrow Account from Pennsylvania Subscribers) equal or exceed the Pennsylvania Required Capital. Promptly after
receipt by the Escrow Agent of such notice, the Escrow Agent shall (A) disburse to the Company, by check, ACH or wire transfer, the funds then in the Escrow Account representing the gross purchase price for the Stock from Pennsylvania
Subscribers, and (B) within five business days after the first business day of the succeeding month, disburse to the Company any interest thereon pursuant to the provisions of subparagraph 3(g). Following such disbursements, the Escrow
Agent shall close the Escrow Account, and thereafter any instruments of payment received by the Escrow Agent from Pennsylvania Subscribers shall not be subject to this Escrow Agreement and shall be deposited directly into the Deposit Account, as
instructed in writing by the Company pursuant to subparagraph 3(a)(i) above. 

(b)        Within four business days of the close of business on the date that is one year
following the effective date of the Offering (the Company will notify the Escrow Agent of the effective date of the Offering) (the “Expiration Date”), the Escrow Agent shall promptly notify the Company if it is not in receipt of
evidence of deposits for the purchase of Stock providing for aggregate offering proceeds that equal or exceed the Required Capital (from all sources). Within ten days following the date of such notice, the Escrow Agent shall promptly return directly
to each Subscriber the collected funds deposited in the Escrow Account on behalf of such Subscriber (unless earlier disbursed in accordance with paragraph 3(c)), or shall return the instruments of payment delivered, but not yet processed for
collection prior to such time, in either case, together with interest income (which interest shall be paid within five business days after the first business day of the succeeding month) in the amounts calculated pursuant to paragraph 7 for each
Subscriber at the address provided by the Dealer Manager or the Company to the Escrow Agent, which the Escrow Agent shall be entitled to rely upon. Notwithstanding the above, in the event the Escrow Agent has not received an executed IRS Form W-9 at
such time for each Subscriber, the Escrow Agent shall remit an amount to the Subscribers in accordance with the provisions hereof, withholding the applicable percentage for backup withholding required by the Internal Revenue Code, as then in effect,
from any interest income on subscription proceeds (determined in accordance with paragraph 7) attributable to each Subscriber for whom the Escrow Agent does not possess an executed IRS Form W-9. However, the Escrow Agent shall not be required to
remit any payments until the Escrow Agent has collected funds represented by such payments. 

  
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 (c)        Notwithstanding subparagraphs 3(a) and
3(b) above, if the Escrow Agent is not in receipt of evidence of subscriptions accepted on or before the close of business on such date that is 120 days after the effective date of the Offering (the “Initial Escrow Period”), and
instruments of payment dated not later than that date, for the purchase of Stock providing for total purchase proceeds from all nonaffiliated sources that equal or exceed the Pennsylvania Required Capital, the Escrow Agent shall promptly notify the
Company. Thereafter, the Company shall send to each Pennsylvania Subscriber by certified mail within ten (10) calendar days after the end of the Initial Escrow Period a notification in the form of Exhibit A. If, pursuant to such
notification, a Pennsylvania Subscriber requests the return of his or her subscription funds within ten (10) calendar days after receipt of the notification (the “Request Period”), the Escrow Agent shall, within ten
(10) calendar days after receipt of such request, refund directly to each Pennsylvania Subscriber the collected funds deposited in the Escrow Account on behalf of such Pennsylvania Subscriber or shall return the instruments of payment
delivered, but not yet processed for collection prior to such time, to the address provided by the Dealer Manager or the Company or their respective agents to the Escrow Agent, which the Escrow Agent shall be entitled to rely upon, together with
interest income (which interest shall be paid within five business days after the first business day of the succeeding month) in the amounts calculated pursuant to paragraph 7. Notwithstanding the above, if the Escrow Agent has not received an
executed IRS Form W-9 is for such Pennsylvania Subscriber, the Escrow Agent shall thereupon remit an amount to such Pennsylvania Subscriber in accordance with the provisions hereof, withholding the applicable percentage for backup withholding
required by the Internal Revenue Code, as then in effect, from any interest income earned on subscription proceeds (determined in accordance with paragraph 7) attributable to such Pennsylvania Subscriber. However, the Escrow Agent shall not be
required to remit such payments until the Escrow Agent has collected funds represented by such payments. 

(d)        The subscription funds of Pennsylvania Subscribers who do not request the return of
their subscription funds within the Request Period shall remain in the Escrow Account for successive 120-day escrow periods (a “Successive Escrow Period”), each commencing automatically upon the termination of the prior Successive
Escrow Period, and the Company and Escrow Agent shall follow the notification and payment procedure set forth in subparagraph 3(c) above with respect to the Initial Escrow Period for each Successive Escrow Period until the occurrence of the earliest
of (i) the Expiration Date (if the Company has not received the Required Capital on or before the Expiration Date), (ii) the receipt and acceptance by the Company of subscriptions for the purchase of Stock with total purchase proceeds that
equal or exceed the Pennsylvania Required Capital and the disbursement of the funds from Pennsylvania Subscribers from the Escrow Account on the terms specified herein, or (iii) all funds held in the Escrow Account from Pennsylvania Subscribers
having been returned to the Pennsylvania Subscribers in accordance with the provisions hereof. 

(e)        In the event that the Offering is terminated prior to the receipt of the Washington
Required Capital, the Company shall notify the Escrow Agent of the termination of the Offering. Within ten days following the date of such notice, the Escrow Agent shall promptly return directly to each Washington Subscriber the collected funds
deposited in the Escrow Account on behalf of such Washington Subscriber, or shall return the instruments of payment delivered, but not yet processed for collection prior to such time, in either case, together with interest income (which interest
shall be paid within five business days after the first business day of the succeeding month) in the amounts calculated pursuant to paragraph 7 for each such Washington Subscriber at the address provided by the Dealer Manager or the Company to the
Escrow Agent, which the Escrow Agent shall be entitled to rely upon. Notwithstanding the above, in the event the Escrow Agent has not received an executed IRS Form W-9 at such time for any Washington Subscriber, the Escrow Agent shall remit an
amount to such Washington Subscriber in accordance with the provisions hereof, withholding the applicable percentage for backup withholding required by the Internal Revenue Code, as then in effect, from any interest income earned on subscription
proceeds (determined in accordance with paragraph 7) attributable to such Washington Subscriber. However, the Escrow Agent shall not be required to remit such payments until the Escrow Agent has collected funds represented by such payments.


  
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 (f)        If the Company rejects any subscription
for which the Escrow Agent has collected funds, the Escrow Agent shall, upon the written request of the Company, promptly issue a refund to the rejected Subscriber at the address provided by the Dealer Manager or the Company, which the Escrow Agent
shall be entitled to rely upon. If the Company rejects any subscription for which the Escrow Agent has not yet collected funds but has submitted the Subscriber’s check for collection, the Escrow Agent shall promptly return the funds in the
amount of the Subscriber’s check to the rejected Subscriber, at the address provided by the Dealer Manager or the Company or their respective agents, which the Escrow Agent shall be entitled to rely upon, after such funds have been collected.
If the Escrow Agent has not yet submitted a rejected Subscriber’s check for collection, the Escrow Agent shall promptly remit the Subscriber’s check directly to the Subscriber. 

(g)        At any time after funds are disbursed upon the Company’s acceptance of
subscriptions pursuant to subparagraph 3(a) above, on the fifth business day following the first business day of the next succeeding month following the date of such acceptance, the Escrow Agent shall promptly provide directly to the Company the
amount of the interest payable to the Company. However, the Escrow Agent shall not be required to remit any payments until the Escrow Agent has collected the funds represented by such payments. 

In the event that instruments of payment are returned for nonpayment, the Escrow Agent is authorized to debit the Escrow Account in
accordance with paragraph 2 hereof. 
 4.            The Escrow Agent shall provide
to the Company monthly statements (or more frequently as reasonably requested by the Company) which include, without limitation, if such amounts are not available to the Company at least daily pursuant to the “TrustDirect” program, the
account balance in the Escrow Account, the account balance of the funds in the Escrow Account from Washington Subscribers, the account balance of the funds in the Escrow Account from Pennsylvania Subscribers, and the activity in the Escrow Account
and, separately, the activity involving Washington Subscribers and Pennsylvania Subscribers since the last report. The Escrow Agent will provide access to its “TrustDirect” program to allow the Company to view account balances for the
Escrow Account and the funds in the Escrow Account from Washington Subscribers and Pennsylvania Subscribers at any time. 

5.            Prior to the disbursement of funds deposited in the Escrow Account in
accordance with the provisions of paragraph 3 hereof, the Escrow Agent shall invest all of the funds deposited as well as earnings and interest derived therefrom in the Escrow Account in the “Short-Term Investments” specified below at the
written direction of the Company, unless the costs to the Company for the making of such investment are reasonably expected to exceed the anticipated interest earnings from such investment in which case the funds and interest thereon shall remain in
the Escrow Account until the balance in the Escrow Account reaches the minimum amount necessary for the anticipated interest earnings from such investment to exceed the costs to the Company for the making of such investment, as determined by the
Company based upon applicable interest rates. In the absence of written direction from the Company, the Escrow Agent shall invest and reinvest all funds in UMB Money Market Special, a UMB Bank interest-bearing money market account. 

“Short-Term Investments” include obligations of, or obligations guaranteed by, the United States government or bank
money-market accounts or certificates of deposit of national or state banks that have deposits insured by the Federal Deposit Insurance Corporation (including certificates of deposit of any bank acting as a depository or custodian for any such
funds) which mature on or before the Expiration Date, unless such instrument cannot be readily sold or otherwise disposed of for cash by the Expiration Date without any dissipation of the offering proceeds invested. Without limiting the generality
of the foregoing, Exhibit B hereto sets forth specific Short-Term Investments that shall be deemed permissible investments hereunder. 

  
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 The following securities are not permissible investments: 

 

	 	(a)	money market funds; 

  

	 	(b)	corporate equity or debt securities; 

  

	 	(c)	repurchase agreements; 

  

	 	(d)	bankers’ acceptances; 

  

	 	(e)	commercial paper; and 

  

	 	(f)	municipal securities. 

 It is hereby expressly
agreed and stipulated by the parties hereto that the Escrow Agent shall not be required to exercise any discretion hereunder and shall have no investment or management responsibility and, accordingly, shall have no duty to, or liability for its
failure to, provide investment recommendations or investment advice to the parties hereto. It is the intention of the parties hereto that the Escrow Agent shall never be required to use, advance or risk its own funds or otherwise incur financial
liability in the performance of any of its duties or the exercise of any of its rights and powers hereunder. 

6.            The Escrow Agent is entitled to rely upon written instructions received from
the Company or the Dealer Manager or their respective agents, unless the Escrow Agent has actual knowledge that such instructions are not valid or genuine; provided that, if in the Escrow Agent’s opinion, any instructions from the Company or
the Dealer Manager or their respective agents are unclear, the Escrow Agent may request clarification from the Company or the Dealer Manager or their respective agents, as applicable, prior to taking any action, and if such instructions continue to
be unclear, the Escrow Agent may rely upon written instructions from the Company’s legal counsel in distributing or continuing to hold any funds. However, the Escrow Agent shall not be required to disburse any funds attributable to instruments
of payment that have not been processed for collection, until such funds are collected and then shall disburse such funds in compliance with the disbursement instructions from the Company or the Dealer Manager or their respective agents. 

7.            If (a) the Offering terminates prior to receipt of the Required Capital or
the Washington Required Capital, or (b) one or more Pennsylvania Subscribers elects to have his or her subscription returned in accordance with paragraph 3, interest income earned in the Escrow Account on subscription proceeds deposited in the
Escrow Account (the “Escrow Income”) shall be remitted to the applicable Subscribers at the addresses provided by the Dealer Manager or the Company to the Escrow Agent, which the Escrow Agent shall be entitled to rely upon, in
accordance with paragraph 3 and without any deductions for escrow expenses. The Company shall reimburse the Escrow Agent for all escrow expenses. If the Escrow Agent remits interest income pursuant to this Agreement, the Escrow Agent shall be
responsible for any necessary federal tax reporting associated with such income; provided, however, that the Escrow Agent shall not be responsible for any other tax reporting associated with this Agreement. The Escrow Agent shall remit all such
Escrow Income in accordance with paragraph 3. If the Company chooses to leave the Escrow Account open to Subscribers other than Pennsylvania Subscribers and Washington Subscribers after receiving the Required Capital, then it shall make regular
acceptances of such subscriptions therein, but no less frequently than monthly, and the Escrow Income from the last such acceptance shall be calculated and remitted to the Company pursuant to the provisions of paragraph 3(g). 

8.            The Escrow Agent shall receive compensation from the Company as set forth in
Exhibit C attached hereto, which such Exhibit C is hereby incorporated by reference. 

  
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 9.            In performing any of its duties
hereunder, the Escrow Agent shall not incur any liability to anyone for any damages, losses, or expenses, except for willful misconduct, breach of trust, or gross negligence. Accordingly, the Escrow Agent shall not incur any such liability with
respect to any action taken or omitted (a) in good faith upon advice of the Escrow Agent’s counsel given with respect to any questions relating to the Escrow Agent duties and responsibilities under this Agreement, or (b) in reliance
upon any instrument, including any written instrument or instruction provided for in this Agreement, not only as to its due execution and validity and effectiveness of its provisions but also as to the truth and accuracy of information contained
therein, which the Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by a proper person or persons and to conform to the provisions of this Agreement. 
 10.        The Company hereby agrees to indemnify and hold the Escrow Agent harmless against any and all losses, claims, damages, liabilities, and expenses,
including reasonable attorneys’ fees and disbursements, that may be imposed on or incurred by the Escrow Agent in connection with acceptance of appointment as the Escrow Agent hereunder, or the performance of the duties hereunder, including any
litigation arising from this Agreement or involving the subject matter hereof, except where such losses, claims, damages, liabilities, and expenses result from willful misconduct, breach of trust, or gross negligence. 

11.        In the event of a dispute between the parties hereto sufficient in the Escrow Agent’s discretion
to justify doing so, the Escrow Agent shall be entitled to tender into the registry or custody of any court of competent jurisdiction all money or property in its hands under this Agreement, together with such legal pleadings as deemed appropriate,
and thereupon be discharged from all further duties and liabilities under this Agreement. In the event of any uncertainty as to the duties hereunder, the Escrow Agent may refuse to act under the provisions of this Agreement pending order of a court
of competent jurisdiction and shall have no liability to the Company or to any other person as a result of such action. Any such legal action may be brought in such court, as the Escrow Agent shall determine to have jurisdiction thereof. The filing
of any such legal proceedings shall not deprive the Escrow Agent of its compensation earned prior to such filing. 

12.        All communications and notices required or permitted by this Agreement shall be in writing and shall
be deemed to have been given when delivered personally or by messenger or by overnight delivery service or when received via telecopy or other electronic transmission, in all cases addressed to the person for whom it is intended at such
person’s address set forth below or to such other address as a party shall have designated by notice in writing to the other party in the manner provided by this paragraph: 

 

	 	 (a)	if to the Company: 

  

	 	     	Cole Credit Property Trust V, Inc. 


	 	     	2325 E. Camelback Road, Suite 1100 


	 	     	Phoenix, Arizona 85016 


	 	     	Fax: (480) 449-7001 


	 	     	Attention: D. Kirk McAllaster, Jr. 

  

	 	 (b)	if to the Dealer Manager: 

  

	 	     	Cole Capital Corporation 


	 	     	2325 E. Camelback Road, Suite 1100 


	 	     	Phoenix, Arizona 85016 


	 	     	Fax: (480) 449-7001 


	 	     	Attention: Jeffrey C. Holland 


  
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	 	 (c)	if to the Escrow Agent: 

  

	 	     	UMB Bank, N.A. 


	 	     	Corporate Trust Department M/S 1020409 


	 	     	 1010 Grand Blvd.,
4th Floor 



	 	     	Kansas City, MO 64106 


	 	     	Attention: Lara Stevens 

 Each party hereto may,
from time to time, change the address to which notices to it are to be delivered or mailed hereunder by notice in accordance herewith to the other parties. 
 13.        This Agreement shall be governed by the laws of the State of Arizona as to both interpretation and performance without regard to the conflict of laws
rules thereof. 
 14.        The provisions of this Agreement shall be binding upon the legal
representatives, successors, and assigns of the parties hereto. 
 15.        The Company and the Dealer
Manager hereby acknowledge that UMB Bank, N.A. is serving as Escrow Agent only for the limited purposes herein set forth, and hereby agree that they will not represent or imply that, by serving as Escrow Agent hereunder or otherwise, have
investigated the desirability or advisability of investment in the Company or have approved, endorsed, or passed upon the merits of the Stock or the Company, nor shall they use the name of the Escrow Agent in any manner whatsoever in connection with
the offer or sale of the Stock other than by acknowledgment that is has agreed to serve as Escrow Agent for the limited purposes herein set forth. 
 16.        This Agreement and any amendment hereto may be executed by the parties hereto in one or more counterparts, each of which shall be deemed to be an
original. Copies, telecopies, facsimiles, electronic files and other reproductions of original executed documents shall be deemed to be authentic and valid counterparts of such original documents for all purposes, including the filing of any claim,
action or suit in the appropriate court of law. 
 17.        Except as otherwise required for
subscription funds received from Washington Subscribers or Pennsylvania Subscribers as provided herein, in the event that the Dealer Manager receives instruments of payment after the Required Capital has been received and the proceeds of the Escrow
Account have been distributed to the Company, the Escrow Agent is hereby authorized to deposit such instruments of payment within one (1) business day to any deposit account as directed by the Company. The application of said funds into a
deposit account or to forward such funds directly to the Company, in either case directed by the Company shall be a full acquittance to the Escrow Agent, who shall not be responsible for the application of said funds thereafter. 

18.        The Escrow Agent shall be bound only by the terms of this Escrow Agreement and shall not be bound by
or incur any liability with respect to any other agreements or understanding between any other parties, whether or not the Escrow Agent has knowledge of any such agreements or understandings. 
 19.        Indemnification provisions set forth herein shall survive the termination of this Agreement. 
 20.        In the event that any part of this Agreement is declared by any court or other judicial or administrative body to be null, void, or unenforceable, said
provision shall survive to the extent it is not so declared, and all of the other provisions of this Agreement shall remain in full force and effect. 

  
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 21.        Unless otherwise provided in this Agreement, final
termination of this Escrow Agreement shall occur on the date that all funds held in the Escrow Account are distributed either (a) to the Company or to Subscribers and the Company has informed the Escrow Agent in writing to close the Escrow
Account pursuant to paragraph 3 hereof or (b) to a successor escrow agent upon written instructions from the Company. 

22.        Neither the Escrow Agent, nor its agents, shall have responsibility for accepting, rejecting, or
approving subscriptions. The Escrow Agent, or its agent, shall complete an OFAC search, in compliance with its policy and procedures, of each subscription check and shall inform the Company if a subscription check fails the OFAC search. The Company
shall provide a copy of each subscription check in order that the Escrow Agent, or its agent, may perform such OFAC search. 

23.        This Agreement shall not be modified, revoked, released, or terminated unless reduced to writing and
signed by all parties hereto, subject to the following paragraph. 
 If, at any time, any attempt is made to modify this Agreement in a manner
that would increase the duties and responsibilities of the Escrow Agent or to modify this Agreement in any manner which the Escrow Agent shall deem undesirable, or at any other time, the Escrow Agent may resign by providing written notice to the
Company and until (a) the acceptance by a successor escrow agent as shall be appointed by the Company; or (b) thirty (30) days after such written notice has been given, whichever occurs sooner, the Escrow Agent’s only remaining
obligation shall be to perform its duties hereunder in accordance with the terms of the Agreement. 

24.        The Escrow Agent may resign at any time from its obligations under this Escrow Agreement by providing
written notice to the Company. Such resignation shall be effective on the date specified in such notice, which shall be not less than thirty (30) days after such written notice has been given. The Escrow Agent shall have no responsibility for
the appointment of a successor escrow agent. 
 25.        The Escrow Agent may be removed for cause by
the Company by written notice to the Escrow Agent effective on the date specified in such written notice. The removal of the Escrow Agent shall not deprive the Escrow Agent of its compensation earned prior to such removal. 

26.        The Company shall provide to Escrow Agent any documentation and information reasonably requested by
the Escrow Agent for it to comply with the USA Patriot Act of 2001, as amended from time to time. 

27.        If any state securities administrator requires the Company to cause the Escrow Agent to notify such
administrator when the Escrow Agent releases the funds in the Escrow Account to the Company, the Company shall notify the Escrow Agent of such requirement, and provide the Escrow Agent with the contact information for such administrator. The
Escrow Agent agrees to notify such administrator in writing when the Escrow Agent releases the funds in the Escrow Account to the Company. The Escrow Agent agrees to permit state securities administrators to inspect the Escrow Agent’s
records related to the Escrow Account at any reasonable time at the location where the records are located, and to copy any records that are inspected.
 [Signature page follows] 
  
  

  
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 Agreed to as of the 7th day of February, 2014. 

 

			
	COLE CREDIT PROPERTY TRUST V, INC.
		
	By:	 	 /s/ D. Kirk McAllaster, Jr.
		 	 D. Kirk McAllaster, Jr.

Executive Vice President, Chief Financial Officer and Treasurer

	
	COLE CAPITAL CORPORATION
		
	By:	 	 /s/ Jeffrey C. Holland
		 	 Jeffrey C. Holland

President and Treasurer



 The terms and conditions contained above are hereby accepted and agreed to by: 

 

			
	UMB Bank, N.A. as Escrow Agent
		
	By:	 	/s/ Lara. L Stevens


			
	Name:	 	  Lara L. Stevens


			
	Title:	 	    Vice President

  

  
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 EXHIBIT A 
 [Form of Notice to Pennsylvania Subscribers] 
 You have tendered a subscription to purchase shares
of common stock of Cole Credit Property Trust V, Inc. (the “Company”). Your subscription is currently being held in escrow. The guidelines of the Pennsylvania Securities Commission do not permit the Company to accept subscriptions from
Pennsylvania residents until an aggregate of $125,000,000 of gross offering proceeds have been received by the Company. The Pennsylvania guidelines provide that until this minimum amount of offering proceeds is received by the Company, every 120
days during the offering period Pennsylvania subscribers may request that their subscriptions be returned. 
 If you wish to continue your
subscription in escrow until the Pennsylvania minimum subscription amount is received, nothing further is required. 
 If you wish to terminate
your subscription for the Company’s common stock and have your subscription returned please so indicate below, sign, date, and return to the Escrow Agent, UMB Bank, N.A. 
 I hereby terminate my prior subscription to purchase shares of common stock of Cole Credit Property Trust V, Inc. and request the return of my subscription funds. I certify to Cole Credit Property Trust
V, Inc. that I am a resident of Pennsylvania. 
  

			
		
	Signature:    	 	 
		
	Name:	 	 
		 	 (please print)

		
	Date:	 	 


  

	
	Please send the subscription refund to:
	
	  
	
	  
	
	  
	
	  
	

  







 EXHIBIT B 
 PERMISSIBLE ESCROW INVESTMENTS 
  

	(i)	Bank accounts; 

  

	(ii)	Bank money-market accounts; 

  

	(iii)	Short time certificates of deposit issued by a bank; and 

  

	(iv)	Short-term securities issued or guaranteed by the U.S. government 








 EXHIBIT C