Document:

After Payout Overriding Royalty Plan

 Exhibit 10.16 
 EXHIBIT “B” 
 TO EMPLOYMENT AGREEMENT

 AFTER PAYOUT OVERRIDING ROYALTY PLAN 

OF RAAM GLOBAL ENERGY COMPANY 
 AND CENTURY EXPLORATION NEW ORLEANS, INC. 
 SECTION I: PURPOSE 

The purpose of the APORRI Plan is to promote the success of RAAM by providing certain key employees of RAAM and its subsidiaries, (as
determined in the sole discretion of the Committee), an APORRI in successful wells. 
 SECTION II: DEFINITIONS 

“Affiliates” shall mean for any entity, any other entity that directly or indirectly controls, is under common control
with, or is controlled by such entity. As used in this definition, “control” (including, with its correlative meanings, “controlled by” and “under common control with”) shall mean possession, directly or indirectly, of
power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise), provided that, in any event (i) any entity that owns directly or
indirectly fifty percent (50%) or more of the securities having ordinary voting power for the election of directors or other governing body of a corporation or fifty percent (50%) or more of the partnership or other ownership interests of
any other entity (other than as a limited partner of such other entity) shall be deemed to control such entity, and (ii) any subsidiary of RAAM shall be deemed to be an Affiliate of RAAM. 

“APORRI” shall mean an after payout overriding royalty interest. 

“APORRI Plan” shall mean the entire after payout royalty plan as set forth herein. 

“APORRI Units” shall mean the number of units assigned to each Participant in his/her Employment Agreement. 

“Calculated APORRI” shall mean for each Well the calculation of each Participant’s Employee APORRI Percentage at
the date the well is spud. The Calculated APORRI for each Well shall be attached to the APORRI Plan as Exhibit “A”, and for each new Well after the effective date of the APORRI Plan, a Calculated APORRI shall be prepared and attached to
the APORRI Plan as an Amendment to Exhibit “A”. 
 “Committee” shall mean the members of an employee
incentive committee, which shall be appointed by the President of RAAM. 

 “Combined Working Interest” shall mean the total working interest owned by
the Company and RAAM Exploration Company, LLC and RAAM Partners LLC or other such company or organization that receives any participation right from the RAAM Exploration LLC contractual agreement. 

“Company” shall mean RAAM, Century Exploration New Orleans, Inc., and/or Century Exploration Houston, Inc. and its
Affiliates. 
 “Effective Date” shall mean December 1, 2004. 

“Employee APORRI” shall mean, with respect to a Well, the amount of overriding royalty interest that has been assigned
to a Participant, based on the calculation of the APORRI. 
 “Employee APORRI Percentage” shall mean the
overriding royalty percentage calculated for each Participant on a Well-by-Well basis, based on the percentage of APORRI Units granted to the Participant in his/her Employment Agreement, to the total of all APORRI Units granted by the Committee for
any Well. 
 “Lease” shall mean an oil and gas lease. 

“Liquidating Event” shall mean the sale of substantially all of the assets of the Company or a change of control as
defined in Section VII. 5. of this Agreement 
 “Participant” or “Participants” shall mean a person
or persons granted or eligible to receive an Employee APORRI. 
 “Payout” shall mean, with respect to a Well,
that point in time when the Company has received net revenues from the production of hydrocarbons from any Well (after deduction of production taxes, excise taxes, lessor’s royalty and any existing third party burdens created prior to the time
that the Company acquired its interest in such Well) equal to: (i) the Company’s entire monetary investment in the Well (including drilling, testing, completion, repair, recompletion, construction, equipping and operating costs) as
determined in accordance with the accounting procedure attached to the applicable operating agreement or if no operating agreement is applicable, the COPAS accounting procedures and (ii) with respect to the first Well drilled on any Prospect,
the Company’s share of the leasehold acquisition costs for the Prospect. 
 “Plan APORRI” shall mean, with
respect to a Well, the amount of overriding royalty interest to be subject to the APORRI Plan as provided for in Section V hereof. 
 “Prospect” shall mean those specific areas with commercial hydrocarbon potential that are delineated by seismic and/or subsurface data from time to time on which the Company has acquired
one or more Leases. 
 “RAAM” shall mean RAAM Global Energy Company, a Delaware corporation. 

  
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 “Subsidiary” means any corporation, domestic or foreign, of which RAAM
has, directly or indirectly, 50% or more of the total combined voting power of all classes of stock or other equity interests and that otherwise qualifies as a “subsidiary corporation” within the meaning of Section 424(f) of the
Internal Revenue Code of 1986, as amended, or any successor thereto. 
 “Term” shall mean December 1, 2004
to December 31, 2008, unless extended by the Board of Directors on a year-by-year basis. The APORRI Plan shall not be terminated prior to December 31, 2008. 
 “Year” shall mean a calendar year. 
 “Well” or
“Wells” shall mean any well or wells for which drilling operations were commenced after December 1, 2004, except for development wells that are drilled for the purpose of producing proved reserves established prior to
December 1, 2004 (“Pre-Plan Reserve Wells”). Pre-Plan Reserve Wells shall not be included in the APORRI Plan. Wells that are drilled after the Effective Date on Company properties producing prior to the Effective Date and contain
reserves which were not classified on the Effective data as proved producing or proved undeveloped, shall be included in the APORRI Plan. 

SECTION III: PARTICIPATION 
  

	1.	Participants under the APORRI Plan and the APORRI Units for each Participant shall be designated by the Committee. 

 

	2.	Members of the Board of Directors shall not participate in this APORRI Plan unless a member of the Board of Directors is a full-time employee of the Company.

  

	3.	The Participants in the Plan APORRI for each Well shall be determined on a Well-by-Well basis as follows: 

 

	 	a.	 For each Well drilled prior to the execution of this Agreement, but after the Effective Date, and for all subsequent Wells included in the APORRI Plan,
a Calculated APORRI shall be prepared and shall be attached as Exhibit “A” of this Agreement. As new Wells are drilled from time to time, a separate Calculated APORRI shall be prepared for each Well, and added to the APORRI Plan as an
amendment to the Exhibit. The Participants in each Well shall be only those Participants at the date on which the Well is spud, and the APORRI Units for each Participant shall be those APORRI Units granted to each Participant in his/her Employment
Agreement. On the 1st day of the month following Payout of
any specific Well included in the APORRI Plan, an assignment shall be made to each Participant in accordance with the Calculated APORRI attached hereto. 

 

	 	b.	 Notwithstanding anything in Section III 3. (a) to the contrary, should any APORRI Participant die or become disabled while being an active APORRI
Participant, as defined in any such APORRI Participant’s Employment Agreement, any such Participant (or his/her heirs or devisees) shall remain a 

  
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Participant in all wells that have been spud and for which the APORRI Participant has been included on the Calculated APORRI prior to the date of death or disability. The Participant will not be
included in any Wells that have been spud after the date of death or disability. 

  

	 	c.	Should a Participant resign or be terminated by the Company for cause as defined in such Participant’s Employment agreement, the Participant shall:

  

	 	i.	Retain any Employee APORRI already assigned or any APORRI for which an assignment is due hereunder, and 

 

	 	ii.	Shall forfeit his/her participation on any Well that has not reached Payout even though the Participant was included in the Calculated APORRI. The Calculated APORRI for
all Wells that have been spud, but having not reached Payout, shall be recalculated using the reduced number of Participants; thereby, increasing the percentage of Calculated APORRI to be assigned to the remaining Participants.

  

	 	d.	At the end of the Term or, if extended, at the end of the extended Term of the APORRI Plan, a final Calculated APORRI shall be prepared including all Participants as of
the date of termination of the APORRI Plan. Based on the calculated percentage, each Participant shall receive an assignment of an APORRI in each Lease or Lease unit for which a Well has been spud during the term of this Agreement even though the
Wells have not reached Payout. 

  

	 	e.	Upon any sale of a Lease with a drillable Prospect, but on which a Well has not been drilled, the Company shall assign to the Participants at the time of the sale the
Employee APORRI, as follows: 

  

	 	i.	If the Company recovers all of its costs associated with the Lease and other Prospect development costs, including Lease and Lease bonus costs and allocated project
level geological and geophysical costs and seismic costs, then the Company shall assign to then current Participants in the APORRI Plan one half of any overriding royalty interest retained by the Company, such that the overriding royalty interest
assigned to the APORRI Plan does not exceed three percent (3%). 

  

	 	f.	In the event the Company enters into a farmout of a Lease with a drillable Prospect, the Calculated APORRI will be calculated only on the combined working interest
retained by the Company, and to the extent the farmee will accept the additional burden of the Plan APORRI. If the farmee will only accept a reduced royalty, then the reduced royalty will become the Plan APORRI for that portion of the Well acquired
by farmee. 

  
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	 	g.	Upon the occurrence of a Liquidating Event, each Participant at the date of such Liquidating Event shall receive an assignment for each Lease in which a Well has been
spud in accordance with the Calculated APORRI, even though the Well has not reached Payout. 

  

	4.	From time to time and in the sole discretion of the Committee, additional employees may be hired and may become Participants in the APORRI Plan. Such additional
employees shall be Participants as to Wells that have been spudded after he/she becomes a Participant, with the exception of Wells that are drilled for the purpose of producing proved reserves from Company properties established prior to the
additional employee becoming a Participant in the same manner as Pre-Plan Reserve Wells which are not included in the APORRI Plan for the initial Participants. 

 SECTION IV: ADMINISTRATION OF THE APORRI PLAN 
  

	1.	The Committee shall administer the APORRI Plan. 

  

	2.	All costs of implementing and administering the APORRI Plan shall be borne by the Company. 

 

	3.	The Company shall provide each Participant in a Well with a quarterly Payout statement for that Well during its Payout period (which shall show the detailed and
itemized computation of Payout). After Payout of each Well and upon the assignment of the Employee APORRI to the Participant, on a monthly basis the Company shall remit payment to each Participant in respect of its APORRI, such remittance to be
accompanied by an itemized computation of the APORRI, in the same manner and time as the Company provides such information to other royalty holders. 

 SECTION V: AMOUNT OF OVERRIDING ROYALTY INTEREST TO BE SUBJECT TO THE APORRI PLAN 
  

	1.	On Wells drilled on any Prospect developed by Century Exploration New Orleans, Inc., the APORRI shall be 3% of 8/8ths on each Lease with a net revenue interest,
attributable to the 100% leasehold interest, equal to or greater than 75%, proportionately reduced in the event the Combined Working Interest owns less than 100% of the Leases comprising that Prospect. For each such Lease with a net revenue
interest, attributable to the 100% leasehold interest, less than 75%, the APORRI shall be 2% of 8/8ths, proportionately reduced in the event the Combined Working Interest owns less than 100% of the Leases comprising that Prospect.

  

	2.	Notwithstanding anything in Section V.1. to the contrary, on any Well in which TechXplore has an overriding royalty interest by virtue of its Participation and
Exploration Agreement with the Company, the APORRI shall be one half (50%) of the interest described above in Section V.1. 

  
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 SECTION VI: ASSIGNMENT OF THE PLAN APORRI AND EMPLOYEE APORRI 

 

	1.	As soon as practical after the Payout of a Well on a Lease subject to the APORRI Plan, the Calculated APORRI in each such Lease shall be assigned to the Participant.

  

	2.	The assignments to each Participant shall be in the form attached hereto as Exhibits “B”. 

 

	3.	Should the sum of all Participants’ Employee APORRI Percentages be less than 100% of the APORRI in any Well, the percentage amount not allocated to a Participant
shall be proportionately distributed among the Participants having an Employee APORRI in such Well. 

 SECTION VII: PAYMENT AND
VESTING OF EMPLOYEE APORRI 
  

	1.	At the end of the Term, including any extensions thereof, the Participants in the APORRI Plan shall receive an assignment of his/her Calculated APORRI in all Leases
acquired on Prospects subject to the APORRI Plan in which a Well has been drilled. 

  

	2.	If at any time any Participant is paid more than the amount actually due under this APORRI Plan, the Company shall reduce the amount or amounts otherwise payable to
Participants under the APORRI Plan in subsequent periods by the amount of overpayment. 

  

	3.	Any Participant resigning or terminated for Cause shall be entitled to retain his/her Employee APORRI, for which an assignment is due hereunder, prior to the effective
date of his/her resignation or termination; however, should any Participant resign or be terminated for Cause, prior to a Well reaching Payout, such Participant’s Calculated APORRI in any such Well shall be proportionately redistributed on a
Well-by-Well basis among the remaining Participants in each Well, and a new Calculated APORRI shall be prepared for each Well. 

  

	5.	Any unassigned portions of the Participant’s Calculated APORRI in a Well shall immediately be assigned to the Participants in the event of a Liquidity Event or a
change of control or a bankruptcy event. A change of control shall be considered as occurring when any entity who is not, on the date of this APORRI Plan an Affiliate of RAAM, shall become the “beneficial owner” (as such term is defined in
Rule 13d-3 under the Exchange Act) of securities of RAAM representing more than 50% of the votes that may be cast for the election of directors of RAAM; of as the result of, or in connection with,, any cash or other tender offer, or exchange offer,
merger, consolidation or other business combination, sale of assets, liquidation or dissolution, or any combination of any one or more of the foregoing transactions, the persons who were directors of RAAM immediately prior to the consummation of any
such transaction or combination of transactions shall cease to constitute a majority of the directors of, or any successor thereto. 

  
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	6.	A Bankruptcy Event shall be considered as occurring if the Company (i) becomes or is adjudicated bankrupt or insolvent, (ii) files a voluntary petition
seeking reorganization or an arrangement with creditors, or to take advantage of or seek any other relief under any debtor relief laws, (iii) an order, judgment, or decree is entered by any court of competent jurisdiction approving a petition
seeking reorganization of the Company or appointing a conservator, receiver, trustee, or liquidator of the Company, or any all or any substantial part of its assets, and the order, judgment, or decree is not permanently stayed or reversed within
sixty (60) days after its entry, or (iv) a petition is filed against the Company seeking reorganization, an arrangement with creditors, or any other relief under any debtor relief laws, and the petition is not discharged within ninety
(90) days after its filing. 

 In the event that the Company sells or transfers 100% of its working interest
in any Well, any unassigned Calculated APORRI in any such Well shall immediately vest and be assigned to the Participants. 
 SECTION VIII:
MISCELLANEOUS 
  

	1.	Subject to the provisions of any employment agreement entered into by the Participant with the Company, participation in the APORRI Plan shall not constitute an
agreement of the Participant to remain in the employ of and to render his/her services to the Company, or of the Company to continue to employ such Participant. Participation in the APORRI Plan does not create an agreement of employment between the
Company and the Participant or alter the terms of any existing agreement of employment between the Company and the Participant, if any. 

  

	2.	In the event any provision of the APORRI Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the
APORRI Plan, and the APORRI Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 

  

	3.	The Company shall deduct all severance taxes from all payments under the APORRI Plan but shall not withhold any federal, state or local income taxes unless the Company
is required by law or regulation to do so. 

  

	4.	All obligations of the Company under the APORRI Plan shall be binding upon and inure to the benefit of any successor to the Company, whether the existence of such
successor is the result of a purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company. 

  

	5.	The APORRI Plan shall be governed by and construed in accordance with the laws of the state of Kentucky. 

  
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 EXHIBIT “B” 

TO AFTER PAYOUT OVERRIDING ROYALTY PLAN 
 CONVEYANCE OF OVERRIDING ROYALTY INTEREST 
  

			
	STATE OF	 	  

			
		
	PARISH OF	 	  

 This Conveyance of Overriding Royalty Interest (this “Assignment”) dated as of
                     (the “Effective Date”) is executed and delivered by
                    , with an office at
                                        
(“Assignor”) to
                                        ,
with a mailing address of
                                        
(“Assignee”). 
 Effective as of the Effective Date, Assignor hereby GRANTS, SELLS, CONVEYS, ASSIGNS, TRANSFERS and
DELIVERS unto Assignee, its successors and assigns, an overriding royalty interest (the “Overriding Royalty”) in and to each of the oil and gas leases described on Exhibit “A” attached hereto and made a part hereof (the
“Leases”) and in all crude oil, condensate, natural gas and all other hydrocarbons and minerals, whether similar or dissimilar, in, under and that may be produced and saved therefrom (the “Production”), equal to the Applicable
Percentage (of 8/8ths) of the Production set forth in Exhibit “A” attached hereto attributable to the Leases from and after the Effective Date INSOFAR AND ONLY INSOFAR AS TO the Production from the
                     well (API #
                    ) (the “Well”). The Overriding Royalty herein conveyed on a lease by lease basis as to Production from the Well
is as shown on Exhibit “A” attached hereto. The Overriding Royalty with respect to a Lease shall be calculated and paid by Assignor in the same manner and subject to the same terms and conditions as the landowner’s royalty under such
Lease. Assignee shall be responsible for and chargeable for its proportionate share of all applicable taxes imposed on the Overriding Royalty. 
 TO HAVE AND TO HOLD said Overriding Royalty unto Assignee, together with all rights, title, interests, estates, remedies, powers and privileges thereunto appertaining unto Assignee and its successors and
assigns forever; without warranty of title, either express or implied, except for acts by, through or under Assignor, but not otherwise, but with full rights of substitution and subrogation in any warranty rights that Assignor may have; 

This Assignment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 IN WITNESS WHEREOF, the parties hereto have caused this Assignment to be duly executed on this, the
     day of                     , 200    , but effective as of the Effective Date.

	 	•	 	 the Effective Date referenced above shall be the date that Payout is reached for the Well under the terms of the APORRI Plan

  

	 	•	 	 this form assignment may be modified as required to conform with the terms of the APORRI Plan 

 

									
	WITNESSES:	 		  		 	
		 		 		  	ASSIGNOR:
				
	  
	 		  		 	
	Print Name:	 	  
	 		  		 	
		 		 		  		 	
					
		 		 		  	By:	 	  

				
	  
	 		  		 	
	Print Name:	 	  
	 		  		 	
		 		 		  	Title:	 	  

				
		 		 		  	ASSIGNEE:
				
	  
	 		  		 	
	Print Name:	 	  
	 		  		 	
				
		 		 		  	  

				
	  
	 		  		 	
	Print Name:	 	  
	 		  		 	

			
	STATE OF	 	  

			
		
	PARISH/COUNTY OF	 	  

 This instrument was acknowledged before me on the      day of
                    , 200    , by
                            ,
                             of
                            , a
                             company, known to me to be the person whose name is subscribed to the
foregoing document and acknowledged to me that he executed same for the purposes and consideration therein expressed by and on behalf of said company. 
 Given under my hand and seal of office this      day of
                    , 200    . 

 

			
	  

	Notary Public, State of	 	  

 

			
	STATE OF	 	  

			
		
	PARISH/COUNTY OF	 	  

 On this      day of                     ,
200    , before me personally appeared,                              to me
known to be the person described in and who executed the foregoing instrument, and acknowledged that she/he executed the same as her/his free act and deed. 

 

	
	  

	Notary PublicForm of Escrow Agreement

 Exhibit 10.1 
 ESCROW AGREEMENT 
 THIS AGREEMENT (the “Agreement”) is dated as
of [•], 2011 and is made by and between Macquarie Equipment Leasing Fund Two, LLC, a Delaware limited liability company (the “Fund”), Macquarie Asset Management Inc., a Delaware corporation (the “Manager”), Macquarie Capital
(USA) Inc., a Delaware corporation (“MCUSA”), and Wells Fargo Bank, National Association, as escrow agent, or its designated successor (the “Escrow Agent”). 

WHEREAS, the Fund will offer and sell up to 20,000,000 shares (the “Shares”) of its limited liability company interests to
investors meeting certain suitability standards at $10.00 per Share, subject to certain reductions as described in the prospectus relating to this offering; 
 WHEREAS, each person who subscribes to purchase Shares (a “Subscriber”) will be required to enter into a subscription agreement (the “Subscription Agreement,” a copy of which is
attached hereto as Schedule I), and to pay the subscription funds at the time of the subscription by check or wire (the “Subscription Funds”); 
 WHEREAS, under the terms of the Dealer Manager Agreement by and between the Fund, the Manager and MCUSA dated [•], the Subscription Funds are required to be held in an escrow account (the
“Escrow Account”) until the receipt and acceptance of subscriptions for not less than $1,200,000 in Subscription Funds (the “Minimum Offering”); 
 WHEREAS, upon receipt and acceptance by the Manager of subscriptions for the Minimum Offering, the Subscription Funds may be distributed to the Fund, subject to the terms of this Agreement; and

 WHEREAS, the Escrow Agent is willing to serve as escrow agent under the terms set forth in this Agreement. 

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which is
acknowledged by the parties, the parties covenant and agree as follows: 
 1. Appointment of Escrow Agent. The Manager, MCUSA, and the
Fund appoint the Escrow Agent as the escrow agent to receive and to hold the Subscription Funds. The Escrow Agent agrees to serve in this capacity during the term and subject to the provisions of this Agreement. 

2. Compensation of Escrow Agent. The Manager shall compensate the Escrow Agent for its services under this Agreement as set forth in Schedule II.
No party other than the Manager shall be responsible for payment under this section. The Escrow Agent shall have no right to claim or encumber deposited Subscription Funds for payment of fees. 

 3. Deposit with Escrow Agent. 

(a) On or before the commencement of the offering, the Manager shall establish an escrow account with the Escrow Agent
(the “Escrow Account”). Until such time that the Manager receives and accepts subscriptions for the Minimum Offering, MCUSA, the Manager, and the Fund shall deposit the Subscription Funds with the Escrow Agent, which shall be accompanied
by a schedule listing (a) the name, address, tax identification number and such other information as the Escrow Agent may require and (b) the amount of Subscription Funds being deposited with the Escrow Agent for each Subscriber (the
“Schedule of Subscribers”). Payment for each subscription for Sharesshall be made to “Wells Fargo Bank as Escrow Agent for Macquarie Equipment Leasing Fund Two, LLC.” 

(b) The Escrow Agent shall have no duty to make any disbursement, investment or other use of Subscription Funds until and
unless it has good and collected funds. In the event that any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Fund 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 Manager. 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 a Subscriber 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. 
 4. Method of Deposits. Deposits made to the Escrow Agent shall be by check or
wire transfer payable or pursuant to instructions that the Escrow Agent may deliver to the Manager in writing from time to time. Upon receipt of such Subscription Funds, the Escrow Agent shall deposit all Subscription Funds in the Escrow Account.
Upon the request of the Manager, the Escrow Agent shall deliver confirmation and verification of receipt and deposit of such Subscription Funds by written statement or by e-mail, as soon as practicable after receipt. 

5. Investment of Subscription Funds. The Escrow Agent shall deposit all good and collected Subscription Funds in (i) obligations issued or
guaranteed by the United States Government or any agency thereof, (ii) bank savings accounts, (iii) short-term certificates of deposit issued by a bank, or (iv) bank money-market accounts (but not including mutual funds), as shall be
instructed in writing by the Manager or, in the absence of such written instruction, the funds shall be invested in the Wells Fargo Money Market Deposit Account, which is further described herein on Schedule III, and which complies with
(ii) above. The Manager acknowledges that it has read and understands Schedule III. Interest or other income earned and paid on the invested Subscription Funds shall be added to the Escrow Account and reinvested. Such amounts of interest and
other income are referred to in this Agreement as “Interest Proceeds.” The Escrow Agent shall be entitled to sell or redeem any such investments as the Escrow Agent deems necessary to make any payments or distributions required under this
Agreement. The parties acknowledge that the Escrow Agent is not providing investment supervision, recommendations, or advice. 
 6. Periodic
Statements. The Escrow Agent shall deliver monthly statements to the Manager, which may be provided by written statement or electronically. The Escrow Agent shall also deliver more frequent reports upon the request of the Manager. Such reports
shall detail transactions of the Escrow Account. 

 7. No Claims or Encumbrances. Subscription Funds deposited into the Escrow Account shall not be
claimed or encumbered by the Manager, MCUSA, the Fund, the Escrow Agent, any selling agents, or any affiliates or creditors of any of the preceding until after such time as the Subscription Funds are distributed pursuant to Section 8.1.

 8. Distribution of Subscription Funds. 
 8.1. Upon Acceptance of Subscriptions for Minimum Offering. The Escrow Agent shall promptly distribute the deposited Subscription Funds, plus any Interest Proceeds as calculated pursuant to
Section 9, to the Manager after receipt by the Escrow Agent of notice from the Manager and MCUSA certifying that subscriptions for the Minimum Offering have been received and accepted by the Manager and the Escrow Agent’s determination
that all funds on deposit constituting the Minimum Offering are good and collected funds. Such notice shall state the date on which the initial closing and release of the deposited Subscription Funds and all related Interest Proceeds shall occur
(the “Initial Closing Date”). 
 8.2. Upon Termination of Offering. If subscriptions for the Minimum Offering
have not been received and accepted by the date that is one year after the date of the final prospectus relating to this offering (of which date the Manager shall advise the Escrow Agent in writing), or if the offering is terminated by the Manager
on any date prior to such date, the Manager shall notify the Escrow Agent of such event, and the Escrow Agent shall promptly distribute to each Subscriber a refund check made payable to such Subscriber in an amount equal to the deposited
Subscription Funds received from such Subscriber plus their pro rata portion of the Interest Proceeds calculated pursuant to Section 9. The Escrow Agent must have on file a completed IRS form W-9 for each subscriber prior to the release of any
Interest Proceeds. 
 8.3. Upon Rejection of a Subscription. If a subscription for Shares is rejected by the Manager
after the Subscription Funds relating to the subscription have been deposited in the Escrow Account, the Manager shall notify the Escrow Agent of the rejection, and the Escrow Agent shall promptly distribute to the Subscriber a refund check made
payable to such Subscriber in an amount equal to the deposited Subscription Funds received from such Subscriber plus any Interest Proceeds calculated pursuant to Section 9. The Escrow Agent must have on file a completed IRS form W-9 for each
subscriber receiving a refund check prior to the release of any Interest Proceeds. 
 8.4. Upon Being Held for One Year.
In no event shall Subscription Funds be held in the Escrow Account for more than one year after the date of the final prospectus before either being (i) released to the Fund pursuant to Section 8.1 or (ii) returned to the applicable
Subscriber pursuant to Section 8.2 or Section 8.3. 

 9. Calculation of and Payment of Interest. 

9.1. If the Subscription Funds and any Interest Proceeds become distributable to the Subscribers pursuant to Section 8.2 or
Section 8.3, the Manager shall compute the pro rata share of interest paid or earned of the applicable Subscription Funds and shall inform the Escrow Agent of these amounts. The Escrow Agent shall be entitled to entirely rely on the
Manager’s computation of such amounts, with no duty to calculate or confirm such amounts. 
 9.2. Notwithstanding anything
in this Agreement to the contrary, Interest Proceeds shall not be payable to a Subscriber pursuant to Section 8.2 or Section 8.3 for such Interest Proceeds earned on Subscription Funds that have been deposited in the Escrow Account for
less than 21 days. Any such Interest Proceeds shall be kept by the Manager in the case of distributions to the Manager pursuant to Section 8.1 or distributed pro rata to other Subscribers in the case of distributions to Subscribers pursuant to
Section 8.2 or Section 8.3. 
 10. Subscriptions of Pennsylvania Residents. 

10.1 Subscription Funds from subscribers who are residents of the State of Pennsylvania (“Pennsylvania Subscribers”) shall be
held in escrow pursuant to this Agreement except as provided in Section 10.2. Subscription Funds from Pennsylvania Subscribers shall be released in accordance with Section 8.1 only when the aggregate of all Subscription Funds received and
accepted by the Manager, including those from Pennsylvania Subscribers, total $10,000,000 or more. 
 10.2 If the total
Subscription Funds, including Subscription Funds received from Pennsylvania Subscribers, of at least $10,000,000 have not been received at the end of 120 days following the date hereof (the “First Escrow Period”), the Fund must notify the
Pennsylvania Subscribers in writing by certified mail or any other means whereby a receipt of delivery is obtained within 10 calendar days after the end of the First Escrow Period that they have a right to have their Subscription Funds returned to
them, together with any interest earned thereon and without deduction for any fees. If a Pennsylvania Subscriber requests the return of the Pennsylvania Subscriber’s Subscription Funds within 10 calendar days after receipt of notification, the
Manager must promptly notify the Escrow Agent in writing to return that Pennsylvania Subscriber’s Subscription Funds within 15 calendar days after the Manager’s written request to the Escrow. If the Pennsylvania Subscriber does not request
the return of the Pennsylvania Subscriber’s Subscription Funds in a timely manner, then the Pennsylvania Subscriber’s Subscription Funds shall continue to be held in the escrow account for an additional 120 day period following the end of
the First Escrow Period (the “Second Escrow Period”) under the terms and conditions of this Agreement, and this Section 10 shall again apply to the Pennsylvania Subscriber’s Subscription Funds. 

11. Duties of Escrow Agent/Indemnification. 
 11.1 In the absence of direction by the Manager, all proceeds of the Escrow Account shall be retained in the Escrow Account and reinvested from time to time by the Escrow Agent as provided in
Section 5. In the event that any Interest Proceeds remain undistributed at the end of any calendar year, the Escrow Agent shall report to the Internal Revenue Service or such other authority such earnings as have been earned by the Fund.

 11.2 The Escrow Agent, in its capacity as escrow agent under this Agreement, shall not have
any liability for any loss sustained as a result of any investment or sale of investment made by the Escrow Agent in accordance with this Agreement, in accordance with applicable laws, rules and regulations, pursuant to the direction of the Manager
or as a result of any liquidation of any investment prior to its maturity. Any such investment of Escrow Account shall be made in compliance with Rule 15c2-4 of the Securities Exchange Act of 1934, as amended. 

11.3 Any corporation into which the Escrow Agent may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion, or consolidation to which the Escrow Agent shall be a party, or any corporation to which substantially all the escrow business of the Escrow Agent may be transferred, shall be the Escrow Agent under this
Agreement without further action by the parties. In such event, however, and notwithstanding the provisions of Section 14, the Manager may immediately upon ten (10) days’ written notice remove the Escrow Agent. 

11.4 In performing any of its duties under this Agreement, or upon the claimed failure to perform its duties under this Agreement, the
Escrow Agent shall not be liable to anyone for any damages, losses, or expenses that it may incur as a result of the Escrow Agent so acting, or failing to act; provided, however, that the Escrow Agent shall be liable for damages arising out of its
willful misconduct or gross negligence under this Agreement, as determined by a court of competent jurisdiction. The Escrow Agent shall not incur any such liability with respect to any action taken or omitted to be taken in reliance upon any
document, including any written notice or instructions provided for in this Agreement, not only as to its due execution and to the validity and effectiveness of its provisions but also as to the truth and accuracy of any information contained
therein, which the Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by proper person or persons and to conform with the provision of this Agreement. In connection therewith, the Fund, the Manager and MCUSA
shall execute authorized signers’ lists substantially in the form of Schedule IV hereto. The Escrow Agent may execute any of its powers and perform any of its duties hereunder directly or through agents or attorneys (and shall be liable only
for the careful selection of any such agent or attorney) and may consult with such counsel, accountants, and other skilled persons to be selected and retained by it. The Escrow Agent shall not be liable for any action taken or omitted in good faith
upon the advice of such counsel, accountants or other skilled persons. 
 11.5 The Manager and MCUSA agree to jointly and
severally indemnify and hold harmless the Escrow Agent, and its directors, officers, agents and employees, against any and all losses, claims, damages, liabilities, and expenses, including, without limitation, reasonable costs of investigation and
counsel fees and disbursement which may be incurred by it arising out of or relating in any way to this Agreement or any transaction to which this Agreement relates, or resulting from any instruction or act or omission of the Manager, MCUSA, or the
Fund; except, that if the Escrow Agent shall be found to have engaged in willful misconduct or gross negligence under this Agreement by any court of competent jurisdiction, then, in that event, the Escrow Agent shall bear all such losses, claims,
damages and expenses. The indemnity provided by this Section shall survive the termination of this Agreement and the resignation or removal of the Escrow Agent. 

 11.6 In the event that the Escrow Agent shall be uncertain as to its duties or rights under
this Agreement or shall receive instructions, claims, or demands from any party to this Agreement that, in its opinion, conflict with any of the provisions of this Agreement, the Escrow Agent shall be entitled to refrain from taking any action and
its sole obligation shall be to keep safely all property held in escrow until it shall be directed otherwise in writing by all of the other parties to this Agreement or by a final order or judgment of a court of competent jurisdiction. 

11.7 The Escrow Agent’s rights and responsibilities shall be governed solely by this Agreement. Neither the Subscription Agreement,
nor any other agreement or document shall govern the Escrow Agent even if such other agreement or document is referred to herein, is deposited with, or is otherwise known to, the Escrow Agent. 

11.8 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. 

11.9 The parties agree that the Escrow Agent had no role in the preparation of the Subscription Agreement, has not reviewed any such
document, and makes no representations or warranties with respect to the information contained therein or omitted therefrom. 

11.10 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 Subscription Agreement or the issuance, offering or sale of the Shares. 
 11.11 The
Escrow Agent shall have no duty or obligation to monitor the application and use of the Subscription Funds once transferred to the Fund, that being the sole obligation and responsibility of the Fund and the Manager. 

12. Term. This Agreement shall terminate, and the Escrow Agent shall have no further obligation with respect to the Subscription Funds after
distribution of all Subscription Funds and Interest Proceeds in accordance with this Agreement. The provisions of Section 11 shall survive the termination of this Agreement and the resignation or removal of the Escrow Agent. 

13. Notices. All notices, requests, demands, and other communication or deliveries required or permitted to be given under this Agreement shall be
deemed to have been duly given: 
 13.1 Upon the written confirmation of receipt if delivered via facsimile or e-mail; or

 13.2 Upon delivery, if delivered personally, sent via a guaranteed overnight delivery
service such as Fedex or mailed, first class, postage prepaid, registered or certified mail, as follows: 
  

			
	If to a subscriber for Shares:	  	To such subscriber’s address as
specified on the Schedule of
Subscribers.
		
	If to the Manager or the Fund:	  	225 Franklin Street, 17th Floor
Boston, MA 02110
Attn: Duncan Edghill
Facsimile: 617 457-0648
		
	If to MCUSA:	  	225 Franklin Street, 17th Floor
Boston, MA 02110
Attn: Tom O’Neill
Facsimile: 617 457-0648
		
	If to the Escrow Agent:	  	Wells Fargo Bank, National
Association
10 Orms Street, Suite 325
Providence, RI 02904
Attn: Corporate Trust Services, Jane
Labouliere, VP
Telephone: 401
277-3175
Facsimile: 401 277-3165

 Any notices, requests, demands, and other communications received after 5 pm
in the recognized time zone of delivery shall be deemed received the next business day. “Business day” means any day other than Saturday, Sunday, or any other day on which the Escrow Agent is authorized or required by law or executive
order to remain closed. 
 14. Resignation or Removal of Escrow Agent. The Escrow Agent may at any time resign and be discharged from the
duties and obligations created by this Agreement by giving at least 30 days’ prior written notice to MCUSA, the Manager and the Fund and accounting in full for all sums delivered to, and held by, it and all earnings thereon. MCUSA, the Manager
or the Fund may remove the Escrow Agent at any time upon 30 days’ prior written notice, or upon ten (10) business days’ written notice, pursuant to Section 11.3. Any successor escrow agent shall deliver to the departing Escrow
Agent, the Manager and the Fund a written instrument accepting such appointment and shall accept delivery of the Escrow Account to hold and distribute in accordance with the terms of this Agreement. If no successor escrow agent shall have been
appointed within 30 days after the Manager and the Fund receive notice of the Escrow Agent’s intention to resign or within 30 days of the Escrow Agent’s receipt of notice of its removal, the Escrow Agent may petition a court of competent
jurisdiction to appoint a successor, and fees for such petition shall be paid by the Manager. Upon delivery and acceptance of the Subscription Funds to a court or to a successor, the Escrow Agent shall be discharged from any future obligations under
this Agreement. 

 15. General. 

15.1 This Escrow Agreement shall be governed by and be construed and enforced in accordance with the laws of the State of Delaware
without giving effect to conflicts of laws principles. 
 15.2 The section headings of this Agreement are for reference purposes
only and shall not affect the meaning or interpretation of this Agreement. 
 15.3 This Agreement sets forth the entire
agreement and understanding of the parties in respect to this Agreement and supersedes all prior agreements, arrangements, and understandings relating to the subject matter of this Agreement. 

15.4 This Agreement may be amended, modified, superseded, or canceled, and any of the terms or conditions hereof may be waived, only by a
written instrument executed by each party or, in the case of a waiver, by the party waiving compliance. The failure of any party at any time or times to require performance of any provision of this Agreement shall in no manner affect the right at a
later time to enforce the same. No waiver of any party of any condition, or of the breach of any term contained in this Agreement, whether by conduct or otherwise, in any one or more instances shall be deemed to be construed as a further or
continuing waiver of any such condition or breach or a waiver of any other condition or of the breach of any other terms of this Agreement. In no instance may this Agreement be modified or amended in contravention of the terms of the Subscription
Agreement. 
 15.5 This Agreement may be executed simultaneously in one or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. All signatures of the parties to this Agreement may be transmitted by facsimile or electronically by portable document format, and such facsimile or electronic
document will, for all purposes, be deemed to be the original signature of such party whose signature it reproduces, and will be binding upon such party. 
 15.6 This Agreement shall inure to the benefit of the parties and their respective successors and assigns. 
 16. Representation of the Fund. The parties acknowledge that the status of the Escrow Agent with respect to the offering of the Shares is that of agent only for the limited purposes set forth in
this Agreement and agree that they will not, nor will they cause another party to, represent or imply that the Escrow Agent has investigated the desirability or advisability of an investment in the Shares, or has approved, endorsed or passed upon
the merits of the Shares or the offering, nor shall the Fund use the name of the Escrow Agent in any manner whatsoever in connection with the offer or sale of the Shares, other than by acknowledgment that it has agreed to serve as the escrow agent
for the offering. 
 [signature page follows] 

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

			
	THE FUND
	
	Macquarie Equipment Leasing Fund Two, LLC
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 

  

			
	MANAGER
	
	Macquarie Asset Management Inc.
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 

  

			
	DEALER-MANAGER
	
	Macquarie Capital (USA) Inc.
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 

  

			
	ESCROW AGENT
	
	Wells Fargo Bank, National Association, as Escrow Agent
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 

 SCHEDULE I 
 Subscription Agreement 

 SCHEDULE II 
 FEES 

 SCHEDULE III 
 Agency and Custody Account Direction 
 For Cash Balances 

Wells Fargo Money Market Deposit Accounts 
 Direction to use the following Wells Fargo Money Market Deposit Accounts for Cash Balances for the escrow account or accounts (the “Account”) established under the Escrow Agreement to which this
Schedule III is attached. 
 In the absence of written investment instruction from the Manager, the Escrow Agent is hereby directed to deposit,
as indicated below, or as the Manager shall direct further in writing from time to time, all cash in the Account(s) in the following money market deposit account of Wells Fargo Bank, National Association (Bank): 

Wells Fargo Money Market Deposit Account (MMDA) 
 The Manager understands that amounts on deposit in the MMDA are insured, subject to the applicable rules and regulations of the Federal Deposit Insurance Corporation (FDIC), in the basic FDIC insurance
amount of $100,000 per depositor, per insured bank. This includes principal and accrued interest up to a total of $100,000. Note: On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor
through December 31, 2009. 
 The Manager acknowledges that it has full power to direct investments of the Account(s). 

The Manager understands that it may change this direction at any time and that it shall continue in effect until revoked or modified by the Manager by
written notice to the Escrow Agent. 

 SCHEDULE IV 
 CERTIFICATE AS TO AUTHORIZED SIGNATURES 
 The specimen signatures shown below are the specimen
signatures of the individuals who have been designated as authorized representatives of Macquarie Equipment Leasing Fund Two, LLC and are authorized to initiate and approve transactions of all types for the escrow account or accounts established
under the Escrow Agreement to which this Schedule IV is attached, on behalf of Macquarie Equipment Leasing Fund Two, LLC. 
  

					
	Name/ Title	  	 	 	(a) Specimen Signature
			
	  

Name
	  		 	  

Signature

			
	  

Title
	  		 	
			
	  

Name
	  		 	  

Signature

			
	  

Title
	  		 	
			
	  

Name
	  		 	  

Signature

			
	  

Title
	  		 	
			
	  

Name
	  		 	  

Signature

			
	  

Title

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