Document:

Form of Medium-Term Notes, Series K, Market Linked Notes due March 27, 2023

 Exhibit 4.1 

[Face of Note] 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as requested by an authorized representative
of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 
  

			
	 CUSIP NO. 94986RTM3
 REGISTERED NO. __
	  	FACE AMOUNT: $______________

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Market Linked Notes due March 27, 2023 

Linked to an Equity Index Basket 

WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the
Redemption Amount (as defined below), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, on the Stated Maturity Date. The “Initial Stated Maturity
Date” shall be March 27, 2023. If no Market Disruption Event (as defined below) occurs or is continuing with respect to a Basket Component (as defined below) on the scheduled Calculation Day (as defined below), the Initial Stated
Maturity Date will be the “Stated Maturity Date.” If a Market Disruption Event occurs or is continuing with respect to a Basket Component on the Calculation Day, the “Stated Maturity Date” shall be the later of
(i) three Business Days (as defined below) after the Ending Level (as defined below) is determined and (ii) the Initial Stated Maturity Date. This Security shall not bear any interest. 

Any payments on this Security at Maturity will be made against presentation of this Security at the office or agency of the
Company maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose. 

“Face Amount” shall mean, when used with respect to this Security, the amount set forth on the face of this
Security as its “Face Amount.” 

 Determination of Redemption Amount 

The “Redemption Amount” of this Security will equal: 

 

	 	•	 	 if the Ending Level is greater than the Starting Level: the Face Amount plus: 

 

																									
		 	 	 	Face Amount	 	  x    	 	 	 	Ending Level – Starting Level  	 	 	 	  x	 		 	Participation Rate	 	 	 	; or	 	
		 	 	 	 	 	 	 	Starting Level	 	 	 	 		 	 	 	 	 

  

	 	•	 	 if the Ending Level is less than or equal to the Starting Level: the Face Amount. 

“Basket” shall mean a basket comprised of the following Basket Components, with the return of each Basket
Component having the weighting noted parenthetically: S&P 500 Index (55%); Russell 2000 Index (15%); and MSCI EAFE Index (30%). 

“Basket Component” shall mean each of the S&P 500 Index, Russell 2000 Index and MSCI EAFE Index. 

The “Pricing Date” shall mean March 18, 2014. 

The “Initial Determination Day” is (i) with respect to the S&P 500 Index and the Russell 2000 Index,
the Pricing Date, and (ii) with respect to the MSCI EAFE Index, March 19, 2014, which is the first succeeding Trading Day with respect to the MSCI EAFE Index following the Pricing Date on which a Market Disruption Event with respect to the
MSCI EAFE Index is not occurring or continuing. 
 The “Starting Level” is 100. 

The “Ending Level” will be calculated based on the weighted returns of the Basket Components and will be
equal to the product of (i) 100 and (ii) an amount equal to 1 plus the sum of: (A) 55% of the Basket Component Return of the S&P 500 Index; (B) 15% of the Basket Component Return of the Russell 2000 Index; and (C) 30% of
the Basket Component Return of the MSCI EAFE Index. 
 The “Basket Component Return,” with respect to a
Basket Component, shall be calculated as follows: 
 Final Component Level – Initial Component Level 

Initial Component Level 

The “Initial Component Levels” of the Basket Components are the Closing Levels of the Basket Components on
the Initial Determination Day and are as follows: S&P 500 Index (1872.25); Russell 2000 Index (1205.0392); and MSCI EAFE Index (1888.12). 

The “Final Component Level” of a Basket Component will be the Closing Level of such Basket Component on the
Calculation Day. 

  
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 The “Closing Level” of a Basket Component on any Trading Day
means the official closing level of such Basket Component as reported by the Index Sponsor of such Basket Component on such Trading Day. 

The “Participation Rate” is 102.77%. 

“Index Sponsor” shall mean the sponsor of a Basket Component. 

“Business Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day
on which banking institutions are authorized or required by law or regulation to close in New York, New York. 
 The
“Calculation Day” shall be March 20, 2023. If the scheduled Calculation Day is not a Trading Day with respect to a Basket Component, the Calculation Day for such Basket Component will be postponed to the next succeeding day
that is a Trading Day with respect to such Basket Component. Notwithstanding the postponement of the Calculation Day for a particular Basket Component due to a non-Trading Day for such Basket Component, the originally scheduled Calculation Day will
remain the Calculation Day for any Basket Component not affected by such non-Trading Day. The Calculation Day is also subject to postponement due to the occurrence of a Market Disruption Event. If a Market Disruption Event occurs or is continuing
with respect to a Basket Component on the Calculation Day, then the Calculation Day for such Basket Component will be postponed to the first succeeding Trading Day for such Basket Component on which a Market Disruption Event for such Basket
Component has not occurred and is not continuing; however, if such first succeeding Trading Day has not occurred as of the eighth Trading Day for such Basket Component after the originally scheduled Calculation Day, that eighth Trading Day shall be
deemed to be the Calculation Day for such Basket Component. If the Calculation Day for such Basket Component has been postponed eight Trading Days for such Basket Component after the originally scheduled Calculation Day for such Basket Component,
and a Market Disruption Event occurs or is continuing with respect to such Basket Component on such eighth Trading Day, the Calculation Agent will determine the Closing Level of such Basket Component on such eighth Trading Day in accordance with the
formula for and method of calculating the Closing Level of such Basket Component last in effect prior to commencement of the Market Disruption Event, using the closing price (or, with respect to any relevant security, if a Market Disruption Event
has occurred with respect to such security, its good faith estimate of the value of such security at the actual close of trading of the regular trading session of the primary exchange or quotation system on which such security is traded) on such
date of each security included in such Basket Component. See “—Market Disruption Events.” As used herein, “closing price” means, with respect to any security on any date, the traded or quoted price of such security as
of the actual close of trading on such date of the regular trading session of the primary exchange or quotation system on which such security is traded. Notwithstanding the postponement of the Calculation Day for a particular Basket Component due to
a Market Disruption Event with respect to such Basket Component, the originally scheduled Calculation Day will remain the Calculation Day for any Basket Component not affected by a Market Disruption Event. 

  
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 “Calculation Agent Agreement” shall mean the Calculation Agent
Agreement dated as of May 29, 2012 between the Company and the Calculation Agent, as amended from time to time. 

“Calculation Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the
Company providing for, among other things, the determination of the Ending Level and the Redemption Amount, which term shall, unless the context otherwise requires, include its successors under such Calculation Agent Agreement. The initial
Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent from time to time after the initial issuance of this Security without the consent of the
Holder of this Security and without notifying the Holder of this Security. 
 Certain Definitions Applicable to the S&P 500 Index and the Russell
2000 Index 
 A “Trading Day” with respect to the S&P 500 Index or the Russell 2000 Index means a
day, as determined by the Calculation Agent, on which (i) the Relevant Exchanges with respect to each security underlying such Basket Component are scheduled to be open for trading for their respective regular trading sessions and
(ii) each Related Exchange with respect to such Basket Component is scheduled to be open for trading for its regular trading session. 

The “Related Exchange” for the S&P 500 Index or the Russell 2000 Index means each exchange or quotation
system where trading has a material effect (as determined by the Calculation Agent) on the overall market for futures or options contracts relating to such Basket Component. 

The “Relevant Exchange” for any security then underlying the S&P 500 Index or the Russell 2000 Index
means the primary exchange or quotation system on which such security is traded, as determined by the Calculation Agent. 
 Certain Definitions
Applicable to the MSCI EAFE Index 
 A “Trading Day” with respect to the MSCI EAFE Index means a day,
as determined by the Calculation Agent, on which (i) the sponsor of the MSCI EAFE Index is scheduled to publish the level of the MSCI EAFE Index and (ii) each Relevant Stock Exchange and each Related Futures or Options Exchange is
scheduled to be open for trading for its Regular Trading Session. 
 A “Material Local Market Index” means
a local market index that has a material effect on a market participant’s ability to replicate the performance of the MSCI EAFE Index, as determined by the Calculation Agent. 

A “Relevant Stock Exchange” means, in relation to each Material Local Market Index (and in relation to
(i) each Related Futures or Option Contract relating to such Material Local Market Index, (ii) each Related Futures or Options Exchange on which such Related Futures or Option Contract trades and (iii) each security included in such
Material Local Market Index), the primary exchange or quotation system on which the securities that compose such Material Local Market Index are traded, as determined by the Calculation Agent. 

  
 4 

 A “Related Futures or Options Exchange” means an exchange or
quotation system where trading has a material effect on the overall market for futures or options contracts relating to the MSCI EAFE Index or any Material Local Market Index, as determined by the Calculation Agent. 

A “Related Futures or Option Contract” means, with respect to a Related Futures or Options Exchange and any
day, the futures or option contract relating to the MSCI EAFE Index or any Material Local Market Index that is traded on such Related Futures or Options Exchange and that has a material effect on a market participant’s ability to replicate the
performance of the MSCI EAFE Index, as determined by the Calculation Agent on that day. 
 A “Regular Trading
Session” means, on any day, with respect to a Relevant Stock Exchange or a Related Futures or Options Exchange, the official, regular weekday trading session of such Relevant Stock Exchange or such Related Futures or Options Exchange, as
applicable, on such day, without regard to after hours or any other trading outside the hours of such official, regular weekday trading session. For purposes of this definition, (i) with respect to a Relevant Stock Exchange, if there is more
than one official, regular weekday trading session, the “Regular Trading Session” on any day refers to the afternoon trading session on such day; and (ii) with respect to a Related Futures or Options Exchange, the “Regular
Trading Session” on any day refers to the official, regular weekday trading session within which the scheduled closing time of the Regular Trading Session of the Relevant Stock Exchange falls on that day. For purposes of clause (ii) of the
preceding sentence, (x) the Relevant Stock Exchange with respect to a Related Futures or Options Exchange for Related Futures or Option Contracts relating to the MSCI EAFE Index is the Relevant Stock Exchange that has the latest scheduled
closing time (in Greenwich mean time) of its Regular Trading Session; and (y) if a Related Futures or Options Exchange does not designate an official, regular weekday trading session for such exchange but instead designates an official, regular
weekday trading session for particular futures or option contracts, then the reference to the “official, regular weekday trading session” will mean the official, regular weekday trading session for the Related Futures or Option Contract
that trades on such Related Futures or Options Exchange. 
 Discontinuance Of A Basket Component; Alteration Of Method Of Calculation 

If an Index Sponsor discontinues publication of a Basket Component, and such Index Sponsor or another entity publishes a
successor or substitute equity index that the Calculation Agent determines, in its sole discretion, to be comparable to such Basket Component (a “Successor Basket Component”), then, upon the Calculation Agent’s notification of
that determination to the Trustee and the Company, the Calculation Agent will substitute the Successor Basket Component as calculated by the relevant Index Sponsor or any other entity and calculate the Closing Level of such Basket Component as
described above. Upon any selection by the Calculation Agent of a Successor Basket Component, the Company will cause notice to be given to the Holder of this Security. 

In the event that an Index Sponsor discontinues publication of a Basket Component prior to, and the discontinuance is
continuing on, the Calculation Day and the Calculation Agent determines that no Successor Basket Component is available at such time, the Calculation Agent will calculate a substitute Closing Level for such Basket Component in accordance with the
formula for and method of calculating such Basket Component last in effect prior to the 

  
 5 

 
discontinuance, but using only those securities that comprised such Basket Component immediately prior to that discontinuance. If a Successor Basket Component is selected or the Calculation Agent
calculates a level as a substitute for such Basket Component, the Successor Basket Component or level will be used as a substitute for such Basket Component for all purposes, including the purpose of determining whether a Market Disruption Event
exists. 
 If on the Calculation Day the Index Sponsor of a Basket Component fails to calculate and announce the
level of such Basket Component, the Calculation Agent will calculate a substitute Closing Level of such Basket Component in accordance with the formula for and method of calculating such Basket Component last in effect prior to the failure, but
using only those securities that comprised such Basket Component immediately prior to that failure; provided that, if a Market Disruption Event occurs or is continuing on such day, then the provisions set forth above under the definition of
“Calculation Day” shall apply in lieu of the foregoing. 
 If at any time an Index Sponsor makes a material
change in the formula for or the method of calculating a Basket Component, or in any other way materially modifies a Basket Component (other than a modification prescribed in that formula or method to maintain such Basket Component in the event of
changes in constituent stock and capitalization and other routine events), then, from and after that time, the Calculation Agent will, at the close of business in New York, New York, on each date that the Closing Level of such Basket Component is to
be calculated, calculate a substitute Closing Level of such Basket Component in accordance with the formula for and method of calculating such Basket Component last in effect prior to the change, but using only those securities that comprised such
Basket Component immediately prior to that change. Accordingly, if the method of calculating such Basket Component is modified so that the level of such Basket Component is a fraction or a multiple of what it would have been if it had not been
modified, then the Calculation Agent will adjust such Basket Component in order to arrive at a level of such Basket Component as if it had not been modified. 

Market Disruption Events 

A “Market Disruption Event” means, with respect to the S&P 500 Index or the Russell 2000 Index, any of
(A), (B), (C), (D), (E) and (F) below, as determined by the Calculation Agent in its sole discretion: 
  

	 	(A)  	 The occurrence or existence of a material suspension of or limitation imposed on trading by the Relevant Exchanges or otherwise relating to
securities which then comprise 20% or more of the level of such Basket Component or any Successor Basket Component at any time during the one-hour period that ends at the Close of Trading on that day, whether by reason of movements in price
exceeding limits permitted by those Relevant Exchanges or otherwise. 

  

	 	(B)  	 The occurrence or existence of a material suspension of or limitation imposed on trading by any Related Exchange or otherwise in futures or options
contracts relating to such Basket Component or any Successor Basket Component on any Related Exchange at any time during the one-hour period that ends at the Close of 

  
 6 

	 	 
Trading on that day, whether by reason of movements in price exceeding limits permitted by the Related Exchange or otherwise. 

 

	 	(C)  	 The occurrence or existence of any event, other than an early closure, that materially disrupts or impairs the ability of market participants in
general to effect transactions in, or obtain market values for, securities that then comprise 20% or more of the level of such Basket Component or any Successor Basket Component on their Relevant Exchanges at any time during the one-hour period that
ends at the Close of Trading on that day. 

  

	 	(D)  	 The occurrence or existence of any event, other than an early closure, that materially disrupts or impairs the ability of market participants in
general to effect transactions in, or obtain market values for, futures or options contracts relating to such Basket Component or any Successor Basket Component on any Related Exchange at any time during the one-hour period that ends at the Close of
Trading on that day. 

  

	 	(E)  	 The closure on any Exchange Business Day of the Relevant Exchanges on which securities that then comprise 20% or more of the level of such Basket
Component or any Successor Basket Component are traded or any Related Exchange prior to its Scheduled Closing Time unless the earlier closing time is announced by the Relevant Exchange or Related Exchange, as applicable, at least one hour prior to
the earlier of (1) the actual closing time for the regular trading session on such Relevant Exchange or Related Exchange, as applicable, and (2) the submission deadline for orders to be entered into the Relevant Exchange or Related
Exchange, as applicable, system for execution at the Close of Trading on that day. 

  

	 	(F)  	 The Relevant Exchange for any security underlying such Basket Component or Successor Basket Component or any Related Exchange fails to open for
trading during its regular trading session. 

 Solely for purposes of determining whether a Market
Disruption Event has occurred with respect to the S&P 500 Index or the Russell 2000 Index: 
  

	 	(1)  	 the relevant percentage contribution of a security to the level of such Basket Component or any Successor Basket Component will be based on a
comparison of (x) the portion of the level of such Basket Component attributable to that security and (y) the overall level of such Basket Component or Successor Basket Component, in each case immediately before the occurrence of the
Market Disruption Event; 

  

	 	(2)  	 the “Close of Trading” means the Scheduled Closing Time of the Relevant Exchanges with respect to the securities underlying such
Basket Component or any Successor Basket Component; 

  

	 	(3)  	 the “Scheduled Closing Time” of any Relevant Exchange or Related Exchange on any Trading Day for such Basket Component or any
Successor Basket Component means the scheduled weekday closing time of such Relevant 

  
 7 

	 	 
Exchange or Related Exchange on such Trading Day, without regard to after hours or any other trading outside the regular trading session hours; and 

 

	 	(4)  	 an “Exchange Business Day” means any Trading Day for such Basket Component or any Successor Basket Component on which each
Relevant Exchange for the securities underlying such Basket Component or any Successor Basket Component and each Related Exchange are open for trading during their respective regular trading sessions, notwithstanding any such Relevant Exchange or
Related Exchange closing prior to its Scheduled Closing Time. 

 A “Market Disruption
Event” means, with respect to the MSCI EAFE Index, any of (A), (B) or (C) below, as determined by the Calculation Agent in its sole discretion: 
  

	 	(A)	 Any of the following events occurs or exists with respect to any security that is included in any Material Local Market Index and traded on the
Relevant Stock Exchange, and the aggregate of all such securities with respect to which any of the following events occurs or exists comprise 20% or more of the level of such Material Local Market Index: 

 

	 	—	 	 a material suspension of or limitation imposed on trading by the Relevant Stock Exchange or otherwise at any time during the one-hour period that
ends at the actual close of trading of the Regular Trading Session of the Relevant Stock Exchange on that day, whether by reason of movements in price exceeding limits permitted by the Relevant Stock Exchange or otherwise; 

 

	 	—	 	 any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions
in, or obtain market values for, such security on the Relevant Stock Exchange at any time during the one-hour period that ends at the actual close of trading of the Regular Trading Session of the Relevant Stock Exchange on that day; or

  

	 	—	 	 on any Exchange Business Day, the closure of the Regular Trading Session of the Relevant Stock Exchange prior to its scheduled closing time unless
the earlier closing time is announced by the Relevant Stock Exchange at least one hour prior to the earlier of (i) the actual close of trading of the Regular Trading Session of the Relevant Stock Exchange on that day and (ii) the
submission deadline for orders to be entered into the Relevant Stock Exchange system for execution at such actual close of trading. 

  

	 	(B)	 Any of the following events occurs or exists with respect to any Related Futures or Option Contract: 

 

	 	—	 	 a material suspension of or limitation imposed on trading by the Related Futures or Options Exchange or otherwise at any time during the one-hour
period that ends at the actual close of trading of the Regular Trading Session of the Relevant Stock Exchange on that day, whether by reason of movements 

  
 8 

	 	 
in price exceeding limits permitted by the Related Futures or Options Exchange or otherwise; 

  

	 	—	 	 any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions
in, or obtain market values for, such Related Futures or Option Contract on the Related Futures or Options Exchange at any time during the one-hour period that ends at the actual close of trading of the Regular Trading Session of the Relevant Stock
Exchange on that day; or 

  

	 	—	 	 on any Exchange Business Day, the closure of the Regular Trading Session of the Related Futures or Options Exchange prior to the actual close of
trading of the Regular Trading Session of the Relevant Stock Exchange on that day. 

  

	 	(C)	 Any Relevant Stock Exchange or any Related Futures or Options Exchange fails to open for trading during its Regular Trading Session.

 For purposes of the definition of “Market Disruption Event” with respect to the MSCI EAFE Index: 

 

	 	(1)	 the relevant percentage contribution of a security included in a Material Local Market Index to the level of such Material Local Market Index will
be based on a comparison of (x) the portion of the level of such Material Local Market Index attributable to that security to (y) the overall level of such Material Local Market Index, in each case immediately before the occurrence of the
Market Disruption Event; 

  

	 	(2)	 on any Trading Day, the Relevant Stock Exchange with respect to a Related Futures or Option Contract relating to the MSCI EAFE Index is the
Relevant Stock Exchange that has the latest actual close of trading (in Greenwich mean time) of its Regular Trading Session on that Trading Day; and 

  

	 	(3)	 an “Exchange Business Day” means any Trading Day on which each Relevant Stock Exchange and each Related Futures or Options
Exchange is open for trading for its Regular Trading Session, notwithstanding any such Relevant Stock Exchange or Related Futures or Options Exchange closing prior to the scheduled closing time of such Regular Trading Session. 

Calculation Agent 

The Calculation Agent will determine the Redemption Amount and the Ending Level. In addition, the Calculation Agent will
(i) determine if adjustments are required to the Closing Level of a Basket Component under the circumstances described in this Security, (ii) if publication of a Basket Component is discontinued, select a Successor Basket Component or, if
no Successor Basket Component is available, determine the Closing Level of such Basket Component under the circumstances described in this Security, and (iii) determine whether a Market Disruption Event has occurred. 

  
 9 

 The Company covenants that, so long as this Security is Outstanding, there shall
at all times be a Calculation Agent (which shall be a broker-dealer, bank or other financial institution) with respect to this Security. 

All determinations made by the Calculation Agent with respect to this Security will be at the sole discretion of the
Calculation Agent and, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holder of this Security. All percentages and other amounts resulting from any calculation with respect to this Security
will be rounded at the Calculation Agent’s discretion. 
 Redemption and Repayment 

This Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior
to March 27, 2023. This Security is not entitled to any sinking fund. 
 Acceleration 

If an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the
Redemption Amount (calculated as set forth in the next sentence) of this Security may be declared due and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted
under the Indenture will be equal to the Redemption Amount hereof calculated as provided herein; provided, however, that the Redemption Amount will be calculated as though the date of acceleration were the Calculation Day. 

 
  

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose. 
 [The remainder of this page has been left intentionally blank] 

  
 10 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed
under its corporate seal. 
 DATED: _____________ 
  

					
	WELLS FARGO & COMPANY
		
	By:	 	 
		
		 	 
		 	Its:	 	 

 [SEAL] 
  

					
		
	Attest:	 	 
		
		 	 
		 	Its:	 	 

 TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION 
 This is one of the Securities of the 

series designated therein described 
 in the within-mentioned Indenture. 
 CITIBANK, N.A., 

      as Trustee 
  

			
		
	By:	 	 
		 	Authorized Signature

 OR 

WELLS FARGO BANK, N.A., 
     as
Authenticating Agent for the Trustee 
  

			
		
	By:	 	 
		 	Authorized Signature

  
 11 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Market Linked Notes due March 27, 2023 

Linked to an Equity Index Basket 

This Security is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the “Indenture”), between the Company and
Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is
one of the series of the Securities designated as Medium-Term Notes, Series K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of $25,000,000,000 or the equivalent thereof in one or more
foreign or composite currencies. The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities,
currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate or a floating rate. The Securities of this series may
mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies. 

Article Sixteen of the Indenture shall not apply to this Security. 

The Securities are issuable only in registered form without coupons and will be either
(a) book-entry securities represented by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated
securities issued to and registered in the names of, the beneficial owners or their nominees. 
 The Company agrees, to the
extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against a Holder of this Security. 

Modification and Waivers 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the 

  
 12 

 
Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected, acting together as a class. The Indenture also
contains provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting together as a class, on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain past defaults under the Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount
of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Solely for the purpose of determining whether any consent, waiver, notice or other action or Act to be taken or given by the Holders
of Securities pursuant to the Indenture has been given or taken by the Holders of Outstanding Securities in the requisite aggregate principal amount, the principal amount of this Security will be deemed to be equal to the amount set forth on the
face hereof as the “Face Amount” hereof. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

Defeasance 

Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the
Indenture, relating to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein,
shall not apply to this Security. The remaining provisions of Section 401 of the Indenture shall apply to this Security. 
 Authorized
Denominations 
 This Security is issuable only in registered form without coupons in denominations of $1,000 or any
amount in excess thereof which is an integral multiple of $1,000. 
 Registration of Transfer 

Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of
Minneapolis, Minnesota, a new Security or Securities of this series, with the same terms as this Security, in authorized denominations for an equal aggregate Face Amount will be issued to the transferee in exchange herefor, as provided in the
Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection therewith. 

This Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the
Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not
appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form
and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable 

  
 13 

 
pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, having the same date of issuance, Stated Maturity Date and other terms and of authorized
denominations aggregating a like amount. 
 This Security may not be transferred except as a whole by the Depositary to a
nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided above,
owners of beneficial interests in this Global Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 Obligation of the Company Absolute 

No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the Redemption Amount at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 

No Personal Recourse 

No recourse shall be had for the payment of the Redemption Amount, or for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of
any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released.

 Defined Terms 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture
unless otherwise defined in this Security. 
 Governing Law 

This Security shall be governed by and construed in accordance with the law of the State of New York, without regard to
principles of conflicts of laws. 

  
 14 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they
were written out in full according to applicable laws or regulations: 
  

							
	 TEN COM
	 	 —
	  	as tenants in common	  	
				
	 TEN ENT
	 	 —
	  	as tenants by the entireties	  	
				
	 JT TEN
	 	 —
	  	 as joint tenants with right
 of survivorship and
not
 as tenants in common
	  	

  

							
	 UNIF GIFT MIN ACT — 
	  	 	 	 Custodian 	  	 
		  	(Cust)	 		  	(Minor)

  

	
	Under Uniform Gifts to Minors Act
	
	   

	(State)

 Additional abbreviations may also be used though not in the above list. 

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto 

 

			
	 Please Insert Social Security or

Other Identifying Number of Assignee

		
	   
	 	  

  
   

 
   

 
   

 
 (PLEASE
PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE)

  
 15 

 the within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute and
appoint __________________ attorney to transfer the said Security on the books of the Company, with full power of substitution in the premises. 

Dated: _________________________ 
  

	
	
	   

	
	   

  
  

NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular,
without alteration or enlargement or any change whatever. 

  
 16EX-10.1

 Exhibit 10.1 

FORM OF ESCROW AGREEMENT 

THIS ESCROW AGREEMENT (this “Agreement”) is made and entered into as of this
             day of                     , 2014 by and among Carter Validus
Mission Critical REIT II, Inc., a Delaware limited liability company (the “Company”), SC Distributors, LLC, a Delaware limited liability company (the “Dealer Manager”), and UMB Bank, N.A., as escrow agent, a
national banking association organized and existing under the laws of the United States of America (the “Escrow Agent”).  

RECITALS 

WHEREAS, the Company proposes to offer and sell up to $2,000,000,000 shares of the Company’s common stock (the
“Shares”), of which amount: (a) up to $1,800,000,000 in any combination of Class A shares and Class C shares are being offered to the public pursuant to the Company’s primary offering (collectively, the
“Primary Shares”); and (b) up to $200,000,000 in any combination of Class A shares and Class C shares are being offered pursuant to the Company’s distribution reinvestment plan (the “DRIP Shares”), at
an initial subscription price of $10.00 per Class A share and $9.574 per Class C share for the Primary Shares, and $9.50 per Class A share and $9.10 per Class C share for the DRIP Shares (the “Offering”) to investors
pursuant to the Company’s Registration Statement on Form S-11 (File No. 333-191706), as amended from time to time (the “Registration Statement”). 

WHEREAS, the Dealer Manager has been engaged by the Company to offer and sell the Primary Shares on a best efforts basis through a
network of participating broker-dealers (the “Participating Broker-Dealers”). 
 WHEREAS, the Company has agreed
that the subscription price paid by subscribers for Shares will be promptly refunded to such subscribers if at least $2,000,000 of gross offering proceeds (the “Minimum Offering Requirement”), has not been raised from the sale of
any combination of Primary Shares within one year from the date that the U.S. Securities and Exchange Commission (the “SEC”) declares the Registration Statement effective (the one-year period shall be referred to herein as the
“Closing Date”). 
 WHEREAS, the Dealer Manager and the Company desire to establish an escrow account, as further
described herein, in which funds received from subscribers (“Investor Funds”) will be deposited into an interest-bearing subscription account and the Company desires that UMB Bank, N.A. act as escrow agent to the escrow account and
Escrow Agent is willing to act in such capacity. 
 WHEREAS, deposits received from residents of the State of Pennsylvania (the
“Pennsylvania Subscribers”) and the State of Washington (the “Washington Subscribers”) will remain in the Escrow Account until the conditions of Section 3 have been met. 

WHEREAS, the Escrow Agent has engaged DST System, Inc. as transfer agent (the “Transfer Agent”) to receive, examine
for “good order” and facilitate subscriptions into the 

 
Escrow Account as further described herein and to act as record keeper, maintaining on behalf of the Escrow Agent the ownership records for the Escrow Account. In so acting, the Transfer Agent
shall be acting solely in the capacity of agent for the Escrow Agent and not in any capacity on behalf of the Company or the Dealer Manager, nor shall they have any interest other than that provided in this Agreement in assets in Transfer
Agent’s possession as the agent of the Escrow Agent. 
 WHEREAS, in order to subscribe for Shares during the Escrow Period (as
defined below), a subscriber must deliver the full amount of its subscription price by check in U.S. dollars payable to the Escrow Agent at the address set forth in the subscription agreement or by wire transfer of immediately available funds in
U.S. dollars. The Transfer Agent shall not receive any monies during the Escrow Period. 
 AGREEMENT 

NOW, THEREFORE, the Company, Dealer Manager and Escrow Agent agree to the terms of this Agreement as follows: 

1. Establishment of Escrow Account; Escrow Period. The Company hereby appoints the Escrow Agent as escrow agent for purposes of holding
the Investor Funds on the terms and conditions set forth herein. On or prior to the commencement of the offering of Shares, the Company shall establish the escrow account with the Escrow Agent, which shall be entitled “Escrow Account for the
Benefit of Subscribers for Shares of Carter Validus Mission Critical REIT II, Inc.,” or such similar designation as the Company and the Escrow Agent may agree (the “Escrow Account.”) This Agreement shall be effective as of the
date the Registration Statement is declared effective by the SEC. Except as otherwise set forth herein for the Pennsylvania Subscribers and the Washington Subscribers (and any Other Subscribers, as defined below), the escrow period shall commence
upon the effectiveness of this Agreement and shall continue until the earlier of: (i) the date that all Investor Funds held in the Escrow Account are distributed to the Company pursuant to Section 2(b) hereof and the Company has informed
the Escrow Agent in writing that the Escrow Account is closed except with respect to Pennsylvania Subscribers and the Washington Subscribers (and any Other Subscribers); (ii) the Closing Date, in the event the Minimum Offering Requirement is
not raised on or prior thereto; or (iii) the date the Escrow Agent receives notice from the SEC or any other federal or state regulatory authority that a stop or similar order has been issued with respect to the Registration Statement and has
remained in effect for at least twenty (20) days (the “Escrow Period”). After the end of the Escrow Period, the Company and its agents shall not deposit, and the Escrow Agent shall not accept, any additional amounts
representing payments by prospective investors, except with respect to Pennsylvania Subscribers and Washington Subscribers, as set forth in Section 3 below. 

2. Operation of the Escrow. 

(a) Deposits in the Escrow Account. During the Escrow Period, persons subscribing to purchase Shares (“Subscribers”)
will be instructed by the Company, the Dealer Manager and the Participating Broker-Dealers to make checks for subscriptions payable to the order of “UMB Bank, N.A., as Escrow Agent for Carter Validus Mission Critical REIT II, Inc.”

  
 - 2 - 

 
or any recognizable abbreviation thereof. Notwithstanding the foregoing, however, Pennsylvania Subscribers and Washington Subscribers (and any Other Subscribers) shall continue to make checks
payable to the order or “UMB Bank, N.A., as Escrow Agent for Carter Validus Mission Critical REIT II, Inc.” until subscriptions are received resulting in total minimum capital raised equal to or exceeding (i) $90,000,000 for
Pennsylvania Subscribers and (ii) $10,000,000 for Washington Subscribers, in each case including subscriptions from Subscribers who are residents of other states, and such funds are disbursed from the Escrow Account in accordance with
Section 3 hereof. Completed subscription agreements and checks in payment for the subscription amount shall be remitted to the Escrow Agent at the address set forth in the subscription agreement. Within one (1) business day after receipt
of an instrument of payment (or as soon as possible thereafter pursuant to the internal supervisory procedures of the Dealer Manager or the Participating Broker-Dealer, as applicable), the Dealer Manager shall remit to the Escrow Agent (i) such
instrument of payment and (ii) each Subscriber’s name, address, number and class of Shares purchased by such Subscriber and the subscription payment remitted by such Subscriber. All instruments of payment delivered to the Escrow Agent
pursuant hereto shall be deposited by the Escrow Agent within one (1) business day of receipt thereof into the Escrow Account. The Escrow Agent hereby agrees to maintain the funds contributed by the Pennsylvania Subscribers and the Washington
Subscribers (and any Other Subscribers) in a manner in which they may be separately accounted for so that the requirements of Section 3 of this Agreement can be met. Deposits shall be held in the Escrow Account until such Investor Funds are
promptly disbursed in accordance with this Agreement. 
 Prior to disbursement of the Investor Funds deposited in the Escrow Account, such
funds shall not be subject to claims by creditors of the Company, the Dealer Manager, any Participating Broker-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 Minimum Offering Requirement, 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. 
 (b) Distribution of the Investor Funds to Subscribers other than the Pennsylvania Subscribers and Washington
Subscribers. If at any time on or prior to the Closing Date the Minimum Offering Requirement is satisfied, the Escrow Agent shall release and deliver the Investor Funds (other than any Investor Funds received from Pennsylvania Subscribers and
Washington Subscribers which cannot be released until the conditions of Section 3 have been met), including all earnings thereon for Investor Funds promptly to the Company. The Escrow Agent agrees that Investor Funds in the Escrow Account shall
not be released to the Company until and unless the Escrow Agent receives a written certificate or affidavit stating that the Minimum Offering Requirement has been timely met from the Company’s Chief Executive Officer or Chief Financial
Officer. 
 After the Minimum Offering Requirement has been timely met and the Investor Funds in the Escrow Account representing the Minimum
Offering Requirement have been disbursed to the Company, (i) the Escrow Account shall remain open and the Company shall continue to cause subscriptions for Shares that are received from Pennsylvania Subscribers and Washington Subscribers (or
subscribers who are residents of any other state identified by written notice from the Company (“Other Subscribers”) to be deposited therein until the Company informs the 

  
 - 3 - 

 
Escrow Agent in writing to close the Escrow Account, and (ii) any subscription documents and instruments of payment received by the Escrow Agent from Subscribers other than Pennsylvania
Subscribers and Washington Subscribers (or any Other Subscribers) shall be forwarded to the Company on the next Disbursement Date (as defined below). After the satisfaction of the aforementioned provisions of this Section 2(b) (other than
subscriptions that are received from Pennsylvania Subscribers, Washington Subscribers or any Other Subscribers), subscription proceeds may continue to be received in the Escrow Account generally, but to the extent such proceeds shall not be subject
to escrow due to the satisfaction of the aforementioned provisions of this Section 2(b), such proceeds are not subject to this 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 with the Escrow Agent that has been previously established by the Company, unless otherwise directed by the Company. The “Disbursement
Date” shall be each of the first business day, and the first business day after the fifteenth day, of each month. 
 Subject to the
provisions set forth in this Agreement, if the Escrow Agent has not received a certificate or affidavit from the Company’s Chief Executive Officer or Chief Financial Officer certifying that the Minimum Offering Requirement has been timely met
during the Escrow Period, the Escrow Agent shall promptly return the Investor Funds, including interest or any other income earned thereon, to the Subscribers (including any Pennsylvania Subscribers, Washington Subscribers and any Other
Subscribers), per the name, address and in the amounts provided by the Company or the Dealer Manager or the Transfer Agent to the Escrow Agent without deduction, penalty or expense, and the Escrow Agent shall notify the Company and the Dealer
Manager in writing of the distribution of the Investor Funds. The subscription payments returned to each Subscriber shall be free and clear of any and all claims of the Company or any creditors of the Company, the Dealer Manager, any Participating
Broker-Dealer or any of their respective affiliates. 
 (c) Escrow Income. If at any time pursuant to the provisions of this
Section 2 interest income earned on Investor Funds deposited in the Escrow Account (“Escrow Income”) is to be paid to a Subscriber, the Escrow Agent shall promptly provide directly to such Subscriber the amount of Escrow Income
payable to such Subscriber; provided that the Escrow Agent is in possession of such Subscriber’s executed IRS Form W-9. In the event an executed IRS Form W-9 is not received 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 Escrow Income attributable to those Subscribers for whom the Escrow
Agent does not possess an executed IRS Form W-9. Escrow Income shall be remitted to Subscribers 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, and without any
deductions for escrow expenses. 
 3. Distribution of the Investor Funds to Pennsylvania Subscribers and Washington Subscribers. 

(a) Notwithstanding anything to the contrary herein, disbursements to the Company of funds contributed by Pennsylvania Subscribers and
Washington Subscribers may only be distributed in compliance with the provisions of this Section 3. Irrespective of any 

  
 - 4 - 

 
disbursement of funds from the Escrow Account pursuant to Section 2 hereof, the Escrow Agent will continue to place deposits from the Pennsylvania Subscribers and Washington Subscribers into
the Escrow Account, until such time as the Company notifies the Escrow Agent in writing that total subscriptions (including amounts previously disbursed as directed by the Company and the amounts then held in the Escrow Account) equal or exceed
(i) $90,000,000 in the case of subscriptions received from Pennsylvania Subscribers and (ii) $10,000,000 in the case of subscriptions received from Washington Subscribers, whereupon the Escrow Agent shall disburse to the Company, at the
Company’s request, any funds from the Pennsylvania Subscribers and the Washington Subscribers, as applicable, received by the Escrow Agent for accepted subscriptions, but not those funds of a subscriber whose subscription has been rejected or
rescinded of which the Escrow Agent has been notified by the Company, or otherwise in accordance with the Company’s written request. 

(b) If the Company has not received total subscriptions of at least $90,000,000 within 120 days of the date the Company first receives a
subscription from a Pennsylvania Subscriber (the “Initial Escrow Period”), the Company shall notify each Pennsylvania Subscriber by certified mail or any other means (whereby receipt of delivery is obtained) of the right of
Pennsylvania Subscribers to have their investment returned to them. If, pursuant to such notice, a Pennsylvania Subscriber requests the return of his or her subscription funds within ten (10) days after receipt of the notification (the
“Request Period”), the Escrow Agent shall promptly refund, without interest or deduction, directly to each Pennsylvania Subscriber the funds deposited in the Escrow Account on behalf of the Pennsylvania Subscriber. 

(c) The funds of Pennsylvania Subscribers who do not request the return of their funds within the Request Period shall remain in the Escrow
Account for successive 120-day escrow periods (each 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 Section 3(b) above with respect to the Initial Escrow Period for each Successive Escrow Period, provided that any refunds made to a Pennsylvania Subscriber after a Successive Escrow Period shall
include a pro rata share of any interest earned thereon after the Initial Escrow Period, until the occurrence of the earliest of (i) the termination of the Offering, (ii) the receipt and acceptance by the Company of total subscriptions
that equal or exceed $90,000,000 and the disbursement of the Escrow Account on the terms specified in this Section 3, or (iii) all funds held in the Escrow Account that were contributed by Pennsylvania Subscribers having been returned to
the Pennsylvania Subscribers in accordance with the provisions hereof. If, upon termination of the Offering, the Company has not received and accepted total subscriptions that equal or exceed $90,000,000, all funds in the Escrow Account that were
contributed by Pennsylvania Subscribers will be promptly returned in full to such Pennsylvania Subscribers, together with their pro rata share of any interest earned thereon pursuant to instructions made by the Company, upon which the Escrow Agent
may conclusively rely. 
 4. Investor Funds in the Escrow Account. Upon receipt of Investor Funds, the Escrow Agent shall hold such
Investor Funds in escrow pursuant to the terms of this Agreement. All Investor Funds held in the Escrow Account shall at all times be invested in UMB Money Market Special, an interest-bearing account, and in accordance with applicable rules and
regulations (except for the funds from Pennsylvania Subscribers and Washington Subscribers in 

  
 - 5 - 

 
the Escrow Account which must be maintained in an interest-bearing account following the Initial Escrow Period). Interest and any other income resulting from the investment of the funds in the
Escrow Account shall be retained by the Escrow Agent and distributed according to this Agreement. The Escrow Agent shall provide to the Company monthly statements (or more frequently as reasonably requested by the Company which includes, without
limitation, if such amounts are not available to the Company at least daily via UMB’s “Web Exchange” program) on the account balance in the Escrow Account and the activity in such accounts since the last report, including without
limitation as specifically relates to Pennsylvania Subscribers and Washington Subscribers (and any Other Subscribers). The Escrow Agent will provide access to its Web Exchange program to allow the Company to view account balances for the Escrow
Account at any time, including without limitation as specifically relates to Pennsylvania Subscribers and Washington Subscribers (and any Other Subscribers). 

5. Duties of the Escrow Agent. The Escrow Agent shall have no duties or responsibilities other than those expressly set forth in this
Agreement, and no implied duties or obligations shall be read into this Agreement against the Escrow Agent. The Escrow Agent is not a party to, or bound by, any other agreement among the other parties hereto with respect to the subject matter
hereof, and the Escrow Agent’s duties shall be determined solely by reference to this Agreement. The Escrow Agent shall have no duty to enforce any obligation of any person, other than as provided herein. The Escrow Agent shall be under no
liability to anyone by reason of any failure on the part of any party hereto or any maker, endorser or other signatory of any document or any other person to perform such person’s obligations under any such document. 

6. Liability of the Escrow Agent; Indemnification. The Escrow Agent acts hereunder as a depository only. The Escrow Agent shall not be
liable, except for willful misconduct, breach of trust, or gross negligence, for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith, and in the exercise of its own best judgment, and may rely
conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not only as to its due
execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Escrow Agent to be genuine and to be signed or presented by the proper
person(s). The Escrow Agent shall not be held liable for any error in judgment made in good faith by an officer or employee of either unless it shall be proved that such officer or employee was grossly negligent or reckless in ascertaining the
pertinent facts or acted intentionally in bad faith or engaged in willful misconduct or a breach of trust. The Escrow Agent shall not be bound by any notice of demand, or any waiver, modification, termination or rescission of this Agreement or any
of the terms hereof, unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall give its prior written consent thereto. 

The Escrow Agent may consult legal counsel and shall exercise reasonable care in the selection of such counsel, in the event of any dispute or
question as to the construction of any provisions hereof or its duties hereunder, and it shall incur no liability and shall be fully protected in acting in accordance with the reasonable opinion or instructions of such counsel. 

  
 - 6 - 

 The Escrow Agent shall not be responsible, may conclusively rely upon and shall be protected,
indemnified and held harmless by the Company, for the sufficiency or accuracy of the form of, or the execution, validity, value or genuineness of any document or property received, held or delivered by it hereunder, or of the signature or
endorsement thereon, or for any description therein; nor shall the Escrow Agent be responsible or liable in any respect on account of the identity, authority or rights of the persons executing or delivering or purporting to execute or deliver any
document, property or this Agreement. 
 In the event that the Escrow Agent shall become involved in any arbitration or litigation relating
to the Investor Funds in the Escrow Account, each is authorized to comply with any decision reached through such arbitration or litigation. 

The Company hereby agrees to indemnify the Escrow Agent for, and to hold it harmless against any loss, liability or expense incurred in
connection herewith, except losses, damages or expenses due to gross negligence, breach of trust, recklessness, bad faith or willful misconduct on the part of the Escrow Agent, including without limitation, legal or other fees arising out of or in
connection with its entering into this Agreement and carrying out its duties hereunder, including without limitation the costs and expenses of defending itself against any claim of liability in the premises or any action for interpleader. The Escrow
Agent shall be under no obligation to institute or defend any action, suit, or legal proceeding in connection herewith, unless first indemnified and held harmless to its satisfaction in accordance with the foregoing, except that neither shall be
indemnified against any loss, liability or expense arising out of its own gross negligence, recklessness, bad faith or willful misconduct. 

The terms of this Section shall survive the termination of the Escrow Agreement and the resignation or removal of the Escrow Agent. 

7. The Escrow Agent’s Fee. Escrow Agent shall be entitled to fees and expenses for its regular services as Escrow Agent as set
forth in Exhibit A. Additionally, Escrow Agent is entitled to reasonable fees for extraordinary services and reimbursement of any reasonable out of pocket and extraordinary costs and expenses related to its obligations as Escrow Agent under
this Agreement, including, but not limited to, reasonable attorneys’ fees. All of the Escrow Agent’s compensation, costs and expenses shall be paid by the Company in accordance with Exhibit A hereto. 

8. Security Interests. No party to this Escrow Agreement shall grant a security interest in any monies or other property deposited with
the Escrow Agent under this Escrow Agreement, or otherwise create a lien, encumbrance or other claim against such monies or borrow against the same. 

9. Dispute. In the event of any disagreement between the undersigned or the person or persons named in the instructions contained in
this Agreement, or any other person, resulting in adverse claims and demands being made in connection with or for any papers, money or property involved herein, or affected hereby, the Escrow Agent shall be entitled to refuse to comply with any
demand or claim, as long as such disagreement shall continue, and in so refusing to make any delivery or other disposition of any money, papers or property involved or affected hereby, the Escrow Agent shall not be or become liable to the
undersigned or to any 

  
 - 7 - 

 
person named in such instructions for its refusal to comply with such conflicting or adverse demands, and the Escrow Agent shall be entitled to refuse and refrain to act until: (a) the
rights of the adverse claimants shall have been fully and finally adjudicated in a Court assuming and having jurisdiction of the parties and money, papers and property involved herein or affected hereby, or (b) all differences shall have been
adjusted by agreement and the Escrow Agent shall have been notified thereof in writing, signed by all the interested parties. 
 10.
Resignation of Escrow Agent. Escrow Agent may resign or be removed, at any time, for any reason, by written notice of its resignation or removal to the proper parties at their respective addresses as set forth herein, at least 60 days before
the date specified for such resignation or removal to take effect. Upon the effective date of such resignation or removal: 
  

	 	(a)	All cash and other payments and all other property then held by the Escrow Agent hereunder shall be delivered by it to such successor escrow agent as may be designated in writing by the Company, whereupon the Escrow
Agent’s obligations hereunder shall cease and terminate; 

  

	 	(b)	If no such successor escrow agent has been designated by such date, all obligations of the Escrow Agent hereunder shall, nevertheless, cease and terminate, and the Escrow Agent’s sole responsibility thereafter
shall be to keep all property then held by it and to deliver the same to a person designated in writing by the Company or in accordance with the directions of a final order or judgment of a court of competent jurisdiction. 

 

	 	(c)	Further, if no such successor escrow agent has been designated by such date, the Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor agent; further the Escrow Agent may pay
into court all monies and property deposited with Escrow Agent under this Agreement. 

 The terms of this Section shall
survive the termination of the Escrow Agreement and the resignation or removal of the Escrow Agent. 
 11. Notices. All notices,
demands and requests required or permitted to be given under the provisions hereof must be in writing and shall be deemed to have been sufficiently given, upon receipt, if (i) personally delivered, (ii) sent by telecopy and confirmed by
phone or (iii) mailed by registered or certified mail, with return receipt requested, or by overnight courier with signature required, delivered to the addresses set forth below, or to such other address as a party shall have designated by
notice in writing to the other parties in the manner provided by this Section 11: 
  

			
	(1) If to Company:	  	Carter Validus Mission Critical REIT II, Inc.
		  	4211 West Boy Scout Blvd., Suite 500
		  	Tampa, Florida 33607
		  	Attention: John Carter
		  	 Telephone: (813) 287-0101
 Facsimile: (813)
287-0397

  
 - 8 - 

			
		
	(2) If to the Escrow Agent:	  	UMB Bank, N.A.
		  	1010 Grand Blvd., 4th Floor
		  	 Corporate Trust & Escrow Services
 Mail
Stop: 1020409

		  	Kansas City, Missouri 64106
		  	Attention: Lara Stevens
		  	Telephone: (816) 860-3017
		  	Facsimile: (816) 860-3029
		
	(3) If to Dealer Manager:	  	SC Distributors, LLC
		  	610 Newport Center Drive, Suite 350
		  	Newport Beach, CA 92660
		  	Attention: Investor Services
		  	Telephone: (949) 706-8640
		  	Facsimile: (949) 706-1879

 12. Governing Law. This Agreement shall be construed and enforced in accordance with the laws of the
State of Florida without regard to the principles of conflicts of law. 
 13. Binding Effect; Benefit. This Agreement shall be
binding upon and inure to the benefit of the permitted successors and assigns of the parties hereto. 
 14. Modification. This
Agreement may be amended, modified or terminated at any time by a writing executed by the Dealer Manager, the Company and the Escrow Agent. 

15. Assignability. This Agreement shall not be assigned by the Escrow Agent without the Company’s prior written consent. 

16. Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed an original, but all of
which together will constitute one and the same instrument. 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. Headings. The section
headings contained in this Agreement are inserted for convenience only, and shall not affect in any way, the meaning or interpretation of this Agreement. 

18. Severability. This Agreement constitutes the entire agreement among the parties and supersedes all prior and contemporaneous
agreements and undertakings of the parties in connection herewith. No failure or delay of the Escrow Agent in exercising any right, power or remedy may be, or may be deemed to be, a waiver thereof; nor may any single or partial exercise of any
right, power or remedy preclude any other or further exercise of any right, power or remedy. In the event that any one or more of the provisions contained in this Agreement, shall, for any reason, be held to be invalid, illegal or unenforceable in
any respect, then to the maximum extent permitted by law, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement. 

  
 - 9 - 

 19. Earnings Allocation; Tax Matters; Patriot Act Compliance; Office of Foreign Control Search
Duties. If the Escrow Agent remits Escrow Income pursuant to this Agreement, the Escrow Agent shall be responsible for any necessary federal tax reporting associated with such income, provided that the Escrow Agent shall not be responsible for
any other tax reporting under this Escrow Agreement. The Company shall provide to Escrow Agent upon the execution of this Agreement any documentation requested and any information reasonably requested by the Escrow Agent to comply with the USA
Patriot Act of 2001, as amended from time to time. The Escrow Agent, or its agent, shall complete an Office of Foreign Assets Control (“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 Dealer Manager shall provide a copy of each subscription check in order that the Escrow Agent, or its agent, may perform such OFAC search. 

20. Miscellaneous. This Agreement shall not be construed against the party preparing it, and shall be construed without regard to the
identity of the person who drafted it or the party who caused it to be drafted and shall be construed as if all parties had jointly prepared this Agreement and it shall be deemed their joint work product, and each and every provision of this
Agreement shall be construed as though all of the parties hereto participated equally in the drafting hereof; and any uncertainty or ambiguity shall not be interpreted against any one party. As a result of the foregoing, any rule of construction
that a document is to be construed against the drafting party shall not be applicable. 
 [SIGNATURE PAGES FOLLOW] 

  
 - 10 - 

 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by their
duly authorized representatives as of the date first written hereinabove: 
  

			
	SC DISTRIBUTORS, LLC
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	

  

			
	CARTER VALIDUS MISSION CRITICAL REIT II, INC.
		
	By:	 	 

 
			
	Name:	 	John Carter
	Title:	 	Chief Executive Officer and President

  
  

			
	 ESCROW AGENT:
  

UMB BANK, N.A.

		
	By:	 	 

 
			
	Name:	 	Lara L. Stevens
	Title:	 	Vice President

  
 - 11 - 

 EXHIBIT A 

ESCROW FEES AND EXPENSES 
  

			
	 Acceptance Fee
	  	
	 Review document and establish account
	  	$
	 DST Agency Engagement
	  	$[    ]
		
	 Annual Fee
	  	
	 Annual Escrow Agent
	  	$[    ]
		
	 Transactional Fees
	  	
	 Outgoing Wire Transfer
	  	$[    ] each
	 Web Exchange Access
	  	$[    ] per month
	 Overnight Delivery/Mailings
	  	$[    ] each
	 IRS Tax Reporting
	  	$[    ] per 1099
	 Daily Recon File to Transfer Agent
	  	$[    ] per month

 Acceptance fees and first year’s Annual Escrow Agent fee will be payable at the initiation of the escrow. will be billed
quarterly in arrears. 
 Fees specified are for the regular, routine services contemplated by the Escrow Agreement, and any additional or extraordinary
services, including, but not limited to disbursements involving a dispute or arbitration, or administration while a dispute, controversy or adverse claim is in existence, will be charged based upon time required at the then standard hourly rate. In
addition to the specified fees, all expenses related to the administration of the Escrow Agreement (other than normal overhead expenses of the regular staff) such as, but not limited to, travel, postage, shipping, courier, telephone, facsimile,
supplies, legal fees, accounting fees, etc., will be reimbursable. 

  
 - 12 -

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