Document:

Subscription Escrow Agreement

 Exhibit 4.5 

SUBSCRIPTION ESCROW AGREEMENT 

THIS SUBSCRIPTION ESCROW AGREEMENT (this “Escrow Agreement”), dated as of July 28, 2010, is entered into by and among Realty
Capital Securities, LLC (the “Dealer Manager”), Phillips Edison – ARC Shopping Center REIT Inc. (the “Company”) and Wells Fargo Bank, National Association, as Escrow Agent (the “Escrow Agent”).

 WHEREAS, the Company intends to raise cash funds from investors (the “Investors”) pursuant to a public offering (the
“Offering”) of not less than $2,500,000 (the “Minimum Amount”) nor more than $1,500,000,000 of shares of common stock, par value $0.01 of the Company (the “Securities”) pursuant to the registration
statement on Form S-11 of the Company (No. 333-164313) (the “Offering Document”), as amended, a copy of which is attached as Exhibit A hereto. 

WHEREAS, the Company desires to establish an escrow account with the Escrow Agent for funds contributed by the Investors with the Escrow Agent, to
be held for the benefit of the Investors and the Company until such time as (i) subscriptions for the Minimum Amount of the Securities have been deposited into escrow or otherwise in accordance with the terms of this Escrow Agreement,
(ii) in the case of subscriptions received from residents of Pennsylvania (“Pennsylvania Investors”), aggregate subscriptions from all Investors resulting in a total minimum capital raised of $50,000,000 (the
“Pennsylvania Minimum Amount”) and deposited into escrow or otherwise provided in accordance with the terms of this Escrow Agreement and (iii) in the case of subscriptions received from residents of Tennessee
(“Tennessee Investors”) aggregate subscriptions from all Investors resulting in a total minimum capital raised of $10,000,000 (the “Tennessee Minimum Amount”) and deposited into escrow or otherwise provided in
accordance with the terms of this Escrow Agreement. 
 WHEREAS, the Company has entered into an Amended and Restated Exclusive Dealer
Manager Agreement, dated April 9, 2010, with the Dealer Manager pursuant to which the Dealer Manager is authorized to solicit and collect Investor Funds (as defined below) on behalf of the Company. 

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

NOW, THEREFORE, in consideration of the premises set forth above and other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties hereto agree as follows: 
 1. Proceeds to be Escrowed. On or before the first date of the Offering, the
Company shall establish an escrow account with the Escrow Agent to be invested in accordance with Section 9 hereof entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS FOR COMMON STOCK OF PHILLIPS EDISON – ARC SHOPPING CENTER REIT
INC.” (with such abbreviations as may be required to comply with Escrow Agent’s operating systems, the “Escrow Account”). All funds received from Investors in payment for the Securities (“Investor
Funds”) will be delivered to the Escrow Agent within one (1) business day following the day upon which such Investor Funds are received by the Company or its agents, and shall, upon receipt by the Escrow Agent, be retained in escrow by
the Escrow Agent and invested as stated herein. During the term of this Escrow Agreement, the Company or its agents shall cause all checks received by and made payable to it in payment for the Securities to be endorsed in favor of the Escrow Agent
and delivered to the Escrow Agent for deposit in the Escrow Account. 
 Proceeds received from Pennsylvania Investors shall be accounted for
separately in a subaccount entitled “Escrow Account for the Benefit of Pennsylvania Investors for Phillips Edison – ARC Shopping Center REIT Inc.” (with such abbreviations as may be required to comply with Escrow Agent’s
operating 

 
systems, the “Pennsylvania Escrow Account” and together with the Escrow Account and the Tennessee Escrow Account (defined below), the “REIT Escrow Accounts”),
until such Pennsylvania Escrow Account has terminated pursuant to Section 4 hereof. The Company shall, and shall cause its agents to, cooperate with the Escrow Agent in separately accounting for subscription proceeds from Pennsylvania
Investors in the Pennsylvania Escrow Account, and the Escrow Agent shall be entitled to rely upon information provided by the Company or its agents in this regard. 

Proceeds received from Tennessee Investors shall be accounted for separately in a subaccount entitled “Escrow Account for the Benefit of Tennessee
Investors for Phillips Edison – ARC Shopping Center REIT Inc.” (with such abbreviations as may be required to comply with Escrow Agent’s operating systems, the “Tennessee Escrow Account,” and together with the Escrow
Account and Pennsylvania Escrow Account, the “REIT Escrow Accounts”), until such Tennessee Escrow Account has terminated pursuant to Section 5 hereof. The Company shall, and shall cause its agents to, cooperate with the
Escrow Agent in separately accounting for subscription proceeds from Tennessee Investors in the Tennessee Escrow Account, and the Escrow Agent shall be entitled to rely upon information provided by the Company or its agents in this regard.

 The Escrow Agent shall have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and
collected funds. In the event that any checks deposited in the REIT Escrow Accounts are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Company shall promptly reimburse the
Escrow Agent for any and all costs incurred for such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to
it hereunder. The Escrow Agent reserves the right to deny, suspend or terminate participation by any Investor to the extent the Escrow Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not
consistent with the purposes of the Offering. 
 2. Investors. Persons subscribing to purchase the Securities will be instructed
by the Dealer Manager or any soliciting dealers to remit the purchase price in the form of checks (hereinafter “instruments of payment”) payable to the order of, or funds wired in favor of, “WELLS FARGO BANK, NA, ESCROW AGENT FOR
PHILLIPS EDISON – ARC SHOPPING CENTER REIT INC.” Any checks received made payable to a party other than the Escrow Agent shall be returned to the soliciting dealer who submitted the check. By 12:00 p.m. (noon) the next business
day after receipt of instruments of payment from the Offering, the Escrow Agent shall be furnished with a list of the Investors who have paid for the Securities showing the name, address, tax identification number, amount of Securities subscribed
for, the amount paid and whether such Investors are Pennsylvania Investors or Tennessee Investors. The information comprising the identity of Investors shall be provided to the Escrow Agent in the format set forth in the “List of
Investors” attached hereto as Exhibit B. The Escrow Agent shall be entitled to conclusively rely upon the list of Investors in determining whether Investors are Pennsylvania Investors or Tennessee Investors and shall have no duty to
independently determine or verify the same. 
 All Investor Funds deposited in the REIT Escrow Accounts shall not be subject to any liens or
charges by the Company or the Escrow Agent, or judgments or creditors’ claims against the Company, until and unless released to the Company as hereinafter provided. The Company understands and agrees that the Company shall not be entitled
to any Investor Funds on deposit in the REIT Escrow Accounts and no such funds shall become the property of the Company, or any other entity except as released to the Company pursuant to Section 3, Section 4 for Pennsylvania Investors or
Section 5 for Tennessee Investors. The Escrow Agent will not use the information provided to it by the Company for any purpose other than to fulfill its obligations as Escrow Agent. The Company, the Dealer Manager and the Escrow Agent will
treat all Investor information as confidential. The Escrow Agent shall not be required to accept any Investor Funds which are not accompanied by the information on the List of Investors. 

 

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 3. Disbursement of Funds. Once the Escrow Agent is in receipt of good and collected
Investor Funds totaling at least the Minimum Amount from Investors (excluding funds from Pennsylvania Investors and Tennessee Investors), the Escrow Agent shall notify the Company of same in writing. Additionally, at the end of the third business
day following the Termination Date (as defined in Section 6), the Escrow Agent shall notify the Company of the amount of the Investor Funds received. If the Minimum Amount has been obtained on or before the Termination Date, the Escrow
Agent shall promptly notify the Company and, upon receiving an acknowledgement of such notice and written instructions from the Company’s General Counsel or Chief Financial Officer, the Escrow Agent shall disburse to the Company, by check or
wire transfer, the funds in the Escrow Account representing the gross purchase price of the Securities. The Escrow Agent agrees that funds in the Escrow Account shall not be released to the Company until and unless the Escrow Agent receives
written instructions to release the funds from the Company’s General Counsel or Chief Financial Officer. 
 If the Minimum Amount has not
been obtained prior to the Termination Date, the Escrow Agent shall, promptly following the Termination Date, but in no event more than thirty (30) days after the Termination Date, refund to each Investor by check funds deposited in the Escrow
Account, or shall return the instruments of payment delivered to Escrow Agent if such instruments have not been processed for collection prior to such time, directly to each Investor at the address provided in the list of Investors. Included in the
remittance shall be a proportionate share of the income earned in the account allocable to each Investor’s investment in accordance with the terms and conditions specified herein, except that in the case of Investors who have not provided an
executed Form W-9 or substitute Form W-9 (or the applicable substitute Form W-8 for foreign investors), the Escrow Agent shall withhold the applicable percentage of the earnings attributable to those Investors in accordance with IRS regulations.
Notwithstanding the foregoing, the Escrow Agent shall not be required to remit any payments until funds represented by such payments have been collected by Escrow Agent. 

If the Escrow Agent receives written notice from the Company that the Company intends to reject an Investor’s subscription, the Escrow Agent shall
pay to the applicable Investor(s), within a reasonable time not to exceed ten (10) business days after receiving notice of the rejection, by first class United States Mail at the address appearing on the List of Investors, or at such other
address as shall be furnished to the Escrow Agent by the Investor in writing, all collected sums paid by the Investor for Securities and received by the Escrow Agent, together with the interest earned on such Investor Funds. 

4. Disbursement of Proceeds for Pennsylvania Investors. Notwithstanding the foregoing, proceeds from Pennsylvania Investors will not
count towards meeting the Minimum Amount for purposes of Section 3. Proceeds received from Pennsylvania Investors will not be released from the Pennsylvania Escrow Account until the Pennsylvania Minimum Amount is obtained. If the
Pennsylvania Minimum Amount is obtained at any time prior to the Termination Date, the Escrow Agent shall promptly notify the Company and, upon receiving acknowledgement of such notice and written instructions from the Company’s General Counsel
or Chief Financial Officer, the Escrow Agent shall disburse to the Company, by check or wire transfer, the funds in the Pennsylvania Escrow Account representing the gross purchase price of the Securities. The Escrow Agent agrees that funds in
the Pennsylvania Escrow Account shall not be released to the Company until and unless the Escrow Agent receives written instructions to release the funds from the Company’s General Counsel or Chief Financial Officer. 

If the Pennsylvania Minimum Amount has not been obtained prior to the Termination Date, the Escrow Agent shall, within a reasonable time following the
Termination Date, but in no event more than thirty (30) days after the Termination Date, refund to each Pennsylvania Investor by check funds deposited in the Pennsylvania Escrow Account, or shall return the instruments of payment delivered to
Escrow Agent if such instruments have not been processed for collection prior to such time, directly to each Pennsylvania Investor at the address provided in the list of Investors. Included in the remittance shall be a

  

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proportionate share of the income earned in the account allocable to each Pennsylvania Investor’s investment in accordance with the terms and conditions specified herein, except that in the
case of Investors who have not provided an executed Form W-9 or substitute Form W-9, the Escrow Agent shall withhold the applicable percentage of the earnings attributable to those Investors in accordance with IRS regulations. Notwithstanding the
foregoing, the Escrow Agent shall not be required to remit any payments until funds represented by such payments have been collected by Escrow Agent. 

If the Escrow Agent is not in receipt of evidence of subscriptions accepted on or before the close of business on such date that is 120 days after the
date that the Company first accepts a subscription from a Pennsylvania Investor (which date the Company or the Dealer Manager will provide to the Escrow Agent in writing) (the “Initial Escrow Period”), and instruments of payment
dated not later than that date, for the purchase of Securities providing for total purchase proceeds from all nonaffiliated sources that equal or exceed the Pennsylvania Minimum Amount, the Escrow Agent shall promptly notify the Company. Thereafter,
the Company or its agents shall send to each Pennsylvania Investor by certified mail within ten (10) calendar days after the end of the Initial Escrow Period a notification substantially in the form of Exhibit F. If, pursuant to such
notification, a Pennsylvania Investor 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 Investor the collected funds deposited in the Pennsylvania Escrow Account on behalf of such Pennsylvania Investor 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 Section 9. Notwithstanding the above, if the Escrow Agent has not received an executed Form W-9 or substitute Form W-9 for such Pennsylvania Investor,
the Escrow Agent shall thereupon remit an amount to such Pennsylvania Investor 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 Section 9) attributable to such Pennsylvania Investor. However, the Escrow Agent shall not be required to remit such payments until the Escrow Agent has collected
funds represented by such payments. 
 The Investor Funds of Pennsylvania Investors who do not request the return of their Investor Funds within
the Request Period shall remain in the Pennsylvania 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 above with respect to the Initial Escrow Period for each Successive Escrow Period until the occurrence of the earliest of (i) the Termination Date,
(ii) the receipt and acceptance by the Company of subscriptions for the purchase of Securities with total purchase proceeds that equal or exceed the Pennsylvania Minimum Amount and the disbursement of the Pennsylvania Escrow Account on the
terms specified herein, or (iii) all funds held in the Pennsylvania Escrow Account having been returned to the Pennsylvania Investors in accordance with the provisions hereof. 

5. Disbursement of Proceeds for Tennessee Investors. Notwithstanding the foregoing, proceeds from Tennessee Investors will not count
towards meeting the Minimum Amount for purposes of Section 3. Proceeds received from Tennessee Investors will not be released from the Tennessee Escrow Account until the Tennessee Minimum Amount is obtained. If the Tennessee Minimum
Amount is obtained at any time prior to the Termination Date, the Escrow Agent shall promptly notify the Company and, upon receiving acknowledgement of such notice and written instructions from the Company’s General Counsel of Chief Financial
Officer, the Escrow Agent shall disburse to the Company, by check or wire transfer, the funds in the Tennessee Escrow Account representing the gross purchase price of the Securities. The Escrow Agent agrees that funds in the Tennessee Escrow
Account shall not be released to the Company 
  

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until and unless the Escrow Agent receives written instructions to release the funds from the Company’s General Counsel or Chief Financial Officer. 

If the Tennessee Minimum Amount has not been obtained prior to the Termination Date, the Escrow Agent shall, within a reasonable time following the
Termination Date, but in no event more than thirty (30) days after the Termination Date, refund to each Tennessee Investor by check funds deposited in the Tennessee Escrow Account, or shall return the instruments of payment delivered to Escrow
Agent if such instruments have not been processed for collection prior to such time, directly to each Tennessee Investor at the address provided in the list of Investors. Included in the remittance shall be a proportionate share of the income
earned in the account allocable to each Tennessee Investor’s investment in accordance with the terms and conditions specified herein, except that in the case of subscribers who have not provided an executed Form W-9 or substitute Form W-9, the
Escrow Agent shall withhold the applicable percentage of the earnings attributable to those Investors in accordance with IRS regulations. Notwithstanding the foregoing, the Escrow Agent shall not be required to remit any payments until funds
represented by such payments have been collected by Escrow Agent. 
 6. Term of Escrow. The “Termination Date” shall be
the earlier of (i) the close of business on the one year anniversary of the date of this Escrow Agreement; (ii) the disbursement of all funds held in the REIT Escrow Accounts to the Company or to Investors pursuant to Section 3,
Section 4 for Pennsylvania Investors and Section 5 for Tennessee Investors, and instruction from the Company to the Escrow Agent in writing, directing the termination each of the REIT Escrow Accounts; (iii) the date the Escrow Agent
receives written notice from the Company that it is abandoning the sale of the Securities; or (iv) the date the Escrow Agent receives notice from the Securities and Exchange Commission or any other federal or state regulatory authority that a
stop or similar order has been issued with respect to the Offering Document and has remained in effect for at least twenty (20) days. After the Termination Date the Company shall not deposit, and the Escrow Agent shall not accept, any
additional amounts representing payments by prospective Investors. 
 7. Duty and Liability of the Escrow Agent. The sole duty of
the Escrow Agent shall be to receive Investor Funds and hold them subject to release, in accordance herewith, and the Escrow Agent shall be under no duty to determine whether the Company or the Dealer Manager is complying with requirements of this
Escrow Agreement, the Offering or applicable securities or other laws in tendering the Investor Funds to the Escrow Agent. No other agreement entered into between the parties, or any of them, shall be considered as adopted or binding, in whole or in
part, upon the Escrow Agent notwithstanding that any such other agreement may be referred to herein or deposited with the Escrow Agent or the Escrow Agent may have knowledge thereof, including specifically but without limitation the Offering
Document, and the Escrow Agent’s rights and responsibilities shall be governed solely by this Escrow Agreement. The Escrow Agent shall not be responsible for or be required to enforce any of the terms or conditions of any Offering Document
or other agreement between the Company and any other party. The Escrow Agent may conclusively rely upon and shall be protected in acting upon any statement, certificate, notice, request, consent, order or other document believed by it to be
genuine and to have been signed or presented by the proper party or parties. The Escrow Agent shall have no duty or liability to verify any such statement, certificate, notice, request, consent, order or other document, and its sole responsibility
shall be to act only as expressly set forth in this Escrow Agreement. Concurrent with the execution of this Escrow Agreement, the Company shall deliver to the Escrow Agent an authorized signers form in the form of Exhibit C to this Escrow
Agreement. The Escrow Agent shall be under no obligation to institute or defend any action, suit or proceeding in connection with this Escrow Agreement unless first reasonably indemnified to its satisfaction. The Escrow Agent may
reasonably consult counsel of its own choice with respect to any question arising under this Escrow Agreement and shall be protected in acting or not acting in reliance on such counsel’s advice, except as otherwise provided herein. The
Escrow Agent shall not be liable for any action taken or omitted by it, except to the extent that a court of competent jurisdiction 

 

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determines that the Escrow Agent’s gross negligence or willful misconduct was the primary cause of loss. The Escrow Agent is acting solely as escrow agent hereunder and owes no duties,
covenants or obligations, fiduciary or otherwise, to any other person by reason of this Escrow Agreement, except as otherwise stated herein, and no implied duties, covenants or obligations, fiduciary or otherwise, shall be read into this Escrow
Agreement against the Escrow Agent. In the event of any disagreement between any of the parties to this Escrow Agreement, or between any of them and any other person, including any Investor, resulting in adverse claims or demands being made in
connection with the matters covered by this Escrow Agreement, or in the event that the Escrow Agent is in doubt as to what action it should take hereunder, the Escrow Agent may, at its option, refuse to comply with any claims or demands on it, or
refuse to take any other action hereunder, so long as such disagreement continues or such doubt exists, and in any such event, the Escrow Agent shall not be or become liable in any way or to any person for its failure or refusal to act, and the
Escrow Agent shall be entitled to continue so to refrain from acting until (i) the rights of all interested parties shall have been fully and finally adjudicated by a court of competent jurisdiction, or (ii) all differences shall have been
adjudged and all doubt resolved by agreement among all of the interested persons, and the Escrow Agent shall have been notified thereof in writing signed by all such persons. Notwithstanding the foregoing, the Escrow Agent may in its discretion obey
the order, judgment, decree or levy of any court, whether with or without jurisdiction and the Escrow Agent is hereby authorized in its sole discretion to comply with and obey any such orders, judgments, decrees or levies. In the event that any
controversy should arise with respect to this Escrow Agreement the Escrow Agent shall have the right, at its option, to institute an interpleader action in any court of competent jurisdiction to determine the rights of the parties. IN NO EVENT
SHALL THE ESCROW AGENT BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL LOSSES OR DAMAGES OF ANY KIND WHATSOEVER (INCLUDING WITHOUT LIMITATION LOST PROFITS), EVEN IF THE ESCROW AGENT HAS BEEN ADVISED OF THE POSSIBILITY
OF SUCH LOSSES OR DAMAGES AND REGARDLESS OF THE FORM OF ACTION. The parties agree that the Escrow Agent has no role in the preparation of the Offering Document and makes no representations or warranties with respect to the information contained
therein or omitted therefrom. The Escrow Agent shall have no obligation, duty or liability with respect to compliance with any federal or state securities, disclosure or tax laws concerning the Offering Document or the issuance, offering or
sale of the Securities. The Escrow Agent shall have no duty or obligation to monitor the application and use of the Investor Funds once transferred to the Company, that being the sole obligation and responsibility of the Company. 

8. Escrow Agent’s Fee. The Escrow Agent shall be entitled to compensation for its services as stated in the fee schedule attached
hereto as Exhibit D, which compensation shall be paid by the Company. The fee agreed upon for the services rendered hereunder is intended as full compensation for the Escrow Agent’s services as contemplated by this Escrow Agreement; provided,
however, that in the event that the conditions for the disbursement of funds under this Escrow Agreement are not fulfilled, or the Escrow Agent renders any material service not contemplated in this Escrow Agreement, or there is any assignment of
interest in the subject matter of this Escrow Agreement, or any material modification hereof, or if any material controversy arises hereunder, or the Escrow Agent is made a party to any litigation pertaining to this Escrow Agreement, or the subject
matter hereof, then the Escrow Agent shall be reasonably compensated for such extraordinary services and reimbursed for all costs and expenses, including reasonable attorney’s fees, occasioned by any delay, controversy, litigation or event, and
the same shall be recoverable from the Company. The Company’s obligations under this Section 8 shall survive the resignation or removal of the Escrow Agent and the assignment or termination of this Escrow Agreement. 

9. Investment of Proceeds. The Investor Funds shall be deposited in the REIT Escrow Accounts in accordance with Section 3,
Section 4 for Pennsylvania Investors and Section 5 for Tennessee Investors. The Escrow Agent is hereby directed to invest all funds received under this Escrow 

 

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Agreement, including principal and interest, in the Wells Fargo Bank Money Market Deposit Account, as directed in writing in the form of Exhibit E to this Escrow Agreement. The Escrow Agent
shall invest the Investor Funds in alternative investments in accordance with written instructions as may from time to time be provided to the Escrow Agent and signed by the Company. In the absence of written investment instructions from the
Company to the contrary, the Escrow Agent is hereby directed to invest the Investor Funds in the Wells Fargo Bank Money Market Deposit Account. Notwithstanding the foregoing, Investor Funds shall not be invested in anything other than “Short
Term Investments” in compliance with Rule 15c2-4 of the Securities Exchange Act of 1934, as amended. The following are not permissible investments: (a) money market mutual funds, (b) corporate debt or equity securities,
(c) repurchase agreements, (d) banker’s acceptance, (e) commercial paper, and (f) municipal securities. Any interest received by the Escrow Agent with respect to the Investor Funds, including reinvested interest shall
become part of the Investor Funds, and shall be disbursed pursuant to Section 3, Section 4 for Pennsylvania Investors and Section 5 for Tennessee Investors. The Company agrees that, for tax reporting purposes, all interest or other
taxable income earned on the Investor Funds in any tax year shall be taxable to the Company. 
 The Escrow Agent shall be entitled to sell or
redeem any such investments as necessary to make any payments or distributions required under this Escrow Agreement. The Escrow Agent shall have no responsibility or liability for any loss which may result from any investment made pursuant to
this Escrow Agreement, or for any loss resulting from the sale of such investment. The parties acknowledge that the Escrow Agent is not providing investment supervision, recommendations, or advice. 

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

The Company agrees to indemnify and hold the Escrow Agent harmless from and against any taxes, additions for late payment, interest, penalties and other
expenses that may be assessed against the Escrow Agent on or with respect to any payment or other activities under this Escrow Agreement unless any such tax, addition for late payment, interest, penalties and other expenses shall be determined by a
court of competent jurisdiction to have been caused by the Escrow Agent’s gross negligence or willful misconduct. The terms of this Section shall survive the termination of this Escrow Agreement and the resignation or removal of the Escrow
Agent. 
 10. Notices. All notices, requests, demands, and other communications under this Escrow Agreement shall be in
writing and shall be deemed to have been duly given (a) on the date of service if served personally on the party to whom notice is to be given, (b) on written confirmation of receipt if sent by facsimile/email transmission to the facsimile
number/email address given below, provided such facsimile/email transmission contains a document bearing an authorized signature (c) on the day after delivery to Federal Express or similar overnight courier or the Express Mail service
maintained by the United States Postal Service, or (d) on the fifth day after mailing, if mailed to the party to whom notice is to be given, by first class mail, registered or certified, postage prepaid, and properly addressed, return receipt
requested, to the party as follows: 
 If to the Company: 

Phillips Edison – ARC Shopping Center REIT Inc. 

11501 Northlake Drive 
  

 7 

 Cincinnati, Ohio 45249 

Fax: (513) 554-1820 
 Attention: John
Bessey, President 
 Attention: Richard Smith, Chief Financial Officer 

with a copy to: 
 DLA Piper LLP (US) 

4141 Parklake Avenue 
 Suite 300 

Raleigh, North Carolina 27612 
 Attention: Robert
H. Bergdolt, Esq. 
 If to the Dealer Manager: 

Realty Capital Securities, LLC 
 Three Copley
Place 
 Suite 3300 
 Boston, MA 02116

 Attention: Nicholas Corvinus, Chief Executive Officer 

with a copy to: 
 Proskauer Rose LLP 

1585 Broadway 
 New York, New York 10036

 Fax: (212) 969-2900 
 Attention:
Peter M. Fass, Esq. 
 Attention: James P. Gerkis, Esq. 

If to Escrow Agent: 
 Wells Fargo Bank, National
Association 
 45 Broadway, 14th Floor 

New York, NY 10006 
 Fax:
(212) 509-1716 
 Attention: Matt Sherman 

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

 11. Indemnification of Escrow Agent. The Company and the Dealer Manager hereby jointly and severally indemnify, defend and hold
harmless the Escrow Agent from and against, any and all loss, liability, cost, damage and expense, including, without limitation, reasonable counsel fees and expenses, which the Escrow Agent may suffer or incur by reason of any action, claim or
proceeding brought against the Escrow Agent arising out of or relating in any way to this Escrow Agreement or any transaction to which this Escrow Agreement relates unless such loss, liability, cost, damage or expense is finally determined by a
court of competent jurisdiction to have been primarily caused by the willful misconduct of the Escrow Agent. The terms of this Section shall survive the termination of this Escrow Agreement and the resignation or removal of the Escrow Agent.

  

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 12. Successors and Assigns. Except as otherwise provided in this Escrow Agreement, no party
hereto shall assign this Escrow Agreement or any rights or obligations hereunder without the prior written consent of the other parties hereto and any such attempted assignment without such prior written consent shall be void and of no force and
effect. This Escrow Agreement shall inure to the benefit of and shall be binding upon the successors and permitted assigns of the parties hereto. Any corporation or association into which the Escrow Agent may be converted or merged, or with
which it may be consolidated, or to which it may sell or transfer all or substantially all of its corporate trust business and assets as a whole or substantially as a whole, or any corporation or association resulting from any such conversion, sale,
merger, consolidation or transfer to which the Escrow Agent is a party, shall be and become the successor Escrow Agent under this Escrow Agreement and shall have and succeed to the rights, powers, duties, immunities and privileges as its
predecessor, without the execution or filing of any instrument or paper or the performance any further act. 
 13. Governing Law;
Jurisdiction. This Escrow Agreement shall be construed, performed, and enforced in accordance with, and governed by, the internal laws of the State of New York, without giving effect to the principles of conflicts of laws thereof. 

14. Severability. In the event that any part of this Escrow 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 Escrow Agreement shall remain in full force and effect. 

15. Amendments; Waivers. This Escrow Agreement may be amended or modified, and any of the terms, covenants, representations, warranties, or
conditions hereof may be waived, only by a written instrument executed by the parties hereto, or in the case of a waiver, by the party waiving compliance. Any waiver by any party of any condition, or of the breach of any provision, term, covenant,
representation, or warranty contained in this Escrow Agreement, in any one or more instances, shall not be deemed to be nor construed as further or continuing waiver of any such condition, or of the breach of any other provision, term, covenant,
representation, or warranty of this Escrow Agreement. The Company and the Dealer Manager agree that any requested waiver, modification or amendment of this Escrow Agreement shall be consistent with the terms of the Offering. 

16. Entire Agreement. This Escrow Agreement contains the entire understanding among the parties hereto with respect to the escrow
contemplated hereby and supersedes and replaces all prior and contemporaneous agreements and understandings, oral or written, with regard to such escrow. 

17. Section Headings. The section headings in this Escrow Agreement are for reference purposes only and shall not affect the meaning or
interpretation of this Escrow Agreement. 
 18. Counterparts. This Escrow Agreement may be executed in counterparts, each of which
shall be deemed an original, but all of which shall constitute the same instrument. 
 19. Resignation. The Escrow Agent may
resign upon 30 days’ advance written notice to the parties hereto. If a successor escrow agent is not appointed within the 30-day period following such notice, the Escrow Agent may petition any court of competent jurisdiction to name a
successor escrow agent or may interplead the Investor Funds with such court, whereupon the Escrow Agent’s duties hereunder shall terminate. 

20. References to Escrow Agent. Other than the Offering Document and any amendments or supplements thereto, no printed or other matter
in any language (including, without limitation, notices, reports and promotional material) which mentions the Escrow Agent’s name or the rights, powers, or 

 

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duties of the Escrow Agent shall be issued by the Company or the Dealer Manager, or on the Company’s or the Dealer Manager’s behalf, unless the Escrow Agent shall first have given its
specific written consent thereto. Notwithstanding the foregoing, any amendment or supplement to the Offering Document (including the subscription agreement and exhibits thereto) that revises, alters, modifies, changes or adds to the description
of the Escrow Agent or its rights, powers or duties hereunder shall not be issued by the Company or the Dealer Manager, or on the Company’s or Dealer Manager’s behalf, unless the Escrow Agent has first given specific written consent
thereto. The forms of subscription agreement to be used in connection with the Offering are attached as Exhibit G hereto 

[signatures on following page] 
  

 10 

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

			
	 PHILLIPS EDISON – ARC

SHOPPING CENTRE REIT INC.

		
	By:	 	/s/    JOHN BESSEY
		 	Name: John Bessey
		 	Title: President

  

			
	REALTY CAPITAL SECURITIES, LLC
		
	By:	 	/s/    LOUISA QUARTO
		 	Name: Louisa Quarto
		 	Title: President

  

			
	 WELLS FARGO BANK, NATIONAL

ASSOCIATION, as Escrow Agent

		
	By:	 	/s/    MATTHEW SHERMAN
		 	Name: Matthew Sherman
		 	Title: Vice President

  

 11 

 Exhibit A 

Copy of Offering Document 

 Exhibit B 

List of Investors 

Pursuant to the Escrow Agreement dated
                            , 2010, by and between Phillips Edison – ARC Shopping Center REIT Inc., (the
“Company”), and Wells Fargo Bank, National Association (the “Escrow Agent”), the Company hereby certifies that the following Investors have paid money for the purchase of shares of the Company’s common stock,
par value $0.01, and the money has been deposited with the Escrow Agent: 
 1. Name of Investor 

Address 
 Tax Identification Number 

Amount of Securities subscribed for 
 Amount of
money paid and deposited with Escrow Agent 
 Is Investor a resident of Pennsylvania (Yes or No)? 

2. Name of Investor 
 Address 

Tax Identification Number 
 Amount of Securities
subscribed for 
 Amount of money paid and deposited with Escrow Agent 

Is Investor a resident of Pennsylvania (Yes or No)? 
  

			
	Company:                         
                                         
   
	By:	 	 
	Its:	 	 
	Date:	 	 

 Exhibit C 

CERTIFICATE AS TO AUTHORIZED SIGNATURES 

Account Name: 
 Account Number: 

 The specimen signatures shown below are the specimen signatures of the individuals who have been designated as Authorized Representatives of
Phillips Edison – ARC Shopping Center REIT Inc. and are authorized to initiate and approve transactions of all types for the above-mentioned account on behalf of Phillips Edison – ARC Shopping Center REIT Inc. 

 

					
	 Name/Title
	 	  	  	 Specimen Signature

			
	 John Bessey

President
	 		  	 /s/    JOHN
BESSEY
 Signature

			
	 Richard Smith

Chief Financial Officer
	 		  	 /s/    RICHARD
SMITH
 Signature

 Exhibit D 

GENERAL SCHEDULE OF FEES 

to act as ESCROW AGENT for the 

Phillips Edison – ARC Shopping Center REIT Inc. Subscription Escrow up to $50,000,000 

 

				
	 Acceptance Fee:
	  	$	500

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

 

			
	 Escrow Agent Annual Administration Fee:
	  	$5,000.00 on first offering, $3,500 on subsequent

Pennsylvania and Tennessee Sub-Accounting Administration Fee: $1500 

For ordinary administrative services by Escrow Agent – includes daily routine account management; investment transactions; cash transaction
processing (including wire and check processing); monitoring claim notices pursuant to the agreement; disbursement of funds in accordance with the agreement; and mailing of trust account statements to all applicable parties. Float credit
received by the bank for receiving funds that remain uninvested are deemed part of the Paying Agent/Escrow Agent’s compensation. These fees do not contemplate paying interest to Investors or providing 1099s which would be the
responsibility of ACS. If individual 1099s, interest checks, interest accrual calculations or any individual Investor information are required additional fees will be charged. For rejected subscriptions or a failed offering, the following fees
will apply. 
 1099 Reporting $25 each 

Interest Rate Calculations and Interest Checks/Wires $ 35 each 

Returned Item Charges $35 each 

The administrative fee is payable in advance, with the first year fee due upon opening of the account. The Annual Fee covers a full year or any
part thereof, and therefore will not be prorated or refunded in the year of early termination. These fees do not include bank activity fees associated with Desktop Deposit system. Fees for these services will be provided separately by our
Treasury Management Group. 
 Wells Fargo’s bid is based on the following assumptions: 

 

	 	•	 	 Number of Escrow Accounts to be established: Three (3) 

 

	 	•	 	 Number of Deposits to Escrow Account: Electronically, approximately (10-20 per day) 

 

	 	•	 	 Number of Withdrawals from Escrow Fund: Not more than two per week. 

 

	 	•	 	 Term of Escrow: One (1) year 

  

	 	•	 	 APPOINTMENT SUBJECT TO RECEIPT OF REQUESTED DUE DILIGENCE INFORMATION AS PER THE USA PATRIOT ACT 

 

	 	•	 	 THIS PROPOSAL ASSUMES THAT BALANCES IN THE ACCOUNT WILL BE INVESTED IN MONEY MARKET DEPOSIT ACCOUNT 

 

	 	•	 	 ALL FUNDS WILL BE RECEIVED FROM OR DISTRIBUTED TO A DOMESTIC OR AN APPROVED FOREIGN ENTITY 

 

	 	•	 	 IF THE ACCOUNT(S) DOES NOT OPEN WITHIN THREE (3) MONTHS OF THE DATE

	 	 
SHOWN BELOW, THIS PROPOSAL WILL BE DEEMED TO BE NULL AND VOID 

  

			
	 Out-of Pocket Expenses:
	  	At Cost

 We will charge
for out-of-pocket expenses in response to specific tasks assigned by the client or provided for in the escrow agreement. Possible expenses would be, but are not limited to, express mail and messenger charges, travel expenses to attend closing
or other meetings. There are no charges for indirect out-of- pocket expenses. 
 This fee schedule is based upon the assumptions
listed above which pertain to the responsibilities and risks involved in Wells Fargo undertaking the role of Escrow Agent. These assumptions are based on information provided to us as of the date of this fee schedule. Our fee schedule is
subject to review and acceptance of the final documents. Should any of the assumptions, duties or responsibilities change, we reserve the right to affirm, modify or rescind our fee schedule. Extraordinary services (services other than the
ordinary administration services of Escrow Agent described above) are not included in the annual administration fee and will be billed as incurred at the rates in effect from time to time. 

Submitted
on:                     , 2010 

 Exhibit E 

Agency and Custody Account Direction 

For Cash Balances 

Wells Fargo Bank Money Market Deposit Accounts 

Direction to use the following Wells Fargo Bank Money Market Deposit Accounts for Cash Balances for the escrow account (the “Account”) created
under the Escrow Agreement to which this Exhibit is attached. 
 You are hereby directed to deposit, as indicated below, or as we shall direct
further in writing from time to time, all cash in the Account in the following money market deposit account of Wells Fargo Bank, National Association (“Bank”): 

Wells Fargo Bank Money Market Deposit Account (“MMDA”) 

We understand that amounts on deposit in the MMDA are insured, subject to the applicable rules and regulations of the Federal Deposit Insurance
Corporation (the “FDIC”), in the basic FDIC insurance amount of $250,000 per depositor, per insured bank. This includes principal and accrued interest up to a total of $250,000.

We acknowledge that we have full power to direct investments in the Account. 

We understand that we may change this direction at any time and that it shall continue in effect until revoked or modified by us by written notice to
you. 
  

	
	Phillips Edison – ARC Shopping Center REIT Inc.
	
	/s/    JOHN BESSEY
	 Signature

	
	 July 28, 2010

	 Date

 Exhibit F 

[Form of Notice to Pennsylvania Investors] 

You have tendered a subscription to purchase shares of common stock of Phillips Edison – ARC Shopping Center 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 $50,000,000 of gross offering
proceeds have been received by the Company. The Pennsylvania guidelines provide that until this minimum amount of offering proceeds is received by the Company, every 120 days during the offering period Pennsylvania Investors 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, Wells Fargo Bank, National Association, at: 
 Wells Fargo Bank, N.A. 

45 Broadway, 14th Floor 
 New York, NY 10006

 Attention: Matthew Sherman 
 I
hereby terminate my prior subscription to purchase shares of common stock of Phillips Edison – ARC Shopping Center REIT Inc. and request the return of my subscription funds. I certify to Phillips Edison – ARC Shopping Center REIT Inc.
that I am a resident of Pennsylvania. 

			
		
	Signature:	 	 
		
	 Name:
	 	 
		 	(please print)
		
	 Date:
	 	 

 Please send the subscription refund to:

	
	
	  
	
	  
	
	  
	
	

 Exhibit G 

Forms of Subscription Agreement 
  

 G-1 

 For use during the Escrow Period: 

 

 

 INSTRUCTION PAGE 

In no event may a subscription of shares be accepted until at least five business days after the date the subscriber receives the final prospectus.
You will receive a confirmation of your purchase. 
 Until we have raised the minimum offering amount, your broker-dealer or registered
investment advisor should MAIL properly completed and executed ORIGINAL documents, along with your check payable to “Wells Fargo, NA, Escrow Agent for Phillips Edison – ARC Shopping Center REIT Inc.” to Realty Capital Securities at
the following address: 
 Phillips Edison – ARC Shopping Center REIT Inc. 

c/o Realty Capital Securities, LLC 

3 Copley Place 

Suite 3300 

Boston, MA 02116 

Phone (888) 518-8073 

Fax (877) 894-1127 

 

	*	For IRA Accounts, mail investor signed documents to the IRA Custodian for signatures. 

Realty Capital Securities will then forward your check to our escrow agent, Wells Fargo Bank, NA 

If you have any questions, please call your registered representative or Realty Capital Securities, LLC at 1-877-373-2522 

Once we have raised $2,500,000, from persons who are not affiliated with us or our sponsor, your broker-dealer or registered investment advisor should
MAIL properly completed and executed ORIGINAL documents, along with your check payable to “Phillips Edison – ARC Shopping Center REIT Inc.” to the following address (except that Pennsylvania and Tennessee investors should continue to
follow the instructions above until $50,000,000 or $10,000,000 has been raised, respectively. See “Plan of Distribution – Special Notice to Pennsylvania and Tennessee Investors” in the prospectus): 

Phillips Edison – ARC Shopping Center REIT Inc. 

c/o DST Systems, Inc. 

430 W. 7th Street 

Kansas City, MO 64105-1407 

Phone (866) 771-2088 

Fax (877) 694-1113 

 

	*	For IRA Accounts, mail investor signed documents to the IRA Custodian for signatures. 

If you have any questions, please call your registered representative or Realty Capital Securities, LLC at 1-877-373-2522 

 

 G-2 

 Instructions to Subscribers 

Section 1: Indicate investment amount 

Section 2: Choose type of ownership 

Non-Custodial Ownership 
  

	—	Accounts with more than one owner must have ALL PARTIES SIGN where indicated on page 3. 

 

	—	Be sure to attach copies of all plan documents for Pension Plans, Trusts or Corporate Partnerships required in section 2. 

Custodial Ownership 

For New IRA/Qualified Plan Accounts, please complete the form/application provided by your custodian of choice in addition to this subscription document
and forward to the custodian for processing. 
 For existing IRA Accounts and other Custodial Accounts, information must be completed BY THE
CUSTODIAN. Have all documents signed by the appropriate officers as indicated in the Corporate Resolution (which are also to be included). 

Section 3: All names, addresses, Dates of Birth, Social Security or Tax I.D. numbers of all investors or Trustees 

Section 4: Choose Dividend Allocation option 

Section 5: To be signed and completed by your Financial Advisor (be sure to include CRD number for FA and BD Firm and the Branch
Manager’s signature) 
 Section 6: Have ALL owners initial and sign where indicated on Page 3 

Section 7: All investors must complete and sign the substitute W9 

 

 G-3 

 PHILLIPS EDISON—ARC SHOPPING CENTER REIT INC. 

SUBSCRIPTION AGREEMENT 

1. INITIAL INVESTMENT 
 Investment
Amount $.                 Brokerage Account Number. 

The minimum initial investment is 250 shares ($2,500) 

Cash, cashier’s checks/official bank checks in bearer form, foreign checks, money orders, third-party checks, or traveler’s checks will not
be accepted. 
  ̈ I/WE AM/ARE EMPLOYEE(S) OF REALTY CAPITAL SECURITIES, LLC, AN AFFILIATE,
BROKER AND/OR AN IMMEDIATE FAMILY MEMBER OF ONE OF THE ABOVE. I/WE ACKNOWLEDGE THAT I/WE WILL NOT BE PAID A COMMISSION FOR THIS PURCHASE, BUT WILL RECEIVE ADDITIONAL SHARES OR FRACTIONS THEREOF. 

 ̈ CHECK HERE IF ADDITIONAL PURCHASE AND COMPLETE NUMBER 3 BELOW. 

2. FORM OF OWNERSHIP (Select only one) 
  

			
	 Non-Custodial Ownership
	  	 Custodial Ownership

	          Individual 

 
          Joint Tenant (Joint
accounts will be registered as joint tenants with rights of survivorship unless otherwise indicated) 
  

         Tenants in Common 

 
          TOD—Optional
designation of beneficiaries for individual joint owners with rights of survivorship or tenants by the entireties. (Please complete Transfer on Death Registration Form. You may download the form at www.americanrealtycap.com/materials

  
         
Uniform Gift/Transfer to Minors (UGMA/UTMA) 
  
 Under the
UGMA/UTMA of the State of                             

 
          Pension Plan
(Include Plan Documents) 
  

         Trust (Include title and signature pages of Trust Documents) 

 
          Corporation or Partnership
(Include Corporate Resolution or Partnership Agreement, as applicable) 
  

         Other
                                 (Include title and signature
pages)
	  	 Third Party Administered Custodial Plan

(new IRA accounts will require an additional application) 

 ̈ IRA  ̈ ROTH/IRA

 ̈ SEP/IRA  ̈
SIMPLE  ̈ OTHER
  

Name of Custodian
  

Mailing Address
  

City, State Zip 
  

Custodian Information (To be completed by Custodian above)

 
 Custodian Tax ID #

 
 Custodian Account #

 
 Custodian Phone

3. INVESTOR INFORMATION (Please print name(s) in which Shares are to be registered.) 

A. Individual/Trust/Beneficial Owner 
  

							
	First Name:	  	Middle Name:	  		  	
	Last Name:	  	Tax ID or SS# :	  		  	
	Street Address:	  	        City:	  	State:	  	Zip:

 Date of Birth: (mm/dd/yyyy)
        /        /              If Non-U.S. Citizen, specify Country of
Citizenship:
 Daytime Phone #: U.S. Driver’s License Number (if available): State of Issue:

Any subscriber seeking to purchase shares pursuant to a discount offered by us must submit such request in writing and set forth the
basis for the request. 
 Any such request will be subject to our verification. 

 

 G-4 

 B. Joint Owner/Co-Trustee/Minor 

First
Name:                             Middle Name:

Last
Name:                                 Tax ID or SS# :

Street
Address:                                     City:  
                       State:                 
            Zip:
 Date of Birth: (mm/dd/yyyy)
        /        /             If Non-U.S. Citizen, specify Country of
Citizenship:
 Daytime Phone #:
 C.
Residential Street Address (This section must be completed for verification purposes if mailing address in section 3A is a P.O. Box)
 
 Street Address:

City:                         
   State:                 Zip:
 D.
Trust/Corporation/Partnership/Other (Trustee’s information must be provided in sections 3A and 3B)
 
 Date of Trust:
        /        /             

Entity Name/Title of
Trust:                     Tax ID Number: 

E. Government ID (Foreign Citizens only) Identification documents must have a reference
number and photo. Please attach a photocopy. 

Place of
Birth:                 City                       
          State/Providence
                                Country 

Immigration Status:   Permanent
resident      ̈    Non-permanent
resident     ̈    Non-resident     ̈ 

Check which type of document you are providing: 

 ̈   US Driver’s
License    ̈   INS Permanent resident alien card    ̈   Passport with U.S.
Visa    ̈   Employment Authorization Document 
  

			
	 ̈ Passport without U.S. Visa Bank Name (required):	  	Account No. (required):
		
	 ̈ Foreign national identity documents     Bank address (required):	  	Phone No. required:

 Number for the document checked above
and country of issuance:
 F.
Employer:                         Retired:    ̈

 4. DISTRIBUTIONS (Select only
one) 
 Complete
this section to enroll in the Dividend Reinvestment Plan or to elect how you wish to receive your dividend distributions. 
 IRA accounts may
not direct distributions without the custodian’s approval. 
 I hereby subscribe for Shares of Phillips Edison – ARC Shopping
Center REIT Inc. and elect the distribution option indicated below: 
  

			
	A.  ____	 	Reinvest/Dividend Reinvestment Plan (see the final prospectus for details)
	B.  ____	 	Mail Check to the address of record
	C.  ____	 	Credit Dividend to my IRA or Other Custodian Account
	D.  ____	 	Cash/Direct Deposit (Please attach a pre-printed voided check (Non-Custodian Investors
only). I authorize Phillips Edison – ARC Shopping Center REIT Inc. or its agent to deposit my distribution/dividend to my
checking or savings account. This authority will remain in force until I notify Phillips Edison – ARC Shopping Center REIT Inc. in writing to cancel it. If Phillips Edison – ARC Shopping Center REIT Inc. deposits funds erroneously into my
account, they are authorized to debit my account for an amount not to exceed the amount of the erroneous deposit.)

Name/Entity Name/Financial Institution:
 Mailing
Address:     City:     State:     Zip:
 Account
Number:     Your Bank’s ABA/Routing Nbr:
 Your Bank’s Account Number:     Checking
Acct:             Savings Acct:
 PLEASE ATTACH COPY OF VOIDED CHECK TO
THIS FORM IF FUNDS ARE TO BE SENT TO A BANK 
  

	*	The above services cannot be established without a pre-printed voided check. For electronic funds transfers, signatures of bank account owners are required exactly as
they appear on the bank records. If the registration at the bank differs from that on this Subscription Agreement, all parties must sign below. 

Signature
  

 G-5 

 5. BROKER-DEALER/FINANCIAL ADVISOR INFORMATION (All fields must be completed) 

The financial advisor must sign below to complete order. The financial advisor hereby warrants that he/she is duly licensed and may lawfully sell shares
in the state designated at the investor’s legal residence. 
  
  

			
	BROKER DEALER	  	Financial Advisor Name/RIA

 Advisor Mailing
Address 
  

									
	 City
	  	State                       
	  		  	Zip
				
	 Advisor No.
	  	Branch No.	  	Telephone No.	  	
				
	 Email Address
	  	Fax No.	  		  	
					
	 Broker Dealer CRD Number
	  	Financial Advisor CRD Number	  		  		  	

  ̈ AFFILIATED REGISTERED INVESTMENT ADVISOR (RIA):
All sales of securities must be made through a Broker-Dealer. If an RIA introduces a sale, the sale must be conducted through the RIA in his or her capacity as a Registered Representative of Broker-Dealer (Section 5 must be filled in). 

I acknowledge that by checking the above box, I WILL NOT RECEIVE A COMMISSION. 

The undersigned FINANCIAL ADVISOR further represents and certifies that in connection with this subscription for Shares, he/she has complied with
and has followed all applicable policies and procedures under his firm’s existing Anti-Money Laundering Program and Customer Identification Program. 

Financial Advisor and /or RIA Signature: Date: 

Branch Manager Signature: Date: 
  

 G-6 

 6. SUBSCRIBER SIGNATURES 

The undersigned further acknowledges and/or represents (or in the case of fiduciary accounts, the person authorized to sign on such subscriber’s
behalf) the following: (you must initial each of the representations below) 
  

					
	Owner    	  	Co-Owner	  	a) I/We have a minimum net worth (not including home, home furnishings and personal automobiles) of at least $70,000 and estimate that (without regard to Phillips Edison – ARC
Shopping Center REIT Inc.) I/we have a gross income due in the current year of at least $70,000; or I/we have a net worth (excluding home, home furnishings and automobiles) of at least $250,000, and such higher suitability as may be required by
certain states and set forth on the reverse side hereof; in the case of sales to fiduciary accounts, the suitability standards must be met by the beneficiary, the fiduciary account or by the donor or grantor who directly or indirectly supplies the
funds for the purchase of the shares.
	Owner	  	Co-Owner	  	b) I/We have received the final prospectus of Phillips Edison – ARC Shopping Center REIT Inc.
	Owner	  	Co-Owner	  	c) I/We am/are purchasing shares for my/our own account.
	Owner	  	Co-Owner	  	d) I/We acknowledge that shares are not liquid.
	Owner	  	Co-Owner	  	e) If an affiliate of Phillips Edison – ARC Shopping Center REIT Inc., I/we represent that the shares are being purchased for investment purposes only and not for immediate
resale.
	Owner	  	Co-Owner	  	f) If I am a Kansas resident, I acknowledge that it is recommended that my aggregate investment in shares and similar direct participation investments should not exceed 10% of my
“liquid net worth,” which is that portion of net worth that consists of cash, cash equivalents, and readily marketable securities.

Owner Signature: Date: 
 Co-Owner Signature:
Date: 
 Signature of Custodian(s) or Trustee(s) (if applicable). Current Custodian must sign if investment is for an IRA Account

 Authorized Signature (Custodian or Trustee): Date: 

 

 G-7 

	
	 CERTAIN STATES HAVE IMPOSED
SPECIAL FINANCIAL SUITABILITY STANDARDS FOR
 SUBSCRIBERS WHO PURCHASE SHARES

General Standards for all Investors 
  

	 	•	 	 Investors must have either (a) a net worth of at least $250,000 or (b) an annual gross income of $70,000 and a minimum net worth of $70,000.

 Kentucky 
  

	 	•	 	 Investors must have either (a) a net worth of $250,000 or (b) a gross annual income of at least $70,000 and a net worth of at least $70,000,
with the amount invested in this offering not to exceed 10% of the Kentucky investor’s liquid net worth. 

 Maine,
Massachusetts, Michigan, Ohio, Iowa, Oregon, Pennsylvania and Washington 
  

	 	•	 	 Investors must have either (a) a minimum net worth of at least $250,000 or (b) an annual gross income of at least $70,000 and a net worth of
at least $70,000. The investor’s maximum investment in the issuer and its affiliates cannot exceed 10% of the Maine, Massachusetts, Michigan, Ohio, Iowa, Oregon, Pennsylvania or Washington resident’s net worth.

 Tennessee 
  

	 	•	 	 Investors must have either (a) a minimum net worth of $500,000 (exclusive of home, home furnishings and automobiles) or (b) a minimum annual
gross income of $100,000 and a minimum net worth of $100,000 (exclusive of home, home furnishings and automobiles). The investor’s maximum investment in our shares and our affiliates shall not exceed 10% of the resident’s net worth.

 Nebraska 
  

	 	•	 	 Investors must have either (a) a minimum net worth of $350,000 (exclusive of home, home furnishings and automobiles) or (b) a minimum annual
gross income of $70,000 and a minimum net worth of $100,000 (exclusive of home, home furnishings and automobiles). The investor’s total investment in our shares should not exceed 10.0% of the investor’s net worth.

 Kansas 
  

	 	•	 	 In addition to the general suitability requirements described above, it is recommended that investors should invest no more than 10% of their liquid
net worth in our shares and securities of other real estate investment trusts. “Liquid net worth” is defined as that portion of net worth (total assets minus total liabilities) that is comprised of cash, cash equivalents and readily
marketable securities. 

 Missouri 
  

	 	•	 	 In addition to the general suitability requirements described above, no more than 10% of any one Missouri investor’s liquid net worth shall be
invested in the securities registered by us for this offering with the Securities Division. 

 California 

 

	 	•	 	 In addition to the general suitability requirements described above, investors’ maximum investment in our shares will be limited to 10% of the
investor’s net worth (exclusive of home, home furnishings and automobile). 

 Alabama and Mississippi 

 

	 	•	 	 In addition to the general suitability requirements described above, shares will only be sold to Alabama and Mississippi residents who represent that
they have a liquid net worth of at least 10 times the amount of their investment in this real estate investment program and other similar programs. 

WE INTEND TO ASSERT THE FOREGOING REPRESENTATIONS AS A DEFENSE IN ANY SUBSEQUENT LITIGATION WHERE SUCH ASSERTION WOULD BE RELEVANT. WE HAVE THE RIGHT TO
ACCEPT OR REJECT THIS SUBSCRIPTION IN WHOLE OR IN PART, SO LONG AS SUCH PARTIAL ACCEPTANCE OR REJECTION DOES NOT RESULT IN AN INVESTMENT OF LESS THAN THE MINIMUM AMOUNT SPECIFIED IN THE PROSPECTUS. AS USED ABOVE, THE SINGULAR INCLUDES THE PLURAL IN
ALL RESPECTS IF SHARES ARE BEING ACQUIRED BY MORE THAN ONE PERSON. THIS SUBSCRIPTION AGREEMENT AND ALL RIGHTS HEREUNDER SHALL BE GOVERNED BY, AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE
PRINCIPLES OF CONFLICT OF LAWS. By executing this Subscription Agreement, the subscriber is not waiving any rights under federal or state law. 
  

 G-8 

 GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION 

NUMBER ON SUBSTITUTE FORM W-9 

What Number to Give the Requester. – Social Security numbers (“SSN”) have nine digits separated by two hyphens: i.e.,
000-00-0000. Employer identification numbers (“EIN”) have nine digits separated by only one hyphen: i.e., 00-0000000. The table below will help determine the number to give the payer. All “Section” references are to the Internal
Revenue Code of 1986, as amended. “IRS” means the Internal Revenue Service. 
  

			
	 For this type of account:
	  	 Give the SSN of:

		
	 1.      An individual’s account
	  	The individual
		
	 2.      Two or more individuals (Joint account)
	  	The actual owner of the account or, if combined funds, the first individual on the account
(1)
		
	 3.      Custodian account of a minor (Uniform Gift to Minors Act)
	  	The minor
(2)
		
	 4.      (a) The usual revocable savings trust account (grantor also is trustee)
	  	The grantor-trustee
(1)
		
	          (b) So-called trust account that is not a legal or valid trust under State
law
	  	The actual owner
(1)
		
	 5.      Sole proprietorship or single-owner LLC
	  	The owner
(3)

 

			
	 For this type of account:
	  	 Give the EIN of:

		
	 6.      Sole proprietorship or single-owner LLC
	  	The owner
(3)
		
	 7.      A valid trust, estate, or pension trust
	  	The legal entity
(4)
		
	 8.      Corporate or LLC electing corporate status on Form 8832
	  	The corporation
		
	 9.      Association, club, religious, charitable, educational, or other tax-exempt organization

	  	The organization
		
	 10.    Partnership or multi-member LLC
	  	The partnership or LLC
		
	 11.    Account with the Department of Agriculture in the name of a public entity (such as a State or local
government, school district or prison) that receives agricultural program payments
	  	The public entity
		
	 12.    A broker or registered nominee
	  	The broker or nominee

  

	(1)
	 List first and circle the name of the person whose number you furnish. If only one person on a joint account has a SSN, that person’s number must
be furnished. 

	(2)
	 Circle the minor’s name and furnish the minor’s SSN. 

	(3)
	 You must show your individual name and you also may enter your business or “DBA” name on the second name line. You may use either your SSN or
EIN (if you have one). If you are a sole proprietor, the IRS encourages you to use your SSN. 

	(4)
	 List first and circle the name of the legal trust, estate, or pension trust. (Do not furnish the TIN of the personal representative or trustee unless
the legal entity itself is not designated in the account title.) 

 Note. If no name is circled when there is more than
one name, the number will be considered to be that of the first name listed. 
  

 G-9 

 Obtaining a Number 

If you do not have a TIN, apply for one immediately. To apply for an SSN, get Form SS-5, Application for a Social Security Card, from your local Social
Security Administration office or get this form online at www.socialsecurity.gov/online/ss-5.pdf . You also may get this form by calling 1-800-772-1213. Use Form W-7, Application for IRS Individual Taxpayer Identification Number, to apply for
an ITIN, or Form SS-4, Application for Employer Identification Number, to apply for an EIN. You can apply for an EIN online by accessing the IRS website at www.irs.gov/businesses and clicking on Employer ID Numbers under Related Topics. You
can get Forms W-7 and SS-4 from the IRS by visiting www.irs.gov or by calling 1-800-TAX-FORM (1-800-829-3676). 
 Payees Exempt
from Backup Withholding 
 Backup withholding is not required on any payments made to the following payees: 

 

	 	•	 	 An organization exempt from tax under Section 501(a), an individual retirement account (“IRA”), or a custodial account under
Section 403(b)(7) if the account satisfies the requirements of Section 401(f)(2). 

  

	 	•	 	 The United States or any of its agencies or instrumentalities. 

 

	 	•	 	 A state, the District of Columbia, a possession of the United States, or any of their political subdivisions or instrumentalities.

  

	 	•	 	 A foreign government or any of its political subdivisions, agencies or instrumentalities. 

 

	 	•	 	 An international organization or any of its agencies or instrumentalities. 

Other payees that may be exempt from backup withholding include: 
  

	 	•	 	 A corporation. 

  

	 	•	 	 A foreign central bank of issue. 

  

	 	•	 	 A dealer in securities or commodities required to register in the United States, the District of Columbia, or a possession of the United States.

  

	 	•	 	 A futures commission merchant registered with the Commodity Futures Trading Commission. 

 

	 	•	 	 A real estate investment trust. 

  

	 	•	 	 An entity registered at all times during the tax year under the Investment Company Act of 1940. 

 

	 	•	 	 A common trust fund operated by a bank under Section 584(a). 

 

	 	•	 	 A financial institution. 

  

	 	•	 	 A middleman known in the investment community as a nominee or custodian. 

 

	 	•	 	 A trust exempt from tax under Section 664 or described in Section 4947. 

Exempt payees should complete a Substitute Form W-9 to avoid possible erroneous backup withholding. Check the “Exempt TIN” box in
Part 4 of the attached Substitute Form W-9, furnish your TIN, sign and date the form and return it to the payer. Foreign payees who are not subject to backup withholding should complete an appropriate Form W-8 and return it to the payer.

 Privacy Act Notice 

Section 6109 requires you to provide your correct TIN to persons who must file information returns with the IRS to report interest, dividends, and
certain other income paid to you, mortgage interest paid to you, mortgage interest you paid, the acquisition or abandonment of secured property, cancellation of debt, or contributions you made to an IRA, or Archer MSA or HSA. The IRS uses the
numbers for identification purposes and to help verify the accuracy of your tax return. The IRS also may provide this information to the Department of Justice for civil and criminal litigation, and to cities, states, the District of Columbia and
U.S. possessions to carry out their tax laws. The IRS also may disclose this information to other countries under a tax treaty, to federal and state agencies to enforce federal nontax criminal laws, or to federal law enforcement and intelligence
agencies to combat terrorism. You must provide your TIN whether or not you are required to file a tax return. Payers must generally withhold 28% of taxable interest, dividend, and certain other payments to a payee who does not give a TIN to a payer.
Certain penalties also may apply. 
  

 G-10 

 Penalties 
  

	 	•	 	 Failure to Furnish TIN. If you fail to furnish your correct TIN to a requester, you are subject to a penalty of $50 for each such failure unless
your failure is due to reasonable cause and not to willful neglect. 

  

	 	•	 	 Civil Penalty for False Information With Respect to Withholding. If you make a false statement with no reasonable basis which results in no
backup withholding, you are subject to a $500 penalty. 

  

	 	•	 	 Criminal Penalty for Falsifying Information. Willfully falsifying certifications or affirmations may subject you to criminal penalties including
fines and/or imprisonment. 

  

	 	•	 	 Misuse of TINs. If the requester discloses or uses taxpayer identification numbers in violation of federal law, the payer may be subject to
civil and criminal penalties. 

 FOR ADDITIONAL INFORMATION CONTACT YOUR TAX CONSULTANT OR THE IRS. 

  

 G-11 

 7. SUBSTITUTE W-9 

To prevent backup withholding on any payment made to a stockholder with respect to subscription proceeds held in escrow, the stockholder is generally
required to provide current TIN (or the TIN of any other payee) and certain other information by completing the form below, certifying that the TIN provided on Substitute Form W-9 is correct (or that such investor is awaiting a TIN), that the
investor is a U.S. person, and that the investor is not subject to backup withholding because (i) the investor is exempt from backup withholding, (ii) the investor has not been notified by the IRS that the investor is subject to backup
withholding as a result of failure to report all interest or dividends or (iii) the IRS has notified the investor that the investor is no longer subject to backup withholding. If the box in Part 3 is checked and a TIN is not provided by the
time any payment is made in connection with the proceeds held in escrow, 28% of all such payments will be withheld until a TIN is provided and if a TIN is not provided within 60 days, such withheld amounts will be paid over to the IRS. See the
guidelines below for instructions on how to fill out the Substitute W-9. 
  

					
	 SUBSTITUTE
  

Form W-9
Department of the
Treasury
Internal Revenue Service
Payer’s Request for Taxpayer
Identification
Number
(“TIN”)
	  	Part 1 – PLEASE PROVIDE YOUR TIN IN THE BOX AT RIGHT AND CERTIFY BY SIGNING AND DATING BELOW.	  	 Social security number
OR 
Employer Identification

Number

			
		  	Part 2 – Certification – Under penalties of perjury, I certify that:	  	
			
		  	 (1) The number shown on this form is my correct Taxpayer Identification Number (or I am waiting for a number to be issued to
me);
 (2) I am not subject to backup withholding because (a) I am exempt from withholding or (b) I have not been notified by the Internal
Revenue Service (the “IRS”) that I am subject to backup withholding as a result of a failure to report all interest or dividends or (c) the IRS has notified me that I am no longer subject to backup withholding; and

(3) I am a U.S. person (including a U.S. resident alien)
	  	
			
		  	CERTIFICATION INSTRUCTIONS – YOU MUST CROSS OUT ITEM (2) IN PART 2 ABOVE IF YOU HAVE BEEN NOTIFIED BY THE IRS THAT YOU ARE SUBJECT TO BACKUP WITHHOLDING BECAUSE OF
UNDERREPORTING INTEREST OR DIVIDENDS ON YOUR TAX RETURNS. HOWEVER, IF AFTER BEING NOTIFIED BY THE IRS STATING THAT YOU WERE SUBJECT TO BACKUP WITHHOLDING YOU RECEIVED ANOTHER NOTIFICATION FROM THE IRS STATING YOU ARE NO LONGER SUBJECT TO BACKUP
WITHHOLDING, DO NOT CROSS OUT ITEM (2). IF YOU ARE EXEMPT FROM BACKUP WITHHOLDING, CHECK THE BOX IN PART 4.	  	 Part 3 – Awaiting TIN  ̈ 

Part 4 – Exempt TIN  ̈

			
		  	SIGNATURE:                            
                                         
        DATE:	  	
		  	 Name (Please Print):
  

Address (Please Print):
	  	

 NOTE: FAILURE TO COMPLETE AND RETURN THIS SUBSTITUTE FORM W-9 MAY RESULT IN 

BACKUP WITHHOLDING OF 28% OF ANY PAYMENTS MADE TO YOU FROM THE ESCROW ACCOUNT. 

PLEASE REVIEW THE ENCLOSED GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION 

NUMBER ON SUBSTITUTE FORM W-9 FOR ADDITIONAL INFORMATION. 

 

 G-12 

 YOU MUST COMPLETE THE FOLLOWING CERTIFICATE IF YOU CHECKED THE BOX IN 

PART 3 

OF SUBSTITUTE FORM W-9. 

CERTIFICATE OF AWAITING TAXPAYER IDENTIFICATION NUMBER 

I certify under penalties of perjury that a taxpayer identification number has not been issued to me and that either (1) I have mailed or delivered
an application to receive a taxpayer identification number to the appropriate Internal Revenue Service Center for Social Security Administration Office or (2) I intend to mail or deliver an application in the near future. I understand that if I
do not provide a taxpayer identification number to the Depositary by the time of payment, 28% of all reportable payments made to me will be withheld. 

SIGNATURE:                        
                 Date: 
  

 G-13 

 For use following the Escrow Period: 

 

 

 INSTRUCTION PAGE 

In no event may a subscription of shares be accepted until at least five business days after the date the subscriber receives the final prospectus.
You will receive a confirmation of your purchase. 
 Please MAIL properly completed and executed ORIGINAL documents, along with your
check payable to “Phillips Edison – ARC Shopping Center REIT Inc.” to the following address: 
 Phillips Edison—ARC
Shopping Center REIT Inc. 
 c/o Realty Capital Securities, LLC 

3 Copley Place 
 Suite 3300 

Boston, MA 02116 
 Phone (888) 518-8073

 Fax (877) 894-1127 
 *For IRA
Accounts, mail investor signed documents to the IRA Custodian for signatures. 
 If you have any questions, please call your registered
representative or Realty Capital Securities, LLC at 1-877-373-2522 
 Instructions to Subscribers 

Section 1: Indicate investment amount 

Section 2: Choose type of ownership 

Non-Custodial Ownership 
  

	—	Accounts with more than one owner must have ALL PARTIES SIGN where indicated on page 3. 

 

	—	Be sure to attach copies of all plan documents for Pension Plans, Trusts or Corporate Partnerships required in section 2. 

Custodial Ownership 

For New IRA/Qualified Plan Accounts, please complete the form/application provided by your custodian of choice in addition to this subscription document
and forward to the custodian for processing. 
 For existing IRA Accounts and other Custodial Accounts, information must be completed BY THE
CUSTODIAN. Have all documents signed by the appropriate officers as indicated in the Corporate Resolution (which are also to be included). 

Section 3: All names, addresses, Dates of Birth, Social Security or Tax I.D. numbers of all investors or Trustees 

Section 4: Choose Dividend Allocation option 

Section 5: To be signed and completed by your Financial Advisor (be sure to include CRD number for FA and BD Firm and the Branch
Manager’s signature) 
 Section 6: Have ALL owners initial and sign where indicated on Page 3 

Section 7: All investors must complete and sign the substitute W9 

 

 G-14 

 PHILLIPS EDISON—ARC SHOPPING CENTER REIT INC. 

SUBSCRIPTION AGREEMENT 

1. INITIAL INVESTMENT 
 Investment
Amount $.                     Brokerage Account Number. 

The minimum initial investment is 250 shares ($2,500) 

Cash, cashier’s checks/official bank checks in bearer form, foreign checks, money orders, third-party checks, or traveler’s checks will not
be accepted. 
  ̈ I/WE AM/ARE EMPLOYEE(S) OF REALTY CAPITAL SECURITIES, LLC, AN AFFILIATE,
BROKER AND/OR AN IMMEDIATE FAMILY MEMBER OF ONE OF THE ABOVE. I/WE ACKNOWLEDGE THAT I/WE WILL NOT BE PAID A COMMISSION FOR THIS PURCHASE, BUT WILL RECEIVE ADDITIONAL SHARES OR FRACTIONS THEREOF. 

 ̈ CHECK HERE IF ADDITIONAL PURCHASE AND COMPLETE NUMBER 3 BELOW. 

2. FORM OF OWNERSHIP (Select only
one) 
  

			
	 Non-Custodial Ownership
	  	 Custodial Ownership

	          Individual 

 
          Joint Tenant (Joint
accounts will be registered as joint tenants with rights of survivorship unless otherwise indicated) 
  

         Tenants in Common 

 
          TOD—Optional
designation of beneficiaries for individual joint owners with rights of survivorship or tenants by the entireties.(Please complete Transfer on Death Registration Form. You may download the form at www.americanrealtycap.com/materials

  
         
Uniform Gift/Transfer to Minors (UGMA/UTMA) 
  
 Under the
UGMA/UTMA of the State of _________________
  

         Pension Plan (Include Plan Documents) 

 
          Trust (Include
title and signature pages of Trust Documents) 
  

         Corporation or Partnership (Include Corporate Resolution or Partnership Agreement, as
applicable) 
  

         Other
                                 (Include title and signature
pages)
	  	 Third Party Administered Custodial Plan

(new IRA accounts will require an additional application) 

 ̈ IRA  ̈ ROTH/IRA

 ̈ SEP/IRA  ̈
SIMPLE  ̈ OTHER
  

Name of Custodian
  

Mailing Address
  

City, State Zip 
  

Custodian Information (To be completed by Custodian above)

 
 Custodian Tax ID #

 
 Custodian Account #

 
 Custodian Phone

3. INVESTOR INFORMATION (Please print name(s) in which Shares are to be registered.) 

A. Individual/Trust/Beneficial Owner 
  

							
	First Name:	  	Middle Name:	  		  	
	Last Name:	  	Tax ID or SS# :	  		  	
	Street Address:	  	        City:	  	State:	  	Zip:

 Date of Birth: (mm/dd/yyyy)
        /        /             If Non-U.S. Citizen, specify Country of
Citizenship:
 Daytime Phone #: U.S. Driver’s License Number (if available):
                                         
                                         
                          State of Issue:

Any subscriber seeking to purchase shares pursuant to a discount offered by us must submit such request in writing and set forth the
basis for the request. 
 Any such request will be subject to our verification. 

 

 G-15 

 B. Joint Owner/Co-Trustee/Minor 

 

			
	First Name:	  	Middle Name:
	Last Name:	  	        Tax ID or SS# :

Street
Address:                                        
                                     City:    
                State:                
Zip:
 Date of Birth: (mm/dd/yyyy)
            /            /             If
Non-U.S. Citizen, specify Country of Citizenship:
 Daytime Phone #:

C. Residential Street Address (This section must be completed for verification purposes if
mailing address in section 3A is a P.O. Box) 

Street Address:

City:                         
                    State:                    
    Zip:
 D. Trust/Corporation/Partnership/Other (Trustee’s information must be provided in sections 3A and
3B)  
 Date of Trust:
            /            /            

 Entity Name/Title of
Trust:                                        
                            Tax ID Number: 

E. Government ID (Foreign Citizens only) Identification documents must have a reference
number and photo. Please attach a photocopy. 

Place of
Birth:                                City        
                        State/Providence Country 

Immigration Status: Permanent resident     ̈    Non-permanent
resident     ̈    Non-resident     ̈ 

Check which type of document you are providing: 

 ̈ US Driver’s
License      ̈    INS Permanent resident alien
card      ̈    Passport with U.S. Visa      ̈    Employment
Authorization Document 
  ̈ Passport without U.S.
Visa        Bank Name (required):                    Account No. (required): 

 ̈ Foreign national identity
documents            Bank address (required):                Phone No. required:

Number for the document checked above and country of issuance:

F.
Employer:                    Retired:   ̈ 

4. DISTRIBUTIONS (Select only one)
 
 Complete this section to enroll in the Dividend Reinvestment Plan or to
elect how you wish to receive your dividend distributions. 
 IRA accounts may not direct distributions without the custodian’s approval.

 I hereby subscribe for Shares of Phillips Edison – ARC Shopping Center REIT Inc. and elect the distribution option indicated below:

 A.                  Reinvest/Dividend Reinvestment
Plan (see the final prospectus for details) 
 B.  
               Mail Check to the address of record 

C.                  Credit Dividend to my IRA or Other Custodian
Account 
 D.                  Cash/Direct Deposit
(Please attach a pre-printed voided check (Non-Custodian Investors
only). I authorize Phillips Edison – ARC Shopping Center REIT Inc. or its agent to deposit my distribution/dividend to my
checking or savings account. This authority will remain in force until I notify Phillips Edison – ARC Shopping Center REIT Inc. in writing to cancel it. If Phillips Edison – ARC Shopping Center REIT Inc. deposits funds erroneously into my
account, they are authorized to debit my account for an amount not to exceed the amount of the erroneous deposit.) 
 Name/Entity
Name/Financial Institution:
 Mailing
Address:        City:        State:        Zip:

Account Number:        Your Bank’s ABA/Routing Nbr:

Your Bank’s Account Number:        Checking
Acct:                    Savings Acct:

PLEASE ATTACH COPY OF VOIDED CHECK TO THIS FORM IF FUNDS ARE TO BE SENT TO A BANK 

 

	*	The above services cannot be established without a pre-printed voided check. For electronic funds transfers, signatures of bank account owners are required exactly as
they appear on the bank records. If the registration at the bank differs from that on this Subscription Agreement, all parties must sign below. 

Signature
  

 G-16 

 5. BROKER-DEALER/FINANCIAL ADVISOR INFORMATION (All fields must be completed) 

The financial advisor must sign below to complete order. The financial advisor hereby warrants that he/she is duly licensed and may lawfully sell shares
in the state designated at the investor’s legal residence. 
  

			
	BROKER DEALER	  	Financial Advisor Name/RIA

 Advisor Mailing
Address 
  

									
	 City
	  	State                       
	  		  	Zip
				
	 Advisor No.
	  	Branch No.	  	Telephone No.	  	
				
	 Email Address
	  	Fax No.	  		  	
					
	 Broker Dealer CRD Number
	  	Financial Advisor CRD Number	  		  		  	

  ̈ AFFILIATED REGISTERED INVESTMENT ADVISOR (RIA):
All sales of securities must be made through a Broker-Dealer. If an RIA introduces a sale, the sale must be conducted through the RIA in his or her capacity as a Registered Representative of Broker-Dealer (Section 5 must be filled in). 

I acknowledge that by checking the above box, I WILL NOT RECEIVE A COMMISSION. 

The undersigned FINANCIAL ADVISOR further represents and certifies that in connection with this subscription for Shares, he/she has complied with
and has followed all applicable policies and procedures under his firm’s existing Anti-Money Laundering Program and Customer Identification Program. 

Financial Advisor and /or RIA
Signature:
                                         
               Date: 

Branch Manager Signature:
                                         
                                     Date: 

 

 G-17 

 6. SUBSCRIBER SIGNATURES 

The undersigned further acknowledges and/or represents (or in the case of fiduciary accounts, the person authorized to sign on such subscriber’s
behalf) the following: (you must initial each of the representations below) 
  

					
	Owner	  	Co-Owner	  	a) I/We have a minimum net worth (not including home, home furnishings and personal automobiles) of at least $70,000 and estimate that (without regard to Phillips Edison – ARC
Shopping Center REIT Inc.) I/we have a gross income due in the current year of at least $70,000; or I/we have a net worth (excluding home, home furnishings and automobiles) of at least $250,000, and such higher suitability as may be required by
certain states and set forth on the reverse side hereof; in the case of sales to fiduciary accounts, the suitability standards must be met by the beneficiary, the fiduciary account or by the donor or grantor who directly or indirectly supplies the
funds for the purchase of the shares.
	Owner	  	Co-Owner	  	b) I/We have received the final prospectus of Phillips Edison – ARC Shopping Center REIT Inc.
	Owner	  	Co-Owner	  	c) I/We am/are purchasing shares for my/our own account.
	Owner	  	Co-Owner	  	d) I/We acknowledge that shares are not liquid.
	Owner	  	Co-Owner	  	e) If an affiliate of Phillips Edison – ARC Shopping Center REIT Inc., I/we represent that the shares are being purchased for investment purposes only and not for immediate
resale.
	Owner	  	Co-Owner	  	f) If I am a Kansas resident, I acknowledge that it is recommended that my aggregate investment in shares and similar direct participation investments should not exceed 10% of my
“liquid net worth,” which is that portion of net worth that consists of cash, cash equivalents, and readily marketable securities.

Owner
Signature:                                 Date: 

Co-Owner
Signature:                           Date: 

Signature of Custodian(s) or Trustee(s) (if applicable). Current Custodian must sign if investment is for an IRA Account 

Authorized Signature (Custodian or
Trustee):                            Date: 

 

 G-18 

	
	 CERTAIN STATES HAVE IMPOSED
SPECIAL FINANCIAL SUITABILITY STANDARDS FOR
 SUBSCRIBERS WHO PURCHASE SHARES

General Standards for all Investors 
  

	 	•	 	 Investors must have either (a) a net worth of at least $250,000 or (b) an annual gross income of $70,000 and a minimum net worth of $70,000.

 Kentucky 
  

	 	•	 	 Investors must have either (a) a net worth of $250,000 or (b) a gross annual income of at least $70,000 and a net worth of at least $70,000,
with the amount invested in this offering not to exceed 10% of the Kentucky investor’s liquid net worth. 

 Maine,
Massachusetts, Michigan, Ohio, Iowa, Oregon, Pennsylvania and Washington 
  

	 	•	 	 Investors must have either (a) a minimum net worth of at least $250,000 or (b) an annual gross income of at least $70,000 and a net worth of
at least $70,000. The investor’s maximum investment in the issuer and its affiliates cannot exceed 10% of the Maine, Massachusetts, Michigan, Ohio, Iowa, Oregon, Pennsylvania or Washington resident’s net worth.

 Tennessee 
  

	 	•	 	 Investors must have either (a) a minimum net worth of $500,000 (exclusive of home, home furnishings and automobiles) or (b) a minimum annual
gross income of $100,000 and a minimum net worth of $100,000 (exclusive of home, home furnishings and automobiles). The investors’ maximum investment in our shares and our affiliates shall not exceed 10% of the resident’s net worth.

 Nebraska 
  

	 	•	 	 Investors must have either (a) a minimum net worth of $350,000 (exclusive of home, home furnishings and automobiles) or (b) a minimum annual
gross income of $70,000 and a minimum net worth of $100,000 (exclusive of home, home furnishings and automobiles). The investor’s total investment in our shares should not exceed 10.0% of the investor’s net worth.

 Kansas 
  

	 	•	 	 In addition to the general suitability requirements described above, it is recommended that investors should invest no more than 10% of their liquid
net worth in our shares and securities of other real estate investment trusts. “Liquid net worth” is defined as that portion of net worth (total assets minus total liabilities) that is comprised of cash, cash equivalents and readily
marketable securities. 

 Missouri 
  

	 	•	 	 In addition to the general suitability requirements described above, no more than 10% of any one Missouri investor’s liquid net worth shall be
invested in the securities registered by us for this offering with the Securities Division. 

 California 

 

	 	•	 	 In addition to the general suitability requirements described above, investors’ maximum investment in our shares will be limited to 10% of the
investor’s net worth (exclusive of home, home furnishings and automobile). 

 Alabama and Mississippi 

 

	 	•	 	 In addition to the general suitability requirements described above, shares will only be sold to Alabama and Mississippi residents who represent that
they have a liquid net worth of at least 10 times the amount of their investment in this real estate investment program and other similar programs. 

WE INTEND TO ASSERT THE FOREGOING REPRESENTATIONS AS A DEFENSE IN ANY SUBSEQUENT LITIGATION WHERE SUCH ASSERTION WOULD BE RELEVANT. WE HAVE THE RIGHT TO
ACCEPT OR REJECT THIS SUBSCRIPTION IN WHOLE OR IN PART, SO LONG AS SUCH PARTIAL ACCEPTANCE OR REJECTION DOES NOT RESULT IN AN INVESTMENT OF LESS THAN THE MINIMUM AMOUNT SPECIFIED IN THE PROSPECTUS. AS USED ABOVE, THE SINGULAR INCLUDES THE PLURAL IN
ALL RESPECTS IF SHARES ARE BEING ACQUIRED BY MORE THAN ONE PERSON. THIS SUBSCRIPTION AGREEMENT AND ALL RIGHTS HEREUNDER SHALL BE GOVERNED BY, AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE
PRINCIPLES OF CONFLICT OF LAWS. By executing this Subscription Agreement, the subscriber is not waiving any rights under federal or state law. 
  

 G-19 

 GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION 

NUMBER ON SUBSTITUTE FORM W-9 

What Number to Give the Requester. – Social Security numbers (“SSN”) have nine digits separated by two hyphens: i.e.,
000-00-0000. Employer identification numbers (“EIN”) have nine digits separated by only one hyphen: i.e., 00-0000000. The table below will help determine the number to give the payer. All “Section” references are to the Internal
Revenue Code of 1986, as amended. “IRS” means the Internal Revenue Service. 
  

			
	 For this type of account:
	  	 Give the SSN of:

		
	 1.      An individual’s account
	  	The individual
		
	 2.      Two or more individuals (Joint account)
	  	The actual owner of the account or, if combined funds, the first individual on the account
(1)
		
	 3.      Custodian account of a minor (Uniform Gift to Minors Act)
	  	The minor
(2)
		
	 4.      (a) The usual revocable savings trust account (grantor also is trustee)
	  	The grantor-trustee
(1)
		
	          (b) So-called trust account that is not a legal or valid trust under State
law
	  	The actual owner
(1)
		
	 5.      Sole proprietorship or single-owner LLC
	  	The owner
(3)

 

			
	 For this type of account:
	  	 Give the EIN of:

		
	 6.      Sole proprietorship or single-owner LLC
	  	The owner
(3)
		
	 7.      A valid trust, estate, or pension trust
	  	The legal entity
(4)
		
	 8.      Corporate or LLC electing corporate status on Form 8832
	  	The corporation
		
	 9.      Association, club, religious, charitable, educational, or other tax-exempt organization

	  	The organization
		
	 10.    Partnership or multi-member LLC
	  	The partnership or LLC
		
	 11.    Account with the Department of Agriculture in the name of a public entity (such as a State or local
government, school district or prison) that receives agricultural program payments
	  	The public entity
		
	 12.    A broker or registered nominee
	  	The broker or nominee

  

	(1)
	 List first and circle the name of the person whose number you furnish. If only one person on a joint account has a SSN, that person’s number must
be furnished. 

	(2)
	 Circle the minor’s name and furnish the minor’s SSN. 

	(3)
	 You must show your individual name and you also may enter your business or “DBA” name on the second name line. You may use either your SSN or
EIN (if you have one). If you are a sole proprietor, the IRS encourages you to use your SSN. 

	(4)
	 List first and circle the name of the legal trust, estate, or pension trust. (Do not furnish the TIN of the personal representative or trustee unless
the legal entity itself is not designated in the account title.) 

 Note. If no name is circled when there is more than
one name, the number will be considered to be that of the first name listed. 
  

 G-20 

 Obtaining a Number 

If you do not have a TIN, apply for one immediately. To apply for an SSN, get Form SS-5, Application for a Social Security Card, from your local Social
Security Administration office or get this form online at www.socialsecurity.gov/online/ss-5.pdf . You also may get this form by calling 1-800-772-1213. Use Form W-7, Application for IRS Individual Taxpayer Identification Number, to apply for
an ITIN, or Form SS-4, Application for Employer Identification Number, to apply for an EIN. You can apply for an EIN online by accessing the IRS website at www.irs.gov/businesses and clicking on Employer ID Numbers under Related Topics. You
can get Forms W-7 and SS-4 from the IRS by visiting www.irs.gov or by calling 1-800-TAX-FORM (1-800-829-3676). 
 Payees Exempt
from Backup Withholding 
 Backup withholding is not required on any payments made to the following payees: 

 

	 	•	 	 An organization exempt from tax under Section 501(a), an individual retirement account (“IRA”), or a custodial account under
Section 403(b)(7) if the account satisfies the requirements of Section 401(f)(2). 

  

	 	•	 	 The United States or any of its agencies or instrumentalities. 

 

	 	•	 	 A state, the District of Columbia, a possession of the United States, or any of their political subdivisions or instrumentalities.

  

	 	•	 	 A foreign government or any of its political subdivisions, agencies or instrumentalities. 

 

	 	•	 	 An international organization or any of its agencies or instrumentalities. 

Other payees that may be exempt from backup withholding include: 
  

	 	•	 	 A corporation. 

  

	 	•	 	 A foreign central bank of issue. 

  

	 	•	 	 A dealer in securities or commodities required to register in the United States, the District of Columbia, or a possession of the United States.

  

	 	•	 	 A futures commission merchant registered with the Commodity Futures Trading Commission. 

 

	 	•	 	 A real estate investment trust. 

  

	 	•	 	 An entity registered at all times during the tax year under the Investment Company Act of 1940. 

 

	 	•	 	 A common trust fund operated by a bank under Section 584(a). 

 

	 	•	 	 A financial institution. 

  

	 	•	 	 A middleman known in the investment community as a nominee or custodian. 

 

	 	•	 	 A trust exempt from tax under Section 664 or described in Section 4947. 

Exempt payees should complete a Substitute Form W-9 to avoid possible erroneous backup withholding. Check the “Exempt TIN” box in
Part 4 of the attached Substitute Form W-9, furnish your TIN, sign and date the form and return it to the payer. Foreign payees who are not subject to backup withholding should complete an appropriate Form W-8 and return it to the payer.

 Privacy Act Notice 

Section 6109 requires you to provide your correct TIN to persons who must file information returns with the IRS to report interest, dividends, and
certain other income paid to you, mortgage interest paid to you, mortgage interest you paid, the acquisition or abandonment of secured property, cancellation of debt, or contributions you made to an IRA, or Archer MSA or HSA. The IRS uses the
numbers for identification purposes and to help verify the accuracy of your tax return. The IRS also may provide this information to the Department of Justice for civil and criminal litigation, and to cities, states, the District of Columbia and
U.S. possessions to carry out their tax laws. The IRS also may disclose this information to other countries under a tax treaty, to federal and state agencies to enforce federal nontax criminal laws, or to federal law enforcement and intelligence
agencies to combat terrorism. You must provide your TIN whether or not you are required to file a tax return. Payers must generally withhold 28% of taxable interest, dividend, and certain other payments to a payee who does not give a TIN to a payer.
Certain penalties also may apply. 
  

 G-21 

 Penalties 
  

	 	•	 	 Failure to Furnish TIN. If you fail to furnish your correct TIN to a requester, you are subject to a penalty of $50 for each such failure unless
your failure is due to reasonable cause and not to willful neglect. 

  

	 	•	 	 Civil Penalty for False Information With Respect to Withholding. If you make a false statement with no reasonable basis which results in no
backup withholding, you are subject to a $500 penalty. 

  

	 	•	 	 Criminal Penalty for Falsifying Information. Willfully falsifying certifications or affirmations may subject you to criminal penalties including
fines and/or imprisonment. 

  

	 	•	 	 Misuse of TINs. If the requester discloses or uses taxpayer identification numbers in violation of federal law, the payer may be subject to
civil and criminal penalties. 

 FOR ADDITIONAL INFORMATION CONTACT YOUR TAX CONSULTANT OR THE IRS. 

  

 G-22 

 7. SUBSTITUTE W-9 

To prevent backup withholding on any payment made to a stockholder with respect to subscription proceeds held in escrow, the stockholder is generally
required to provide current TIN (or the TIN of any other payee) and certain other information by completing the form below, certifying that the TIN provided on Substitute Form W-9 is correct (or that such investor is awaiting a TIN), that the
investor is a U.S. person, and that the investor is not subject to backup withholding because (i) the investor is exempt from backup withholding, (ii) the investor has not been notified by the IRS that the investor is subject to backup
withholding as a result of failure to report all interest or dividends or (iii) the IRS has notified the investor that the investor is no longer subject to backup withholding. If the box in Part 3 is checked and a TIN is not provided by the
time any payment is made in connection with the proceeds held in escrow, 28% of all such payments will be withheld until a TIN is provided and if a TIN is not provided within 60 days, such withheld amounts will be paid over to the IRS. See the
guidelines below for instructions on how to fill out the Substitute W-9. 
  

					
	 SUBSTITUTE
  

Form W-9
Department of the Treasury Internal Revenue Service Payer’s Request for Taxpayer Identification Number (“TIN”)

	  	Part 1 – PLEASE PROVIDE YOUR TIN IN THE BOX AT RIGHT AND CERTIFY BY SIGNING AND DATING BELOW.	  	Social security number
OR 
Employer Identification Number
			
		  	 Part 2 – Certification – Under penalties of perjury, I certify that:

 
 (1) The number shown on this form is my correct Taxpayer Identification Number (or I
am waiting for a number to be issued to me);
 (2) I am not subject to backup withholding because (a) I am exempt from withholding or (b) I have
not been notified by the Internal Revenue Service (the “IRS”) that I am subject to backup withholding as a result of a failure to report all interest or dividends or (c) the IRS has notified me that I am no longer subject to backup
withholding; and
 (3) I am a U.S. person (including a U.S. resident alien)
	  	
			
		  	 CERTIFICATION INSTRUCTIONS – YOU MUST CROSS OUT ITEM (2) IN PART 2 ABOVE IF YOU HAVE BEEN NOTIFIED BY THE IRS THAT YOU ARE SUBJECT
TO BACKUP WITHHOLDING BECAUSE OF UNDERREPORTING INTEREST OR DIVIDENDS ON YOUR TAX RETURNS. HOWEVER, IF AFTER BEING NOTIFIED BY THE IRS STATING THAT YOU WERE SUBJECT TO BACKUP WITHHOLDING YOU RECEIVED ANOTHER NOTIFICATION FROM THE IRS STATING YOU ARE
NO LONGER SUBJECT TO BACKUP WITHHOLDING, DO NOT CROSS OUT ITEM (2). IF YOU ARE EXEMPT FROM BACKUP WITHHOLDING, CHECK THE BOX IN PART 4.
  

SIGNATURE:                        
                DATE:
 Name (Please Print):

 
 Address (Please Print):
	  	 Part 3 – Awaiting TIN  ̈

 
 Part 4 – Exempt TIN  ̈

 NOTE: FAILURE TO COMPLETE AND RETURN THIS SUBSTITUTE FORM W-9 MAY RESULT IN 

BACKUP WITHHOLDING OF 28% OF ANY PAYMENTS MADE TO YOU FROM THE ESCROW ACCOUNT. 

PLEASE REVIEW THE ENCLOSED GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION 

NUMBER ON SUBSTITUTE FORM W-9 FOR ADDITIONAL INFORMATION. 

 

 G-23 

 YOU MUST COMPLETE THE FOLLOWING CERTIFICATE IF YOU CHECKED THE BOX IN 

PART 3 

OF SUBSTITUTE FORM W-9. 

CERTIFICATE OF AWAITING TAXPAYER IDENTIFICATION NUMBER 

I certify under penalties of perjury that a taxpayer identification number has not been issued to me and that either (1) I have mailed or delivered
an application to receive a taxpayer identification number to the appropriate Internal Revenue Service Center for Social Security Administration Office or (2) I intend to mail or deliver an application in the near future. I understand that if I
do not provide a taxpayer identification number to the Depositary by the time of payment, 28% of all reportable payments made to me will be withheld. 

SIGNATURE:                        
                                Date: 

 

 G-24Fourth Amended and Restated Advisory Agreement

 Exhibit 10.1 

 
 Fourth Amended and Restated 

Advisory Agreement 

between 

Phillips Edison – ARC Shopping Center REIT Inc. 

and 
 American
Realty Capital II Advisors, LLC 
 September 17, 2010 

 Table of Contents 

 

			
	 	  	Page
	 Article 1 – Definitions
	  	1
	 Article 2 – Appointment
	  	9
	 Article 3 – Duties Of The Advisor
	  	9
	 3.1 Organizational and Offering Services
	  	10
	 3.2 Acquisition Services
	  	10
	 3.3 Asset Management Services
	  	11
	 3.4 Stockholder Services
	  	14
	 3.5 Other Services
	  	14
	 Article 4 – Authority Of Advisor
	  	14
	 4.1 General
	  	14
	 4.2 Powers of the Advisor
	  	15
	 4.3 Approval by the Board
	  	15
	 4.4 Modification or Revocation of Authority of Advisor
	  	15
	 Article 5 – Bank Accounts
	  	15
	 Article 6 – Records And Financial Statements
	  	15
	 Article 7 – Limitation On Activities
	  	16
	 Article 8 – Fees
	  	16
	 8.1 Acquisition Fees
	  	16
	 8.2 Asset Management Fee
	  	17
	 8.3 Disposition Fees
	  	17
	 8.4 Financing Fee
	  	18
	 8.5 Subordinated Share of Cash Flows
	  	18
	 8.6 Subordinated Incentive Fee
	  	18
	 8.7 Other Services
	  	19
	 8.8 Changes to Fee Structure
	  	19
	 8.9 Internalization
	  	19
	 8.10 Limitation on Acquisition Fees, Acquisition Expenses and Financing Fees
	  	20
	 Article 9 – Expenses
	  	20
	 9.1 General
	  	20
	 9.2 Timing of and Limitations on Reimbursements
	  	22
	 Article 10 – Voting Agreement
	  	23
	 10.1 Election of Directors
	  	23
	 10.2 Other Voting of Shares
	  	24
	 Article 11 – Relationship Of Advisor And Company; Other Activities Of The Advisor
	  	24
	 11.1 Relationship
	  	24
	 11.2 Time Commitment
	  	24
	 11.3 Investment Opportunities and Allocation
	  	25
	 Article 12 – The Phillips Edison and ARC Names
	  	26
	 12.1 The American Realty Capital and ARC Names
	  	26
	 12.2 The Phillips Edison and PECO Names
	  	26
	 Article 13 – Term And Termination of the Agreement and Sub-advisory Agreement
	  	27

  

 i 

			
	 13.1 Term
	  	27
	 13.2 Termination by Either Party
	  	27
	 13.3 Payments on Termination and Survival of Certain Rights and Obligations
	  	28
	 Article 14 – Assignment
	  	29
	 14.1 Assignment of Agreement
	  	29
	 14.2 Assignment of Payments
	  	29
	 Article 15 – Indemnification And Limitation Of Liability
	  	30
	 15.1 Indemnification
	  	30
	 15.2 Limitation on Indemnification
	  	30
	 15.3 Limitation on Payment of Expenses
	  	31
	 Article 16 – Miscellaneous
	  	31
	 16.1 Notices
	  	31
	 16.2 Modification
	  	32
	 16.3 Severability
	  	33
	 16.4 Construction
	  	33
	 16.5 Entire Agreement
	  	33
	 16.6 Waiver
	  	33
	 16.7 Gender
	  	33
	 16.8 Titles Not to Affect Interpretation
	  	33
	 16.9 Third Party Beneficiary
	  	33
	 16.10 Counterparts
	  	34
	 16.11 Restricted Stock
	  	34

  

 ii 

 Fourth Amended and Restated Advisory Agreement 

This Fourth Amended and Restated Advisory Agreement, dated as of September 17, 2010 (this “Agreement”), is between
Phillips Edison – ARC Shopping Center REIT Inc., a Maryland corporation (the “Company”), and American Realty Capital II Advisors, LLC, a Delaware limited liability company (the “Advisor”). 

W I T N E S S E T H 

WHEREAS, the parties entered into the Advisory Agreement on January 11, 2010; 

WHEREAS, the parties entered into the Amended and Restated Advisory Agreement on March 1, 2010; 

WHEREAS, the parties entered into the Second Amended and Restated Advisory Agreement on April 9, 2010; 

WHEREAS, the parties entered into the Third Amended and Restated Advisory Agreement on July 1, 2010 (the “Amended
Agreement”); 
 WHEREAS, the parties have agreed to make certain amendments and desire to amend and restate the Amended
Agreement; 
 WHEREAS, the Company desires to avail itself of the knowledge, experience, sources of information, advice,
assistance and certain facilities available to the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the Board of Directors of the Company, all as
provided herein; and 
 WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the
Board of Directors of the Company, on the terms and subject to the conditions hereinafter set forth. 
 NOW, THEREFORE, in
consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree that the Amended Agreement hereby is amended and restated to read in its entirety as follows: 

Article 1 

Definitions 

The following defined terms used in this Agreement shall have the meanings specified below: 

“Acquisition Expenses” means any and all expenses, excluding the Acquisition Fees, incurred by the Company, the Advisor
or any Affiliate of either in connection with 
  

 1 

 
the consideration, investigation, selection, evaluation, acquisition or development of any Property, Loan or other Permitted Investment, whether or not acquired or originated, as applicable,
including legal fees and expenses, travel and communications expenses, brokerage fees, costs of appraisals, nonrefundable option payments on Properties, Loans or other Permitted Investments not acquired, accounting fees and expenses, title insurance
premiums and the costs of performing due diligence. 
 “Acquisition Fees” means (i) the fees payable to
the Advisor pursuant to Section 8.1, and (ii) all other fees and commissions, excluding Acquisition Expenses, paid by any Person to any Person in connection with making or investing in any Property, Loan or other Permitted
Investment or the purchase, development or construction of any Property by the Company. Included in clause (ii) above shall be any real estate commission, selection fee, Development Fee, Construction Fee, nonrecurring management fee,
loan fees or points or any fee of a similar nature, however designated. Excluded in clause (ii) above shall be Development Fees and Construction Fees paid to Persons not Affiliated with the Advisor or Sub-advisor in connection with the
actual development and construction of a Property. 
 “Advisor” has the meaning set forth at the head of this
Agreement. 
 “Affiliate” means, with respect to any Person, any of the following: (i) any other Person
directly or indirectly controlling, controlled by, or under common control with such Person; (ii) any other Person directly or indirectly owning, controlling, or holding with the power to vote 10% or more of the outstanding voting securities of
such Person; (iii) any legal entity for which such Person acts as an executive officer, director, trustee, or general partner; (iv) any other Person 10% or more of whose outstanding voting securities are directly or indirectly owned,
controlled, or held, with power to vote, by such Person; and (v) any executive officer, director, trustee, or general partner of such Person. An entity shall not be deemed to control or be under common control with an Advisor- or
Sub-advisor-sponsored program unless (A) the entity owns 10% or more of the voting equity interests of such program, or (B) a majority of the board of directors (or equivalent governing body) of such program is composed of Affiliates of
the entity. The term “Affiliated” shall have a meaning correlative thereto. For the avoidance of doubt, none of the Company, the Sub-advisor, any subsidiary of the Company, any subsidiary of the Sub-advisor and any other Person
controlled by, controlling or under common control with Phillips Edison & Company shall be an Affiliate of the Advisor. 

“Appraised Value” means the value according to an appraisal made by an Independent Appraiser. 

“Articles of Incorporation” means the Articles of Incorporation of the Company under Title 2 of the Corporations and
Associations Article of the Annotated Code of Maryland, as amended from time to time. 
 “Asset Management Fee”
shall have the meaning set forth in Section 8.2. 
  

 2 

 “Average Invested Assets” means, for a specified period, the average of the
aggregate book value of the assets of the Company invested, directly or indirectly, in Properties, Loans and other Permitted Investments secured by real estate before reserves for depreciation or bad debts or other similar non-cash reserves,
computed by taking the average of such values at the end of each month during such specified period. 
 “Board of
Directors” or “Board” means the persons holding such office, as of any particular time, under the Articles of Incorporation of the Company, whether they be the Directors named therein or additional or successor Directors.

 “Bylaws” means the bylaws of the Company, as amended from time to time. 

“Cash from Financings” means the net cash proceeds realized by the Company from the financing of Properties, Loans or
other Permitted Investments or from the refinancing of any Company indebtedness (after deduction of all expenses incurred in connection therewith). 

“Cash from Sales and Settlements” means the net cash proceeds realized by the Company: (i) from the sale, exchange
or other disposition of any of its assets or any portion thereof after deduction of all expenses incurred in connection therewith; (ii) from the prepayment, maturity, workout or other settlement of any Loan or Permitted Investment or portion
thereof after deduction of all expenses incurred in connection therewith; and (iii) from regular principal payments on any Loan (or to the extent applicable, any Permitted Investment). In the case of a transaction described in
clause (i)(C) of the definition of “Sale” and clause (i)(B) of the definition of “Settlement,” Cash from Sales and Settlements means the proceeds of any such transaction actually distributed to the Company from
the Joint Venture or partnership. Cash from Sales and Settlements shall not include Cash from Financings. 
 “Cash from
Sales, Settlements and Financings” means the total sum of Cash from Sales and Settlements and Cash from Financings. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto.
Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time.

 “Company” means Phillips Edison – ARC Shopping Center REIT Inc., a corporation organized under the laws
of the State of Maryland. 
 “Competitive Real Estate Commission” means a real estate or brokerage commission
for the purchase or sale of property that is reasonable, customary, and competitive in light of the size, type, and location of the property. 

“Conflicts Committee” shall have the meaning set forth in the Company’s Articles of Incorporation. 

 

 3 

 “Construction Fee” means a fee or other remuneration for acting as general
contractor and/or construction manager to construct improvements, supervise and coordinate projects or to provide major repairs or rehabilitation on a Property. 

“Contract Sales Price” means the total consideration received by the Company for the sale of a Property, Loan or other
Permitted Investment. 
 “Cost of Loans and other Permitted Investments” means the sum of the cost of all Loans
and Permitted Investments held by the Company, calculated each month on an ongoing basis, and calculated as follows for each Loan or Permitted Investment: the lesser of (i) the amount actually paid or allocated to acquire or fund the Loan or
Permitted Investment (exclusive of any fees payable to the Advisor or the Sub-advisor or any their Affiliates in connection therewith, but inclusive of other expenses related thereto and the amount of any debt associated with or used to acquire or
fund such Loan or Permitted Investment) and (ii) the outstanding principal amount of such Loan or Permitted Investment, as of the time of calculation. With respect to any Loan or Permitted Investment held by the Company through a Joint Venture
or partnership of which it is, directly or indirectly, a co-venturer, such amount shall be the Company’s proportionate share thereof. 

“Cost of Real Estate Investments” means the sum of (i) with respect to Properties wholly owned, directly or
indirectly, by the Company, the amount actually paid or allocated to the purchase, development, construction or improvement of Properties (exclusive of any fees payable to the Advisor or the Sub-advisor or any their Affiliates in connection
therewith, but inclusive of other expenses related thereto), plus the amount of any outstanding debt attributable to such Properties and (ii) in the case of Properties owned by any Joint Venture or partnership in which the Company or the
Partnership is, directly or indirectly, a co-venturer or partner, the portion of the amount actually paid or allocated to the purchase, development, construction or improvement of Properties (exclusive of any fees payable to the Advisor or the
Sub-advisor or any their Affiliates in connection therewith, but inclusive of other expenses related thereto), plus the amount of any outstanding debt associated with such Properties that is attributable to the Company’s investment in the Joint
Venture or partnership. 
 “Dealer Manager” means (i) Realty Capital Securities, LLC, a Delaware limited
liability company, or (ii) any successor dealer manager to the Company. 
 “Development Fee” means a fee
for the packaging of a Property, including negotiating and approving plans, and undertaking to assist in obtaining zoning and necessary variances and necessary financing for the Property, either initially or at a later date. 

“Director” means a member of the Board of Directors of the Company. 

“Disposition Fee” shall have the meaning set forth in Section 8.3. 

 

 4 

 “Distributions” means any distributions of money or other property by the
Company to owners of Shares, including distributions that may constitute a return of capital for federal income tax purposes. 

“Financing Fee” shall have the meaning set forth in Section 8.4. 

“GAAP” means accounting principles generally accepted in the United States. 

“Gross Proceeds” means the aggregate purchase price of all Shares sold for the account of the Company through an
Offering, without deduction for Organization and Offering Expenses. 
 “include,” “included,”
“including” and “such as” are to be construed as if followed by the phrase “without limitation.” 

“Independent Appraiser” means a person with no material current or prior business or personal relationship with the
Advisor or the Directors, who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company, and who is a qualified appraiser of real estate as determined by the Board.
Membership in a nationally recognized appraisal society such as the American Institute of Real Estate Appraisers (“M.A.I.”) or the Society of Real Estate Appraisers (“S.R.E.A.”) shall be conclusive evidence of such
qualification. 
 “Initial Public Offering” means the initial public offering of Shares registered on the
Registration Statement pursuant to the Securities Act of 1933, as amended. 
 “Invested Capital” means the
amount calculated by multiplying the total number of Shares purchased by Stockholders by the issue price, reduced by any amounts paid by the Company to repurchase or redeem Shares pursuant to the Company’s plan for redemption of Shares or
otherwise. 
 “Joint Venture” means any joint venture, limited liability company or other Affiliate of the
Company that owns, in whole or in part, on behalf of the Company any Properties, Loans or other Permitted Investments. 

“Listed” or “Listing” shall have the meaning set forth in the Company’s Articles of Incorporation.

 “Loans” means mortgage loans and other types of debt financing investments made by the Company or the
Partnership, either directly or indirectly, including through ownership interests in a Joint Venture or partnership, and including mezzanine loans, B-notes, bridge loans, convertible mortgages, wraparound mortgage loans, construction mortgage loans,
loans on leasehold interests, and participations in such loans. 
 “Management Fee Base” means, for a specified
period, the sum of the Cost of Real Estate Investments and the Cost of Loans and other Permitted Investments computed by taking the average of such sums at the end of each month during such specified period. 

 

 5 

 “NASAA Guidelines” means the NASAA Statement of Policy Regarding Real
Estate Investment Trusts as in effect on the date hereof. 
 “Net Income” means, for any period, the total
revenues of the Company applicable to such period, less the total expenses applicable to such period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, that Net Income
shall exclude the gain from the sale of the Company’s assets. 
 “Offering” means any offering of Shares
that is registered with the SEC pursuant to the Securities Act of 1933, as amended, excluding Shares offered under any employee benefit plan. 

“Operating Cash Flow” means Operating Revenue Cash Flows minus the sum of (i) Operating Expenses, (ii) all
principal and interest payments on indebtedness and other sums paid to lenders, (iii) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and
other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, registration and Listing of the Shares, (iv) taxes, (v) incentive fees paid in compliance with Section IV.F. of the
NASAA Guidelines and (vi) Acquisition Fees, Acquisition Expenses, real estate commissions on resale of property, and other expenses connected with the acquisition, disposition, and ownership of real estate interests, loans or other property
(other than commissions on the sale of assets other than real property), such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property. 

“Operating Expenses” means all costs and expenses incurred by the Company, as determined under
GAAP, that in any way are related to the operation of the Company or to Company business, including fees paid to the Advisor, but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, legal, audit,
accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, registration and Listing of the Shares, (ii) interest
payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization, bad loan reserves, impairments of value, and mark-to-market losses, (v) incentive fees paid in compliance with Section IV.F. of the NASAA
Guidelines, and (vi) Acquisition Fees, Acquisition Expenses, real estate commissions on resale of property, property management fees, and other expenses connected with the acquisition, disposition, and ownership of real estate interests, loans
or other property (other than commissions on the sale of assets other than real property), such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property.  

“Operating Revenue Cash Flows” means the Company’s cash flow from ownership and/or operation of
(i) Properties, (ii) Loans, (iii) Permitted Investments, (iv) short-term investments, and (v) interests in Properties, Loans and Permitted Investments owned by any Joint Venture or any partnership in which the Company or the
Partnership is, directly or indirectly, a co-venturer or partner. 
  

 6 

 “Organization and Offering Expenses” means all expenses incurred by or on
behalf of the Company in connection with or in preparing the Company for registration of and subsequently offering and distributing its Shares to the public, whether incurred before, on or after the date of this Agreement, including total
dealer-manager, underwriting and brokerage discounts and commissions; legal fees and expenses of any dealer-manager or underwriter; expenses for printing, engraving and mailing; compensation of employees while engaged in sales activity; charges of
transfer agents, registrars, trustees, escrow holders, depositaries and experts; expenses of qualification of the sale of the securities under Federal and state laws; taxes and fees, accountants’ and attorneys’ fees and expenses.

 “Other Liquidity Event” has the meaning set forth in Section 13.3(F). 

“Partnership” means Phillips Edison – ARC Shopping Center Operating Partnership, L.P., a Delaware limited
partnership formed to own and operate Properties, Loans and other Permitted Investments on behalf of the Company. 

“Permitted Investments” means all investments (other than Properties and Loans) in which the Company acquires an
interest, either directly or indirectly, including through ownership interests in a Joint Venture or partnership, pursuant to its Articles of Incorporation, Bylaws and the investment objectives and policies adopted by the Board from time to time,
other than short-term investments acquired for purposes of cash management. 
 “Person” or
“person” means an individual, corporation, partnership, estate, trust (including a trust qualified under Section 401(a) or 501(c) (17) of the Code), a portion of a trust permanently set aside for or to be used exclusively
for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other entity, or any government or any agency or political subdivision
thereof, and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended. 

“Property” or “Properties” means any real property or properties transferred or conveyed to the
Company, the Partnership, or any subsidiary of the Company or the Partnership, either directly or indirectly, and/or any real property or properties transferred or conveyed to a Joint Venture or partnership in which the Company is, directly or
indirectly, a co-venturer or partner. 
 “Property Manager” means an entity that has been retained to perform
and carry out at one or more of the Properties property-management services, excluding Persons retained or hired to perform facility management or other services or tasks at a particular Property, the costs for which are passed through to and
ultimately paid by the tenant at such Property. 
 “Prorated Term Fraction” means the fraction, the numerator
of which is the number of days from and including January 11, 2010 to and including the Termination Date, and the denominator of which is the number of days elapsed from and including 

 

 7 

 
January 11, 2010 to and including the date of the determination of the amount of any Subordinated Share of Cash Flows and/or the Subordinated Incentive Fee, as applicable. 

“Registration Statement” means the registration statement filed by the Company with the SEC pursuant to the Securities
Act of 1933, as amended, on Form S-11, as amended from time to time, in connection with the Initial Public Offering. 

“REIT” means a “real estate investment trust” under Sections 856 through 860 of the Code. 

“Sale” or “Sales” means (i) any transaction or series of transactions whereby: (A) the
Company or the Partnership sells, grants, transfers, conveys, or relinquishes its direct or indirect ownership of any Property, Loan or other Permitted Investment or portion thereof, including the transfer of any Property that is the subject of a
ground lease, and including any event with respect to any Property, Loan or other Permitted Investment that gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the Company or the Partnership sells, grants,
transfers, conveys, or relinquishes its ownership of all or substantially all of the direct or indirect interest of the Company or the Partnership in any Joint Venture or partnership in which it is, directly or indirectly, a co-venturer or partner;
or (C) any Joint Venture or partnership (in which the Company or the Partnership is, directly or indirectly, a co-venturer or partner) sells, grants, transfers, conveys, or relinquishes its direct or indirect ownership of any Property, Loan or
other Permitted Investment or portion thereof, including any event with respect to any Property, Loan or other Permitted Investment that gives rise to insurance claims or condemnation awards, but (ii) not including any transaction or series of
transactions specified in clause (i)(A), (i)(B), or (i)(C) above in which the proceeds of such transaction or series of transactions are reinvested in one or more Properties, Loans or other Permitted Investments within 180 days
thereafter. 
 “SEC” means the United States Securities and Exchange Commission. 

“Settlement” means (i) the payment of principal, prepayment, maturity, workout or other settlement of any Loan or
other Permitted Investment or portion thereof owned, directly or indirectly, by (A) the Company or the Partnership or (B) any Joint Venture or any partnership in which the Company or the Partnership is, directly or indirectly, a partner,
but (ii) not including any transaction or series of transactions specified in clause (i)(A) or (i)(B) above in which the proceeds of such prepayment, maturity, workout or other settlement are reinvested in one or more
Properties, Loans or other Permitted Investments within 180 days thereafter. 
 “Shares” means the shares of
common stock of the Company, par value $.01 per share. 
 “Stockholders” means the registered holders of the
Shares. 
 “Stockholders’ 7% Return” means, as of any date, an aggregate amount equal to a 7% cumulative,
non-compounded, annual return on Invested Capital (calculated like simple interest on a daily basis based on a three hundred sixty-five day year). For 

 

 8 

 
purposes of calculating the Stockholders’ 7% Return, Invested Capital shall be determined for each day during the period for which the Stockholders’ 7% Return is being calculated and
shall be calculated net of (1) Distributions of Operating Cash Flow to the extent such Distributions of Operating Cash Flow provide a cumulative, non-compounded, annual return in excess of 7%, as such amounts are computed on a daily basis based
on a three hundred sixty-five day year and (2) Distributions of Cash from Sales, Settlements and Financings, except to the extent such Distributions would be required to supplement Distributions of Operating Cash Flow in order to achieve a
cumulative, non-compounded, annual return of 7%, as such amounts are computed on a daily basis based on a three hundred sixty-five day year. 

“Sub-advisor” means (i) Phillips Edison NTR LLC (formerly known as Phillips Edison & Company SubAdvisor
LLC), a Delaware limited liability company, or (ii) any successor sub-advisor to the Advisor. 
 “Sub-advisory
Agreement” means that Second Amended and Restated Sub-advisory Agreement between the Advisor and the Sub-advisor, dated as of the date hereof, as the same may be amended, restated or otherwise modified from time to time in accordance with
its terms. 
 “Subordinated Incentive Fee” means the fee payable to the Advisor under certain circumstances if
the Shares are Listed, as calculated in Section 8.6. 
 “Subordinated Share of Cash Flows” means
any amount payable to the Advisor or its assignees pursuant to Section 8.5. 
 “Termination” means
the termination of this Agreement in accordance with Article 13 hereof. 
 “Termination Date” means the
date of termination of the Agreement if such termination does not coincide with the parties entering into a renewed or amended advisory agreement. 

“2%/25% Guidelines” has the meaning set forth in Section 9.2(C). 

Article 2 

Appointment 

The Company hereby appoints the Advisor to serve as its advisor and asset manager on the terms and subject to the conditions set forth in
this Agreement, and the Advisor hereby accepts such appointment. 
  

 9 

 Article 3 

Duties Of The Advisor 

The Advisor is responsible for managing, operating, directing and supervising the operations and administration of the Company and its
assets. The Advisor undertakes to use commercially reasonable efforts to present to the Company potential investment opportunities and to provide the Company with a continuing and suitable investment program consistent with the investment objectives
and policies of the Company as determined and adopted from time to time by the Board. Subject to the limitations set forth in this Agreement, including Article 4 hereof, consistent with the provisions of the Articles of Incorporation and
Bylaws and the continuing and exclusive authority of the Board over the supervision of the Company, the Advisor shall, either directly or by engaging an Affiliate, the Sub-advisor or third party, perform the following duties: 

 

	3.1	Organizational and Offering Services. The Advisor shall perform all services related to the organization of the Company or any Offering or private sale of the
Company’s securities, other than services that (i) are to be performed by the Dealer Manager, (ii) the Company elects to perform directly or (iii) would require the Advisor to register as a broker-dealer with the SEC or any
state. 

  

	3.2	Acquisition Services. The Advisor shall: 

  

	 	(A)	Serve as the Company’s investment and financial advisor and provide relevant market research and economic and statistical data in connection with the
Company’s assets and investment objectives and policies; 

  

	 	(B)	Subject to Article 4 hereof and the investment objectives and policies of the Company: (a) locate, analyze and select potential investments;
(b) structure and negotiate the terms and conditions of transactions pursuant to which investments in Properties, Loans and other Permitted Investments will be made; (c) acquire, originate and dispose of Properties, Loans and other
Permitted Investments on behalf of the Company (including through Joint Ventures); (d) arrange for financing and refinancing and make other changes in the asset or capital structure of investments in Properties, Loans and other Permitted
Investments; (e) select Joint Venture partners and structure corresponding agreements; and (f) enter into leases, service contracts and other agreements for Properties, Loans and other Permitted Investments; 

 

	 	(C)	Perform due diligence on prospective investments and create due diligence reports summarizing the results of such work; 

 

	 	(D)	Prepare reports regarding prospective investments that include recommendations and supporting documentation necessary for the Directors to evaluate the proposed
investments; 

  

	 	(E)	Obtain reports (which may be prepared by the Advisor, the Sub-advisor or their Affiliates), where appropriate, concerning the value of contemplated investments of the
Company; 

  

 10 

	 	(F)	Deliver to or maintain on behalf of the Company copies of all appraisals obtained in connection with the Company’s investments; and 

 

	 	(G)	Negotiate and execute approved investments and other transactions, including Settlements of Loans and other Permitted Investments. 

 

	3.3	Asset Management Services. The Advisor shall (or shall retain other Persons to (but shall remain responsible to the Company)): 

 

	 	(A)	Real Estate and Related Services: 

  

	 	(1)	Investigate, select and, on behalf of the Company, engage and conduct business with (including enter contracts with) and supervise the performance of such Persons as
the Advisor deems necessary to the proper performance of its obligations as set forth in this Agreement, including consultants, accountants, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents,
depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, security investment advisors, mortgagors, the registrar and the transfer agent, construction companies, Property Managers and
any and all Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services; 

  

	 	(2)	Negotiate and service the Company’s debt facilities and other financings and negotiate on behalf of the Company with banks or other lenders for debt facilities to
be made to the Company or with investment banking firms and broker-dealers or negotiate private sales of Shares or obtain debt facilities for the Company, but in no event in such a manner so that the Advisor shall be acting as a broker-dealer or
underwriter; provided, however, that any fees and costs payable to third parties incurred by the Advisor in connection with the foregoing shall be the responsibility of the Company; 

 

	 	(3)	Monitor applicable markets and obtain reports (which may be prepared by the Advisor, the Sub-advisor or their Affiliates) where appropriate, concerning the value of
investments of the Company; 

  

	 	(4)	Monitor and evaluate the performance of each asset of the Company and the Company’s overall portfolio of assets, provide daily management services to the Company
and perform and supervise the various management and operational functions related to the Company’s investments; 

  

	 	(5)	 Formulate and oversee the implementation of strategies for the administration, promotion, management, operation, maintenance, investment, improvement,
financing and refinancing, marketing, 

  

 11 

	 	 
leasing and disposition of Properties, Loans and other Permitted Investments on an overall portfolio basis; 

 

	 	(6)	Consult with the Company’s officers and the Board and assist the Board in the formulation and implementation of the Company’s financial policies, and, as
necessary, furnish the Board with advice and recommendations with respect to the making of investments consistent with the investment objectives and policies of the Company and in connection with any borrowings proposed to be undertaken by the
Company; 

  

	 	(7)	Oversee the performance by the Property Managers of their duties, including collection and proper deposits of rental payments and payment of Property expenses and
maintenance; 

  

	 	(8)	Conduct periodic on-site property visits to some or all (as the Advisor or its designee deems reasonably necessary) of the Properties to inspect the physical condition
of the Properties and to evaluate the performance of the Property Managers; 

  

	 	(9)	Review, analyze and comment upon the operating budgets, capital budgets and leasing plans prepared and submitted by each Property Manager and aggregate these property
budgets into the Company’s overall budget; 

  

	 	(10)	Coordinate and manage relationships between the Company and any co-venturers or partners; and 

 

	 	(11)	Consult with the Company’s officers and the Board and provide assistance with the evaluation and approval of potential asset dispositions, sales and refinancings.

  

	 	(B)	Accounting and Other Administrative Services: 

  

	 	(1)	Provide the day-to-day management of the Company and perform and supervise the various administrative functions reasonably necessary for the management of the Company;

  

	 	(2)	From time to time, or at any time reasonably requested by the Board, make reports to the Board on the Advisor’s performance of services to the Company under this
Agreement; 

  

	 	(3)	 Make reports to the Conflicts Committee each quarter of the investments that have been made by other programs sponsored by the Advisor, the Sub-advisor
or any of their respective Affiliates, as well as any investments that have been made by the Advisor, Sub-advisor or any of their Affiliates directly, in each case to the extent such investments constitute a conflict of interest or a

  

 12 

	 	 
potential conflict of interest with the investment policies and objectives of the Company; 

  

	 	(4)	Provide or arrange for any administrative services and items, legal and other services, office space, office furnishings, personnel and other overhead items necessary
and incidental to the Company’s business and operations; 

  

	 	(5)	Provide financial and operational planning services; 

  

	 	(6)	Maintain accounting and other record-keeping functions at the Company and investment levels, including information concerning the activities of the Company as shall be
required to prepare and to file all periodic financial reports, tax returns and any other information required to be filed with the SEC, the Internal Revenue Service and any other regulatory agency; 

 

	 	(7)	Maintain and preserve all appropriate books and records of the Company; 

  

	 	(8)	Provide tax and compliance services and coordinate with appropriate third parties, including the Company’s independent auditors and other consultants, on related
tax matters; 

  

	 	(9)	Provide the Company with all necessary cash management services; 

  

	 	(10)	Deliver to, or maintain on behalf of, the Company copies of all appraisals obtained in connection with Properties, Loans and Permitted Investments;

  

	 	(11)	Manage and coordinate with the transfer agent the monthly dividend process and payments to Stockholders; 

 

	 	(12)	Consult with the Company’s officers and the Board and assist the Board in evaluating and obtaining adequate insurance coverage based upon risk management
determinations; 

  

	 	(13)	Consult with the Company’s officers and the Board and assist the Board in evaluating various liquidity events when appropriate; 

 

	 	(14)	Provide the Company’s officers and the Board with timely updates related to the overall regulatory environment affecting the Company, as well as managing
compliance with such matters, including compliance with the Sarbanes-Oxley Act of 2002; 

  

 13 

	 	(15)	Consult with the Company’s officers and the Board relating to the corporate governance structure and appropriate policies and procedures related thereto;

  

	 	(16)	Perform all reporting, record keeping, internal controls and similar matters in a manner to allow the Company to comply with applicable law, including federal and state
securities laws and the Sarbanes-Oxley Act of 2002; 

  

	 	(17)	Notify the Board of all proposed material transactions before they are completed; and 

 

	 	(18)	Do all things necessary to assure its ability to render the services described in this Agreement. 

 

	3.4	Stockholder Services. The Advisor shall (or shall retain other Persons to (but shall remain responsible to the Company)): 

 

	 	(A)	Manage services for and communications with Stockholders, including answering phone calls, preparing and sending written and electronic reports and other
communications; 

  

	 	(B)	Oversee the performance of the transfer agent and registrar; 

  

	 	(C)	Establish technology infrastructure to assist in providing Stockholder support and service; and 

 

	 	(D)	Consistent with Section 3.1, perform the various subscription processing services reasonably necessary for the admission of new Stockholders.

  

	3.5	Other Services. Except as provided in Article 7, the Advisor shall perform any other services reasonably requested by the Company (acting through the
Conflicts Committee). 

 Article 4 

Authority of Advisor 
  

	4.1	General. All rights and powers to manage and control the day-to-day business and affairs of the Company shall be vested in the Advisor. The Advisor shall have
the power to delegate all or any part of its rights and powers to manage and control the business and affairs of the Company to such officers, employees, Affiliates, agents and representatives of the Advisor or the Company or to the Sub-advisor as
it may deem appropriate. Any authority delegated by the Advisor to any other Person shall be subject to the limitations on the rights and powers of the Advisor specifically set forth in this Agreement or the Articles of Incorporation.

  

 14 

	4.2	Powers of the Advisor. Subject to the express limitations set forth in this Agreement, to the continuing and exclusive authority of the Board over the
supervision of the Company, and to the right of the Advisor to delegate its responsibilities pursuant to Section 4.1, the power to direct the management, operation and policies of the Company shall be vested in the Advisor, which shall
have the power by itself and shall be authorized and empowered on behalf and in the name of the Company to carry out any and all of the objectives and purposes of the Company and to perform all acts and enter into and perform all contracts and other
undertakings that it may in its sole discretion deem necessary, advisable or incidental thereto to perform its obligations under this Agreement. 

  

	4.3	Approval by the Board. Notwithstanding the foregoing, the Advisor may not take any action on behalf of the Company without the prior approval of the Board or
duly authorized committees thereof if the Articles of Incorporation or Maryland General Corporation Law require the prior approval of the Board. The Advisor will deliver to the Board all documents reasonably required by it to evaluate a proposed
investment (and any related financing). 

  

	4.4	Modification or Revocation of Authority of Advisor. The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the authority or
approvals set forth in Article 3 hereof and this Article 4; provided, however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to
which the Advisor has committed the Company prior to the date of receipt by the Advisor of such notification. 

Article 5 

Bank Accounts 

The Advisor may establish and maintain one or more bank accounts in the name of the Company and may collect and deposit into any such
account or accounts, and disburse from any such account or accounts, any money on behalf of the Company, under such terms and conditions as the Board may approve; provided, that no funds shall be commingled with the funds of the Advisor. The
Advisor shall upon request render appropriate accountings of such collections and payments to the Board and the independent auditors of the Company. 

Article 6 

Records And Financial Statements 

The Advisor, in the conduct of its responsibilities to the Company, shall maintain adequate and separate books and records for the
Company’s operations in accordance with GAAP, which shall be supported by sufficient documentation to ascertain that such books and records are properly and accurately recorded. Such books and records shall be the property of the Company and
shall be available for inspection by the Board and by counsel, auditors and other authorized agents of the Company, at any time or from time 

 

 15 

 
to time during normal business hours. Such books and records shall include all information necessary to calculate and audit the fees or reimbursements paid under this Agreement. The Advisor shall
utilize procedures to attempt to ensure such control over accounting and financial transactions as is reasonably required to protect the Company’s assets from theft, error or fraudulent activity. All financial statements that the Advisor
delivers to the Company shall be prepared on an accrual basis in accordance with GAAP, except for special financial reports that by their nature require a deviation from GAAP. The Advisor shall liaise with the Company’s officers and independent
auditors and shall provide such officers and auditors with the reports and other information that the Company so requests. 

Article 7 

Limitation On Activities 

Notwithstanding any provision in this Agreement to the contrary, the Advisor shall not take any action that, in its sole judgment made in
good faith, would (i) adversely affect the ability of the Company to qualify or continue to qualify as a REIT under the Code (unless the Board has determined that REIT qualification is not in the best interests of the Company and its
Stockholders), (ii) subject the Company to regulation under the Investment Company Act of 1940, as amended, (iii) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the
Company, its Shares or its other securities, (iv) require the Advisor to register as a broker-dealer with the SEC or any state, or (v) violate the Articles of Incorporation or Bylaws. In the event an action that would violate any of
clauses (i) through (v) of the preceding sentence but such action has been ordered by the Board, the Advisor shall notify the Board of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such
action until it receives further clarification or instructions from the Board. In such event, the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given. 

Article 8 

Fees 
 8.1
Acquisition Fees. As compensation for the investigation, selection, sourcing and acquisition or origination (by purchase, investment or exchange) of Properties, Loans and other Permitted Investments, the Company shall pay an Acquisition Fee
calculated as set forth below in this Section 8.1 to the Advisor or its assignees for each such investment (whether an acquisition or origination). With respect to the acquisition or origination of a Property, Loan or other Permitted
Investment to be owned, directly or indirectly, by the Company or the Partnership, the Acquisition Fee payable to the Advisor or its assignees shall equal 1.0% of the sum of the amount actually paid or allocated to fund the acquisition, origination,
development, construction or improvement of the Property, Loan or other Permitted Investment, inclusive of the Acquisition Expenses associated with such Property, Loan or other Permitted Investment and the amount of any debt 

 

 16 

	 	 
associated with, or used to fund the investment in, such Property, Loan or other Permitted Investment, but exclusive of the Acquisition Fee payable to the Advisor or its assignees. The
calculation of Acquisition Fees payable to the Advisor or its assignees will also include any amounts incurred or reserved for capital expenditures that will be used to provide funds for capital improvements and repairs applied to any real property
investment acquired where the Company plans to add value. With respect to the acquisition or origination of a Property, Loan or other Permitted Investment through any Joint Venture or any partnership in which the Company or the Partnership is,
directly or indirectly, a co-venturer or partner, the Acquisition Fee payable to the Advisor or its assignees shall equal 1.0% of the portion that is attributable to the Company’s or the Partnership’s direct or indirect investment in such
Joint Venture or partnership of the amount actually paid or allocated to fund the acquisition, origination, development, construction or improvement of the Property, Loan or other Permitted Investment, inclusive of the Acquisition Expenses
associated with such Property, Loan or other Permitted Investment, plus the amount of any debt associated with, or used to fund the investment in, such Property, Loan or other Permitted Investment, but exclusive of the Acquisition Fee so payable to
the Advisor or its assignees. The Advisor shall submit an invoice to the Company following the closing or closings of each acquisition or origination, accompanied by a computation of the Acquisition Fee. The Acquisition Fee payable to the Advisor or
its assignees shall be paid at the closing of the transaction upon receipt of the invoice by the Company. 

  

	8.2	Asset Management Fee. The Company shall pay the Advisor or its assignees as compensation for the services described in Section 3.3 hereof a quarterly
fee (the “Asset Management Fee”) in an amount equal to 0.25% of the Management Fee Base. The Asset Management Fee is payable quarterly in advance, on January 1, April 1, July 1 and October 1, in the
amount of 0.25% of the Management Fee Base for the preceding fiscal quarter. The Advisor shall submit an invoice to the Company, accompanied by a computation of the Asset Management Fee for the applicable period. The Asset Management Fee will be
appropriately pro rated for any partial fiscal quarter. 

  

	8.3	 Disposition Fees. If the Advisor or Sub-advisor or any of their Affiliates provides a substantial amount of services (as determined by the
Conflicts Committee) in connection with a Sale, then the Advisor or its assignees shall receive a fee at the closing (a “Disposition Fee”) equal to 2.0% of the Contract Sales Price; provided, however, that no
Disposition Fee shall be payable if the Sale is to an Affiliate of either the Advisor or the Sub-Advisor; provided further, however, that the payment of any Disposition Fees by the Company shall be subject to any limitations contained
in the Company’s Articles of Incorporation. Any Disposition Fee payable under this Section 8.3 may be paid in addition to commissions paid to non-Affiliates, provided that the total commissions (including such Disposition Fee) paid
to all Persons by the Company for each Sale shall not exceed an amount equal to the lesser of (i) 6.0% of the aggregate Contract Sales Price of each applicable Property, Loan or other Permitted

  

 17 

	 	 
Investment and (ii) the Competitive Real Estate Commission for each applicable Property, Loan or other Permitted Investment. Substantial assistance in connection with the Sale of a Property
includes the preparation of an investment package for the Property (including a new investment analysis, rent rolls, tenant information regarding credit, a property title report, an environmental report, a list of prospective buyers, a structural
report and exhibits) or such other substantial services performed by the Advisor or Sub-advisor or any of their Affiliates in connection with a Sale. The Disposition Fee payable to the Advisor or its assignees shall be paid at the closing of the
transaction upon receipt of the invoice by the Company. 

  

	8.4	Financing Fee. In the event of any debt financing obtained by or for the Company, the Company will pay to the Advisor or its assignees upon the closing of such
debt financing a fee (a “Financing Fee”) equal to (i) 0.75% of the amount available under such debt financing, whether at the Company, Partnership, or any direct or indirect subsidiary level, and (ii) 0.75% of the portion
that is attributable to the Company’s or the Partnership’s direct or indirect investment in a Joint Venture or partnership in which the Company or the Partnership is, directly or indirectly, a co-venturer or partner. The Advisor (or
Sub-advisor) may reallow all or a portion of any Financing Fee to reimburse a non-Affiliated third party with whom it may subcontract to procure any such debt financing. All or any portion of the Financing Fees not taken as to any fiscal year shall
be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine. 

  

	8.5	Subordinated Share of Cash Flows. Subject to the last sentence of Section 8.6, the Company will pay, from time to time when available, Subordinated
Share of Cash Flows to the Advisor or its assignees in an amount equal to 15% of Operating Cash Flow and 15% of Cash from Sales, Settlements and Financings remaining after the Stockholders have received Distributions of Operating Cash Flow and of
Cash from Sales, Settlements and Financings such that the owners of all outstanding Shares have received Distributions in an aggregate amount equal to the sum of, as of such point in time: 

 

	 	(A)	the Stockholders’ 7% Return; and 

  

	 	(B)	Invested Capital. 

    When determining whether the above threshold has been met: 

 

	 	(1)	Any stock dividend shall not be included as a Distribution; and 

  

	 	(2)	Distributions paid on Shares repurchased or redeemed by the Company (and thus no longer included in the determination of Invested Capital) shall not be included as a
Distribution. 

  

	8.6	 Subordinated Incentive Fee. Upon Listing, the Advisor or its assignees shall be entitled to the Subordinated Incentive Fee in an amount equal to
15.0% of the amount by which (i) the market value of the outstanding Shares, measured by 

  

 18 

	 	 
taking the average closing price or the average of the bid and asked price, as the case may be, over a period of 30 days during which the Shares are traded, with such period beginning 180 days
after Listing (the “Market Value”), plus the total of all Distributions paid to Stockholders (excluding any stock dividends and any Distributions paid on Shares that have been repurchased or redeemed by the Company) from the
Company’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) 100% of Invested Capital and (B) the total Distributions required to be paid to the Stockholders as of the date Market Value is
determined in order to pay the Stockholders’ 7% Return from inception through the date Market Value is determined. The Company shall have the option to pay such fee in the form of cash, Shares, a non-interest-bearing short-term promissory note
or any combination of the foregoing. The Subordinated Incentive Fee will be reduced by the amount of any prior payments to the Advisor or its assignees of Subordinated Share of Cash Flows. In the event the Subordinated Incentive Fee is paid to the
Advisor or its assignees following Listing, no additional Subordinated Share of Cash Flows will be paid to the Advisor or its assignees. 

  

	8.7	Other Services. Should the Board request that the Advisor or the Sub-advisor or any Affiliate or director, officer or employee of any of the foregoing render
services for the Company other than as set forth in this Agreement, such services shall be separately compensated at such rates and in such amounts as are agreed upon by the Advisor, Sub-advisor or such Affiliate or other Person, on the one hand,
and the Board, including a majority of the Conflicts Committee, on the other hand, subject to the limitations contained in the Articles of Incorporation, and shall not be deemed to be services pursuant to the terms of this Agreement.

  

	8.8	Changes to Fee Structure. In the event of Listing, the Company and the Advisor shall negotiate in good faith to establish a fee structure appropriate for a
perpetual-life entity. 

  

	8.9	Internalization. In the event that the Company’s board of directors elects to internalize any management services provided by the Advisor or the
Sub-advisor, the Company shall not pay any compensation or other remuneration to the Advisor or the Sub-advisor or any of their Affiliates in connection with such internalization transaction. For the avoidance of doubt, any compensation paid or
payable by the Company to employees of the Company in connection with their employment by the Company (which employees were formerly employed by the Advisor or the Sub-Advisor or any of their Affiliates) shall not be deemed to be compensation or
other remuneration in connection with any internalization transaction for purposes of the immediately preceding sentence. This provision shall not limit any other consideration or distributions that the Company may pay the Advisor or the Sub-Advisor
in accordance with this agreement or the Sub-Advisory Agreement (in each case, as such agreement may be amended, restated or modified from time to time) or any other agreement. This provision shall in no way obligate the Advisor or the Sub-Advisor
to facilitate an internalization transaction with the Advisor, the Sub-Advisor or any of their Affiliates. 

  

 19 

	8.10	Limitation on Fees. Notwithstanding anything herein to the contrary, the payment of any fees or expenses pursuant to Articles 8 and 13 by the
Company shall be subject to the limitations thereon contained in the Articles of Incorporation. 

 Article 9

 Expenses 

9.1 General. In addition to the compensation paid to the Advisor pursuant to Article 8 hereof, the Company shall pay
directly or reimburse the Advisor or Sub-advisor, as the case may be, for all of the expenses paid or incurred by the Advisor, the Sub-advisor or their Affiliates on behalf of the Company or in connection with the services provided to the Company
pursuant to this Agreement, including, but not limited to: 
  

	 	(A)	All Organization and Offering Expenses; provided, however, that: 

 

	 	(1)	the Company shall not reimburse the Advisor or Sub-advisor to the extent such reimbursement would cause the total amount spent by the Company on Organization and
Offering Expenses (excluding underwriting and brokerage discounts and commissions, but including third-party due diligence fees and expenses as set forth in detailed and itemized invoices) to exceed 1.5% of Gross Proceeds raised in an Offering as of
the termination of such Offering; 

  

	 	(2)	within 60 days after the end of the month in which an Offering terminates, the Advisor shall reimburse the Company to the extent the Company incurred Organization and
Offering Expenses (excluding underwriting and brokerage discounts and commissions, but including third-party due diligence fees and expenses as set forth in detailed and itemized invoices) exceeding 1.5% of Gross Proceeds raised in such Offering;

  

	 	(3)	the Company shall not reimburse the Advisor or Sub-advisor for any Organization and Offering Expenses that the Conflicts Committee determines are not fair and
commercially reasonable to the Company; and 

  

	 	(4)	the Company shall not make any reimbursement for any of the following Organization and Offering Expenses incurred by the Dealer Manager that are to be paid out of the
Dealer Manager’s fee: 

  

	 	(a)	participating broker-dealer expense reimbursements (including meals with financial advisors and participating broker-dealer client seminars); 

 

 20 

	 	(b)	sales seminars sponsored by participating broker-dealers; 

  

	 	(c)	promotional items; 

  

	 	(d)	marketing support; 

  

	 	(e)	expenses in connection with bona fide training and educational meetings; 

  

	 	(f)	wholesaling commissions, wholesaling salaries and wholesaling expense reimbursements (including travel, meals and lodging in connection with the Offering);

  

	 	(g)	occasional meals and entertainment expenses of participating broker-dealers; and 

 

	 	(h)	legal fees and expenses of the Dealer Manager associated with FINRA-related filings or the drafting and review of any dealer manager agreements, participating
broker-dealer agreements and due diligence agreements. 

  

	 	(B)	Acquisition Fees and Acquisition Expenses incurred in connection with the selection and acquisition of Properties, Loans and other Permitted Investments, including such
expenses incurred related to assets pursued or considered but not ultimately acquired by the Company; provided, however, that, notwithstanding anything herein to the contrary, the payment of Acquisition Fees and Acquisition Expenses by
the Company shall be subject to the limitations contained in the Company’s Articles of Incorporation; 

  

	 	(C)	The actual out-of-pocket cost of goods and services used by the Company and obtained from entities not Affiliated with the Advisor or Sub-advisor, including travel,
meals and lodging expenses incurred by the Advisor or Sub-advisor in performing duties associated with the acquisition or origination of Properties, Loans or other Permitted Investments; 

 

	 	(D)	Interest and other costs for borrowed money, including discounts, points and other similar fees; 

 

	 	(E)	Taxes and assessments on income or Properties, taxes as an expense of doing business and any other taxes otherwise imposed on the Company and its business, assets or
income; 

  

	 	(F)	Out-of-pocket costs associated with insurance required in connection with the business of the Company or by its officers and Directors; 

 

	 	(G)	 Expenses of managing, improving, developing, operating and selling Properties, Loans and other Permitted Investments owned, directly or

  

 21 

	 	 
indirectly, by the Company, as well as expenses of other transactions relating to such Properties, Loans and other Permitted Investments, including prepayments, maturities, workouts and other
settlements of Loans and other Permitted Investments; 

  

	 	(H)	All out-of-pocket expenses in connection with payments to the Board and meetings of the Board and Stockholders; 

 

	 	(I)	All out-of-pocket expenses associated with a Listing, if applicable; 

  

	 	(J)	Personnel and related employment costs incurred by the Advisor, the Sub-advisor or their Affiliates in performing the services described in Article 3 hereof,
including reasonable salaries and wages (but excluding bonuses), benefits and overhead of all employees directly involved in the performance of such services; provided, however, that no reimbursement shall be made for costs of such
employees of the Advisor, Sub-advisor or their Affiliates to the extent that such employees performed services for which the Advisor received Acquisition Fees, Financing Fees or Disposition Fees; 

 

	 	(K)	Out-of-pocket expenses of providing services for and maintaining communications with Stockholders, including the cost of preparation, printing, and mailing annual
reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 

  

	 	(L)	Audit, accounting and legal fees, and other fees for professional services relating to the operations of the Company and all such fees incurred at the request, or on
behalf of, the Board, the Conflicts Committee or any other committee of the Board; 

  

	 	(M)	Out-of-pocket costs for the Company to comply with all applicable laws, regulations and ordinances; 

 

	 	(N)	Expenses connected with payments of Distributions made or caused to be made by the Company to the Stockholders; 

 

	 	(O)	Expenses of organizing, redomesticating, merging, liquidating or dissolving the Company or of amending the Articles of Incorporation or the Bylaws; and

  

	 	(P)	All other out-of-pocket costs incurred by the Advisor or Sub-advisor in performing the Advisor’s duties hereunder. 

 

	9.2	Timing of and Additional Limitations on Reimbursements. 

  

	 	(A)	 Expenses incurred by the Advisor or Sub-advisor on behalf of the Company and reimbursable pursuant to this Article 9 shall be reimbursed no less
than monthly to the Advisor or Sub-advisor in the manner and 

  

 22 

	 	 
proportion directed by the Advisor and Sub-advisor. The Advisor shall prepare a statement documenting the expenses of the Company during each quarter and shall deliver such statement to the
Company within 45 days after the end of each quarter. 

  

	 	(B)	Notwithstanding anything else in this Article 9 to the contrary, the expenses enumerated in this Article 9 shall not become reimbursable to the Advisor
unless and until the Company has raised $2,500,000 in the Initial Public Offering. 

  

	 	(C)	Commencing upon the earlier to occur of the end of the fourth fiscal quarter after (1) the Company’s acquisition of its first real estate asset and
(2) six months after the commencement of the Initial Public Offering, the following limitation on Operating Expenses shall apply: The Company shall not reimburse the Advisor or Sub-advisor at the end of any fiscal quarter for the portion of
Operating Expenses that in the four consecutive fiscal quarters then ended (the “Expense Year”) exceeds (the “Excess Amount”) the greater of (i) 2% of Average Invested Assets and (ii) 25% of Net Income
(the “2%/25% Guidelines”) for such year unless the Conflicts Committee determines that the Excess Amount was justified, based on unusual and nonrecurring factors that the Conflicts Committee deems sufficient. If the Conflicts
Committee does not approve the Excess Amount as being so justified, the Advisor or Sub-advisor shall repay to the Company any Excess Amount paid to the Advisor or Sub-advisor during a fiscal quarter. If the Conflicts Committee determines the Excess
Amount was justified, then, within 60 days after the end of any fiscal quarter of the Company for which total reimbursed Operating Expenses for the Expense Year exceed the 2%/25% Guidelines, the Advisor, at the direction of the Conflicts Committee,
shall cause such fact to be disclosed to the Stockholders in writing (or the Company shall disclose such fact to the Stockholders in the next quarterly report of the Company or by filing a Current Report on Form 8-K with the SEC within 60 days of
such quarter end), together with an explanation of the factors the Conflicts Committee considered in determining that the Excess Amount was justified. The Company will ensure that such determination will be reflected in the minutes of the meetings
of the Board. All figures used in the foregoing computation shall be determined in accordance with GAAP applied on a consistent basis. 

Article 10 

Voting Agreement 
  

	10.1	 Election of Directors. The Company agrees that it will take such actions that are necessary to cause William M. Kahane, Nicholas Schorsch or
another representative of the Advisor reasonably satisfactory to the Company and Sub-advisor to be a member of the initial Board of Directors of the Company if such 

 

 23 

	 	 
representative executes an advance letter of resignation to become effective upon such time that the Advisor is no longer serving as the advisor to the Company. 

 

	10.2	Other Voting of Shares. The Advisor agrees that, with respect to any Shares now or hereinafter owned by it, the Advisor will not vote or consent on matters
submitted to the stockholders of the Company regarding (i) the removal of the Advisor or any Affiliate of the Advisor or (ii) any transaction between the Company and the Advisor or any of its Affiliates. This voting restriction shall
survive until such time that the Advisor is no longer serving as such. 

 Article 11 

Relationship Of Advisor And Company; Other Activities Of The Advisor 

 

	11.1	Relationship. The Company and the Advisor are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such
partners or joint venturers. Except as set forth in Section 11.3, nothing herein contained shall prevent the Advisor or any of its Affiliates from engaging in or earning fees from other activities, including, without limitation, the
rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or any of its Affiliates. Nor shall this Agreement limit or restrict the right of any manager, director,
officer, member, partner, employee or equityholder of the Advisor or any of its Affiliates to engage in or earn fees from any other business or to render services of any kind to any other Person. The Advisor may, with respect to any investment in
which the Company is a participant, also render advice and service to each and every other participant therein, and earn fees for rendering such advice and service. Specifically, it is contemplated that the Company may enter into Joint Ventures or
other similar co-investment arrangements with certain Persons, and pursuant to the agreements governing such Joint Ventures or other similar co-investment arrangements, the Advisor may be engaged to provide advice and service to such Persons, in
which case the Advisor will earn fees for rendering such advice and service. The Advisor shall promptly disclose to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, that creates or which
would reasonably result in a conflict of interest between the Advisor’s obligations to the Company and its obligations to or its interest in any other Person (it being understood and agreed that the conditions and circumstances referred to in
the second paragraph of Section 11.3 are deemed to have been disclosed to the Board for purposes of this Section 11.1). 

  

	11.2	 Time Commitment. The Advisor shall, and shall cause its Affiliates and their respective employees, officers and agents to, devote to the Company
such time as shall be reasonably necessary to conduct the business and affairs of the Company in an appropriate manner consistent with the terms of this Agreement. The Company acknowledges that the Advisor and its Affiliates and their respective
employees, officers and agents may also engage in activities unrelated to the 

  

 24 

	 	 
Company and may provide services to Persons other than the Company or any of its Affiliates. 

  

	11.3	Investment Opportunities. The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the
Company that is consistent with the investment policies and objectives of the Company. So long as the Advisor is acting in its capacity as advisor under this Agreement, the Advisor will not (and will cause its Affiliates to not) (i) pursue any
opportunity to acquire any Property, Loan or other Permitted Investment that fits within the Company’s strategy, or (ii) offer such Property, Loan or other Permitted Investment to a third party, in each case unless and until such
opportunity is first presented to the Company. The Company shall have 30 days from the date of its receipt of a complete written offering package relating to such opportunity, customary in scope and content, to notify the Advisor of the
Company’s decision as to whether or not to pursue such opportunity. If the Company fails so to notify the Advisor within such 30-day period, the Company shall be deemed to have passed on such opportunity. If the Company passes on such
opportunity, then the Advisor or such Affiliate, as the case may be, may acquire the subject investment or offer the subject investment to a third party for a period of 180 days, in each case on terms and conditions (including price) that are not
materially different from the terms and conditions set forth in the offering package to the Company. If at the expiration of such 180-day period, such opportunity remains available, then the provisions of this Section 11.3 shall once
again apply to such opportunity. 

 Notwithstanding the preceding, however, the Advisor or any Affiliate of the
Advisor shall be permitted to pursue any opportunity or to offer any opportunity to a third party in respect of (i) any net leased retail, office and industrial properties or other property consistent with the investment policies of American
Reality Capital Trust, Inc., (ii) any commercial real estate or other real estate investments that relate to office, retail, multi-family residential, industrial and hotel property types, located primarily in the New York metropolitan area or
other property consistent with the investment policies of American Realty Capital New York Recovery REIT, Inc., or (iii) any investments to be made by a contemplated non-traded REIT (the “Identified REIT”) that the Advisor or
any of its Affiliates described as (a) intending to invest primarily in “power center” real estate developments, (b) being sponsored or co-sponsored by ARC (or one of its Affiliates), the acquisition services for which will be
provided by an international commercial and residential real estate developer and manager (or one of its Affiliates), and (c) being the subject of an executed letter of intent or term sheet between the Advisor (or one of its Affiliates) and
such international commercial and residential real estate developer and manager (or one of its Affiliates), and which has or will have as its publicly disclosed (and not subsequently revised or required to be revised under applicable securities
laws) investment objectives to have less than 20% of its assets (measured by purchase price) in anchored shopping centers with purchase prices of less than $20,000,000 per property (determined once the proceeds of the offering have been fully
invested). 
  

 25 

 Article 12 

The Phillips Edison and ARC Names 
  

	12.1	The American Realty Capital and ARC Names. The Advisor and its Affiliates have or may have a proprietary interest in the names “American Realty
Capital,” “ARC” and “AR Capital.” The Advisor hereby grants to the Company, to the extent of any proprietary interest the Advisor may have in any of the names “American Realty Capital,” “ARC” and “AR
Capital,” a non-transferable, non-assignable, non-exclusive royalty-free right and license to use the names “American Realty Capital,” “ARC” and “AR Capital” during the term of this Agreement. The Company agrees
that the Advisor and its Affiliates will have the right to approve of any use by the Company of the names “American Realty Capital,” “ARC” or “AR Capital,” such approval not to be unreasonably withheld or delayed.
Accordingly, and in recognition of this right, if at any time the Company ceases to retain the Advisor or one of its Affiliates to perform advisory services for the Company, the Company will, promptly after receipt of written request from the
Advisor, cease to conduct business under or use the names “American Realty Capital,” “ARC” and “AR Capital” or any derivative thereof and the Company shall change its name and the names of any of its subsidiaries to a
name that does not contain the names “American Realty Capital,” “ARC” or “AR Capital” or any other word or words that might, in the reasonable discretion of the Advisor, be susceptible of indication of some form of
relationship between the Company and the Advisor or any its Affiliates. At such time, the Company will also make any changes to any trademarks, servicemarks or other marks necessary to remove any references to any of the names “American Realty
Capital,” “ARC” or “AR Capital.” Consistent with the foregoing, it is specifically recognized that the Advisor or one or more of its Affiliates has in the past and may in the future organize, sponsor or otherwise permit to
exist other investment vehicles (including vehicles for investment in real estate) and financial and service organizations having any of the names “American Realty Capital,” “ARC” or “AR Capital” as a part of their
name, all without the need for any consent (and without the right to object thereto) by the Company. Neither the Advisor nor any of its Affiliates makes any representation or warranty, express or implied, with respect to the names “American
Realty Capital,” “ARC” or “AR Capital” licensed hereunder or the use thereof (including without limitation as to whether the use of the name “American Realty Capital,” “ARC” or “AR Capital” will
be free from infringement of the intellectual property rights of third parties). Notwithstanding the preceding, the Advisor represents and warrants that it is not aware of any pending claims or litigation or of any claims threatened in writing
regarding the use or ownership of the names “American Realty Capital,” “ARC” or “AR Capital.” 

  

	12.2	 The Phillips Edison and PECO Names. The Sub-advisor and its Affiliates have or may have a proprietary interest in the names “Phillips
Edison” and “PECO.” The Sub-advisor hereby grants to the Company, to the extent of any proprietary interest the Sub-advisor may have in the names “Phillips Edison” and “PECO,” a

  

 26 

	 	 
non-transferable, non-assignable, non-exclusive royalty-free right and license to use the names “Phillips Edison” and “PECO” during the term of this Agreement. The Company and
Advisor agree that the Sub-advisor and its Affiliates will have the right to approve of any use by the Company of the names “Phillips Edison” or “PECO,” such approval not to be unreasonably withheld or delayed. Accordingly, and
in recognition of this right, if at any time the Advisor ceases to retain the Sub-advisor or one of its Affiliates to perform advisory services for the Company, the Company will, promptly after receipt of written request from the Sub-advisor, cease
to conduct business under or use the names “Phillips Edison” and “PECO” or any derivative thereof and the Company shall change its name and the names of any of its subsidiaries to a name that does not contain any of the names
“Phillips Edison” and “PECO” or any other word or words that might, in the reasonable discretion of the Sub-advisor, be susceptible of indication of some form of relationship between the Company and the Sub-advisor or any its
Affiliates. At such time, the Company will also make any changes to any trademarks, servicemarks or other marks necessary to remove any references to any of the names “Phillips Edison” or “PECO.” Consistent with the foregoing, it
is specifically recognized that the Sub-advisor or one or more of its Affiliates has in the past and may in the future organize, sponsor or otherwise permit to exist other investment vehicles (including vehicles for investment in real estate) and
financial and service organizations having the names “Phillips Edison” or “PECO” as a part of their name, all without the need for any consent (and without the right to object thereto) by the Company. Neither the Sub-advisor nor
any of its Affiliates makes any representation or warranty, express or implied, with respect to the names “Phillips Edison” or “PECO” licensed hereunder or the use thereof (including without limitation as to whether the use of
the name “Phillips Edison” or “PECO” will be free from infringement of the intellectual property rights of third parties). Notwithstanding the preceding, the Sub-advisor represents and warrants that it is not aware of any pending
claims or litigation or of any claims threatened in writing regarding the use or ownership of the names “Phillips Edison” or “PECO.” 

Article 13 

Term And Termination Of The Agreement 
  

	13.1	Term. This Agreement shall have an initial term ending June 30, 2011 and may be renewed for an unlimited number of successive one-year terms upon mutual
consent of the parties. The Company (acting through the Conflicts Committee) will evaluate the performance of the Advisor annually before renewing this Agreement, and each such renewal shall be for a term of no more than one year. Any such renewal
must be approved by the Conflicts Committee. 

  

	13.2	 Termination by Either Party. This Agreement may be terminated upon 60 days’ written notice without cause or penalty by either the Company
(acting through the Conflicts Committee) or the Advisor. The provisions of Section 8.5, 8.6 and 14.2 and Articles 1, 12, 13, 15 and 16 (other than Section 16.11) shall

  

 27 

	 	 
survive termination of this Agreement. Notwithstanding anything else that may be to the contrary herein, the expiration or earlier termination of this Agreement shall not relieve a party for
liability for any breach occurring prior to such expiration or earlier termination. 

  

	13.3	Payments on Termination and Survival of Certain Rights and Obligations. 

 

	 	(A)	After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except the Advisor (and its assignees, including the
Sub-advisor) shall be entitled to receive from the Company (1) all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor or its assignees prior to termination of this Agreement, payable within 30 days after the
effective date of such termination, and (2) to the extent not already payable pursuant to the preceding clause or to the extent not already paid, the Subordinated Share of Cash Flows and/or the Subordinated Incentive Fee payable when and as
provided in Article 8; provided, that the amount of each Subordinated Share of Cash Flows and the amount of the Subordinated Incentive Fee shall be reduced by multiplying such amount by the Prorated Term Fraction. 

 

	 	(B)	The Advisor shall promptly upon termination: 

  

	 	(1)	pay over to the Company all money collected and held on behalf of the Company pursuant to this Agreement, if any, after deducting any accrued compensation and
reimbursement for its expenses to which it is then entitled; 

  

	 	(2)	deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period
following the date of the last accounting furnished to the Board; 

  

	 	(3)	deliver to the Board all assets and documents of the Company then in the custody of the Advisor; and 

 

	 	(4)	cooperate with the Company to provide an orderly transition of advisory functions. 

 

	 	(C)	 After the Termination Date, the Sub-advisor shall be entitled to receive from the Company (1) all unpaid reimbursements of expenses and all earned
but unpaid fees payable to the Sub-advisor prior to the termination of this Agreement, payable within 30 days after the effective date of such termination, and (2) to the extent not already payable pursuant to the preceding clause or to the
extent not already paid, the Sub-advisor’s share of the Subordinated Share of Cash Flows and/or the Subordinated Incentive Fee, as assignee thereof, payable when and as provided in Article 8; provided, that the amount of the
Sub-advisor’s share of each 

  

 28 

	 	 
Subordinated Share of Cash Flows and the amount of the Sub-advisor’s share of the Subordinated Incentive Fee shall be reduced by multiplying such amount by the Prorated Term Fraction.

  

	 	(D)	After the termination of the Sub-advisory Agreement, to the extent payments are not provided for by Section 13.3(C) (i.e., if the Sub-advisory
Agreement is terminated independently of the Advisory Agreement), the Sub-advisor shall be entitled to receive from the Company, within 30 days after the effective date of such termination, all unpaid reimbursements of expenses and all earned but
unpaid fees payable to the Sub-advisor prior to the termination of the Sub-advisory Agreement. 

  

	 	(E)	Promptly upon the termination of the Sub-advisory Agreement, the Sub-advisor shall promptly upon such termination: 

 

	 	(1)	pay over to the Company all money, if any, collected and held on behalf of the Company pursuant to the Sub-advisory Agreement after deducting any accrued compensation
and reimbursement for its expenses to which it is then entitled; 

  

	 	(2)	deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period
following the date of the last accounting furnished to the Board; 

  

	 	(3)	deliver to the Board all assets and documents of the Company then in the custody of the Sub-advisor; and 

 

	 	(4)	cooperate with the Company to provide an orderly transition of advisory or sub-advisory functions. 

Article 14 

Assignment 
  

	14.1	Assignment of Agreement. This Agreement may be assigned by the Advisor to an Affiliate with the consent of the Conflicts Committee. This Agreement shall not be
assigned by the Company without the consent of the Advisor, except in the case of an assignment by the Company to a corporation or other organization that is a successor to all of the assets, rights and obligations of the Company, in which case such
successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company is bound by this Agreement. 

  

	14.2	 Assignment of Payments. The Advisor may assign any rights to receive fees or other payments under this Agreement without obtaining the approval
of the Board 

  

 29 

	 	 
or Conflicts Committee, and the Company shall honor and pay directly the assignee of such assignment. 

Article 15 

Indemnification And Limitation Of Liability 
  

	15.1	Indemnification. Except as prohibited by the restrictions provided in this Section 15.1, Section 15.2 and Section 15.3, the
Company shall indemnify, defend and hold harmless the Advisor, the Sub-advisor and their Affiliates, as well as their respective officers, directors, equity holders, members, partners and employees, from all liability, claims, damages or losses
arising in the performance of their duties hereunder or under any sub-advisory agreement, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully
reimbursed by insurance. Any indemnification of the Advisor or Sub-advisor may be made only out of the net assets of the Company and not from Stockholders. 

Notwithstanding the foregoing, the Company shall not indemnify the Advisor or Sub-advisor or their Affiliates, as well as their respective
officers, directors, equity holders, members, partners and employees, for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are
met: (i) there has been a successful adjudication on the merits of each count involving alleged material securities law violations as to the particular indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a
court of competent jurisdiction as to the particular indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and the related
costs should be made, and the court considering the request for indemnification has been advised of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which securities
of the Company were offered or sold as to indemnification for violations of securities laws. 
  

	15.2	Limitation on Indemnification. Notwithstanding the foregoing, the Company shall not provide for indemnification of the Advisor, the Sub-advisor or their
Affiliates or of their respective officers, directors, equity holders, members, partners and employees, for any liability or loss suffered by any of them, nor shall any of them be held harmless for any loss or liability suffered by the Company,
unless all of the following conditions are met: 

  

	 	(A)	The Advisor, the Sub-advisor or one of their Affiliates (as applicable) has determined, in good faith, that the course of conduct that caused the loss or liability was
in the best interests of the Company. 

  

 30 

	 	(B)	The Advisor, the Sub-advisor or one of Affiliates (as applicable) was acting on behalf of or performing services for the Company. 

 

	 	(C)	Such liability or loss was not the result of negligence or misconduct by the Advisor, the Sub-advisor or one of their Affiliates (as applicable).

  

	15.3	Limitation on Payment of Expenses. The Company shall pay or reimburse reasonable legal expenses and other costs incurred by any of the Advisor, the Sub-advisor
or their Affiliates, or by any of their respective officers, directors, equity holders, members, partners and employees, in advance of the final disposition of a proceeding only if (in addition to any applicable procedures required by the Maryland
General Corporation Law, as amended from time to time) all of the following are satisfied: (a) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company; (b) the legal
proceeding was initiated by a third party who is not a stockholder or, if by a stockholder acting in his or her capacity as such, a court of competent jurisdiction approves such advancement; and (c) such Person undertakes to repay the amount
paid or reimbursed by the Company, together with the applicable legal rate of interest thereon, if it is ultimately determined that such Person is not entitled to indemnification. 

Article 16 

Miscellaneous 
  

	16.1	Notices. Any notice, request, demand, approval, consent, waiver or other communication required or permitted to be given hereunder or to be served upon any of
the parties hereto (each a “Notice”) shall be in writing and shall be (a) delivered in person, (b) sent by facsimile transmission (with the original thereof also contemporaneously given by another method specified in this
Section 16.1), (c) sent by a nationally-recognized overnight courier service, or (d) sent by certified or registered mail (postage prepaid, return receipt requested), to the address of such party set forth herein.

 To the Company or the Board: 

Phillips Edison – ARC Shopping Center REIT Inc. 

11501 Northlake Drive 

Cincinnati, OH 45249 

with a copy to (which shall not constitute Notice): 

DLA Piper LLP (US) 

4141 Parklake Drive , Suite 300 

Raleigh, North Carolina 27612 

Attention: Robert Bergdolt 

Telephone: (919) 786-2002 
  

 31 

 Facsimile: (919) 786-2202 

To the Advisor: 

American Realty Capital II Advisors, LLC 

405 Park Avenue 

New York, New York 10022 

Attention: Nicholas S. Schorsch 

Jesse Galloway 

with a copy to (which shall not constitute Notice): 

Proskauer Rose LLP 

1585 Broadway 

New York, New York 10036 

Attention: Peter M. Fass, Esq. 

James P. Gerkis, Esq. 

Telephone: (212) 969-3000 

Facsimile: (212) 969-2900 

To the Sub-advisor: 

Phillips Edison NTR LLC 

11501 Northlake Drive 

Cincinnati, OH 45249 

with a copy to (which shall not constitute Notice): 

DLA Piper LLP (US) 

4141 Parklake Drive, Suite 300 

Raleigh, North Carolina 27612 

Attention: Robert Bergdolt 

Telephone: (919) 786-2002 

Facsimile: (919) 786-2202 

Any party may at any time give Notice in writing to the other party of a change in its address for the purposes of this
Section 16.1. Each Notice shall be deemed given and effective upon receipt (or refusal or receipt). 
  

	16.2	Modification. This Agreement shall not be amended, supplemented, changed, modified, terminated or discharged, in whole or in part, except by an instrument in
writing signed by the Company and the Advisor, or their respective successors or permitted assigns; provided, however, that no modification that impacts the rights or obligations of the Sub-advisor may be made without the
Sub-advisor’s consent and signature. 

  

 32 

	16.3	Severability. The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or
unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

  

	16.4	Construction. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of New York as at the time in effect,
without regard to the principles of conflicts of laws thereof. 

  

	16.5	Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and
supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede
any course of performance and/or usage of the trade inconsistent with any of the terms hereof. In all events, nothing contained herein shall be read, construed, interpreted or applied in any manner that prevents or hinders the Company from
qualifying as a real estate investment trust under Section 856(c) of the Code. 

  

	16.6	Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or
privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have
granted such waiver. 

  

	16.7	Gender. Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural,
and any other gender, masculine, feminine or neuter, as the context requires. 

  

	16.8	Titles Not to Affect Interpretation. The titles of Articles and Sections contained in this Agreement are for convenience only, and they neither form a part of
this Agreement nor are they to be used in the construction or interpretation hereof. 

  

	16.9	Third Party Beneficiary. The Sub-advisor is intended to be a third party beneficiary of the Company’s payment and indemnification obligations hereunder.
Except as set forth in the immediately preceding sentence and except for those Persons entitled to indemnification under Article 15 who shall be third party beneficiaries of this Agreement, no other Person is a third party beneficiary of this
Agreement. 

  

 33 

	16.10	Counterparts. This Agreement may be executed with counterpart signature pages or in any number of counterparts, each of which shall be deemed to be an original
as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterpart signature pages or counterparts hereof, individually or
taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 

  

	16.11	Restricted Stock. Each of the Company, the Advisor and the Sub-advisor agrees that no restricted stock awards or grants shall be made by the Company to any
Persons other than to (a) both the Advisor and the Sub-advisor, or (b) the members of the Conflicts Committee. To the extent that the Company makes restricted stock awards or grants to the Advisor and the Sub-advisor, the Company shall
issue (and the Advisor and the Sub-advisor shall use reasonable efforts to cause the Company to issue) 15% of such restricted stock awards or grants to the Advisor and 85% of such restricted stock awards or grants to the Sub-advisor. In turn, each
of the Advisor and the Sub-advisor may allocate, in its sole discretion and as it may determine, all or any part of such restricted stock award or grant so issued to it to its or its Affiliates’ directors, officers, equityholders, partners,
employees, members or to its respective Affiliates on such terms and conditions as may be determined by it. Notwithstanding Section 13.2, the provision of this Section 16.11 shall terminate upon termination of this Agreement
in accordance with its terms. 

 [The remainder of this page is intentionally left blank. 

Signature page follows.] 
  

 34 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year
first above written. 
  

									
		 		 	Phillips Edison – ARC Shopping Center REIT Inc.
				
		 		 	By:	 	/s/    JOHN B. BESSEY
		 		 		 		 	John B. Bessey, President
			
		 		 	American Realty Capital II Advisors, LLC
				
		 		 	By:	 	/s/    William Kahane 
		 		 		 		 	William Kahane, President
			
	 With respect to Sections 8.9, 12.2

and 13.3, Articles 9, 14, 15 and 16:
	 		 	 Phillips Edison NTR LLC (formerly known as

Phillips Edison & Company SubAdvisor LLC)

				
		 		 	By:	 	/s/    JOHN B. BESSEY
		 		 		 		 	John B. Bessey, President

  

 
  

[Signature Page to Fourth Amended and Restated Advisory Agreement between Phillips Edison – ARC Shopping Center REIT Inc. and
American Realty Capital II Advisors, LLC]

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