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EXHIBIT 10.10  

AMENDMENT AND RESTATEMENT OF

THE FIRST NATIONAL BANK

EXECUTIVE BONUS AGREEMENT  

        THIS AGREEMENT is made this                        day
of                        , 2000, by and between THE FIRST NATIONAL BANK, a national bank located in Greencastle,
Pennsylvania (the "Company"), and                        (the "Executive"). 

BACKGROUND  

        On April 1, 1999, the Company and the Executive entered into an Executive Bonus Agreement (the "Agreement"). The Company and the Executive now desire to
amend and restate the Agreement for the purpose of updating all the terms and provisions contained therein. This new Agreement shall rescind and replace the existing Agreement. 

INTRODUCTION  

        To encourage the Executive to remain an employee of the Company, the Company is willing to provide to the Executive a bonus opportunity. The Company will pay the
Executive's bonus from the Company's general assets. 

AGREEMENT  

        The Executive and the Company agree as follows: 

Article 1

Definitions  

        1.1   Definitions. Whenever used in this Agreement, the following words and phrases shall have the meanings specified: 

        1.1.1 "Bonus" means only the cash bonus award paid to the Executive under this Agreement during a Plan Year and does not
include any salary. 

        1.1.2 "Change of Control" means any of the following: 

        (A)  any
person (as such term is used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), other than the Corporation, a
subsidiary of the Corporation, an employee benefit plan (or related trust) of the Corporation or a direct or indirect subsidiary of the Corporation, or affiliates of the Corporation (as defined in
Rule 12b-2 under the Exchange Act), becomes the beneficial owner (as determined pursuant to Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Corporation representing more than 20% of the combined voting power of the Corporation's then outstanding securities or announces a tender offer or exchange offer for securities of
the Corporation representing more than 20% of the combined voting power of the Corporation's then outstanding securities; or 

        (B)  the
liquidation or dissolution of the Corporation or the Company or the occurrence of, or execution of an agreement providing for, a sale of all or substantially all of
the assets of the Corporation or the Company to an entity which is not a direct or indirect subsidiary of the Corporation; or 

        (C)  the
occurrence of, or execution of an agreement providing for, a reorganization, merger, consolidation or other similar transaction or connected series of transactions
of the Corporation as a result of which either (a) the Corporation does not survive or (b) pursuant to which shares of the Corporation common stock ("Common Stock") would be converted
into cash, securities or other property, unless, in case of either (a) or (b), the holders of Corporation Common Stock 

 

immediately
prior to such transaction will, following the consummation of the transaction, beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding
voting securities entitled to vote generally in the election of directors of the corporation surviving, continuing or resulting from such transaction; or 

        (D)  the
occurrence of, or execution of an agreement providing for, a reorganization, merger, consolidation, or similar transaction of the Corporation, or before any
connected series of such transactions, if, upon consummation of such transaction or transactions, the persons who are members of the Board of Directors of the Corporation immediately before such
transaction or transactions cease or, in the case of the execution of an agreement for such transaction or transactions, it is contemplated in such agreement that upon consummation such persons would
cease, to constitute a majority of the Board of Directors of the Corporation or, in a case where the Corporation does not survive in such transaction, of the corporation surviving, continuing or
resulting from such transaction or transactions; or 

        (E)  any
other event which is at any time designated as a "Change of Control" for purposes of this Agreement by a resolution adopted by the Board of Directors of the
Corporation with the affirmative vote of a majority of the non-employee directors in office at the time the resolution is adopted; in the event any such resolution is adopted, the Change
of Control event specified thereby shall be deemed incorporated herein by reference and thereafter may not be amended, modified or revoked without the written agreement of Executive. 

        Notwithstanding
anything else to the contrary set forth in this Agreement, if (i) an agreement is executed by the Corporation or the Company providing for any of the transactions
or events constituting a Change of Control as defined herein, and the agreement subsequently expires or is terminated without the transaction or event being consummated, and (ii) Participant's
employment did not terminate during the period after the agreement and prior to such expiration or termination, for purposes of this Agreement it shall be as though such agreement was never executed
and no Change of Control event shall be deemed to have occurred as a result of the execution of such agreement. 

        1.1.3 "Corporation" means Tower Bancorp, Inc. 

        1.1.4 "Disability" means the Participant's inability to perform substantially all normal duties of an employee, as determined
by the Company's Board of Directors in its sole discretion. As a condition to any benefits, the Company may require the Participant to submit to such physical or mental evaluations and tests as the
Board of Directors deems appropriate. 

        1.1.5 "
Plan Year" means the calendar year. In the year of implementation, Plan Year shall mean the period from the date of
this Agreement through December 31 of the same year. 

        1.1.6 "Schedule A" means the Schedule attached hereto. 

        1.1.7 "Termination of Employment" means that the Executive ceases to be employed by the Company for any reason whatsoever
other than by reason of a leave of absence which is approved by the Company. For purposes of this Agreement, if there is a dispute over the employment status of the Executive or the date of the
Executive's Termination of Employment, the Company shall have the sole and absolute right to decide the dispute. 

        1.1.8 "Termination for Cause" means the Company terminating the Executive's employment for: 

        (a)   Gross
negligence or gross neglect of duties to the Company; 

        (b)   Commission
of a felony or of a gross misdemeanor involving moral turpitude in connection with the Executive's employment with the Company; or 

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        (c)   Fraud,
disloyalty, dishonesty or willful violation of any law or significant Company policy committed in connection with the Executive's employment and resulting in an
adverse effect on the Company. 

        (d)   Removal.
Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay any benefit under this Agreement if the Executive is subject to a
final removal or prohibition order issued by an appropriate federal banking agency pursuant to Section 8(e) of the Federal Deposit Insurance Act. 

        1.1.9 "Years of Service" means total years of employment with the Company including any approved leaves of absences. 

Article 2

Bonus Award  

        2.1   Bonus Eligibility. If the Executive's employment with the Company terminates following one of the following events: 

        2.1.1 On
or after age 55 and with a minimum of 10 Years of Service; 

        2.1.2 Due
to Disability; 

        2.1.3 Following
a Change of Control; or 

        2.1.4 At
the discretion of the Board of Directors if there are other circumstances not addressed in this Article 2, 

Executive
shall be eligible for a cash Bonus as described in Section 2.2. The purpose of the Bonus is to reimburse a portion or all of the tax costs associated with one or more split dollar
life insurance policies. 

        2.2   Bonus Amount. If the Executive is eligible for a Bonus Award pursuant to Section 2.1, the Company shall pay the
Bonus annually commencing at age 65 as set forth on Schedule A. The Company shall pay such Bonus award prior to December 31 of the applicable Plan Year. 

Article 3

General Limitations  

        The Company shall discontinue payment of the Bonus award under this Agreement upon any of the following: 

	(a)
	Upon
completing the payments pursuant to Schedule A;

	(b)
	Upon
the Executive's death;

	(c)
	Upon
the Executive's Termination for Cause;

	(d)
	Upon
the Executive's violation of Article 4;

	(e)
	Upon
the termination of this Agreement pursuant to Article 5; or

	(f)
	To
the extent the benefit would be a prohibited golden parachute payment pursuant to 12 C.F.R. § 357.2 and for which the appropriate federal banking agency has not given
written consent to pay pursuant to 12 C.F.R. §357.4. 

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Article 4

Competition After Termination of Employment  

        4.     Competition After Termination of Employment. No benefits shall be payable if the Executive, without the prior written
consent of the Company, violates the following described restrictive covenants. 

        4.1   Non-compete Provision. The Executive shall not, for a period of three (3) years after termination
either directly or indirectly, either as an individual or as a proprietor, stockholder, partner, officer, director, employee, agent, consultant or independent contractor of any individual,
partnership, corporation or other entity (excluding an ownership interest of one percent (1%) or less in the stock of a publicly traded company); 

	(i)
	become
employed by, participate in, or be connected in any manner with the ownership, management, operation or control of any bank, savings and loan or other similar
financial institution if the Executive's responsibilities will include providing banking or other financial services in Franklin County or within fifty (50) miles of any office maintained by
the Company as of the date of the termination of the Executive's employment or if the Executive regularly conducts business in or from an office or branch in Franklin County or any other county or
city in which the Company has an office or branch as of the date of the termination of the Executive's employment; or

	(ii)
	participate
in any way in hiring or otherwise engaging, or assisting any other person or entity in hiring or otherwise engaging, on a temporary, part-time
or permanent basis, any individual who was employed by the Company during the three (3) year period immediately prior to the termination of the Executive's employment; or

	(iii)
	assist,
advise, or serve in any capacity, representative or otherwise, any third party in any action against the Company or transaction involving the Company; or

	(iv)
	sell,
offer to sell, provide banking or other financial services, assist any other person in selling or providing banking or other financial services, or solicit or
otherwise compete for, either directly or indirectly any orders, contract, or accounts for services of a kind or nature like or substantially similar to the services performed or products sold by the
Company (the preceding hereinafter referred to as "Services"), to and from any person or entity from whom the Executive or the Company provided banking or other financial services, sold, offered to
sell or solicited orders, contracts or accounts for Services during the three (3) year period immediately prior to the termination of the Executive's employment;

	(v)
	divulge,
disclose, or communicate to others in any manner whatsoever, any confidential information of the Company, including, but not limited to, the names and addresses
of customers of the Company, as they may have existed from time to time or of any of the Company's prospective customers, work performed or services rendered for any customer, any method and/or
procedures relating to projects or other work developed for the Company, earnings or other information concerning the Company. The restrictions contained in this subparagraph (v) apply to all
information regarding the Company, regardless of the source who provided or compiled such information. Notwithstanding anything to the contrary, the terms of this subparagraph (v) shall not be
limited to the three (3) year restriction set forth above and all information referred to herein shall not be disclosed unless and until it becomes known to the general public from sources
other than the Executive. 

        4.2    Judicial Remedies.    In the event of a breach or threatened breach by the executive of any provision of these
restrictions, the Executive recognizes the substantial and immediate harm that a breach or threatened breach will impose upon the Company, and further recognizes that in such event monetary damages
may be inadequate to fully protect the Company. Accordingly, in the event of a breach or threatened breach of this Agreement, the Executive consents to the 

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Company's
entitlement of such ex parte, preliminary, interlocutory, temporary or permanent injunctive, or any other equitable relief, protecting and
fully enforcing the Company's rights hereunder and preventing the Executive from further breaching any of his obligations set forth herein. The Executive expressly waives any requirement, based on any
statute, rule or procedure, or other source, that the Company post a bond as a condition of obtaining any of the above-described remedies. Nothing herein shall be construed as prohibiting the Company
from pursuing any other remedies available to the Company at law or in equity for such breach or threatened breach, including the recovery of damages from the Executive. The Executive expressly
acknowledges and agrees that: (i) the restrictions set forth in Section 4.1 are reasonable, in terms of scope, duration, geographic area, and otherwise, (ii) the protections
afforded the Company in Section 4.1 are necessary to protect its legitimate business interest, (iii) the restrictions set forth in Section 4.1 will not be materially adverse to
the Executive's employment with the Company, and (iv) his agreement to observe such restrictions forms a material part of the consideration for this Agreement. 

        4.3    Overbreadth of Restrictive Covenant.    It is the intention of the parties that if any restrictive covenant in
this Agreement is determined by a court of competent jurisdiction to be overly broad, then the court should enforce such restrictive covenant to the maximum extent permitted under the law as to area,
breadth and duration. 

Article 5

Amendments and Termination  

        This Agreement may be amended or terminated only by a written agreement signed by the Company and the Executive. 

Article 6

Miscellaneous  

        6.1    Binding Effect.    This Agreement shall bind the Executive and the Company, and their beneficiaries, survivors,
executors, administrators and transferees. 

        6.2    No Guarantee of Employment.    This Agreement is not a contract for employment. It does not give the Executive
the right to remain an employee of the Company, nor does it interfere with the shareholders' rights to replace the Executive. It also does not require the Executive to remain an employee nor interfere
with the Executive's right to terminate employment at any time. 

        6.3    Non-Transferability.    Benefits under this Agreement cannot be sold, transferred, assigned,
pledged, attached or encumbered in any manner. 

        6.4    Tax Withholding.    The Company shall withhold any taxes that are required to be withheld from the Bonus award
provided under this Agreement. 

        6.5    Applicable Law.    The Agreement and all rights hereunder shall be governed by the laws of the Commonwealth of
Pennsylvania, except to the extent preempted by the laws of the United States of America. 

        6.6    Reorganization.    The Company shall not merge or consolidate into or with another company, or reorganize, or
sell substantially all of its assets to another company, firm, or person unless such succeeding or continuing company, firm, or person agrees to assume and discharge the obligations of the Company
under this Agreement. 

        6.7    Right of Offset.    The Company shall have the right to offset the Bonus award against any unpaid obligation
the Executive may have with the Company. 

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        6.8    Entire Agreement.    This Agreement constitutes the entire agreement between the Company and the Executive as
to the subject matter hereof. No rights are granted to the Executive by virtue of this Agreement other than those specifically set forth herein. 

        6.9    Administration.    The Company shall have powers which are necessary to administer this Agreement, including
but not limited to: 

	(a)
	Interpreting
the provisions of the Agreement; and

	(b)
	Maintaining
a record of Bonus award payments. 

        6.10    Facility of Payment.    If the Executive is declared to be incompetent, or incapable of handling the
disposition of his or her property, the Company may pay such benefit to the duly appointed guardian, legal representative or person having the care or custody of the Executive. The Company may require
proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Company from all liability with
respect to such benefit 

        IN
WITNESS WHEREOF, the Executive and a duly authorized Company officer have signed this Agreement. 

	

EXECUTIVE:	
 	

COMPANY:

	 	 	THE FIRST NATIONAL BANK
	

 	
 	

By	
 	

	

 	
 	

Title	
 	

        By execution hereof, Tower Bancorp, Inc. consents to and agrees to be bound by the terms and condition of this Agreement. 

	ATTEST:	 	CORPORATION:

TOWER BANCORP, INC.
	

	
 	

By	
 	

	

 	
 	

Title	
 	

6

 
 
 

SCHEDULE A
  TO
  THE FIRST NATIONAL BANK
  EXECUTIVE BONUS AGREEMENT
  FOR    
    

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SCHEDULE A TO THE FIRST NATIONAL BANK EXECUTIVE BONUS AGREEMENT FORQuickLinks
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Exhibit 10.1  

[THE
BANK OF NEW YORK LOGO] 

 
 

SUBSCRIPTION ESCROW AGREEMENT    
    
    between    
    
    DIVIDEND CAPITAL TOTAL REALTY TRUST, INC.    
    
    and    
    
    THE BANK OF NEW YORK    

    Dated as of December 8, 2005    

ACCOUNT NUMBER(S)  

SHORT TITLE OF ACCOUNT  

 ESCROW AGREEMENT  

        Escrow Agreement (the "Agreement"), dated as of December 8, 2005, among The Bank of New York, a New York banking corporation with its principal corporate
trust office at 101 Barclay Street, 8th Floor West, New York, New York 10286 (the "Escrow Agent"), and Dividend Capital Total Realty Trust, Inc., a Maryland corporation, with its
principal office at 518 Seventeenth Street, 17th floor, Denver, Co. 80202, (the "Company") and Dividend Capital Securities LLC as sales agent (the "Sales Agent") for itself and for and
on behalf of its selected dealers (the "Selected Dealers") the identity of which will be disclosed to the Escrow Agent as the same are selected by the Sales Agent. 

        WHEREAS,
the Company intends to offer for sale, on a continuous basis, (the "Offering") up to $2,000,000,000 in shares of the company's common stock (the "Common Stock"), pursuant to a
registration statement on Form S-11 (Registration No. 333-125338) under the Securities Act of 1933, as amended, with the Securities and Exchange commission, dated
December 8, 2005; 

        WHEREAS,
the Sales Agent and the Selected Dealers are expected to offer the Common Stock on behalf of the Company; 

        WHEREAS,
the Company and the Sales Agent propose to engage the Escrow Agent for the purpose of receiving, depositing and holding in a segregated non-interest-bearing account
all funds ("Proceeds" shall mean all funds wired into the escrow account and funds presumed cleared from check deposits) from subscribers for Common Stock ("Subscribers") received in connection with
the sale of Common Stock until such time as such funds are to be released to the Company or returned to the Subscribers; and 

        WHEREAS,
the Escrow Agent has agreed to act as escrow agent in connection with the proposed subscription and sale of Common Stock. 

        NOW,
THEREFORE, it is agreed as follows: 

 Section 1.    Establishment of Escrow Account; Deposits.  

        (a)   The
Escrow Agent shall promptly (and, in any case, on or prior to the commencement of the Offering) cause to be opened a fully segregated non interest-bearing escrow
account, which escrow account shall be entitled "Total Realty Trust—Escrow Account" 

—Escrow
Account (the "Escrow Account") for the purpose of holding in trust all Proceeds for the Company and the Subscribers. The Sales Agent and the Selected Dealers shall, as to each
Subscriber in connection with all Proceeds received under the Offering, instruct each Subscriber to remit the purchase price in the form of checks (which checks must be certified if remitted during
the last five (5) business days of the offering period) or wire transfers to (insert the "Company" or "Sales Agent") the Sales Agent for forwarding to the Escrow Agent by noon of the next
business day following receipt of the funds. All such checks and wire transfers forwarded to the Escrow Agent shall be accompanied by information identifying each Subscriber, subscription, the
Subscriber's social security or ID number and address. Wire transfers to the Escrow Account shall be made in Federal Funds transferred as follows: 

	 	 	Bk of NYC

ABA No.                       

GLA                      

Cust A/C #

A/C Name            	 	 

        (b)   On
the terms and conditions of this Agreement, the Escrow Agent shall deposit the Proceeds and any interest earned thereon in the Escrow Account. The Proceeds shall be
invested as promptly as practicable upon their receipt by the Escrow Agent, in accordance with this Agreement. All amounts deposited in the Escrow Account shall be invested and reinvested in the
manner provided in Section 2 hereof. 

 

        (c)   Except
as and to the extent provided herein, the Escrow Agent shall not be obligated nor, without the consent of the Company and the Sales Agent, is it authorized to
accept instructions under this Agreement directly from any Selected Dealer. 

 Section 2.    Investment of Proceeds.  

        Proceeds (and any interest earned thereon), and until such time as all Proceeds and interest earned thereon have been disbursed from the Escrow Account as
provided in Section 4 and Section 5, shall be invested and reinvested by the Escrow Agent without unreasonable delay and only in such obligations issued or guaranteed by the United
States Government or any agency thereof, or in such national or state bank or trust company certificates of deposit, and with such maturities, as shall be designated in writing from time to time by
the Company, such writing to specify the particular investment. Temporarily uninvested funds held hereunder shall be deposited in The Bank of New York Deposit Reserve. The Escrow Agent shall not be
responsible for interest losses, taxes or other charges on investments. Interest actually earned from the time the Proceeds are deposited into the Escrow Account until the close of business on the
date preceding the date the Proceeds are disbursed by the Escrow Agent as provided herein shall be held in trust for the Subscribers and, upon the occurrence of the conditions set forth in
Section 4 and Section 5 hereof, shall be payable in accordance with the provisions set forth in Section 5 hereof. If, at the time the Escrow Agent is required to make a
disbursement pursuant to Section 5, the Proceeds are invested as provided in this Section 2, the Escrow Agent shall, in anticipation of such disbursement, sell or otherwise liquidate
such investments. Instructions from the Company as to any such investments or the sale or other disposition thereof shall be confirmed in writing (but no delay or failure by the Company to confirm in
writing an instruction given by telephone shall effect the validity of such instruction or result in any liability to the Escrow Agent for acting on such instruction). 

 Section 3.    Acceptance or Rejection of Subscription.  

        Within 30 days from the date of receipt of each subscription, the Company will determine whether or not the subscription is to be accepted or rejected in
whole or in part. 

        With
respect to each subscription which is to be accepted, the Company will notify the Escrow Agent of such acceptance. With respect to each subscription which is to be rejected (in
whole or in part), the Company will notify the Escrow Agent of such rejection in writing, and upon receipt of such notification, the Escrow Agent will, within 10 business days from the date the Escrow
Agent receives such notification, transfer the amount represented by such subscription and issue a check in the amount of the rejected Subscriber's subscription and all interests, if any, earned
thereon directly to the rejected Subscriber. 

 Section 4.    Disbursements from the Proceeds.  

        (a)   If
subscriptions of at least $2,000,000 in Common Stock from at least 100 subscribers who are independent of the Company and each other have not been deposited in the
Escrow Account and accepted by the Company on or before the earlier of (i) one year from the date of the Company's registration statement or (ii) the date upon which the Company or the
Sales Agent elects to terminate the Offering (the "Termination Date"), upon instruction by the Sales Agent as to the amounts and recipients of the funds then held in escrow, the Escrow Agent shall
terminate the Escrow Account and return the subscription funds to each Subscriber without deductions. 

        (b)   If
subscriptions for at least $2,000,000 in Common Stock from at least 100 subscribers who are independent of the Company and each other have been deposited in the
Escrow Account and accepted by the Company on or before the Termination Date, pursuant to the joint instructions of the Sales Agent and the Company identifying the Subscribers whose subscriptions are
to be accepted, the Escrow 

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Agent
shall on the date designated by the Sales Agent and the Company in such joint instructions (the "Closing Date"), which date shall be at any time on or after the giving of such notice, release to
the Company all or a specified portion of the Proceeds held by the Escrow Agent (including all accrued interest thereon) in the Escrow Account in the manner described in Section 4(a). 

 Section 5.    Procedure for Disbursement from the Escrow Account.  

        The Proceeds held in the Escrow Account and interest earned thereon shall be subject to, and distributed in accordance with, the following provisions: 

        (a)   On
the Closing Date, upon satisfaction of the applicable requirements of Section 4 hereof, the Escrow Agent shall (i) transfer by wire to an account
designated by the Company the Proceeds requested to be transferred on such date in the notice jointly executed by the Company and the Sales Agent, and (ii) the Escrow Agent shall within 10
business days of the Closing Date transfer by check to each Subscriber any interest actually earned on such Proceeds. At the time of such transfer, the Escrow Agent shall confirm in writing to the
Company and the Sales Agent the amount of interest earned for the account of each Subscriber and the date such subscription was received. 

        (b)   Within
10 business days from the date the Company notifies the Escrow Agent in writing that a subscription has been rejected, the Escrow Agent shall transfer by check
the Proceeds and all interest, if any, earned thereon, of any Subscribers whose subscriptions were obtained by the Sales Agent or the Selected Dealer but rejected by the Company since the commencement
of the Offering. At the time of such transfer, the Escrow Agent shall identify in writing to the Company and the Sales Agent the amount of interest earned for the account of each Subscriber and the
date such subscription was received. 

        (c)   Promptly
after the Termination Date (but in no event later than 30 business days following the Termination Date), all Proceeds received by the Escrow Agent (other than
Proceeds previously disbursed or to be distributed by the Escrow Agent pursuant to Section 5(a) or Section 5(b) shall be returned by check directly to the Subscriber having provided such
Proceeds, without deduction, penalty or expense to the Subscriber and together with each such Subscriber's pro rata portion of the interest actually earned thereon. The Escrow Agent shall notify the
Company and the Sales Agent of the distribution of such funds to the Subscribers. 

        (d)   The
Escrow Agent does not have any interest in the Escrowed Property deposited hereunder but is serving as escrow holder only and having only possession thereof. The
Company shall pay or reimburse the Escrow Agent upon request for any transfer taxes or other taxes relating to the Escrowed Property incurred in connection herewith and shall indemnify and hold
harmless the Escrow Agent any amounts that it is obligated to pay in the way of such taxes. Any payments of income from this Escrow Account shall be subject to withholding regulations then in force
with respect to United States taxes. The parties hereto will provide the Escrow Agent with appropriate W-9 forms for tax I.D., number certifications, or W-8 forms for
non-resident alien certifications. It is understood that the Escrow Agent shall be responsible for income reporting only with respect to income earned on investment of funds which are a
part of the Escrowed Property and is not responsible for any other reporting. This paragraph and paragraph (9) shall survive notwithstanding any termination of this Escrow Agreement or the
resignation of the Escrow Agent. 

 Section 6.    Termination of Escrow.  

        In the event of the release of all Proceeds and all accrued interest in accordance with Section 4 and Section 5 of this Agreement, this Agreement
shall terminate and the Escrow Agent shall be relieved of all responsibilities in connection with the escrow deposits provided for in this Agreement, except claims which are occasioned by its
negligence, bad faith or willful misconduct. 

3

 

 Section 7.    Compensation of Escrow Agent.  

        (a)   The
Escrow Agent shall be compensated in accordance with the Fee Schedule attached hereto. 

        (b)   The
Company hereby grants to the Escrow Agent a lien on the Proceeds such that, in the event that any and all charges payable under Section 7 and Section 8
shall not be timely paid by the Company, the Escrow Agent shall have the right to pay itself from the Proceeds the full amount owed, provided that written notice of the Escrow Agent's intent to
proceed under this Section 7 be given at least five (5) business days in advance of such action. 

 Section 8.    Responsibilities of Escrow Agent; Notices.  

        (a)   The
Escrow Agent shall be under no duty to enforce payment of any subscription which is to be paid to and held by it; 

        (b)   The
Escrow Agent shall be under no duty to accept funds, checks, drafts or instruments for the payment of money from anyone other than the Company, the Sales Agent or
any Selected Dealers or to give any receipt therefor except to the Company; 

        (c)   The
Escrow Agent shall be obligated to perform only such duties as are expressly set forth in this Agreement. No implied covenants or obligations shall be inferred from
this Agreement against the Escrow Agent, nor shall the Escrow Agent be bound by the provisions of any agreement among the Company or Sales Agent beyond the specific terms hereof. 

        (d)   The
Escrow Agent shall not be liable hereunder except for its own gross negligence or willful misconduct and the Company agrees to indemnify the Escrow Agent for and
hold it harmless as to any loss, liability, or expense, including attorney's fees and expenses, incurred without gross negligence or willful misconduct on the part of the Escrow Agent and arising out
of or in connection with the Escrow Agent's duties under this Agreement. Specifically and without limiting the foregoing, the Escrow Agent shall in no event have any liability in connection with its
investment, reinvestment or liquidation, in good faith and in accordance with the terms hereof, of any Escrowed Property held by it hereunder, including without limitation any liability for any delay
not resulting from gross negligence or willful misconduct in such investment, reinvestment or liquidation, or for any loss of income incident to any such delay. 

        (e)   The
Escrow Agent shall be entitled to rely upon any order, judgment, certification, instruction, notice, opinion or other writing delivered to it in compliance with the
provisions of this Agreement without being required to determine the authenticity or the correctness of any fact stated therein or the propriety or validity of service thereof. The Escrow Agent may
act in reliance upon any instrument comporting with the provisions of this Agreement or signature believed by it to be genuine and may assume that any person purporting to give notice or receipt or
advice or make any statement or execute any document in connection with the provisions hereof has been duly authorized to do so. 

        At
any time the Escrow Agent may request in writing an instruction in writing from the Company, and may at its own option include in such request the course of action it proposes to take
and the date on which it proposes to act, regarding any matter arising in connection with its duties and obligations hereunder. The Escrow Agent shall not be liable for acting without the Company's
consent in accordance with such a proposal on or after the date specified therein, provided that the specified date shall be at least two (2) business days after the Company receives the Escrow
Agent's request for instructions and its proposed course of action, and provided that, prior to so acting, the Escrow Agent has not received the written instructions requested. 

        (f)    The
Escrow Agent makes no representation as to the validity, value, genuineness or collectability of any security or other document or instrument held by or delivered to
it. 

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        (g)   The
Escrow Agent shall not be called upon to advise any party as to selling or retaining, or taking or refraining from taking any action with respect to, any securities
or other property deposited hereunder. 

        (h)   No
provision of this Agreement shall require the Escrow Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its
duties hereunder. 

        (i)    The
Escrow Agent shall be deemed conclusively to have given and delivered any notice required to be given or delivered if it is in writing, signed by any one of its
authorized officers and mailed, by express, registered or certified mail addressed to: 

	

 	
 	

The Company at:
	

 	
 	

Dividend Capital Total Realty Trust, Inc.

518 Seventeenth Street, 17th Floor

Denver, Colorado 80202
	

 	
 	

Telephone: (303) 228-2200

Facsimile: (303) 226-9899

        (j)    The
Escrow Agent shall be deemed conclusively to have received any notice required to be given or delivered to the Escrow Agent if it is in writing, signed by any one of
the authorized officers of the Sales Agent or the Company, mailed, by express, registered or certified mail addressed to and actually received by: 

	

 	
 	

The Escrow Agent at:
	

 	
 	

The Bank of New York

101 Barclay St, 8th Floor West

New York, NY 10286

Attn: Escrow
	

 	
 	

Telephone: (212) 815-3229

Facsimile: (212) 815-5875/5877

        (k)   The
provisions of Sections 7, 8 and 11 shall survive termination of this Agreement and/or the resignation or removal of the Escrow Agent. 

 Section 9.    Resignation of Escrow Agent; Successor.  

        Notwithstanding anything to the contrary herein, the Escrow Agent may resign at any time by giving at least 15 days written notice thereof. The Company may
remove the Escrow Agent at any time (with or without cause) by giving at least 15 days written notice thereof. Within 10 days after receiving such notice, the Company and the Sales Agent
shall jointly agree on and appoint a successor escrow agent at which time the Escrow Agent shall either distribute the funds held in the Escrow Account, less its fees, costs and expenses or other
obligations owed to the Escrow Agent as directed by the instructions of the Company and the Sales Agent or hold such funds, pending distribution, until such fees, costs and expenses or other
obligations are paid. If a successor escrow agent has not been appointed or has not accepted such appointment by the end of the 10 day period, the Escrow Agent may apply to a court of competent
jurisdiction for the appointment of a successor escrow agent, or for other appropriate relief and the costs, expenses and reasonable attorneys fees which the Escrow Agent incurs in connection with
such a proceeding shall be paid by the Company. 

5

 

 Section 10.    Dispute Resolution.  

        In the event of any dispute between or conflicting claims by or among the Company or the Sales Agent and/or any other person or entity with respect to any
Proceeds held in the Escrow Account, the Escrow Agent shall be entitled, at its sole discretion, to refuse to comply with any and all claims, demands or instructions with respect to such Proceeds so
long as such dispute or conflict shall continue, and the Escrow Agent shall not be or become liable in any way to the Company, the Sales Agent or the Selected Dealers for the Escrow Agent's failure or
refusal to comply with such conflicting claims, demands or instructions, except to the extent under the circumstances such failure would constitute gross negligence, bad faith or willful misconduct on
the part of the Escrow Agent. The Escrow Agent shall be entitled to refuse to act until, at its sole discretion, either such conflicting or adverse claims or demands shall have been finally determined
in a court of competent jurisdiction or settled by agreement between the conflicting parties as evidenced in writing, satisfactory to the Escrow Agent, or the Escrow Agent shall have received security
or an indemnity satisfactory to the Escrow Agent sufficient to save the Escrow Agent harmless from and against any and all loss, liability or expense which the Escrow Agent may incur by reason of the
Escrow Agent's acting. The Escrow Agent may in addition elect at its sole discretion to commence an interpleader action or seek other judicial relief or orders as the Escrow Agent may deem necessary. 

 Section 11.    Extraordinary Expense.  

        It is understood that fees and usual charges agreed upon for the Escrow Agent's services shall be considered compensation for its services as contemplated by this
Agreement, and if the Escrow Agent renders any service not provided for in this Agreement, or if there is any assignment of any interest in the subject matter of this Agreement by the Company or the
Sales Agent or any modification of this Agreement, or if any controversy arises under this Escrow Agreement or the Escrow Agent is made a party to any litigation pertaining to this Agreement or the
subject matter of this Agreement, the Escrow Agent shall be reasonably compensated for those extraordinary services and reimbursed for all costs and expenses occasioned by such services, controversy
or litigation and the Company hereby promises to pay such sums upon demand. 

 Section 12.    Governing Law.  

        This agreement shall be governed and construed in accordance with the laws of the State of New York without reference to the principles thereof respecting
conflicts of laws. This Agreement may be executed in counterparts, each of which so executed shall be deemed an original, and said counterparts together shall constitute one and the same instrument.
Each of the parties hereby waives the right to trial by jury. 

 Section 13.    Maintenance of Record.  

        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 Sales Agent shall also have access to the Escrow Agent's books and records to the extent relating to its duties
hereunder, during normal business hours upon reasonable notice to the Escrow Agent. 

 Section 14.    Miscellaneous.  

        (a)   Nothing
in this Agreement is intended or shall confer upon anyone other than the parties any legal or equitable right, remedy or claim. 

6

 

        (b)   The
invalidity of any portion of this Agreement shall not affect the validity of the remainder hereof. 

        (c)   This
Agreement is the final integration of the agreement of the parties with respect to the matters covered by it and supersedes any prior understanding or agreement,
oral or written, with respect thereto. 

        (d)   The
rights and obligations of each party hereto may not be assigned or delegated to any other person without the written consent of the other parties hereto. Subject to
the foregoing, the terms and provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 

        (e)   No
printed or other material in any language, including prospectuses, notices, reports, and promotional material which mentions "The Bank of New York" by name or the
rights, powers, or duties of the Escrow Agent under this Agreement shall be issued by any other parties hereto, or on such party's behalf, without the prior written consent of Escrow Agent. 

	 	 	DIVIDEND CAPITAL TOTAL REALTY TRUST, INC.
	

 	
 	

By:	

/s/  JOHN E. BIALLAS      

	 	 	Name: John E. Biallas

Title: President
	

 	
 	

DIVIDEND CAPITAL SECURITIES, LLC
	

 	
 	

By:	

/s/  FRANCIS P. GAFFNEY      

	 	 	Name: Francis P. Gaffney

Title:
	

 	
 	

THE BANK OF NEW YORK

as Escrow Agent
	

 	
 	

By:	

/s/  ODELL ROMEO      

	 	 	Name: Odell Romeo

Title: Assistant Secretary

7

   Fee Schedule  

Dividend Capital Total Realty Trust Inc.

Subscription Escrow Agreement

Fee Schedule

                        , 2005  

        Upon appointment of The Bank of New York ("BNY") as Escrow Agent, Dividend Capital Total Realty Trust Inc. shall be responsible for
the payment of the fees, expenses and charges as set forth in this Fee Schedule.

GENERAL FEES  

	ACCEPTANCE FEE	 	Waived

        This
one time charge is payable upon our completion of the review of the escrow agreement and all documents submitted in support thereof. 

	ADMINISTRATIVE FEE	 	Waived *

        Our
administrative fee will cover the duties and responsibilities related to account administration and servicing, which may include maintenance of accounts on various systems, custody
and securities servicing, reporting, etc. This fee is payable in advance for the year and shall not be prorated. 

	•
	This
fee will be waived if funds held in escrow are invested in money market funds mutually acceptable to BNY and Dividend Capital Total Realty Trust Inc. 

INVESTMENT COMPENSATION  

        With respect to investments in money market mutual funds for which BNY provides shareholder services BNY (or its affiliates) may also receive and retain
additional fees from the mutual funds (or their affiliates) for shareholder services as set forth in the Authorization and Direction to BNY to Invest Cash Balances in Money Market Mutual Funds. 

        BNY
will charge a $25.00 transaction fee for each purchase, sale, or redemption of securities other than the aforementioned Money Market Mutual Funds. 

COUNSEL FEE  

        If applicable, a fee covering the reasonable fees and documented expenses of Counsel for its services, including review of governing documents, communication with
members of the closing party (including representatives of the depositors and/or beneficiaries, investment banker(s), attorney(s) and BNY, attendance at meetings and the closing, and such other
services as BNY may deem necessary. The Counsel fee will be the actual amount of the reasonable fees and documented expenses charged by Counsel and is payable at closing 

MISCELLANEOUS FEES  

        The fees for performing extraordinary or other services not contemplated at the time of the execution of the transaction or not specifically covered elsewhere in
this schedule will be commensurate with the service to be provided and will be charged in BNY's sole discretion. These extraordinary services may include, but are not limited to: customized reporting
and/or procedures, electronic account access, etc. Counsel, accountants, special agents and others will be charged at the actual amount of fees (so long as they are reasonable) and expenses (so long
as they are documented) billed. 

8

 

OUT-OF-POCKET EXPENSES  

        Additional out-of-pocket expenses may include, but are not limited to, telephone; facsimile; courier; copying; postage; supplies; expenses
of foreign depositaries; and expenses of BNY's representative(s) and Counsel for attending special meetings. Fees and expenses of BNY's representatives and Counsel will be charged at the actual amount
of fees (so long as they are reasonable) and expenses charged (so long as they are documented) and all other expenses will be charged at cost. 

Terms and Disclosures  

TERMS OF PROPOSAL  

        Final acceptance of the appointment as escrow agent under the escrow agreement is subject to approval of authorized officers of BNY and full review and execution
of all documentation related hereto. Please note that if this transaction does not close, you will be responsible for paying any expenses incurred, including reasonable Counsel fees. We reserve the
right to terminate this offer if we do not enter into final written documents within three months from the date this document is first transmitted to you. Fees may be subject to adjustment during the
life of the engagement. 

MISCELLANEOUS  

        The terms of this Fee Schedule shall govern the matters set forth herein and shall not be superseded or modified by the terms of the escrow agreement. This Fee
Schedule shall be governed by the laws of the State of New York, and without reference to laws governing conflicts. BNY and the undersigned agree to jurisdiction of the federal and state courts
located in the City of New York, State of New York. 

CUSTOMER NOTICE REQUIRED BY THE USA PATRIOT ACT  

        To help the US government fight the funding of terrorism and money laundering activities, US Federal law requires all financial institutions to obtain, verify,
and record information that identifies each person (whether an individual or organization) for which a relationship is established. 

        What
this means to you: When you establish a relationship with BNY, we will ask you to provide certain information (and documents) that will help us to identify you. We will ask for your
organization's name, physical address, tax identification or other government registration number and other information that will help us to identify you. We may also ask for a Certificate of
Incorporation or similar document or other pertinent identifying documentation for your type of organization. 

        We
thank you for your assistance. 

	Accepted By:	 	 	 	For BNY:
	

Signature:	
 	

/s/  JOHN E. BIALLAS      
	
 	

/s/  ODELL ROMEO      

	

Date:	
 	

November 18, 2005
	
 	

November 18, 2005

	

Name:	
 	

John E. Biallas
	
 	

Odell Romeo

	

Title:	
 	
President
	
 	
Assistant Treasurer

9

QuickLinks

SUBSCRIPTION ESCROW AGREEMENT between DIVIDEND CAPITAL TOTAL REALTY TRUST, INC. and THE BANK OF NEW YORK Dated as of December 8, 2005

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