Document:

Exhibit 10.1

 

Abe N. Reichental

President and Chief Executive Officer

October 9, 2007                    

Personal and Confidential

Mr. William J. Tennison

12007 Ulsten Lane

Huntersville, NC 28078

Dear Bill:

     This letter sets forth our agreement related to your leaving employment with 3D Systems
Corporation and its subsidiaries (the “Company”).

     Termination Date and Severance Payments

     If (a) you accept this letter agreement and sign the attached Agreement and General Release
within 21 days after the date of this letter agreement set forth above, (b) you do not revoke the
Agreement and General Release within the time permitted, and (c) this letter agreement is approved
by the Compensation Committee of the Company’s Board of Directors, then this letter agreement will
become effective as of the date set forth above (the “Effective Date”), the date of termination of
your employment with the Company will be December 31, 2007 (the “Termination Date”), and you will
be entitled to continue to receive your current compensation during the period from the Effective
Date until the Termination Date (which payment may be deferred until the conditions for
effectiveness have occurred). During such period you will either continue to work in the office or
be deemed to be on administrative leave, as mutually agreed, and you will provide the Company such
transition services as the Company may request in order for you to wind up your duties to the
Company and transfer your responsibilities to other employees, and to otherwise promote a smooth
transition in such duties and responsibilities. The Agreement and General Release becomes
effective on the eighth day after you sign it, if you have not revoked it (or, if later, on the
date this letter agreement is approved by the Compensation Committee).

     If you do not accept this letter agreement and sign the attached Agreement and General Release
within 21 days after the date of this letter agreement set forth above, or if you revoke the
Agreement and General Release within the time permitted, or if this letter agreement is not
approved by the Compensation Committee of the Company’s Board of Directors, then this letter
agreement will not become effective, neither you nor the Company will have any obligations
hereunder, and your employment with the Company will terminate as of the date of this letter
agreement set forth above, which will then be the “Termination Date.”

 

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     All payments made to you under this letter agreement will be subject to legally required and
authorized deductions, including tax withholding, reported on a Form W-2, and by your execution of
this letter agreement you agree that the Company shall be entitled to make such withholdings.

     We will use our reasonable efforts to obtain the approval of the Compensation Committee of the
Board of Directors promptly after you sign and return to us the attached Agreement and General
Release.

     Position with the Company

     Effective at the close of business on the date of this letter, you will cease to be a Vice
President, as well as Controller and Chief Accounting Officer, of the Company and an officer or
director of any subsidiaries of the Company in which you act as a director or an officer, but,
subject to the effectiveness of the attached Agreement and General Release, you will remain an
employee of the Company, on administrative leave, until the Termination Date.

     Bonus

     If this letter agreement becomes effective as set forth above, you will use all reasonable
efforts to assist the Company in the preparation of its financial statements for the periods ended
September 30, 2007 as well as its Quarterly Report on Form 10-Q for the periods then ended. If
that Form 10-Q is filed with your assistance on or before November 9, 2007, you will be entitled to
receive a $10,000 cash bonus, payable on your Termination Date.

     Medical and Dental Coverage

     Your medical and dental coverage will cease on the last day of your Termination Month. After
that date, you will be notified of your right to elect coverage under the Company’s medical and
dental plans by paying the full cost of such coverage (“COBRA Coverage”) for a period of up to
eighteen months after your Termination Date.

     Vacation

     You will be paid for your accrued but unused vacation on your Termination Date. You will not
accrue any additional vacation after your Termination Date. At the date hereof, it is mutually
agreed that you currently have accrued but unused vacation in the amount of 16 days as of September
21, 2007.

     Other Employee Benefits

     All other benefits will terminate pursuant to the terms and conditions of the specific benefit
plans. General information about your benefits is available from the Human Resources Department.

     Consulting Relationship

     In addition to the foregoing, if the attached Agreement and General Release becomes effective,
the Company desires to retain you following the Termination Date to carry out certain consulting
activities, and by your entering into this letter agreement and the Agreement and General Release
you agree to perform such services for the Company. The terms of this consulting arrangement are
as follows:

 

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     (a) Term of Retention. Subject to paragraph (e) below and to the approval of
the Compensation Committee of the Board of Directors of the Company, the Company agrees to
retain you as a consultant for a term commencing on the Termination Date and continuing
until the close of business on December 31, 2008, and you accept such retention in such
capacity.

     (b) Nature of Duties. You shall serve as a consultant to the Company and its
subsidiaries, performing such assignments as shall be agreed to from time to time between
you and the Company. You shall devote so much of your time and attention to the rendering
of such consulting services as may reasonably be agreed upon under the direction of such
officer or managerial employee of the Company (the “Supervisory Officer”) as the Company
may designate from time to time.

     (c) Consulting Fees. In consideration for all consulting services to be
rendered by you hereunder, subject to the approval of the Compensation Committee of the
Board of Directors of the Company and to your compliance with the provisions of paragraphs
(f), (g) and (h) below, the Company will pay you at the rate of $100.00 per hour for such
services, provided that such services have been authorized by the Supervisory Officer. On
a bi-weekly basis, you will submit an invoice to the Company, in reasonable detail,
covering the services you have provided to the Company during such bi-weekly period, and
you will be solely responsible for and shall pay when due any and all taxes required to be
paid in respect of such services. Absent a bona fide dispute, said fees will be paid
within 10 business days after receipt of your related invoice.

     (d) Reimbursement of Expenses. Upon presentation by you of appropriate
vouchers therefor, the Company shall reimburse you for all reasonable out-of-pocket
expenses incurred by you as may be requested by the Company in connection with the
consulting services rendered by you under this letter agreement, all of which expenses must
be incurred in compliance with the Company’s policies on expense reimbursements as in
effect from time to time.

     (e) Termination. The term of your retention as a consultant under this
letter agreement shall terminate prior to the expiration of the term stated in paragraph
(a) above in the event of (i) your death or permanent and total disability or (ii) material
breach by you of any provision of this letter agreement that is not fully remedied by you
within thirty (30) days after written notice thereof is given to you.

     (f) Confidential Information. You agree that until the Termination Date, and
thereafter as long as you are retained as a consultant pursuant to this letter agreement
and permanently thereafter, you shall continue to be bound by the Confidentiality Agreement
dated as of August 14, 2006 heretofore entered into between you and the Company and that,
notwithstanding that Agreement, you will not directly or indirectly use for any purpose, or
disclose or permit to be disclosed to any person, any Confidential Information (other than
as specifically requested by the Company in writing). For purposes of this letter
agreement, the term “Confidential Information” shall mean any nonpublic information
relating to the Company or any of its subsidiaries or affiliates or the business,
operations, financial affairs, performance, assets, technology, processes, products,
contracts, customers, licensees, sub-licensees, suppliers, personnel, plans or prospects of
any of them, whether or not in written form and whether or not expressly designated as
confidential, including without limitation any such information consisting of or otherwise
relating to trade

 

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secrets, know-how, technology, designs, drawings, processes, license or sublicense
arrangements, formulae, proposals, customer lists or preferences, pricing lists, referral
sources, marketing or sales techniques or plans, operations manuals, service manuals,
financial information or projections, lists of suppliers or distributors or sources of
supply.

     (g) Property of the Company. All records, files, drawings, documents,
computer software and disks, and other written or recorded information relating to the
business of the Company or any of the Company’s subsidiaries or affiliates possessed by you
or to which you have access in the course of your employment by or retention as a
consultant to the Company, whether prepared by you or otherwise, shall remain the exclusive
property of the Company and shall be returned to the Company upon the later to occur of the
Termination Date or the termination of your retention as a consultant to the Company for
any reason.

     (h) Competition. Until the expiration of the Remaining Vesting Period (as
defined below), you will not without the prior written consent of the Company, directly or
indirectly, engage in competition with the Company or, directly or indirectly, enter into
any arrangement with any business that is engaged in competition with the Company in any
business conducted by the Company as of the Effective Date or in any geographic area in
which the Company currently conducts business activities. You acknowledge that, given the
nature and scope of your responsibilities with the Company and your participation in the
Company’s business in all geographic areas where it conducts business, you are
knowledgeable as to the scope of the Company’s business and as to what activities are
competitive with the Company, and you acknowledge that the time and geographic scope of
this covenant are reasonable in relation thereto.

     (i) Survival of Agreements. The agreements contained or referred to in
paragraphs (f), (g) or (h) above shall survive the termination of your retention with the
Company. No such termination shall in any event discharge or extinguish any claims or
rights of the Company with respect to any breach of paragraphs (f), (g) or (h) above by you
or other misconduct of you at any time on or prior to the date of any such termination.

     (j) Consultant Status. During the term of your consulting arrangement with
the Company, you shall not be deemed by virtue of this letter agreement to be an employee
of the Company or to be entitled to receive any compensation or to participate in any
benefit program except for such as are expressly provided for in this letter agreement.

     Restricted Stock Purchase Agreement

     In connection with your separation from service, the Company has the right to repurchase 4,000
shares (the “Restricted Shares”) of the Company’s Common Stock currently held by you pursuant to
the Company’s 2004 Incentive Stock Plan, which right the Company has the right to exercise, and
would exercise, but for the agreements set forth in this letter agreement and the attached
Agreement and General Release.

     The Restricted Shares are covered by a Restricted Stock Purchase Agreement dated as of May 14,
2007 (the “2007 Award”) between the Company and you. Under the terms of the Restricted Stock
Purchase Agreement, the Company has the right to repurchase the Restricted Shares upon termination
of your employment to the extent they have not vested in

 

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accordance with their terms, which terms provide for such vesting on May 14, 2010 (the
“Remaining Vesting Period”).

     If this letter agreement becomes effective, then, in consideration of your execution and
delivery of the Agreement and General Release and its binding effect, your agreement to render the
transition services described above and your agreement not to compete with the Company as provided
above, and as further consideration for your services as a consultant and your other undertakings
with respect thereto set forth above under the caption “Consulting Relationship,” the Company
agrees that, except as set forth herein, it will refrain from repurchasing 2,000 of the Restricted
Shares covered by the 2007 Award during the Remaining Vesting Period, it being understood, however,
that the Company’s right to repurchase such Restricted Shares shall continue in accordance with the
terms of the Restricted Stock Purchase Agreement for the duration of the Remaining Vesting Period,
and if, as determined by the Company in its sole discretion, you violate any provision of
paragraphs (f), (g) or (h) above under the caption “Consulting Relationship” or fail or refuse
(other than with the prior written agreement of the Company) to provide the consulting services
provided for in this letter agreement prior to the expiration of the Remaining Vesting Period, such
Restricted Shares shall be forfeited to and repurchased by the Company in accordance with the
terms and conditions of the Restricted Stock Purchase Agreement as if such right to repurchase had
been exercised on the date of this letter agreement. In the event of your death or permanent and
total disability, the provisions of the Restricted Stock Purchase Agreement relating to death or
disability shall be applied to determine your rights in such Restricted Shares.

     At the Termination Date, the Company exercises its right to repurchase the remaining 2,000 of
the shares covered by the 2007 Award at $1.00 per share under the terms of the Restricted Stock
Purchase Agreement. You agree to deliver to the Company on or before the Termination Date the
stock certificate representing such shares with appropriate duly executed stock powers and other
documents required by the Restricted Stock Purchase Agreement or reasonably requested by the
Company so that it may so repurchase such shares, and the Company will thereupon deliver to you a
check for $2,000 covering payment of the purchase price of such shares upon delivery of the
foregoing documents in satisfactory form and arrange for the delivery to you of a certificate
covering the remaining 2,000 shares of Common Stock covered by the Restricted Stock Purchase
Agreement subject to the terms and conditions of that agreement.

*     *     *     *     *

     You have up to 21 days from the date you receive this letter to decide whether to accept the
terms described in this letter and the Agreement and General Release. You may also consult with a
lawyer of your own choice before signing this letter agreement and the Agreement and General
Release attached hereto.

     You may indicate your acceptance of the terms and conditions set forth in the Agreement and
General Release by signing and returning the Agreement and General Release. You then have 7 days
within which you may revoke the Agreement and General Release. If you revoke the Agreement and
General Release, this letter agreement will not become effective and you will not be entitled to
the severance package described above. You may, but you are not required to, waive the passage of
the 21-day period described above by signing the Election that appears at the end of the Agreement
and General Release.

 

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     This letter agreement and the attached Agreement and General Release together constitute the
full, final and complete expression of the agreements between you and the Company with respect to
the subject matter hereof and thereof, and together supersede all prior or contemporaneous
discussions or agreements, written or oral, with respect thereto except for the Confidentiality
Agreement referred to above.

     This letter agreement shall be governed by and construed and enforced in accordance with the
laws of the State of South Carolina, without giving effect to the principles of conflicts of law.

     This letter replaces and supersedes our letter to you dated October 4, 2007.

     Please review this letter agreement and the attached Agreement and General Release carefully.
If you have any questions or need additional information, please contact Bob Grace at
(803) 326-3989 or Diana Eastep at (803) 326-3931, respectively. If you so agree, please indicate
your agreement to the terms of this letter agreement and the Agreement and General Release by
executing a copy of each in the place provided for your signature and delivering them to the
Company.

	 	 	 	 	 
	 	Sincerely,

3D SYSTEMS CORPORATION

 	 
	 	By  	/s/Abraham N. Reichental
 	 
	 	 	Name:  	Abe Reichental 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 

ACCEPTED AND AGREED TO:

	 	 	 
	/s/ William J. Tennison
 

Signature of Employee

	 	 

 

Attachment

AGREEMENT AND GENERAL RELEASE

I. ACKNOWLEDGEMENT OF ADEA RELEASE AND OTHER MATTERS

By signing this Agreement and General Release, I acknowledge that:

I have carefully read this Agreement and General Release as well as the accompanying letter
agreement.

I have had up to twenty-one (21) days to consider signing this Agreement and General Release.

I acknowledge that I have been advised to consult with a lawyer of my choice before signing this
Agreement and General Release, and I acknowledge that I have had a reasonable period of time to do
so.

I am knowingly and voluntarily entering into and signing this Agreement and General Release free of
duress and coercion and I realize that I am waiving, releasing, and discharging important rights
and possible claims by signing this Agreement and General Release.

I am receiving special severance benefits to which I was not otherwise entitled, which provide the
consideration for this Agreement and General Release.

I understand that this Agreement and General Release will not become effective until the eighth
(8th) day following the date on which I sign it.

II. GENERAL RELEASE

I understand that, in consideration of my signing this Agreement and General Release, the Company,
will provide me with severance and benefits as described in the accompanying letter agreement which
exceed what I am otherwise entitled to receive from the Company upon the termination of my
employment and to which I am not entitled if I do not sign this Agreement and General Release.

I knowingly and voluntarily waive, release and discharge, for myself, my heirs, executors,
administrators, personal representatives, and assigns, the Company and each of its subsidiaries,
and their respective predecessors, partners, insurers, affiliates, successors, and assigns, and
each of their respective employees, officers, directors and agents from all claims, liabilities,
demands, causes of action of whatever kind or nature, whether known or unknown, including, but not
limited to, contract claims, claims for bonuses, severance pay, vacation or holiday pay, employee
or fringe benefits, and claims based on any state or federal wage, employment, or common laws, or
amendments thereto, including but not limited to: (i) any claim under the Employer Retirement
Income Security Act (ERISA); the Family Medical Leave Act (FMLA); the Age Discrimination in
Employment Act (ADEA); the Older Workers Benefits Protection Act (OWBPA) of 1990; the Workers
Adjustment and Retraining Notification Act (WARN); the Americans With Disabilities Act (ADA); the
Comprehensive Omnibus Budget Reconciliation Act of 1986 (COBRA); the Fair Labor Standards Act
(FLSA); the National Labor Relations Act, as amended (NLRA); Uniformed Services Employment and
Reemployment Rights Act of 1944 (USERRA); and Executive Order 11246; (ii) the Civil Rights Act of
1964, as amended, 42 U.S.C. § 1981; the Civil Rights Act of 1871, as amended, 42 U.S.C. § 1983;
Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000(c) et seq.; (iii) any
and all claims for wages, commission, salary, bonus, and/or any other type of compensation; (iv)
any claim existing under state, federal,

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Executive Order, or common law arising from my present work status, or my application for a visa or
work card (“green card”); (v) any municipal, state, or federal anti-discrimination, civil rights,
or human rights laws, including but not limited to any claim based on age, gender, sex, race,
color, religion, national origin, marital status, sexual orientation, ancestry, national origin,
parental status, handicap, disability, and veteran status; (vi) any other claims relating to or
arising out of my employment relationship with the Company, including but not limited to workers’
compensation and any claim for retaliatory or wrongful discharge; and (vii) any other claim,
including but not limited to, claims for severance pay, back pay, fringe benefits, breach of
contract, wrongful termination, defamation, intentional infliction of emotional distress, mental
anguish, loss of employment prospects, loss of reputation, misrepresentation, intentional acts,
personal injury, invasion of privacy, violation of public policy, negligence, statutory or common
law for any compensatory or punitive damages or attorney fees

III. AFFIRMATION

I acknowledge that the Employee Confidentiality Agreement that I previously entered into with the
Company shall be incorporated herein and shall survive this Agreement and General Release.

IV. REIMBURSEMENT; COMPANY PROPERTY

I agree to reimburse the Company for amounts, if any, owed to it or to any affiliate and I agree
that the Company may at its option deduct such amounts from any payments owed to me by the Company,
including amounts owed under the accompanying letter agreement. I agree to deliver to the Company
all records and documents related to the business of the Company and any other Company property in
my possession no later than the close of business on my Termination Date, except to the extent that
the General Counsel of the Company has agreed in writing that I may retain copies of specified
items of property or specified agreements or other documents, but as to such agreements or other
documents, I will maintain their confidentiality and not disclose them to anyone other than
employees of or legal advisors to the Company or use any of them for the benefit of any competitor
of the Company, except for agreements that have been publicly disclosed by the Company.

V. REVOCATION

This Agreement and General Release will not become effective until the eighth day following the
date on which I sign it (or, if later, when the accompanying letter agreement is approved by the
Compensation Committee of the Company’s Board of Directors). I understand that for seven (7) days
after I sign it I may revoke this Agreement and General Release by delivering written notification
of revocation to Robert M. Grace, Jr., Vice President, General Counsel and Secretary, 333 Three D
Systems Circle, Rock Hill, South Carolina 29730. The Company must receive my written revocation by
the close of business on the seventh day following the date this Agreement and General Release is
signed. I understand that if I revoke this Agreement and General Release, I will not be eligible
for any severance or other benefits under the severance package described in the accompanying
letter agreement.

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VI. CONFIDENTIALITY

I acknowledge and agree that the Company may make public disclosure of this Agreement and General
Release and the accompanying letter agreement and file copies hereof and thereof with the
Securities and Exchange Commission and other governmental or regulatory authorities. Except to the
extent that such has been publicly disclosed by the Company, I agree not to discuss or disclose,
directly or indirectly, the terms of this Agreement and General Release with any third party except
my spouse, attorney, accountant, tax advisor or the appropriate taxing or other governmental
authorities or in order to enforce its terms or as required by law, regulation or court order,
except that I understand that I am free to disclose the tax treatment and tax structure of this
transaction without limitation.

I HAVE CAREFULLY READ THIS AGREEMENT AND GENERAL RELEASE AND FULLY UNDERSTAND EACH AND EVERY TERM
AND AGREE TO BE BOUND BY ITS TERMS AND CONDITIONS.

	 	 	 	 	 	 	 
	William J. Tennison
 

Name of Employee

	 	 
	 	/s/William J. Tennison
 

Signature of Employee
	 	 
	 
	 	 	 	 	 	 
	Date: 10/9/07
	 	 	 	 	 	 

ELECTION TO EXECUTE PRIOR TO EXPIRATION OF

TWENTY-ONE DAY CONSIDERATION PERIOD

(To be signed only if Agreement and General Release is signed

prior to expiration of 21 days after it is presented to employee)

I understand that I have up to twenty-one (21) days within which to consider and execute the
foregoing Agreement and General Release. However, after having had sufficient time to consider the
matter and to consult with counsel, I have freely and voluntarily elected to execute the Severance
and Release Agreement before the twenty-one (21) day period has expired.

	 	 	 
	/s/ William J. Tennison
	 	 
	 

Signature of Employee

	 	 
	 
	 	 
	10/9/07
	 	 
	 

Date

	 	 

3EX-10.1 ESCROW AGREEMENT

 

EXHIBIT 10.1

ESCROW AGREEMENT

     THIS
ESCROW AGREEMENT (the “Agreement”) is made and
entered into as of the 30th day
of October, 2007, by and between REITPlus, Inc., a Maryland corporation (the
“Company”), AmREIT Securities Company (the “Dealer Manager”) and Wells Fargo Bank,
N.A., as escrow agent (the “Escrow Agent”).

     WHEREAS, the Company proposes to offer for sale, on a continuing basis (the
“Offering”) up to $550,000,000 in shares of the Company’s common stock, par value $0.01 per
share (the “Shares”) pursuant to the terms of the prospectus contained in the registration
statement on Form S-11, as amended,  initially filed with the Securities and Exchange Commission under the
Securities Act of 1933, as amended on May 31, 2007 (the
“Prospectus”);

     WHEREAS,
Dealer Manager, a FINRA registered broker-dealer, has agreed to serve as the dealer
manager for the Offering and will offer the Shares through other registered broker-dealers that are
members of FINRA (the “Dealers”);

     WHEREAS, it is anticipated that investors will subscribe for the Shares and will provide the
Dealer Manager with subscription payments for such Shares (the “Subscription Payments”),
which subscriptions will be contingent upon (i) their respective acceptances by the Company and
(ii) the Company’s acceptance of subscriptions aggregating $2,000,000 of Shares (the “Minimum
Amount”) deposited into escrow;

     WHEREAS, the Company and the Dealer Manager desire to deposit funds contributed by the
Subscribers (as defined below) with the Escrow Agent, to be held for the benefit of the Subscribers
and the Company until such time as subscriptions for the Minimum Amount has been deposited into
escrow or otherwise in accordance with the terms of this Agreement;

     WHEREAS, the Escrow Agent has agreed to receive and hold in escrow all Subscription Payments
until the earlier of (i) such time as subscriptions for the Minimum Amount have been received and
accepted by the Company or (ii) the close of business on the date exactly one year after the
original effective date of the Prospectus (the Company shall provide notice of such date to Escrow
Agent) (the “Minimum Subscription Termination Date”), and to hold and distribute such
Subscription Payments in accordance with the terms and conditions herein set forth; and

     WHEREAS, the Escrow Agent is willing to accept appointment as the escrow agent for only the
expressed duties, terms and conditions outlined herein.

     NOW, THEREFORE, in consideration of the premises and agreements set forth herein, the parties
hereto agree as follows:

     1. Appointment of Escrow Agent. The Company and the Dealer Manager hereby appoint the
Escrow Agent to serve as escrow agent, and the Escrow Agent hereby accepts such appointment, each
in accordance with the terms of this Agreement. The Company and the

 

 

Dealer Manager hereby acknowledge that the status of the Escrow Agent is that of agent only
for the limited purposes set forth herein, and hereby agree that they will not represent that the
Escrow Agent has investigated the desirability or advisability of investment in the Shares or has
approved, endorsed or passed upon the merits of the investment therein. The Company and the Dealer
Manager further agree that the name of the Escrow Agent shall not be used in any manner in
connection with the offer or sale of the Shares other than to state that the Escrow Agent has
agreed to serve as escrow agent for the limited purposes set forth herein.

     2. Proceeds. Investors subscribing to purchase Shares (the “Subscriber”) will
be instructed by the Dealer Manager or the Dealers to remit the purchase price in the form of
checks, drafts or money orders (the “Payment Instruments”) payable to the order of, or
funds wired in favor of, “Wells Fargo Bank — REITPlus, Inc. Escrow” (the “Escrow
Account”), or, after the Company meets the Minimum Amount, payable to the order of, or funds
wired in favor of “REITPlus, Inc.” Within three (3) business days of receipt of the Payment
Instruments, the Dealer Manager or the Dealers shall remit to the Escrow Agent the Payment
Instruments. Such Payment Instruments shall be retained in the Escrow Account by the Escrow Agent
and invested as set forth in Section 7 and shall be deposited within one (1) business day of
receipt.

     In the event that any Payment Instruments deposited in the Escrow Account prove uncollectible
after the funds represented thereby have been released by the Escrow Agent to the Company, then the
Dealer Manager or Company shall promptly reimburse the Escrow Agent for any and all costs incurred
for such, upon request, and the Escrow Agent shall deliver the uncollectible Payment Instrument to
the Dealer Manager or the Company. Notwithstanding the foregoing, if any Subscriber exercises any
right provided by law to rescind his or her subscription, the Escrow Agent shall, upon notice from
the Company or Dealer Manager, return to such Subscriber all subscription payments pertaining to
such subscription, together with any earnings thereon during the period that such payments were
held by the Escrow Agent under this Agreement.

     3. Subscriber Identity. Within three (3) business days after receipt of the Payment
Instruments, the Dealer Manager shall furnish to the Escrow Agent each accepted Subscriber’s name,
address, social security number or tax identification number, number of Shares purchased and
purchase price remitted. All proceeds so deposited shall be considered the property of the
Subscribers and shall be held for the benefit of such Subscribers and shall not be: (i) commingled
with the monies or become an asset of the Company, or (ii) subject to any liens or charges by the
Company or the Escrow Agent, or judgments or creditors’ claims against the Company, until released
to the Company as hereinafter provided. The Escrow Agent will not use the information provided to
it by the Company for any purpose other than to fulfill its obligations as the Escrow Agent. The
Escrow Agent agrees to treat all Subscriber information as confidential.

     4. Disbursement of Proceeds. On a weekly basis, and at the end of the third business
day following the Minimum Subscription Termination Date (and more frequently, if requested by the
Company), the Escrow Agent shall notify the Company of the amount of Payment Instruments received
since the last report (the “Collected Funds”). If the Collected Funds are in an amount
equal to or greater than the Minimum Amount at any time prior to the Minimum Subscription
Termination Date, and the Company has delivered a written notice (the

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“Notice”) stating that the Company has received Collected Funds for the Minimum Amount
of Shares, then the Escrow Agent shall pay out the Collected Funds and all earnings thereon to the
Company when and as directed by the Notice. Following such disbursement, the Escrow Account shall
close and thereafter the Escrow Agent shall forward directly to the Company, upon receipt, any
subscription documents and Payment Instruments received from Subscribers.

     If the Minimum Amount has not been attained prior to the Minimum Subscription Termination
Date, the Escrow Agent shall, within a reasonable time following the Minimum Subscription
Termination Date, but in no event more than ten (10) days after the Minimum Subscription
Termination Date, refund to each of the Subscribers all sums paid by the Subscribers, with a
pro-rata portion of any interest earned thereon.

     In the event that on the Minimum Subscription Termination Date, the Escrow Agent is not in
receipt of evidence of subscriptions accepted on or before such date, and Subscription Payments
dated not later than that date (or actual wired funds) at least equal to the Minimum Amount, the
Escrow Agent shall promptly notify the Company and the Dealer Manager, and the Escrow Agent shall
promptly return all funds received in full directly to the investors, together with their pro rata
share of any interest earned thereon, pursuant to instructions made by the Company or the Dealer
Manager, upon the which the Escrow Agent may conclusively rely.

     5. Duty and Liability of the Escrow Agent. The sole duty of the Escrow Agent, other
than as herein specified, shall be to receive the Subscribers’ Payment Instruments and hold them
subject to release, in accordance herewith, and the Escrow Agent shall be under no duty to
determine whether the Company or Dealer Manager is complying with requirements of this Agreement or
the Prospectus in tendering to the Escrow Agent said proceeds of the sale of the Shares. The
Escrow Agent may conclusively rely upon and shall be protected in acting upon any statement,
certificate, notice, request, consent, order or other document reasonably believed by it to be
genuine and to have been signed or presented by the proper party or parties. The Escrow Agent
shall have no duty or liability to verify any such statement, certificate, notice, request,
consent, order or other document, and its sole responsibility shall be to act only as expressly set
forth in this Agreement. The Escrow Agent shall be under no obligation to institute or defend any
action, suit or proceeding in connection with this Agreement unless first indemnified to its
satisfaction. The Escrow Agent may consult and hire counsel in respect of any question arising
under this Agreement, and the Escrow Agent shall not be liable for any action taken or omitted in
good faith upon advice of such counsel.

     The Escrow Agent is acting solely as escrow agent hereunder and owes no duties, covenants or
obligations, fiduciary or otherwise, to any other person by reason of this Agreement, except as
otherwise stated herein, and no implied duties, covenants or obligations, fiduciary or otherwise,
shall be read into this Agreement against the Escrow Agent. In no event shall the Escrow Agent be
liable, directly or indirectly, for any special, indirect or consequential losses or damages of any
kind whatsoever (including without limitation lost profits), even if the Escrow Agent has been
advised of the possibility of such losses or damages and regardless of the

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form of action. The parties agree that the Escrow Agent has no role in the preparation of the
Offering documents, has not reviewed any such documents and makes no representations or warranties
with respect to the information contained therein or omitted therefrom. The Escrow Agent agrees
that it may be named in the Prospectus and offering documents, to the extent necessary to describe
this Agreement and the duties of the Escrow Agent herein. The Escrow Agent shall have no
obligation, duty or liability with respect to compliance with any federal or state securities,
disclosure or tax laws concerning the offering documents or the issuance, offering or sale of the
Shares. The Escrow Agent shall have no duty or obligation to monitor the application and use of
the Subscriber funds once transferred to the Company, that being the sole obligation and
responsibility of the Company.

     6. Escrow Agent Fee. The Escrow Agent shall be entitled to compensation for its
services, as stated in the fee schedule attached hereto as Exhibit A, which compensation
shall be paid by the Company. Subject to the provisions of Section 9, the fee agreed upon for the
services rendered hereunder in Exhibit A is intended as full compensation for the Escrow
Agent’s services as contemplated by this Agreement. Notwithstanding anything contained herein to
the contrary, in no event shall any fee, reimbursement for costs and expenses, indemnification for
damages incurred by the Escrow Agent or monies whatsoever be paid out of or chargeable to the
income of assets of the Escrow Account.

     7. Investment of Subscription Payments. The Escrow Agent shall invest all Collected
Funds in the Wells Fargo Advantage Funds, 100% Treasury Money Market Fund (the
“Fund”). Any interest received by the Escrow Agent with respect to the Funds, including
reinvested interest shall become part of the proceeds of the Escrow Account (the “Escrow
Income”), and shall be disbursed to the Company if Collected Funds, including interest
earnings, total the Minimum Amount. For tax reporting purposes, all interest or other taxable
income earned on the Investor Funds in any tax year shall be taxable to the person or entity
receiving the interest or other taxable income.

     The Company shall, within thirty (30) days after the date hereof, provide the Escrow Agent
with certified tax identification numbers by furnishing appropriate IRS forms W-9 or W-8 and other
forms and documents that the Escrow Agent may reasonably request, The parties hereto understand
that if such tax reporting documentation is not so certified to the Escrow Agent, the Escrow Agent
may be required by the Internal Revenue Code of 1986, as amended, to withhold a portion of any
interest or other income earned on the Investor Funds pursuant to this Agreement.

     To the extent that the Escrow Agent becomes liable for the payment of any taxes in respect of
income derived from the investment of funds held or payments made hereunder, the Escrow Agent shall
satisfy such liability to the extent possible from the Investor Funds. The Company agrees to
indemnify and hold the Escrow Agent harmless from and against any taxes, additions for late
payment, interest, penalties and other expenses that may be assessed against the Escrow Agent on or
with respect to any payment or other activities under this Agreement unless any such tax, addition
for late payment, interest, penalties and other expenses shall arise out of or be caused by the
gross negligence or willful misconduct of the Escrow Agent.

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     8. Notices. All notices, requests, demands, and other communications under this
Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of
service if served personally on the party to whom notice is to be given, (b) on the day of
transmission if sent by facsimile transmission to the facsimile number given below, and written
confirmation of receipt is obtained promptly after completion of transmission, (c) on the day after
delivery to Federal Express or similar overnight courier or the Express Mail service maintained by
the United States Postal Service, or (d) on the fifth day after mailing, if mailed to the party to
whom notice is to be given, by first class mail, registered or certified, postage prepaid, and
properly addressed, return receipt requested, to the party as follows:

If to Company:

REITPlus, Inc.

8 Greenway Plaza, Suite 1000

Houston, Texas 77046

Attention: Chief Executive Officer

Fax: 713-850-0498

If to the Dealer Manager:

AmREIT Securities Company

8 Greenway Plaza, Suite 1000

Houston, Texas 77046

Attention: President

Fax: 713-850-0498

If to the Escrow Agent:

Wells Fargo Bank, N.A.

1021 Main Street, 24th Floor

MAC T5017-241

Houston, Texas 77002-6502

Attention: Deirdre Ward, Corporate Trust & Escrow Services

Fax: 713-289-3488

Wires to the Escrow Agent should be directed to the following:

Wells Fargo Bank, National Association

ABA #121000248

A/C # 22276100

For Further Credit to: REITPlus, Inc. Subscription Escrow

Re: REITPlus, Inc.

Attention: Deirdre Ward, 713-289-3463

Any party may change its address for purposes of this paragraph by giving the other party written
notice of the new address in the manner set forth above.

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     9. Indemnification of the Escrow Agent. The Company and the Dealer Manager hereby
jointly and severally indemnify and hold the Escrow Agent (and its officers, directors, employees
and agents) harmless from and against any and all loss, claim, liability, cost, damage and expense,
including, without limitation, reasonable counsel fees and expenses, which the Escrow Agent may
suffer or incur by reason of any action, claim or proceeding brought against the Escrow Agent
arising out of or relating in any way to this Agreement or any transaction to which this Agreement
relates unless such action, claim or proceeding is the result of the willful misconduct or gross
negligence of the Escrow Agent. The provisions of this section shall survive the termination of
this Agreement and the resignation or removal of the Escrow Agent.

     10. Successors and Assigns.

          (a) Except as otherwise provided in this Agreement, no party hereto shall assign this
Agreement or any rights or obligations hereunder without the prior written consent of the other
party hereto and any such attempted assignment without such prior written consent shall be void and
of no force and effect. This Agreement shall inure to the benefit of and shall be binding upon the
heirs, executors, administrators, successors and permitted assigns of the parties hereto.

          (b) Notwithstanding the above, any corporation or association into which the Escrow Agent may
be converted or merged, or with which it may be consolidated, or to which it may sell or transfer
all or substantially all of its corporate trust business and assets as a whole or substantially as
a whole, or any corporation or association resulting from any such conversion, sale, merger,
consolidation or transfer to which the Escrow Agent is a party, shall be and become the successor
Escrow Agent under this Agreement and shall have and succeed to the rights, powers, duties,
immunities and privileges as its predecessor, without the execution or filing of any instrument or
paper or the performance any further act.

     11. Term. This Agreement shall terminate within thirty (30) days receipt of written
notice of termination by the Company and Dealer Manager to the Escrow Agent. In the event of the
release of all Subscriber funds and all accrued interest in accordance with Section 4 of this
Agreement, this Agreement shall terminate and the Escrow Agent shall be relieved of all
responsibilities in connection with the Escrow Account, except claims which are occasioned by its
gross negligence or willful misconduct.

     12. Governing Law; Jurisdiction. This Agreement shall be construed, performed, and
enforced in accordance with, and governed by, the internal laws of the State of Delaware, without
giving effect to the principles of conflicts of laws thereof. Each party hereby consents to the
personal jurisdiction and venue of any court of competent jurisdiction in the State of Delaware.

     13. Severability. 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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     14. Amendments; Waivers. This Agreement may be amended or modified, and any of the
terms, covenants, representations, warranties, or conditions hereof may be waived, only by a
written instrument executed by the parties hereto or, in the case of a waiver, by the party waiving
compliance. Any waiver by any party of any condition, or of the breach of any provision, term,
covenant, representation, or warranty contained in this Agreement, in any one or more instances,
shall not be deemed to be nor construed as further or continuing waiver of any such condition, or
of the breach of any other provision, term, covenant, representation, or warranty of this
Agreement.

     15. Entire Agreement; Counterparts. This Agreement contains the entire understanding
among the parties hereto with respect to the escrow contemplated hereby and supersedes and replaces
all prior and contemporaneous agreements and understandings, oral or written, with regard to such
escrow. This Agreement, and any amendments hereto, may be executed by the parties hereto in one or
more counterparts, each of which shall be deemed an original.

     16. Section Headings. The section headings in this Agreement are for reference
purposes only and shall not affect the meaning or interpretation of this Agreement.

     17. Disputes. In the event of a disagreement among any of the parties to this
Agreement, or among them or any other person resulting in adverse claims and demands being made in
connection with or from any property in the Escrow Account, the Escrow Agent shall be entitled to
refuse to comply with any such claims or demands as long as such disagreement may continue, and in
so refusing, shall make no delivery or other disposition of any property then held by it in the
Escrow Account under this Agreement, and in so doing, the Escrow Agent shall be entitled to
continue to refrain from acting until (i) the right of adverse claimants shall have been finally
settled by binding arbitration or finally adjudicated in a court assuming and having jurisdiction
of the property involved herein or affected hereby or (ii) all differences shall have been adjusted
by agreement and the Escrow Agent shall have been notified in writing of such agreement signed by
the parties hereto.

     In the event of such dispute, the Escrow Agent shall be entitled, in its discretion and
judgment, 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 the Escrow
Agent deem appropriate, and thereupon be discharged from all further duties and liabilities under
this Agreement. In the event of any uncertainty as to its duties hereunder, the Escrow Agent may
refuse to act under the provisions of this Agreement pending order of a court of competent
jurisdiction and the Escrow Agent shall have no liability to the Company, the Dealer Manager 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.

     18. Limited Purpose. The Company and Dealer Manager hereby acknowledge that the Escrow
Agent is serving as the escrow agent only for the limited purposes herein set forth, and hereby
agree that they will not represent or imply that the Escrow Agent, by serving as the Escrow Agent
hereunder or otherwise, have investigated the desirability or advisability of

-7-

 

investment in the Company or have approved, endorsed or passed upon the merits of the Shares, nor
shall they use its name in any manner whatsoever in connection with the offer or sale of the Shares
other than by acknowledgment that the Escrow Agent has agreed to serve as the Escrow Agent for the
limited purposes set forth herein.

     19. Resignation. The Escrow Agent may resign upon 30 days advance written notice to
the Company and the Dealer Manager. Such resignation shall become effective on the date specified
in such notice, which shall be not earlier than 30 days after such written notice has been given.
In the event of any such resignation, a successor escrow agent, which shall be a bank or trust
company organized under the laws of the United States of America, shall be appointed by the mutual
agreement of the Company and the Dealer Manager. Any such successor escrow agent shall deliver to
the Company and the Dealer Manager a written instrument accepting such appointment, and thereupon
shall succeed to all the rights and duties of the Escrow Agent hereunder and shall be entitled to
receive the Escrow Account from the Escrow Agent. The Escrow Agent shall promptly pay the
Subscription Payments in the Escrow Account, including interest thereon, to the successor escrow
agent. If a successor Escrow Agent is not appointed by the Company or the Dealer Manager within
the 30-day period following such notice, the Escrow Agent may petition any court of competent
jurisdiction to name a successor Escrow Agent. All costs, expenses and reasonable attorneys fees
for which the Escrow Agent incurs in connection with such proceeding shall be paid by the Company.

     20. Removal. The Escrow Agent may be jointly removed by the Company and the Dealer
Manager at any time, by written notice executed by both of them (which may be executed in
counterparts) provided to the Escrow Agent, which instrument shall become 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. In the event of any such removal, a
successor escrow agent, which shall be a bank or trust company organized under the laws of the
United States of America, shall be appointed by the mutual agreement of the Company and the Dealer
Manager. Any such successor escrow agent shall deliver to the Company and the Dealer Manager a
written instrument accepting such appointment, and thereupon shall succeed to all the rights and
duties of the Escrow Agent hereunder and shall be entitled to receive the Escrow Account from the
Escrow Agent. The Escrow Agent shall promptly pay the Subscription Payments in the Escrow Account,
including interest thereon, to the successor escrow agent. If a successor escrow agent is not
appointed by the Company or the Dealer Manager within the 30-day period following such notice, the
Escrow Agent may petition any court of competent jurisdiction to name a successor escrow agent.
All costs, expenses and reasonable attorneys fees for which the Escrow Agent incurs in connection
with such proceeding shall be paid by the Company.

     21. Maintenance of Records. The Escrow Agent shall maintain accurate records of all
transactions hereunder. Promptly after the termination of this Agreement, and as may from time to
time be reasonably requested by the Company before such termination, the Escrow Agent shall provide
the Company with a copy of such records, certified by the Escrow Agent to be a complete and
accurate account of all transactions hereunder. The authorized representatives of the Company and
the Dealer Manager shall also have access to the Escrow Agent’s books and

-8-

 

records to the extent relating to its duties hereunder, during normal business hours upon
reasonable notice to the Escrow Agent, and at the requesting party’s expense.

[Signatures Appear on Following Page]

-9-

 

     IN WITNESS WHEREOF, the parties hereto have caused this Escrow Agreement to be executed the
day and year first set forth above.

	 	 	 	 	 	 	 
	 	 	REITPLUS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Chad C. Braun 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Chad C. Braun	 	 
	 	 	Title: Executive Vice President and Chief Financial Officer	 	 

	 	 	 	 	 	 	 
	 	 	WELLS FARGO BANK,
NATIONAL ASSOCIATION, as Escrow Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Diedre H. Ward 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Diedre H. Ward 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	Vice President 	 	 
	 

	 	 	 	 

	 	 

-10-

 

Exhibit A

REITPlus, Inc.

and

Wells Fargo Bank, N.A.

Escrow Agent Services — Fee Schedule

			
	Acceptance Fee:
	 	Waived

Initial Fees as they relate to Wells Fargo Bank acting in the capacity of Escrow Agent — includes
creation and examination of the Escrow Agreement; acceptance of the Escrow appointment; setting up
of Escrow Account(s) and accounting records; and coordination of receipt of funds for deposit to
the Escrow Account. Acceptance Fee payable at time of Escrow Agreement execution.

	 	 	 	 	 	 	 
	Escrow Agent Administration Fee:

	 	For up to 40 Investor Deposits:
	 	$	2,500.00	 

     For ordinary administration services by Escrow Agent — includes daily routine account management;
investment transactions; cash transaction processing (including wires and check processing);
disbursement of the funds in accordance with the agreement; and mailing of trust account statements
to all applicable parties. Tax reporting is included for up to One (1) entity. Should additional
reportings be necessary, a $25 per reporting charge will be assessed. Float credit received by the
bank for receiving funds that remain uninvested are deemed part of the Paying Agent/Escrow Agent’s
compensation. Fees are due and payable upon execution of documents. Fee will not be prorated in
case of early termination.

Transaction Charges:

	 	 	 	 	 	 	 
	Subscription Disbursements to investors by check or wire
	 	 	 	 	 	 
	(Assuming Minimum Amount is not met)
	 	 	 	$25peritem
	Subscription receipts in excess of 40
	 	 	 	$20peritem
	International Wire disbursements
	 	 	 	$85perwire
	NSF checks, stop payments, return checks
	 	 	 	$35percheck
	Tax Reporting (if necessary)
	 	 	 	$25perinvestor

Out of Pocket Expenses:

     We only charge for out-of-pocket expenses in response to specific tasks assigned by the client.
Therefore, we cannot anticipate what specific out-of-pocket items will be needed or what
corresponding expenses will be incurred. Possible expenses would be, but are not limited to,
express mail and messenger charges, travel expenses to attend closing or other meetings. There
are no charges for indirect out-of- pocket expenses.

Wells Fargo’s fees are based on the following assumptions:

	•	 	Number of escrow funds/accounts to be established: One (1)
	 
	•	 	Number of Deposits to Escrow Account: See above.
	 
	•	 	Number of Withdrawals from Escrow Fund: Various over term of escrow.
	 
	•	 	Term of Escrow: Less than 1 year
	 
	•	 	THIS FEE SCHEDULE ASSUMES THAT BALANCES IN THE ESCROW ACCOUNT WILL BE INVESTED IN MONEY
MARKET MUTUAL FUNDS
	 
	•	 	ALL FUNDS WILL BE RECEIVED FROM OR DISTRIBUTED TO A DOMESTIC ENTITY
	 
	•	 	IF THE ACCOUNT(S) DOES NOT OPEN WITHIN THREE (3) MONTHS OF THE DATE SHOWN BELOW, THIS
SCHEDULE WILL BE DEEMED TO BE NULL AND VOID

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