Document:

Form of Indemnification Agreement

 Exhibit 10.24 

FORM OF 

INDEMNIFICATION AGREEMENT 

INDEMNIFICATION AGREEMENT (the “Agreement”) between each of the entities identified as the
“Company” on the signature page of this Agreement (the “Company”), and [            ], a Representative (defined below) of the Company or an
Affiliated Entity of the Company (the “Indemnitee”), dated as of [                    ], 2010. 

More than one entity is identified as the “Company” on the signature page of this Agreement. This document shall be
deemed to be a separate and distinct agreement between Indemnitee and each such Company. The use of a single signature page is for convenience only. 

R E C I T A L S: 

The Indemnitee has agreed to serve as a Representative of the Company. 

The Company is incorporated under the laws of Delaware, and its Affiliated Entities may include entities formed or organized under
various jurisdictions as corporations, companies, partnerships, limited partnerships, joint ventures, limited liability companies, trusts, employee benefit plans or other enterprises. To ensure a common standard of indemnification by the Company and
its Affiliated Entities, the Company and Indemnitee have elected to have the standards of indemnification promulgated under the Delaware General Corporation Law (the “DGCL”) applicable to corporations incorporated under the
laws of Delaware govern the provisions of this Agreement as set forth herein. 
 Certain capitalized terms used in this
Agreement are defined in Section 15. 
 In recognition of the Indemnitee’s need for substantial protection against
personal liability and to provide the Indemnitee with specific contractual assurance that indemnification, including the protection, if any, provided by the Constating Documents, will be available to the Indemnitee (regardless of, among other
things, any amendment to the Constating Documents or merger, exchange or reorganization of the Company resulting in changes in the Constating Documents), the Company wishes to provide in this Agreement for the indemnification of and the advancement
of expenses to the Indemnitee to the fullest extent permitted by Delaware law and as set forth in this Agreement, and, to the extent insurance is maintained, for the coverage of the Indemnitee under the Company’s directors’ and
officers’ liability insurance policies. 
 NOW, THEREFORE, in consideration of the premises and intending to be legally
bound hereby, the parties hereto agree as follows: 
 SECTION 1. INDEMNIFICATION.

 a. In the event that the Indemnitee was or is made a party to, or is threatened to be made a party to, or otherwise
becomes involved, as a party or otherwise (including, but not limited to, as a witness or as the subject of a subpoena or discovery notice), or is threatened with, 

 
any Proceeding by any third party or any derivative action made in the right of the Company, whether arising while such Indemnitee is a Representative of the Company or any Affiliated Entity or
afterwards, relating to or arising out of the business and affairs of, or activities undertaken in connection with, the Company, or by reason of the fact that the Indemnitee or a person of whom the Indemnitee is the legal representative is or was,
at any time, a Representative of the Company or any Affiliated Entity or is or was serving at the request of the Company or any Affiliated Entity for another corporation, company, partnership, limited partnership, joint venture, limited liability
company, trust, employee benefit plan or other enterprise, in any capacity (including service with respect to employee benefit plans), whether the basis of such Proceeding is alleged action in an official capacity as a Representative or in any other
capacity while serving as a Representative, the Company shall indemnify Indemnitee and hold Indemnitee harmless against all claims, demands, liabilities, costs, expenses, damages, judgment, fines, ERISA excise taxes or penalties, and amounts paid or
to be paid in settlement, losses, suits, proceedings and actions, whether judicial, administrative, investigative or otherwise, of whatever nature, known or unknown, liquidated or unliquidated (“Claims”), that may accrue to or be
incurred by the Indemnitee, or in which the Indemnitee may become involved, including, but not limited, to amounts paid in satisfaction of attorneys’ fees and all other costs, charges and expenses paid or incurred in connection with
investigating, defending, settling, being a witness in or participating in (including on appeal), or preparing to defend, be a witness in or participate in any Claim relating to a Proceeding (“Expenses”) to the fullest extent a
Delaware corporation has the power or obligation to indemnify a person in accordance with the DGCL as the same exists or may hereafter be amended (but only to the extent that such amendment permits a corporation to provide broader indemnification
rights than a corporation was permitted to provide prior to such amendment), except (i) with respect to or in connection with the receipt of a personal benefit to which Indemnitee was not entitled, including but not limited to personal benefits
arising from trading in securities and (ii) to the extent that it shall have been determined by a final disposition that such Claims arose from the gross negligence or willful misconduct of the Indemnitee. 

b. For the avoidance of doubt, subject to the DGCL and the Company’s Constating Documents, the provisions of paragraph
(a) shall not apply to a Claim or Proceeding made directly by the Company against the Indemnitee but shall apply in the case of any derivative action or other Claim or Proceeding made by a third party in the right of the Company. 

c. For the avoidance of doubt, no indemnification under this Agreement in connection with any Claim or Proceeding, whether by or in the
right of the Company or otherwise, shall require any determination by the courts of Delaware or any other court. 
 d. The
indemnification provided in this Agreement specifically includes indemnification with respect to the period from and after the date hereof, notwithstanding the date this Agreement is executed and delivered by the parties. 

SECTION 2. NOTICES OF CLAIMS. 

Promptly after receipt by the Indemnitee of notice of the commencement of any Proceeding, the Indemnitee shall, if a claim for
indemnification in respect thereof is to be made 
  

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against the Company, give written notice to the Company of the commencement of such Proceeding; provided, that the failure of the Indemnitee to give notice as provided herein shall not
relieve the Company of its obligations under this Agreement, except to the extent that the Company is actually prejudiced by such failure to give notice. In the event that any such Proceeding is brought against the Indemnitee (other than a
derivative suit in right of the Company), the Company will be entitled to participate in and to assume the defense thereof to the extent that the Company may wish, with counsel reasonably satisfactory to the Indemnitee. After notice from the Company
to the Indemnitee of the Company’s election to assume the defense thereof, the Company will not be liable for expenses subsequently incurred by the Indemnitee in connection with the defense thereof. The Company will not consent to entry of any
judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to the Indemnitee of a release from all liability in respect to such Claim. Any indemnification provided for in
Section 1 shall be made within 10 business days after receipt by the Company of the written notice of Indemnitee. 

SECTION 3. INSURANCE. 

In the event that the Company maintains insurance to protect any director, officer or manager of the Company against
any expense, liability or loss from wrongful acts, or to insure the Company’s indemnification obligations, such insurance shall cover the Indemnitee to at least the same extent as any other director, officer or manager of the Company and the
Company’s insurance shall be the primary insurance policy against any expense, liability or loss from wrongful acts, and to insure the Company’s indemnification obligations[; in each case, notwithstanding that Indemnitee was designated as
a Representative of the Company by affiliates of Onex Corporation (together with such affiliates, “Onex”) or the availability of other insurance maintained or arranged by
Onex]1. 

SECTION 4. ADVANCE OF EXPENSES. 

a. Notwithstanding anything in the Constating Documents or this Agreement to the contrary, the right to indemnification conferred by this
Agreement shall include the obligation of the Company to advance, if so requested by the Indemnitee (and within 10 business days of such request), Expenses incurred relating to a Claim involving the Indemnitee in advance of its final disposition or
to recover under any directors’ and officers’ liability insurance policies maintained by the Company; provided, that the payment of such Expenses incurred by Indemnitee in advance of the final disposition of any Proceeding shall be
made only upon delivery to the Company of an undertaking, by or on behalf of Indemnitee, to repay all amounts so advanced if it shall ultimately be determined by a final disposition that Indemnitee is not entitled to be indemnified for such expenses
under this Agreement or otherwise, or to repay any amount advanced in excess of the amount of indemnity to which Indemnitee is entitled under this Agreement or otherwise. 

 

	1
	 To be added for Onex employees 

  

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 b. For the avoidance of doubt, subject to the DGCL and the Company’s Constating
Documents, the provisions of paragraph (a) shall not apply to a Claim or Proceeding made directly by the Company against the Indemnitee but shall apply in the case of any derivative action or other Claim or Proceeding made by a third party in
the right of the Company. 
 SECTION 5. CONTRIBUTION. 

In the event that the indemnification provided for in this Agreement is unavailable to the Indemnitee for any reason whatsoever, the
Company, in lieu of indemnifying the Indemnitee, shall contribute to the amount incurred by the Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any
Proceeding, in such proportion as is deemed fair and reasonable, in light of all of the circumstances of such action, by a majority vote of the members of the then current Board of Directors (even though less than a quorum) or similar governing body
of the Company, in each case acting in good faith, or, if the Indemnitee disagrees with the determination of such governing body, then by the courts of the State of Delaware or other court having jurisdiction over the parties to reflect (a) the
relative benefits received by the Company and the Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such action; and/or (b) the relative fault of the Company (and its other Representatives) and the Indemnitee in
connection with such event(s) and/or transaction(s). The Indemnitee’s right to contribution under this Section 5 shall be determined in accordance with, pursuant to and in the same manner as, the provisions in Section 1 and 2 relating
to the Indemnitee’s right to indemnification under this Agreement. 
 SECTION 6.
ATTORNEYS’ FEES. 
 In the event that any action is instituted by the Indemnitee under
this Agreement to enforce or interpret any of the terms hereof, the prevailing party in such action shall be entitled to be paid all costs and expenses, including reasonable attorneys’ fees, incurred by the prevailing party with respect to such
action. 
 SECTION 7. NON-EXCLUSIVITY. 

The rights of the Indemnitee hereunder shall be in addition to any other rights the Indemnitee may have under the Constating Documents or
under applicable law, and nothing herein shall be deemed to diminish or otherwise restrict the Indemnitee’s right to indemnification under any such other provision. To the extent applicable law or the Constating Documents as in effect on the
date hereof, or at any time in the future, permit greater indemnification than as provided for in this Agreement, the parties hereto agree that the Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such law or provision of
the Constating Documents, and this Agreement shall be deemed amended without any further action by the Company or the Indemnitee to grant such greater benefits. The Indemnitee may elect to have the Indemnitee’s rights hereunder interpreted on
the basis of applicable law in effect at the time of execution of this Agreement, at the time of the occurrence of the event giving rise to a Claim or at the time indemnification is sought. 

 

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 SECTION 8. BURDEN OF
PROOF; NO PRESUMPTIONS 
 (a) Burden of Proof. In connection with any
determination by any person as to whether Indemnitee is entitled to be indemnified hereunder, the Indemnitee shall be presumed to be entitled to indemnification under this Agreement upon submission of a written claim (and, in an action brought to
enforce a claim for an advancement of expenses, where the required undertaking, if any is required, has been tendered to the Company), and thereafter the burden of proof shall be on the Company to establish that Indemnitee is not so entitled.

 In any suit brought by Indemnitee to enforce a right to indemnification or to an advancement of Expenses hereunder, or
brought by the Company to recover an advancement of Expenses pursuant to the terms of an undertaking, the burden of proving that Indemnitee is not entitled to be indemnified, or to such advancement of Expenses, under this Agreement or otherwise,
shall be on the Company. 
 (b) No Presumptions. For purposes of this Agreement, the termination of any Proceeding, by
judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that Indemnitee did not meet any particular standard of conduct or have
any particular belief or that a court has determined that indemnification is not permitted by applicable law. In addition, neither the failure of the Company to have made a determination that indemnification of Indemnitee is proper in the
circumstances because Indemnitee has met the applicable standard of conduct or had any particular belief, nor an actual determination by the Company that Indemnitee has not met such standard of conduct or did not have such belief, shall be a defense
to Indemnitee’s claim for indemnification or advancement of expenses under this Agreement or create a presumption that Indemnitee has not met any particular standard of conduct or did not have any particular belief. The scope of the
Company’s indemnification of Indemnitee is that set forth in Section 1 of this Agreement, and nothing in this Section 8(b) shall be deemed to expand such scope. 

SECTION 9. PARTIAL INDEMNITY. 

If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of the Expenses,
judgments, fines, penalties, amounts paid in settlement of a claim or any other amount but not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

 SECTION 10. SUBROGATION. 

In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of
recovery of the Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce
such rights. 
  

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 SECTION 11. NO DUPLICATION
OF PAYMENTS. 
 The Company shall not be liable under this Agreement to make any payment in
connection with any claim made against the Indemnitee to the extent the Indemnitee has otherwise actually received payment (under any insurance policy, the Constating Documents or otherwise) of the amounts otherwise indemnifiable hereunder.

 SECTION 12. BINDING EFFECT. 

This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective
successors, assigns, including any direct or indirect successor (whether by purchase, merger, consolidation, reorganization, exchange or otherwise) to all, substantially all, or a substantial part, of the business and/or assets of the Company,
spouses, heirs, executors and personal and legal representatives. The Company shall require and cause any successor (whether by purchase, merger, consolidation, reorganization, exchange or otherwise) to all, substantially all, or a substantial part,
of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place, but the absence of
any such writing shall not be a defense to any claim for indemnity made hereunder. This Agreement shall continue in effect regardless of whether the Indemnitee continues to serve as a Representative of the Company or of any other enterprise at the
Company’s request. 
 SECTION 13. SEVERABILITY. 

The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within a
single section, paragraph or sentence) is held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable in any respect, and the validity and enforceability of any such provision in every other respect and of the remaining
provisions hereof shall not be in any way impaired and shall remain enforceable to the fullest extent permitted by law. 

SECTION 14. AMENDMENT. 

Except as otherwise provided in Section 7 herein, this Agreement may not be changed, modified or amended except in writing signed by
the parties hereto. 
 SECTION 15. CERTAIN DEFINITIONS. 

As used in this Agreement: 

“Affiliated Entity” means each of the entities identified as the “Company” on the signature page hereof,
and each corporation, company, partnership, limited partnership, joint venture, limited liability company, trust, employee benefit plan or other enterprise directly or indirectly controlled by such Company. 

The “Constating Documents” of the Company mean its articles or certificate of incorporation, articles or certification
of association or formation, charter, by-laws, operating agreement, partnership agreement and/or other similar document or instrument governing its internal affairs. 

 

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 “final disposition” means a determination by final judicial decision from
which there is no further right to appeal. 
 “Proceeding” means any actual or threatened action, suit,
proceeding, arbitration, alternate or dispute resolution mechanism, or any inquiry or investigation, whether civil, criminal, administrative or investigative. 

Indemnitee will be deemed to be a “Representative” of an entity for which he is serving as an officer, a director, a
manager, managing member, general partner, or in any other executive, fiduciary or representative capacity, including as an “authorized signatory”, at the request of the entity. 

SECTION 16. COUNTERPARTS. 

More than one entity is identified as the “Company” on the signature page of this Agreement. This document shall be
deemed to be a separate and distinct agreement between Indemnitee and each such Company. This Agreement may be executed in several counterparts, each of which shall be deemed an original. 

SECTION 17. GOVERNING LAW; EXCLUSIVE JURISDICTION.

 This Agreement shall be governed by the laws of the State of Delaware without regard to the principles of conflicts of
law thereof. The Court of Chancery of the State of Delaware is hereby vested with exclusive jurisdiction to hear and determine all actions for advancement of expenses or indemnification brought under this Agreement or otherwise by the Indemnitee.

 [Intentionally blank; signature page follows] 
  

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 IN WITNESS WHEREOF, the Company and the Indemnitee have executed this Indemnification
Agreement as of the day and year first above written. 
  

			
	 INDEMNITEE:
  

	[NAME]
	
	  

	
	 COMPANY:
  

TMS INTERNATIONAL CORP.,
 a Delaware corporation

		
	By:	 	  

		 	Name:
		 	Title:
	
	 COMPANY:
  

TUBE CITY IMS CORPORATION,
 a Delaware
corporation

		
	By:	 	  

		 	Name:
		 	Title:Form of Escrow Agreement

 Exhibit 10.1 

ESCROW AGREEMENT 
 UMB
Bank, N.A. 
 1010 Grand Blvd.,
4th Floor 

Mail Stop: 1020409 
 Kansas City, MO 64106

 Re:              Carter Validus Mission Critical
REIT, Inc.  
 Ladies and Gentlemen: 

CARTER VALIDUS MISSION CRITICAL REIT, INC., a Maryland corporation (the “Company”), will issue in a public offering (the
“Offering”) shares of its common stock (the “Stock”) pursuant to a registration statement on Form S-11 filed by the Company with the Securities and Exchange Commission. SC Distributors, a Delaware limited
liability company (the “Dealer Manager”), will act as dealer manager for the offering of the Stock. The Company is entering into this agreement to set forth the terms on which UMB Bank, N.A. (the “Escrow Agent”),
will, except as otherwise provided herein, hold and disburse the proceeds from subscriptions for the purchase of the Stock in the Offering until such time as: (i) in the case of subscriptions received from all non-affiliates of the Company, the
Company has received subscriptions for Stock resulting in a total of 200,000 shares ($2,000,000) of common stock sold in the Offering (the “Required Capital”); (ii) in the case of subscriptions received from residents of
Pennsylvania (“Pennsylvania Subscribers”), the Company has received subscriptions for Stock from non-affiliates of the Company resulting in total minimum capital raised of $86,875,000 (the “Pennsylvania Required
Capital”); and (iii) in the case of subscriptions received from residents of Tennessee (“Tennessee Subscribers”), the Company has received subscriptions for Stock resulting in a total of 1,000,000 shares ($10,000,000)
of Stock sold in the Offering (the “Tennessee Required Capital”). 
 The Company hereby appoints UMB Bank,
N.A., as Escrow Agent for purposes of holding the proceeds from the subscriptions for the Stock, on the terms and conditions hereinafter set forth: 

1.            Until such time as the Company has received subscriptions for
Stock resulting in total minimum capital raised equal to the Required Capital and such funds are disbursed from the Escrow Account (as defined below) in accordance with paragraph 3(a) hereof, persons subscribing to purchase the Stock (the
“Subscribers”) will be instructed by the Dealer Manager or any soliciting dealers to remit the purchase price in the form of checks, drafts, wires, Automated Clearing House (ACH) or money orders (hereinafter
“instruments of payment”) payable to the order of “UMB Bank, N.A., Agent for Carter Validus Mission Critical REIT, Inc.” or a recognizable contractor or abbreviation thereof, including but not limited to, “UMB
Bank, N.A., f/b/o for CVREIT.” After subscriptions are received resulting in total minimum capital raised equal to the Required Capital and such funds are disbursed from the Escrow Account in accordance with paragraph 3(a) hereof, subscriptions
shall continue to be so submitted unless otherwise instructed by the Dealer Manager; provided, however, that Tennessee Subscribers and Pennsylvania Subscribers shall continue to make checks payable to the order of “UMB Bank, N.A., Agent for
Carter Validus Mission Critical REIT, Inc.” until subscriptions are received resulting in total minimum capital raised equal to the Tennessee Required Capital and the Pennsylvania Required Capital, as applicable, and such funds are disbursed
from the Escrow Account in accordance with paragraph 3(a) hereof. Any checks, drafts or money orders received made payable to a party other than the Escrow Agent (or after the Required Capital is received, made payable to a party other than the
party designated by the Dealer Manager) shall be returned to the soliciting dealer who submitted the check, draft or money order. Within one (1) business 

 
day after receipt of instruments of payment from the Offering, the Dealer Manager, the Company or their respective agents will (a) send to the Escrow Agent: each Subscriber’s name,
address, number of shares purchased, and purchase price remitted, and (b) Escrow Agent will deposit the instruments of payment from such Subscribers, into an interest-bearing deposit account entitled “Escrow Account for the Benefit of
Subscribers for Common Stock of Carter Validus Mission Critical REIT, Inc.” (the “Escrow Account”), which deposit shall occur within one (1) business day after the Escrow Agent’s receipt of the instrument of payment,
until such Escrow Account has closed pursuant to paragraph 3(a) hereof. Instruments of payment received from Pennsylvania Subscribers and Tennessee Subscribers (as identified as such by the Company) shall be accounted for separately on the
records of the transfer agent. The Escrow Account will be established and maintained in such a way as to permit the interest income calculations described in paragraph 7. The Company shall, and shall cause its agents to, cooperate with the Escrow
Agent in separately accounting for Tennessee and Pennsylvania subscription proceeds in the Escrow Account, and the Escrow Agent shall be entitled to rely upon information provided by the Company or its agents in this regard. 

2.            The Escrow Agent agrees to promptly process for collection the
instruments of payment upon deposit into the Escrow Account. Deposits shall be held in the Escrow Account until such funds are disbursed in accordance with paragraph 3 hereof. Prior to disbursement of the funds deposited in the Escrow Account
such funds shall not be subject to claims by creditors of the Company, the Dealer Manager, any soliciting dealer or any of their respective affiliates. If any of the instruments of payment are returned to the Escrow Agent for nonpayment prior to
receipt of the Required Capital or, in connection with the Tennessee Subscribers, the Tennessee Required Capital or, in connection with subscriptions from Pennsylvania Subscribers, the Pennsylvania Required Capital, 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. 

 3.         (a)         
   (i) Subject to the provisions of subparagraphs 3(b)-3(f) below, once the collected funds in the Escrow Account are an amount equal to or greater than the Required Capital, the Escrow Agent shall promptly notify the Company and
instruct the Dealer Manager, or its agent, to deliver an executed IRS Form W-9 for each Subscriber and, upon receiving written instruction from the Company, (A) disburse to the Company, by check or wire transfer, the funds in the Escrow Account
representing the gross purchase price for the Stock, and (B) within five business days after the first business day of the succeeding month, disburse to the Subscribers or the Company, as applicable, any interest thereon pursuant to the
provisions of subparagraph 3(f). After such time the Escrow Account shall remain open and the Company shall continue to cause subscriptions for the Stock that are not received from Pennsylvania Subscribers or Tennessee Subscribers to be
deposited therein until the Company informs the Escrow Agent in writing to close the Escrow Account, and thereafter any subscription documents and instruments of payment received by the Escrow Agent from Subscribers other than Pennsylvania
Subscribers shall be forwarded directly to the Company. For purposes of this Agreement, the term “collected funds” shall mean all funds received by the Escrow Agent that have cleared normal banking channels and are in the form of cash.
After the satisfaction of the aforementioned provisions of this paragraph 3(a)(i), in the event the Company receives subscriptions made payable to the Escrow Agent (other than subscriptions that are received from Tennessee Subscribers or
Pennsylvania Subscribers, subscription proceeds may continue to be received in this account generally, but to the extent such proceeds shall not be subject to escrow due to the satisfaction of the aforementioned provisions of this paragraph 3(a)(i),
such proceeds are not subject to this Escrow Agreement and at the instruction of the Company to the Escrow Agent shall be transferred from the Escrow Account or deposited directly into, as the case may be, a commercial deposit account in the name of
the Company with the Escrow Agent (the “Deposit Account”) that has been previously established by the Company, unless otherwise directed by the Company. The Company hereby covenants and agrees that it shall do all things necessary in
order to establish the Deposit Account, which shall be 
  

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subject to the Escrow Agent’s usual account guidelines and regulations, prior to its use. No provisions of this Escrow Agreement shall apply to the Deposit Account. 

             (ii) regardless of any release of funds
from the Company, the Dealer Manager and soliciting dealers shall continue to forward instruments of payment received from Tennessee Subscribers for deposit into the Escrow Account to the Escrow Agent until such time as the Company notifies the
Escrow Agent in writing that total subscription proceeds equal or exceed the Tennessee Required Capital. Within five days after receipt by the Escrow Agent of such notice, the Escrow Agent shall instruct the Dealer Manager, or its agent, to deliver
an executed IRS Form W-9 for each Tennessee Subscriber and (A) disburse to the Company, by check or wire transfer, the funds then in the Escrow Account representing the gross purchase price for the Stock, and (B) within five business days
after the first business day of the succeeding month, disburse to the Tennessee Subscribers or the Company, as applicable, any interest thereon pursuant to the provisions of subparagraph 3(f). Following such disbursements, and thereafter any
instruments of payment received by the Escrow Agent from Tennessee Subscribers shall not be subject to this Escrow Agreement and shall be deposited directly into the Escrow Account or the Deposit Account, as instructed in writing by the Company
pursuant to subparagraph 3(a)(i) above. 

             (iii) regardless of any release of funds
from the Escrow Account, the Company, the Dealer Manager and soliciting dealers shall continue to forward instruments of payment received from Pennsylvania Subscribers for deposit into the Escrow Account to the Escrow Agent until such time as the
Company notifies the Escrow Agent in writing that total subscription proceeds equal or exceed the Pennsylvania Required Capital. Within five days after receipt by the Escrow Agent of such notice, the Escrow Agent shall instruct the Dealer Manager,
or its agent, to deliver an executed IRS Form W-9 for each Pennsylvania Subscriber and (A) disburse to the Company, by check or wire transfer, the funds then in the Escrow Account representing the gross purchase price for the Stock, and
(B) within five business days after the first business day of the succeeding month, disburse to the Pennsylvania Subscribers or the Company, as applicable, any interest thereon pursuant to the provisions of subparagraph 3(f). Following
such disbursements, and thereafter any instruments of payment received by the Escrow Agent from Pennsylvania Subscribers shall not be subject to this Escrow Agreement and shall be deposited directly into the Escrow Account or the Deposit Account, as
instructed in writing by the Company pursuant to subparagraph 3(a)(i) above. 

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

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However, the Escrow Agent shall not be required to remit any payments until the Escrow Agent has collected funds represented by such payments. 

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

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

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

 

 4 

     (f)            At any time after
funds are disbursed upon the Company’s acceptance of subscriptions pursuant to subparagraph 3(a) above on the fifth business day following the first business day of the next succeeding month following the date of such acceptance, the Escrow
Agent shall promptly provide directly to each Subscriber the amount of the interest payable to the Subscribers; 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 interest income on subscription proceeds (determined in accordance with paragraph 7) attributable to those Subscribers for whom the Escrow Agent does not possess an executed IRS Form W-9. However, the Escrow Agent shall not be
required to remit any payments until the Escrow Agent has collected funds represented by such payments. 

     In the event that instruments of payment are returned for nonpayment, the Escrow Agent is
authorized to debit the Escrow Account in accordance with paragraph 2 hereof. 

4.          The Escrow Agent shall provide to the Company monthly statements (or more
frequently as reasonably requested by the Company, which 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 the account since the last report, including without limitation as specifically relates to Tennessee Subscribers and Pennsylvania 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 Tennessee Subscribers and Pennsylvania Subscribers. 

5.          Prior to the disbursement of funds deposited in the Escrow Account in
accordance with the provisions of paragraph 3 hereof, the Escrow Agent shall invest all of the funds deposited as well as earnings and interest derived therefrom in the Escrow Account, in a bank money-market account unless the costs to the Company
for the making of such investment are reasonably expected to exceed the anticipated interest earnings from such investment in which case the funds and interest thereon shall remain in the respective escrow account until the balance in the respective
escrow account reaches the minimum amount necessary for the anticipated interest earnings from such investment to exceed the costs to the Company for the making of such investment, as determined by the Company based upon applicable interest rates.

 The following securities are not permissible investments: 

 

	 	(a)	money market funds; 

	 	(b)	corporate equity or debt securities; 

	 	(c)	repurchase agreements; 

	 	(d)	bankers’ acceptances; 

	 	(e)	commercial paper; and 

	 	(f)	municipal securities. 

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

 5 

 6.            The Escrow Agent
is entitled to rely upon written instructions received from the Company or the Dealer Manager or their respective agents, unless the Escrow Agent has actual knowledge that such instructions are not valid or genuine; provided that, if in the Escrow
Agent’s opinion, any instructions from the Company or the Dealer Manager or their respective agents are unclear, the Escrow Agent may request clarification from the Company or the Dealer Manager or their respective agents, as applicable, prior
to taking any action, and if such instructions continue to be unclear, the Escrow Agent may rely upon written instructions from the Company’s legal counsel in distributing or continuing to hold any funds. However, the Escrow Agent shall not be
required to disburse any funds attributable to instruments of payment that have not been processed for collection, until such funds are collected and then shall disburse such funds in compliance with the disbursement instructions from the Company or
the Dealer Manager or their respective agents. 
 7.            If
the Offering terminates prior to receipt of the Required Capital, or, with respect to the Tennessee Subscribers or Pennsylvania Subscribers or one or more Pennsylvania Subscribers elects to have his or her subscription returned in accordance with
paragraph 3, interest income earned on subscription proceeds deposited in the Escrow Account (the “Escrow Income) shall be remitted to Subscribers to the address provided by the Dealer Manager or the Company to the Escrow Agent, which
the Escrow Agent shall be entitled to rely upon, in accordance with paragraph 3 and without any deductions for escrow expenses. The Company shall reimburse the Escrow Agent for all escrow expenses. If the Escrow Agent remits interest income pursuant
to this Agreement, the Escrow Agent shall be responsible for any necessary federal tax reporting associated with such income; provided, however, that the Escrow Agent shall not be responsible for any other tax reporting associated with this
Agreement. The Escrow Agent shall remit all such Escrow Income in accordance with paragraph 3. If the Company chooses to leave the Escrow Account open after receiving the Required Capital then it shall make regular acceptances of subscriptions
therein, but no less frequently than monthly. 
 8.            The
Escrow Agent shall receive compensation from the Company as set forth in Exhibit B attached hereto, which such Exhibit B is hereby incorporated by reference. 

9.            In performing any of its duties hereunder, the Escrow Agent
shall not incur any liability to anyone for any damages, losses, or expenses, except for willful misconduct, breach of trust, or gross negligence. Accordingly, the Escrow Agent shall not incur any such liability with respect to any action taken or
omitted (a) in good faith upon advice of the Escrow Agent’s counsel given with respect to any questions relating to the Escrow Agent duties and responsibilities under this Agreement, or (b) in reliance upon any instrument, including
any written instrument or instruction provided for in this Agreement, not only as to its due execution and validity and effectiveness of its provisions but also as to the truth and accuracy of information contained therein, which the Escrow Agent
shall in good faith believe to be genuine, to have been signed or presented by a proper person or persons and to conform to the provisions of this Agreement. 

10.            The Company hereby agrees to indemnify and hold the Escrow
Agent harmless against any and all losses, claims, damages, liabilities, and expenses, including reasonable attorneys’ fees and disbursements, that may be imposed on or incurred by the Escrow Agent in connection with acceptance of appointment
as the Escrow Agent hereunder, or the performance of the duties hereunder, including any litigation arising from this Agreement or involving the subject matter hereof, except where such losses, claims, damages, liabilities, and expenses result from
willful misconduct, breach of trust, or gross negligence. 

11.            In the event of a dispute between the parties hereto
sufficient in the Escrow Agent’s discretion to justify doing so, the Escrow Agent shall be entitled to tender into the registry or custody of any court of competent jurisdiction all money or property in its hands under this Agreement, together
with such legal 
  

 6 

 
pleadings as deemed appropriate, and thereupon be discharged from all further duties and liabilities under this Agreement. In the event of any uncertainty as to the duties hereunder, the Escrow
Agent may refuse to act under the provisions of this Agreement pending order of a court of competent jurisdiction and shall have no liability to the Company or to any other person as a result of such action. Any such legal action may be brought in
such court, as the Escrow Agent shall determine to have jurisdiction thereof. The filing of any such legal proceedings shall not deprive the Escrow Agent of its compensation earned prior to such filing. 

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

 

	 	      (a)	if to the Company: 

 Carter
Validus Mission Critical REIT, Inc. 
 4211 West Boy Scout Blvd., Suite 500 

Tampa, Florida 33607 

Fax:  (813) 287-0397 

Attention: John E. Carter 

with a copy to: 

Carter Validus Mission Critical REIT, Inc. 

4211 West Boy Scout Blvd., Suite 500 

Tampa, Florida 33607 

Fax:  (813) 287-0397 

Attention: Lisa Drummond 
  

	 	      (b)	if to the Dealer Manager: 

 SC
Distributors, LLC 
 4 San Joaquin, Ste. 130 

Newport Beach, CA 92660 

Fax:                     
      
 Attention: Patrick J. Miller 

 

	 	      (c)	if to the Escrow Agent: 

 UMB
Bank, N.A. 
 Corporate Trust & Escrow Services 

1010 Grand Blvd.,
4th Floor 

Mail Stop: 1020409 

Kansas City, MO 64106 

Attention: Lara Stevens 

Each party hereto may, from time to time, change the address to which notices to it are to be delivered or mailed hereunder by notice in
accordance herewith to the other parties. 
  

 7 

 13.          This Agreement shall be
governed by the laws of the State of Florida as to both interpretation and performance without regard to the conflict of laws rules thereof. 

14.          The provisions of this Agreement shall be binding upon the legal
representatives, successors, and assigns of the parties hereto. 

15.          The Company and the Dealer Manager hereby acknowledge that UMB Bank, N.A.
is serving as Escrow Agent only for the limited purposes herein set forth, and hereby agree that they will not represent or imply that, by serving as Escrow Agent hereunder or otherwise, have investigated the desirability or advisability of
investment in the Company or have approved, endorsed, or passed upon the merits of the Stock or the Company, nor shall they use the name of the Escrow Agent in any manner whatsoever in connection with the offer or sale of the Stock other than by
acknowledgment that is has agreed to serve as Escrow Agent for the limited purposes herein set forth. 

16.          This Agreement and any amendment hereto may be executed by the parties
hereto in one or more counterparts, each of which shall be deemed to be an original. 

17.          In the event that the Dealer Manager receives instruments of payment after
the Required Capital, the Tennessee Required Capital or the Pennsylvania Required Capital, as applicable, has been received and the proceeds of the Escrow Account have been distributed to the Company, the Escrow Agent is hereby authorized to deposit
such instruments of payment within one (1) business day to any deposit account as directed by the Company. The application of said funds into a deposit account or to forward such funds directly to the Company, in either case directed by the
Company shall be a full acquittance to the Escrow Agent, who shall not be responsible for the application of said funds thereafter. 

18.          The Escrow Agent shall be bound only by the terms of this Escrow Agreement
and shall not be bound by or incur any liability with respect to any other agreements or understanding between any other parties, whether or not the Escrow Agent has knowledge of any such agreements or understandings. 

19.          Indemnification provisions set forth herein shall survive the termination
of this Agreement. 
 20.          In the event that any part of this
Agreement is declared by any court or other judicial or administrative body to be null, void, or unenforceable, said provision shall survive to the extent it is not so declared, and all of the other provisions of this Agreement shall remain in full
force and effect. 
 21.          Unless otherwise provided in this Agreement,
final termination of this Escrow Agreement shall occur on the date that all funds held in the Escrow Account are distributed either (a) to the Company or to Subscribers and the Company has informed the Escrow Agent in writing to close the
Escrow Account pursuant to paragraph 3 hereof or (b) to a successor escrow agent upon written instructions from the Company. 

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

23.          This Agreement shall not be modified, revoked, released, or terminated
unless reduced to writing and signed by all parties hereto, subject to the following paragraph. 
  

 8 

 
If, at any time, any attempt is made to modify this Agreement in a manner that would increase the duties and responsibilities of the Escrow Agent or to modify this Agreement in any manner which
the Escrow Agent shall deem undesirable, or at any other time, the Escrow Agent may resign by providing written notice to the Company and until (a) the acceptance by a successor escrow agent as shall be appointed by the Company; or
(b) thirty (30) days after such written notice has been given, whichever occurs sooner, the Escrow Agent’s only remaining obligation shall be to perform its duties hereunder in accordance with the terms of the Agreement. 

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

25.          The Escrow Agent may be removed for cause by the Company by written notice
to the Escrow Agent effective on the date specified in such written notice. The removal of the Escrow Agent shall not deprive the Escrow Agent of its compensation earned prior to such removal. 

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

[Signature page follows] 
  

 9 

 Agreed to as of the ___ day of _________, 2010. 

 

			
	CARTER VALIDUS MISSION CRITICAL REIT, INC.
		
	By:	 	 
		 	John E. Carter, Chief Executive Officer
	
	SC DISTRIBUTORS, LLC
		
	By:	 	 
		 	Patrick J. Miller, President

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

			
	UMB Bank, N.A., as Escrow Agent
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 10 

 EXHIBIT A 

[Form of Notice to Pennsylvania Subscribers] 

You have tendered a subscription to purchase shares of common stock of Carter Validus Mission Critical REIT, Inc. (the
“Company”). Your subscription is currently being held in escrow. The guidelines of the Pennsylvania Securities Commission do not permit the Company to accept subscriptions from Pennsylvania residents until an aggregate of $86,875,000 of
gross offering proceeds have been received by the Company. The Pennsylvania guidelines provide that until this minimum amount of offering proceeds is received by the Company, every 120 days during the offering period Pennsylvania Subscribers may
request that their subscription be returned. 
 If you wish to continue your subscription in escrow until the Pennsylvania
minimum subscription amount is received, nothing further is required. 
 If you wish to terminate your subscription for the
Company’s common stock and have your subscription returned please so indicate below, sign, date, and return to the Escrow Agent, UMB Bank, N.A. 

I hereby terminate my prior subscription to purchase shares of common stock of Carter Validus Mission Critical REIT, Inc. and request the
return of my subscription funds. I certify to Carter Validus Mission Critical REIT, Inc. that I am a resident of Pennsylvania. 
  

							
		 	Signature:	 	  
	  	
				
		 	Name:	 	  
	  	
		 		 	(please print)	  	
				
		 	Date:	 	  
	  	

 Please send the subscription refund to: 

 

	
	  

	  

	  

	  

 EXHIBIT B

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