Document:

Executive Employment Agreement

 EXHIBIT 10.1 
 RENASANT CORPORATION 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 THIS AGREEMENT (the “Agreement”) is entered into by and between Edward Robinson McGraw (“Executive”) and Renasant Corporation,
a Mississippi corporation (the “Company”), and is intended to amend, restate, and replace, in its entirety, that certain Employment Agreement between The Peoples Holding Company, predecessor to the Company, and Executive, initially
effective as of January 1, 2001 (the “Prior Agreement”). 
 1. Employment And Term: 
 1.1 Position. The Company shall employ and retain Executive as its President and Chief Executive Officer or in such other capacity or capacities as
shall be mutually agreed upon, from time to time, by Executive and the Company, and Executive agrees to be so employed, subject to the terms and conditions set forth herein. Executive’s duties and responsibilities shall be those assigned to him
hereunder, from time to time, by the Board of Directors of the Company (the “Board”) and shall include such duties as are the type and nature normally assigned to similar executive officers of a corporation of the size, type and stature of
the Company. Executive shall report directly to the Board of Directors. 
 1.2 Concurrent Employment. During the term of this
Agreement, Executive and the Company acknowledge that Executive may be concurrently employed by the Company and Renasant Bank and one or more additional subsidiaries or other entities with respect to which the Company owns (within the meaning of
Section 425(f) of the Internal Revenue Code of 1986, as amended (the “Code”)) 50% or more of the total combined voting power of all classes of stock or other equity interests (an “Affiliate”), and that all of the terms and
conditions of this Agreement shall apply to such concurrent employment. Reference to the Company hereunder shall be deemed to include any such concurrent employers, unless the context clearly indicates to the contrary. 
 1.3 Full Time and Attention. During the term of this Agreement and any extensions or renewals thereof, Executive shall devote his full time,
attention and energies to the business of the Company and will not, without the prior written consent of the Board of Directors of the Company, be engaged (whether or not during normal business hours) in any other business or professional activity,
whether or not such activities are pursued for gain, profit or other pecuniary advantage. 
 Notwithstanding the foregoing, Executive shall
not be prevented from (a) engaging in any civic or charitable activity for which Executive receives no compensation or other pecuniary advantage, (b) investing his personal assets in businesses which do not compete with the Company,
provided that such investment will not require any services on the part of Executive in the operation of the affairs of the businesses in which investments are made and provided further that Executive’s participation in such businesses is
solely that of an investor, or (c) purchasing securities in any corporation whose securities are regularly traded, provided that such purchases will not result in Executive owning beneficially at any time 5% or more of the equity securities of
any corporation engaged in a business competitive with that of the Company. 
 1.4 Term. Executive’s employment under this
Agreement shall commence as of January 1, 2008 (the “Effective Date”), and shall terminate on the first business day following December 31, 2012 (such period referred to as the “Initial Term”). Commencing on
January 1, 2011, and on each anniversary of such date (a “Renewal Date”), Executive’s Employment Term shall automatically be extended for an additional one-year period; provided, however, that either party may provide written
notice to the other that the Employment Term shall not be extended, such notice to be provided not later than 180 days prior to the applicable Renewal Date and to take effect as of the day immediately preceding such date (the date on which
employment hereunder ceases referred to as the “Termination Date”; the period between the Effective Date and the Termination Date referred to herein as the “Employment Term”). 

 2. Compensation And Benefits: 
 2.1 Base Compensation. The Company shall pay Executive an annual salary not less than his annual base salary in effect as of the Effective Date, such amount shall be prorated and paid in equal installments in
accordance with the Company’s regular payroll practices and policies and shall be subject to applicable withholding and other applicable taxes (Executive’s “Base Compensation”). Executive’s Base Compensation shall be
reviewed no less often than annually and may be increased or reduced by the Board or the Compensation Committee thereof, in its sole discretion; provided, however, that Executive’s Base Compensation may not be reduced unless such reduction is
part of a reduction in pay uniformly applicable to all officers of the Company. 
 2.2 Annual Incentive Bonus. In addition to the
foregoing, Executive shall be eligible for participation in the Performance Based Rewards Plan or similar bonus arrangement maintained by the Company or an Affiliate or such other bonus or incentive plans which the Company or its Affiliates may
adopt, from time to time, for similarly situated executives (an “Incentive Bonus”). 
 2.3 Long-Term Incentives. In addition
to the foregoing, Executive shall be eligible for participation in the 2001 Long-Term Incentive Compensation Plan maintained by the Company and such other long-term incentive plans which the Company or its Affiliates may adopt, from time to time,
for similarly situated executives (a “Long-Term Incentive”). 
 2.4 Other Benefit Plans. During the term of this Agreement
and in addition to the amounts otherwise provided herein, Executive shall participate in such plans, policies, and programs as may be maintained, from time to time, by the Company or its Affiliates for the benefit of senior executives or employees,
including, without limitation, any nonqualified deferred compensation or similar plan, executive benefit plan, profit sharing, life insurance, and group medical and other welfare benefit plans. Any such benefits shall be determined in accordance
with the specific terms and conditions of the documents evidencing any such plans, policies, and programs. 
 2.5 Reimbursement of
Expenses. The Company shall reimburse Executive for such reasonable and necessary expenses as are incurred in carrying out his duties hereunder, consistent with the Company’s standard policies and annual budget. The Company’s
obligation to reimburse Executive hereunder shall be contingent upon the presentment by Executive of an itemized accounting of such expenditures in accordance with the Company’s policies. 
 2.6 Fringe Benefits. In addition to the foregoing, Executive shall be entitled to the following fringe benefits, which shall not be reduced or
adversely modified without notice and Executive’s prior written consent: 
  

	 	a.	Use of a leased or Company-owned motor vehicle, based upon his position and title and reasonably satisfactory to Executive, or a cash payment sufficient to compensate Executive for
his ownership or lease of such a vehicle, including the cost of maintenance, insurance, repairs and fuel with respect to any such vehicle. In addition to the principal amount of any such cash payment or the use of any such vehicle, the Company shall
pay to Executive an amount sufficient to pay any income and employment taxes due with respect to such cash payment or use. 

  

	 	b.	Reimbursement or payment of expenses for dues and capital assessments for membership in the Tupelo Country Club and for other civic club memberships; provided, that if any bond or
capital or similar payment made by the Company is repaid to Executive, Executive shall promptly remit to the Company the amount thereof. Executive shall further be entitled to usage of the Company’s membership in the Old Waverly Golf Club, West
Point, Mississippi. 

  

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	 	c.	No less than four weeks of vacation each year. 

 3. Termination: 

 3.1 Termination Payments to Executive. As set forth more fully in this Section 3, Executive may be paid one or more of the
following amounts or property on account of a cessation of employment hereunder: 
  

	 	a.	Executive’s Base Compensation accrued but not yet paid as of his Termination Date. 

  

	 	b.	Executive’s Incentive Bonus due with respect to the fiscal year preceding his Termination Date, if any, to the extent such bonus has not been paid as of such date.

  

	 	c.	Executive’s Base Compensation payable for the remainder of the Initial Term, or for the remainder of any renewal term, but not less than 200% of such Base Compensation.

  

	 	d.	Executive’s Incentive Bonus in the target amount for the year in which his Termination Date occurs and, notwithstanding any separate agreement to the contrary, Executive shall
vest in the target number of shares of restricted stock awarded to him with respect to the year in which his Termination Date occurs. 

  

	 	e.	If Executive and/or his dependants elect to continue group medical coverage within the meaning of Code Section 4980B(f)(2) with respect to a group health plan sponsored by the
Company or an Affiliate (other than a health flexible spending account under a self-insured medical reimbursement plan described in Code Sections 125 and 105(h)), the Company shall pay to Executive the amount of the continuation coverage premium for
the same type and level of group health plan coverage received by Executive and his electing dependents immediately prior to such termination of Executive’s employment for the period such coverage is actually continued in accordance with Code
Section 4980B. 

  

	 	f.	Executive’s Incentive Bonus in the target amount for the fiscal year in which his Termination Date occurs and the vesting of the target number of shares of restricted stock
awarded to him with respect to the fiscal year in which his Termination Date occurs; provided, however, that such target amount and number of shares shall be prorated to reflect Executive’s actual period of service during such fiscal year.

 Except as expressly provided in Section 3.3 hereof, Executive shall be entitled to receive such other compensation or benefits as may
be provided under the terms of any separate plan or agreement maintained by the Company or its Affiliates, to the extent such compensation or benefit is not duplicative of the compensation or benefits described above and such other benefits or
amounts as may be required by law, including, without limitation, any benefits or coverages available under the Renasant Bank Retiree Medical and Dental Insurance Coverage Policy 
 3.2 Termination for Death or Disability. If Executive dies or becomes Disabled during the Employment Term, this Agreement and Executive’s
employment hereunder shall immediately terminate. In such event, the Company shall pay to Executive (or to his estate) the amounts described in Sections 3.1a, 3.1b and 3.1f hereof. Payment shall be made in the form of a single-sum as soon as
practicable after Executive’s death or Disability or as and when such amounts are ascertainable, but not later than March 15th of the calendar year following Executive’s date of death. 
  

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 For purposes of this Section 3.2, Executive shall be deemed “Disabled” if he is
(a) unable to engage in any substantial gainful activity due to a medically-determinable physical or mental impairment that can be expected to result in death or to last for a continuous period of at least 12 months, or (b) receiving
benefits under the Company’s or an Affiliate’s separate long-term disability plan for a period of at least three months as a result of a medically-determinable physical or mental impairment. The Board shall certify whether Executive is
Disabled as defined herein. 
 3.3 Company’s Termination for Cause. This Agreement and Executive’s employment hereunder may
be terminated by the Company at any time on account of Cause. In such event, the Company shall pay to Executive the amount described in Section 3.1a hereof. Payment shall be made in the form of a single-sum as soon as practicable after such
termination. 
 Notwithstanding any provision of this Agreement or any plan, policy or program or other arrangement to the contrary, if
Executive’s employment is terminated for Cause as provided herein: 
  

	 	a.	He shall forfeit any outstanding options as of his Termination Date, whether or not vested; 

  

	 	b.	He shall forfeit any restricted stock or similar award then subject to forfeiture restrictions or holding period limitations; and 

  

	 	c.	He shall forfeit any interest credited to his account or accounts maintained under the Company’s Executive Deferred Compensation Plan or any predecessor or successor thereto in
excess of Moody’s Average Corporate Bond Rate, as determined and credited annually under such plan or plans, 

 each granted, awarded or
accrued after December 31, 2007. For purposes of this Agreement, “Cause” means that Executive has: 
  

	 	a.	Committed an intentional act of fraud, embezzlement or theft in the course of his employment or otherwise engaged in any intentional misconduct which is materially injurious to the
Company’s (or an Affiliate’s) financial condition or business reputation; 

  

	 	b.	Committed intentional damage to the property of the Company (or an Affiliate) or committed intentional wrongful disclosure of Confidential Information (as defined in
Section 5.2) which is materially injurious to the Company’s (or an Affiliate’s) financial condition or business reputation; 

  

	 	c.	Been indicted for the commission of a felony or a crime involving moral turpitude; 

  

	 	d.	Willfully and substantially refused to perform the essential duties of his position, which has not been cured within 30 days following written notice by the Board;

  

	 	e.	Committed a material breach of this Agreement, which has not been cured within 30 days following receipt of written notice of the breach from the Board; 

  

	 	f.	Intentionally, recklessly or negligently violated any material provision of any code of ethics, code of conduct or equivalent code or policy of the Company or its Affiliates
applicable to him; or 

  

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	 	g.	Intentionally, recklessly or negligently violated any material provision of the Sarbanes-Oxley Act of 2002 or any of the rules adopted by the Securities and Exchange Commission
implementing any such provision. 

 No act or failure to act on the part of Executive will be deemed “intentional” if it was due
primarily to an error in judgment or negligence, but will be deemed “intentional” only if done or omitted to be done by Executive not in good faith and without reasonable belief that his action or omission was in the best interest of the
Company (or an Affiliate). 
 The Board, acting in good faith, may terminate Executive’s employment hereunder on account of Cause or it
may separately determine that any termination is on account of Cause. Prior to such determination, however, the Board shall provide written notice to Executive, including a description of the specific reasons for the determination of Cause and any
actions necessary or appropriate to cure such determination. Executive shall have the opportunity to appear before the Board, with or without legal representation, to present arguments and evidence on his behalf and, to the extent applicable, shall
have a reasonable opportunity to cure any finding of Cause hereunder. Following such presentation, upon Executive’s failure to appear or upon Executive’s failure to cure, as the case may be, the Board, by an affirmative vote of a majority
of its members, shall confirm that the actions or inactions of Executive constitute Cause hereunder. 
 3.4 Executive’s Constructive
Termination. Executive may terminate this Agreement and his employment hereunder on account of a Constructive Termination upon 30 days prior written notice to the Board of Directors (or such shorter period as may be agreed upon by the parties
hereto). In such event, the Company shall provide to Executive: 
  

	 	a.	The amount described in Section 3.1a hereof, payable as soon as practicable after his Termination Date; and 

  

	 	b.	The amounts determined under Sections 3.1b, 3.1c, 3.1d, and 3.1e hereof, payable in two equal installments, one-half on the first business day of the seventh calendar month
following the Executive’s Termination Date and one-half six months after such initial payment date. 

 For purposes of
this Agreement, “Constructive Termination” means: 
  

	 	a.	A reduction (other than a reduction in pay uniformly applicable to all officers of the Company) in the amount of Executive’s Base Compensation; 

  

	 	b.	A reduction in Executive’s authority, duties or responsibilities from those contemplated in Section 1.1 of this Agreement; 

  

	 	c.	A breach of this Agreement by the Company or its Affiliates; 

  

	 	d.	A requirement by the Company that Executive shall change the location of his primary place of employment to a location more than 30 miles from the Tupelo, Mississippi metropolitan
statistical area; or 

  

	 	e.	Any attempt on the part of the Company to require Executive to perform (or omit to perform) any act or to engage (or omit to engage) in any conduct that would constitute illegal
action or inaction on the part of Executive. 

 No event or condition described in this Section 3.4 shall constitute a Constructive
Termination unless (a) Executive promptly gives the Company notice of his objection to such event or condition, which notice 
  

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 shall be provided in writing to the Board or its designee, (b) such event or condition is not corrected by the
Company promptly after receipt of such notice, but in no event more than 30 days after receipt of notice, and (c) Executive resigns his employment with the Company and all Affiliates not more than 15 days following the expiration of the 30-day
period described in subparagraph (b) hereof. 
 3.5 Termination by the Company, without Cause. The Company may terminate this
Agreement and Executive’s employment hereunder, without Cause, upon 90 days prior written notice to Executive, or such shorter period as may be agreed upon by Executive and the Board or its designee. In such event, the Company shall provide to
Executive: 
  

	 	a.	The amount described in Section 3.1a hereof, payable as soon as practicable following Executive’s Termination Date; and 

  

	 	b.	The amounts determined under Sections 3.1b, 3.1c, 3.1d, and 3.1e hereof, payable in two equal installments, one-half on the first business day of the seventh calendar month
following the Executive’s Termination Date and one-half six months after the date of such initial payment. 

 3.6
Termination by Executive. Executive may terminate this Agreement and his employment hereunder, other than on account of Constructive Termination, upon 90 days prior written notice to the Company or such shorter period as may be agreed upon by
the Board and Executive. In such event, the Company shall pay to Executive the amount described in Section 3.1a hereof. Payment shall be made in the form of a single-sum as soon as practicable following Executive’s Termination Date. No
additional payments or benefits shall be due hereunder, except as may be provided under a separate plan, policy or program evidencing such compensation arrangement or benefit or as may be required by law. 
 3.7 Expiration of Agreement. In the event this Agreement shall expire in accordance with Section 1.4 hereof, the rights and obligations of
the parties hereto shall cease, Executive’s employment hereunder shall be terminated, and the Company shall: 
  

	 	a.	Pay to Executive the amount described in Section 3.1a hereof as soon as practicable following Executive’s Termination Date; 

  

	 	b.	Pay to Executive the amount described in 3.1b and, to the extent Executive’s Termination Date hereunder is not the last day of the Company’s fiscal year, the amount and
property described Section 3.1f hereof, such amounts and property to be paid on the first business day of the seventh month following Executive’s Termination Date; and 

  

	 	c.	Any options granted to Executive shall vest and be exercisable in accordance with their terms, as if Executive retired as of his Termination Date. 

 3.8 Return of Property. Upon termination or expiration of this Agreement and the employment of Executive hereunder, for any reason, Executive or
his estate shall promptly return to the Company all of the property of the Company and its Affiliates, including, without limitation, automobiles, equipment, computers, fax machines, portable telephones, printers, software, credit cards, manuals,
customer lists, financial data, letters, notes, notebooks, reports and copies of any of the above and any Confidential Information (as defined in Section 5.3 hereof) that is in the possession or under the control of Executive. Executive shall
provide to the Company written certification that he has complied with the provisions of this Section 3.8 not later than ten days after such termination. 
  

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 4. Change In Control: 
 4.1 Definitions. The term “Change in Control” shall mean and be deemed to occur upon a Change in Equity Ownership, a Change in Effective Control, a Change in the Ownership of Assets or a
Change by Merger. For this purpose: 
  

	 	a.	A “Change in Equity Ownership” means that a person or group acquires, directly or indirectly in accordance with Code Section 318, more than 50% of the aggregate fair
market value or voting power of the capital stock of the Company, including for this purpose capital stock previously acquired by such person or group; provided, however, that a Change in Equity Ownership shall not be deemed to occur hereunder if,
at the time of any such acquisition, such person or group owns more than 50% of the aggregate fair market value or voting power of the Company’s capital stock. 

  

	 	b.	A “Change in Effective Control” means that (i) a person or group acquires (or has acquired during the immediately preceding 12-month period ending on the date of the
most recent acquisition by such person or group), directly or indirectly in accordance with Code Section 318, ownership of the capital stock of the Company possessing 35% or more of the total voting power of the Company, or (ii) a majority
of the members of the Board of Directors of the Company is replaced during any 12-month period, whether by appointment or election, without endorsement by a majority of the members of the Board prior to the date of such appointment or election.

  

	 	c.	A “Change in the Ownership of Assets” means that any person or group acquires (or has acquired in a series of transactions during the immediately preceding 12-month period
ending on the date of the most recent acquisition) all or substantially all of the assets of the Company. 

  

	 	d.	A “Change by Merger” means that the Company shall consummate a merger or consolidation or similar transaction with another corporation or entity, unless as a result of
such transaction, more than 50% of the then outstanding voting securities of the surviving or resulting corporation or entity shall be owned in the aggregate by the former shareholders of the company and the voting securities of the surviving or
resulting corporation or entity are owned in substantially the same proportion as the common stock of the company was beneficially owned before such transaction. 

 The Board of Directors shall promptly certify to Executive whether a Change in Control has occurred hereunder, which certification shall not be unreasonably withheld. 
 The term “Good Reason,” when used herein, shall mean that in connection with a Change in Control: 
  

	 	a.	Executive’s Base Compensation in effect immediately before such change is reduced; 

  

	 	b.	Executive’s authority, duties or responsibilities are reduced from those contemplated in Section 1.1 hereof or Executive has reasonably determined that, as a result of a
change in circumstances that significantly affects his employment with the Company (or an Affiliate), he is unable to exercise the authority, power, duties and responsibilities contemplated in Section 1.1 hereof; 

  

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	 	c.	Executive is required to be away from his office in the course of discharging his duties and responsibilities under this Agreement significantly more than was required prior to the
Change in Control; 

  

	 	d.	Executive is required to transfer to an office or business location located more than a 30-mile radius from the location he was assigned to prior to the Change in Control;

  

	 	e.	A material breach of this Agreement by the Company or an Affiliate; or 

  

	 	f.	Any attempt on the part of the Company to require Executive to perform (or omit to perform) any act or to engage (or omit to engage) in any conduct which would constitute illegal
action or inaction on the part of the Executive. 

 No event or condition described in this Section 4.1 shall constitute Good Reason
unless (a) Executive gives the Company notice of his objection to such event or condition within a reasonable period after Executive learns of such event, which notice may be delivered orally or in writing to the Board, (b) such event or
condition is not promptly corrected by the Company, but in no event later than 30 days after receipt of such notice, and (c) Executive resigns his employment with the Company (and its Affiliates) not more than 60 days following the expiration
of the 30-day period described in subparagraph (b) hereof. 
 4.2 Termination In Connection With a Change in Control. If
Executive’s employment is terminated by the Company, without Cause, or Executive terminates his employment hereunder for Good Reason, either such event occurring at any time within the 24-month period following a Change in Control, then
notwithstanding any provision of this Agreement to the contrary and in lieu of any compensation or benefits otherwise payable hereunder: 
  

	 	a.	The Company shall pay to Executive the amount described in Section 3.1a in the form of a single-sum not later than three days after Executive’s Termination Date.

  

	 	b.	The Company shall pay to Executive the amounts described in Section 3.1b and 3.1e in the form of a single-sum on the first business day of the seventh month following
Executive’s Termination Date. 

  

	 	c.	The Company shall pay to Executive an amount equal to 2.99 times the aggregate of Executive’s (i) highest annual Base Compensation in effect prior to such change, and
(ii) average annual bonus paid with respect to the two whole calendar years preceding such change, such amount to be paid in the form of a single-sum on the first business day of the seventh month following Executive’s Termination Date.

  

	 	d.	Vesting shall be accelerated, any restrictions shall lapse, and all performance objectives shall be deemed satisfied as to any outstanding grants or awards made to Executive under
any Long-Term Incentive or similar arrangement. 

  

	 	e.	Executive shall be entitled to such additional benefits or rights as may be provided in the documents evidencing such plans or the terms of any agreement evidencing such grant or
award. 

 4.3 Excise Tax Payment. If any payment or benefit due to Executive pursuant to this Agreement or any other
payment or benefit from the Company or an Affiliate to Executive in connection with a Change in Control is subject to the excise tax imposed under Code Section 4999 or any similar excise or penalty tax payable under any United States federal,
state, local or other law, in addition to any amount due hereunder, the Company shall pay an amount to Executive such that, after the payment by Executive of all applicable taxes on such amount, including any interest or penalty taxes thereon, there
remains a balance sufficient to pay such excise or penalty tax. 
  

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 The amount of any payment due hereunder shall be determined by a nationally recognized public accounting
firm retained by the Company, reasonably acceptable to Executive, as soon as practicable following Executive’s termination of employment on account of a Change in Control. All fees and expenses of such accounting firm shall be borne by the
Company. Executive and the Company shall promptly furnish to such accounting firm such information as may be reasonably required to calculate any amount due hereunder. Such accounting firm shall provide a written determination of any amount due
hereunder, together with detailed supporting calculations to the Company and Executive. Payment of any amount due hereunder shall be made promptly by the Company after receipt of determination, but in no event later than December 31st following
the year in which Executive remits the amount of any excise tax due with respect to any payment made under Section 4.2 hereof. To the extent payment to Executive is delayed more than 30 days after the Company’s receipt of such
determination, payment shall include interest, compounded daily, at the Renasant Bank prime rate of interest or the prime rate of interest of a similar financial institution. 
 5. Limitations On Activities: 
 5.1 Consideration for Limitation on Activities. Executive
acknowledges that the execution of this Agreement and the payments described herein constitute consideration for the limitations on activities set forth in this Section 5, the adequacy of which is hereby expressly acknowledged by Executive.

 5.2 Intellectual Property. The parties hereto agree that the Company owns all Intellectual Property (as defined below) and
associated goodwill. Executive agrees to assign, and hereby assigns to the Company, without further consideration or royalty, the ownership of and all rights to such Intellectual Property and associated goodwill. The Company shall possess the right
to own, obtain and hold in its name any right, registration, or other protection or recordation associated with such Intellectual Property, and Executive agrees to perform, whether during the Employment Term or thereafter, such actions as may be
necessary or desirable to transfer, perfect and defend the Company’s ownership or registration of such property. Notwithstanding the generality of the foregoing, this provision shall not apply to any property for which no equipment, supplies,
facilities or information of the Company was used and which was developed entirely during Executive’s own time, unless such property relates to the business of the Company or an Affiliate or results from any work performed by Executive for the
Company or an Affiliate. 
 For purposes of this Agreement, “Intellectual Property” shall mean all inventions, discoveries,
creations, improvements, techniques, trade secrets, products (utility or design), works of authorship or any other intellectual property relating to any programming, documentation, technology, material, product, service, idea, process, method, plan
or strategy concerning the business or interests of the Company and its Affiliates that Executive conceives, develops or delivers, in whole or in part, during the Employment Term. 
 5.3 Confidential Information. Executive recognizes and acknowledges that during the Employment Term he will have access to confidential,
proprietary, non-public information concerning the Company and its Affiliates, which may include, without limitation, (a) books, records and policies relating to operations, finance, accounting, personnel and management, (b) information
related to any business entered into by the Company or an Affiliate, (c) credit policies and practices, databases, customer lists, information obtained on competitors, and tactics, (d) various other non-public trade or business
information, including business opportunities and strategies, marketing, acquisition or business diversification plans, methods and processes, work product, and (e) selling and operating policies and practices, including without limitation,
policies and practices concerning the identity, solicitation, 
  

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 acquisition, management, resale or cancellation of unsecured or secured credit card accounts, loan or lease accounts or
other accounts relating to consumer products and services (collectively, “Confidential Information”). Executive agrees that he will not at any time, either during the Employment Term or afterwards, make any independent use of, or disclose
to any other person or organization any Confidential Information, except as may be expressly authorized by the Company, in the ordinary course of Executive’s employment with the Company and its Affiliates or as may be required by law or legal
process. 
 5.4 Non-Solicitation. Executive agrees that during the two-year period commencing on the Termination Date, he shall not,
directly or indirectly, for his own benefit or on behalf of another or to the Company’s detriment: 
  

	 	a.	Solicit, hire or offer to hire or participate in the hiring of any of the Company’s or Affiliate’s officers, employees or agents; 

  

	 	b.	Persuade or attempt to persuade in any manner any officer, employee or agent of the Company or an Affiliate to discontinue any relationship with the Company or an Affiliate; or

  

	 	c.	Solicit or divert or attempt to solicit or divert any customer or depositor of the Company or an Affiliate. 

 5.5 Non-Competition. The Executive agrees that he shall not, for a period of two years immediately following the Termination Date, whether as an
employee, officer, director, shareholder, owner, partner, joint venturer, independent contractor, consultant or in another managerial capacity, engage in the Banking Business in the Restricted Area; provided, however, that in the event of the
expiration of this Agreement within the meaning of Section 3.7 hereof, such restriction shall not apply. For purposes of this Section 5.5, the term “Banking Business” shall mean the management and/or operation of a retail bank or
other financial institution, securities brokerage, or insurance agency or brokerage. The term “Restricted Area” shall mean within the 100-mile radius of any geographic location in which the Company or an Affiliate has an office on the
Termination Date. 
 5.6 Business Reputation. Executive agrees that during the Employment Term and at all times thereafter, he shall
refrain from performing any act, engaging in any conduct or course of action or making or publishing an adverse, untrue or misleading statement which has or may reasonably have the effect of demeaning the name or business reputation of the Company
or its Affiliates or which adversely affects (or may reasonably adversely affect) the best interests (economic or otherwise) of the Company or an Affiliate, except as may be required by law or legal process. 
 The Company agrees that, whether during the Employment Term or thereafter, it shall refrain from performing any act, engaging in any conduct or course of
action or making or publishing an adverse, untrue or misleading statement which has or may reasonably have the effect of demeaning Executive, except as may be required by law or legal process. 
 5.7 Reformation. The parties agree that each of the prohibitions set forth herein is intended to constitute a separate restriction. Accordingly,
should any such prohibition be declared invalid or unenforceable, such prohibition shall be deemed severable from and shall not affect the remainder thereof. The parties further agree that each of the foregoing restrictions is reasonable in both
time and geographic scope. If and to the extent a court of competent jurisdiction or an arbitrator, as the case may be, determines that any of the restrictions or covenants set forth in this Agreement are unreasonable, then it is the intention of
the parties that such restrictions be enforced to the fullest extent that such court or arbitrator deems reasonable and that this Agreement shall be reformed to the extent necessary to permit such enforcement. 
  

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 5.8 Remedies. In the event of a breach or threatened breach by Executive of the provisions of
Section 5 hereof, Executive agrees that the Company shall be entitled to a temporary restraining order or a preliminary injunction (without the necessity of posting bond in connection therewith) and that any additional payments or benefits due
to Executive or his dependents under Sections 3 and 4 hereof may be suspended, canceled, or forfeited, in the sole discretion of the Company. Nothing herein shall be construed as prohibiting the Company from pursuing any other remedy available to it
for such breach or threatened breach, including the recovery of damages from Executive. 
 6. Miscellaneous: 
 6.1 Mitigation Not Required. As a condition of any payment hereunder, Executive shall not be required to mitigate the amount of such payment by
seeking other employment or otherwise, nor will any profits, income, earnings or other benefits from any source whatsoever create any mitigation, offset, reduction or any other obligation on the part of Executive under this Agreement. 
 6.2 Enforcement of This Agreement. In addition to the Company’s equitable remedies provided under Section 5.8 hereof, which need not be
exclusively resolved by arbitration, in the event that any legal dispute arises in connection with, relating to, or concerning this Agreement, or in the event of any claim for breach or violation of any provision of this Agreement, Executive agrees
that such dispute or claim will be resolved by arbitration. Any such arbitration proceeding shall be conducted in accordance with the rules of the American Arbitration Association (“AAA”). Any such dispute or claim will be presented to a
single arbitrator selected by mutual agreement of the Executive and the Company (or the arbitrator will be selected in accordance with the rules of the AAA). All determinations of the arbitrator will be final and biding upon the Executive and the
Company. Except as provided in Section 6.3 hereof, each party to the arbitration proceeding will bear its own costs in connection with such arbitration proceedings, except that unless otherwise paid by the Company in accordance with such
section, the costs and expenses of the arbitrator will be divided evenly between the parties. The venue for any arbitration proceeding and for any judicial proceeding related to this arbitration provision (including a judicial proceeding to enforce
this provision) will be in Tupelo, Mississippi. 
 6.3 Attorneys’ Fees. In the event any dispute in connection with this
Agreement arises with respect to obligations of Executive or the Company that were required prior to the occurrence of a Change in Control, all costs, fees and expenses, including attorneys’ fees, of any litigation, arbitration or other legal
action in connection with such matters in which Executive substantially prevails, shall be borne by, and be the obligation of, the Company. 
 After a Change in Control has occurred, Executive shall not be required to incur legal fees and the related expenses associated with the interpretation, enforcement or defense of Executive’s rights under this Agreement by arbitration,
litigation or otherwise. Accordingly, if following a Change in Control, the Company has failed to comply with any of its obligations under this Agreement or the Company or any other person takes or threatens to take any action to declare this
Agreement void or unenforceable or in any way reduce the possibility of collecting the amounts due hereunder, or institutes any litigation or other action or proceeding designed to deny or to recover from Executive the benefits provided or intended
to be provided under this Agreement, Executive shall be entitled to retain counsel of Executive’s choice, at the expense of the Company, to advise and represent Executive in connection with any such interpretation, enforcement or defense,
including without limitation, the initiation or defense of any litigation, arbitration or other legal action, whether by or against the Company or any director, officer, stockholder or other person affiliated with the Company, in any jurisdiction.
The Company shall pay and be solely financially responsible for any and all attorneys’ and related fees and expenses incurred by Executive in connection with any of the foregoing, without regard to whether Executive prevails, in whole or in
part. 
  

 11 

 In no event shall Executive be required to reimburse the Company for any of the costs and expenses
incurred by the Company relating to arbitration, litigation or other legal action in connection with this Agreement. 
 6.4 No Set-Off.
There shall be no right of set-off or counterclaim in respect of any claim, debt or obligation against any payment to Executive provided for in this Agreement. 
 6.5 Assistance with Litigation. For a period of two years after the Termination Date, Executive will furnish such information and proper assistance as may be reasonably necessary in connection with any
litigation in which the Company (or an Affiliate) is then or may become involved, without the payment of a fee or charge, except reimbursement of his direct expenses. 
 6.6 Headings. Section and other headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
 6.7 Entire Agreement. This Agreement constitutes the final and complete understanding and agreement among the parties hereto with respect to the
subject matter hereof, and there are no other agreements, understandings, restrictions, representations or warranties among the parties other than those set forth herein. Executive acknowledges that this Agreement replaces in their entirety any
prior agreements between Executive and the Company or its Affiliates concerning the subject covered by this Agreement, including the Prior Agreement. 
 6.8 Amendments. Except as provided in Section 5.7 hereof, this Agreement may be amended or modified at any time in any or all respects, but only by an instrument in writing executed by the parties hereto.
Notwithstanding the foregoing, the Company may amend this Agreement to the extent it deems necessary or appropriate to ensure that any payment hereunder shall not be subject to income inclusion under Section 409A of the Internal Revenue Code of
1986, as amended, prior to the date on which such amount is otherwise payable hereunder, including without limitation the delay of any payment on account of Executive’s status as a “specified employee” within the meaning of Code
Section 409A. The company shall promptly provide to Executive written notice of any such amendment. 
 6.9 Choice of Law. The
validity of this Agreement, the construction of its terms, and the determination of the rights and duties of the parties hereto shall be governed by and construed in accordance with the internal laws of the State of Mississippi applicable to
contracts made to be performed wholly within such state, without regard to the choice of law provisions thereof. 
 6.10 Notices. All
notices and other communications under this Agreement must be in writing and will be deemed to have been duly given when (a) delivered by hand, (b) sent by facsimile to a facsimile number given below, provided that a copy is sent by a
nationally recognized overnight delivery service (receipt requested), or (c) when received by the addressee, if sent by a nationally recognized overnight delivery service (receipt requested), in each case as follows: 
  

			
	If to Executive:	  	Edward Robinson McGraw
		  	969 Parc Monceau Drive
		  	Tupelo, MS 38804
		
	If to the Company:	  	Renasant Corporation
		  	209 Troy Street
		  	Tupelo, MS 38802
		  	Attention: Chairman, Larry Young

 or to such other addresses as a party may designate by notice to the other party. 
  

 12 

 6.11 Successors; Assignment. This Agreement is personal to Executive and shall not be assigned by
him without the prior written consent of the Company. 
 This Agreement will inure to the benefit of and be binding upon the Company, its
Affiliates, successors and assigns, including, without limitation, any person, partnership, company, corporation or other entity that may acquire substantially all of the Company’s assets or business or with or into which the Company may be
liquidated, consolidated, merged or otherwise combined. This Agreement will inure to the benefit of and be binding upon Executive, his heirs, estate, legatees and legal representatives. Any payment due to Executive shall be paid to his surviving
spouse or estate after his death. 
 6.12 Severability. Each provision of this Agreement is intended to be severable. In the event
that any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable, the same shall not affect the validity or enforceability of any other provision of this Agreement, but this
Agreement shall be construed as if such invalid, illegal or unenforceable provision was not contained herein. Notwithstanding the foregoing, however, no provision shall be severed if it is clearly apparent under the circumstances that the parties
would not have entered into this Agreement without such provision. 
 6.13 Withholding. The Company or an Affiliate may withhold from
any payment hereunder any federal, state or local taxes required to be withheld. 
 6.14 Survival. Notwithstanding anything herein to
the contrary, the rights and obligations of the Company and its Affiliates and Executive under Sections 3, 4, 5 and 6 hereof shall remain operative and in full force and effect regardless of the expiration or termination of this Agreement or the
termination of Executive’s employment hereunder for any reason. 
 6.15 Waiver. The failure of either party to insist in
any one or more instances upon performance of any terms or conditions of this Agreement will not be construed as a waiver of future performance of any such term, covenant, or condition and the obligations of either party with respect to such term,
covenant or condition will continue in full force and effect. 
 This Agreement is executed in multiple counterparts as of the dates
set forth below, each of which shall be deemed an original, to be effective as of the Effective Date designated above. 
  

									
	Renasant Corporation	 		 	Executive
					
	By:	 	 /s/ J. Larry Young
	 		 		 	 /s/ E. Robinson McGraw

	Its:	 	Vice Chairman of Board of Directors	 		 	Date:	 	January 2, 2008
	Date:	 	January 2, 2008	 		 		 	
				
	Renasant Bank, Concurrent Employer	 		 		 	
					
	By:	 	 /s/ J. Larry Young
	 		 		 	
	Its:	 	Vice Chairman of Board of Directors	 		 		 	
	Date:	 	January 2, 2008	 		 		 	

  

 13Form of Subscription Agreement for Excelsior LaSalle Property Fund, Inc.

 Exhibit 4.1 
 EXCELSIOR LASALLE PROPERTY FUND, INC. 
  
  
 SUBSCRIPTION 
 AGREEMENT 
  
 EXCELSIOR LASALLE PROPERTY FUND, INC. 
 SUBSCRIPTION INSTRUCTIONS 
 This Subscription Agreement (the “Subscription Agreement”) contains representations, warranties and
agreements which must be made by you if you wish to invest in Excelsior LaSalle Property Fund, Inc. (the “Fund”). You should consult with an attorney, accountant, investment advisor or other advisor regarding an investment in the Fund and
its suitability for you. This Subscription Agreement should be reviewed simultaneously with your completion and execution of the Subscription Booklet of the Fund which is included in this package (the “Subscription Booklet” and together
with the Subscription Agreement, the “Subscription Documents”). All Subscription Documents must be completed correctly and thoroughly or they will not be accepted. If you wish to invest, please complete, sign and return the Subscription
Booklet and retain the Fund’s confidential private offering memorandum (the “Memorandum”) and this Subscription Agreement. 
 If you have any
questions concerning the Subscription Documents or would like assistance completing them, please contact your investment advisor. 
 INSTRUCTIONS:

  

	1.	Carefully review this Subscription Agreement; 

  

	2.	Complete and execute the enclosed Subscription Booklet; 

 NOTE: By executing the Subscription Booklet, the investor thereby grants the Power of Attorney contained in the Subscription Agreement under Section 1(c). 
  

	3.	Return the completed Subscription Booklet to the Fund at the address below: 

 Excelsior LaSalle Property Fund, Inc. c/o UST Advisers, Inc. 
 225 High Ridge Road 
 Stamford, CT 06905 

	4.	Follow the instructions listed under the heading PAYMENT AUTHORIZATION set forth on page 5 of the Subscription Booklet. 

  

 2 

 SUBSCRIPTION AGREEMENT 
 Excelsior LaSalle Property Fund, Inc. 
 c/o UST Advisers, Inc. 
 225 High Ridge Road 
 Stamford, Connecticut 06905 
 Ladies and Gentlemen: 
 Reference is made to the Confidential Private Offering Memorandum dated January 2008
(the “Memorandum”) with respect to the offering of shares of Class A Common Stock, par value $0.01 per share (the “Shares”) in Excelsior LaSalle Property Fund, Inc. (the “Fund”). Capitalized terms used but not
defined herein shall have the respective meanings given them in the Memorandum. 
 Investors whose subscriptions are accepted by the Fund
will become stockholders in the Fund (the “Stockholders”) and the proceeds from their purchase of Shares will be invested in accordance with the investment objectives set forth in the Memorandum, used to pay Fund expenses, and used for
other general corporate purposes. The minimum subscription for investors that the Fund will accept from any investor is $100,000, subject to the discretion of the Fund to accept subscriptions of less than $100,000. The Fund has not established a
maximum limit on the amount of subscriptions it will accept. 
 The undersigned subscribing investor (the “Investor”) hereby agrees
as follows: 
 1. Subscription for the Shares. 
 (a) Subject to the terms and conditions set forth in this Subscription Agreement and in the Memorandum, the Investor agrees to (i) purchase from the Fund newly issued Shares with an aggregate price equal to the amount set forth in
Section 2 of the Subscription Booklet accompanying this Subscription Agreement (the “Investment Amount”) at a price per share equal to the Closing Share Price (as defined below) and (ii) to pay the Investment Amount to the Fund
at the time provided in this Subscription Agreement. Shares purchased may be subject to a one-time Placement Fee or sales charge (as defined below). 
 (b) The Investor acknowledges and agrees that the subscription of the Investor hereunder constitutes an irrevocable agreement by the Investor to subscribe for Shares of the Fund and the Investor is not entitled to
cancel, terminate or revoke this subscription or any agreements of the Investor hereunder, including the power of attorney granted hereby, except as otherwise set forth in this Section 1(b), the Memorandum or applicable law, and such
subscription and agreements, including the power of attorney 

  

 3 

 
shall survive (i) changes in the transaction, documents and instruments described in the Memorandum which in the aggregate are not material or which are
contemplated by the Memorandum and (ii) the death or disability of the Investor; provided, however, that if the Fund shall not have accepted this subscription within one year following the Investor’s execution and delivery of the
Subscription Booklet (the date of any such acceptance of this subscription, the “Acceptance Date”), this Subscription Agreement, all agreements of the Investor hereunder, including the power of attorney granted hereby, shall be cancelled
and the Subscription Documents will be returned to the Investor. 
 (c) The Investor hereby irrevocably makes, constitutes and appoints UST
Advisers, Inc. (the “Manager”), a wholly-owned indirect subsidiary of Bank of America Corporation (“BAC”), (and any designee of, substitute for, or successor to, the Manager) as the Investor’s true and lawful attorney and
authorized signatory in the Investor’s name, place and stead, (i) to receive and pay over to the Fund on behalf of the Investor, to the extent set forth in this Subscription Agreement, all funds received hereunder, (ii) to correct, on
behalf of the Investor at the written direction of the Investor or the Investor’s authorized representative, the Subscription Booklet to be executed by the Investor in connection with the Investor’s subscription for Shares, including,
without limitation, filling in or amending amounts, dates and other pertinent information, (iii) to make, execute, acknowledge, deliver, swear to, file or record: (A) any instrument or filing which the Manager considers necessary or
desirable to carry out the purposes of the Subscription Documents or the business of the Fund or that may be required under the laws of any state or local government or of any other jurisdiction; (B) any and all amendments, restatements,
cancellations, or modifications of the instruments described in (A) above; (C) any agreement with the makers of any loan to the Fund which is secured by the Investment Amount held in the escrow account; and (D) all documents and
instruments that may be necessary or appropriate to effect the dissolution and termination of the Fund, and (iv) to take any and all actions necessary or appropriate to comply with the REIT rules under Sections 856 through 860 of the
Internal Revenue Code, in order, to the extent that Net Distributable Cash is not available, to cause one or more consent dividends (within the meaning of Section 565 of the Internal Revenue Code) to be issued that qualify for a dividends paid
deduction (within the meaning of Section 561 of the Internal Revenue Code) for the Fund including, without limitation, the signing on the undersigned’s behalf of one or more IRS Form 972s (or any successor form). This power of attorney
shall be deemed coupled with an interest, shall be irrevocable and shall survive any transfer of some or all of the Investor’s Shares. 
 2. Certain
Acknowledgments and Agreements of the Investor. 
 (a) The Investor understands and acknowledges that the subscription for Shares
contained herein may be accepted or rejected, in whole or in part, by the Fund in its sole and absolute discretion. No subscription shall be deemed accepted until the Fund has delivered to the Investor an executed counterpart of the Subscription
Booklet indicating the amount of the subscription accepted by the Fund. In the event of rejection 

  

 4 

 
of this subscription, this Subscription Agreement will be of no force or effect. The Investor understands that Paul, Hastings, Janofsky and Walker LLP acts
as counsel to the Fund and the Manager, and that the Advisor shall have its own counsel and, therefore, no attorney-client relationship exists between either such counsel and the Investor. 
 (b) Following acceptance of this subscription by the Fund, the Investor agrees to pay the Investment Amount in immediately available funds to an account
maintained by the Fund as directed and at the time specified in the funding notice from the Manager. The Investor understands and agrees that its funds will initially be held in escrow at a financial institution outside the Fund (such financial
institution may be the Manager or its affiliates) (the “Escrow Account”). Funds held in the Escrow Account will be invested in a money market account and interest and dividends earned on the Investment Amount held in escrow will be
credited to the Investor and applied toward the purchase of Shares at the Closing (as defined below). The Investment Amount will be held in the Escrow Account until the closing of the issuance and sale of Shares to the Investor pursuant to this
subscription (the “Closing”). The Closing shall be held on the date determined by the Fund (the “Closing Date”) but in no event more than one hundred (100) days following the date of receipt of the Investment Amount into the
Escrow Account. The escrowed capital will be invested in an interest bearing money market account within five (5) business days after the date the capital is received. At the Closing, the Investment Amount (including any interest or dividends
earned thereon while held in escrow) will be transferred from the Escrow Account into the Fund’s operating account and the Fund will issue the purchased Shares to the Investor. The purchase price per share for the Shares purchased under this
subscription at the Closing shall be equal to the Current Share Price (as defined below), plus an applicable placement fee (the “Placement Fee” or “sales charge”), as of the end of the quarter immediately preceding the Closing
Date (the “Closing Share Price”). The sales charge is charged as a specified percentage of the Investment Amount (as set forth below) and must be paid at the time of purchase. Therefore, if a sales charge is applicable to your investment,
the total amount you must pay at the time of purchase will equal your Investment Amount plus the sales charge. The sales charge is subject to reduction and waiver in certain circumstances (as described below). The Current Share Price is established
quarterly by determining the net asset value (“NAV”) of the Fund. NAV is determined as of the end of each quarter, typically, within 45 calendar days following the end of such quarter other than the quarter ended December 31 (the last
day of the Fund’s fiscal year). For the quarter ended December 31, the Fund expects that NAV will be determined shortly after completion of the Fund’s annual audit (which is expected to occur within 60 days after December 31).
The Current Share Price equals the NAV of the Fund as of the end of each quarter divided by the number of outstanding shares of all classes of capital stock of the Fund at the end of such quarter. The number of Shares purchased by the Investor at
the Closing shall be equal to the quotient obtained by dividing the Investment Amount (including any interest or dividends earned thereon while held in escrow) by the Closing Share Price. 
  

 5 

 (c) The Investor agrees that the Fund may pledge the Investment Amount paid by the Investor and held in
the Escrow Account to secure loans or other obligations of the Fund or its subsidiaries. Pursuant to the power of attorney granted to the Manager pursuant to Section 1(c) hereof, the Manager shall have the power to execute and deliver such
documents and take such other actions as the Manager deems necessary or appropriate to effect any such pledge of the Investment Amount. 
 3. Sales
Charges. 
 The Investor understands and agrees that the Shares offered by the Memorandum may be subject to a Placement Fee, and may be
purchased only by “accredited investors” (as defined in Regulation D under the Securities Act of 1933, as amended (the “Securities Act”)). The Placement Fee is a one-time fee charged as a specified percentage of the Investment
Amount (as set forth below) and must be paid at the time of purchase. Therefore, if a Placement Fee is applicable to your investment, the total amount you must pay at the time of purchase will equal your Investment Amount plus the Placement Fee. The
Placement Fee is paid to UST Securities Corp., an affiliate of the Manager (the “Placement Agent”), not the Fund, Manager or LaSalle Investment Management, Inc. (the “Advisor”), a Maryland corporation wholly-owned by Jones Lang
LaSalle Incorporated, and is designed to compensate the Placement Agent for its sales efforts in connection with the Fund. 
 The Placement
Fee is imposed on Shares at the time of investment in accordance with the following schedule: 
  

			
	 Amount of Investment
	  	 Applicable Placement Fee

	 •        $100,000 - $250,000
	  	1.5%
	 •        Over $250,000 but less than or equal to $500,000
	  	1.25%
	 •        Over $500,000
	  	0%

 The Placement Fee will be waived for purchases of Shares, (i) by or on behalf of accounts for
which the Manager or one of its affiliates acts in a fiduciary, advisory, custodial or similar capacity, or (ii) by individuals who are employees of BAC at the time of their investment. The Placement Fee will generally only be waived if the
investor purchasing the Shares has, at or prior to the time of purchase, given the Placement Agent sufficient information to permit confirmation of its qualification for such waiver. Placement Fees, if any, will neither constitute an investment made
by the investor in the Fund, nor form part of the assets of the Fund, and are due upon acceptance of the Investor’s subscription by the Fund. 
 As set forth in the Memorandum, the Investor may participate in a dividend reinvestment plan under which all dividends will automatically be reinvested in additional Shares of the same class. No sales charge is imposed on investments made
pursuant to a dividend reinvestment plan. 
  

 6 

 4. Representations and Warranties of the Investor. 
 The Investor, for the Investor and for the Investor’s heirs, personal representatives, successors and assigns, makes the following representations,
declarations and warranties with the intent that the same may be relied upon in determining the suitability of the undersigned as an investor in the Fund. The following representations, warranties and agreements shall survive the Closing Date.

 (a) The Shares being subscribed for by the Investor will be purchased for the account of the Investor for investment only and not with a
view to, or with any intention of, a distribution or resale thereof, in whole or in part, or the grant of any participation therein by subdivision or otherwise. The Investor acknowledges that (i) the Shares will be subject to certain
restrictions on transferability contained in the Fund’s Charter, (ii) the Shares have not been registered under the Securities Act, any state securities laws or under the securities laws of any foreign jurisdiction, and cannot be sold,
pledged, hypothecated or otherwise disposed of unless they are subsequently registered under the Securities Act and applicable state or foreign securities laws or unless an exemption from such registration is available, and (iii) that the
Investor has no right to require the Fund or any other party to seek such registration. The Investor also understands that there will be no public market for the Shares; that the Investor will be unable to utilize the provisions of Rule 144, as
adopted by the Securities and Exchange Commission (the “SEC”) under the Federal Act (“Rule 144”) with respect to the resale of the Shares; that an Investor who is a non-U.S. Person who purchased the Shares outside the United
States in accordance with Regulation S, as adopted by the SEC under the Federal Act (“Regulation S”), may only be able to resell the Shares pursuant to the provisions of Regulation S and that it may not be possible for the Investor to
liquidate its investment in the Shares. The Investor is prepared, therefore, to hold its Shares indefinitely. The Investor acknowledges that certificates representing the Shares (if the Shares are certificated) issued to the Investor pursuant to
this subscription will bear appropriate legends stating that such Shares are subject to restrictions on transfer contained in this Subscription Agreement, the Fund’s Charter and under applicable securities laws as provided in Section 12
hereof. 
 (b) The Investor has received and carefully reviewed the Memorandum, this Subscription Agreement, and all appendices, schedules
and exhibits to each of the foregoing, understanding that each such document supersedes all prior versions thereof and any inconsistent portions of previously distributed materials relating to the Fund, including, without limitation, executive and
other summaries and marketing materials regarding the Fund and the offering of the Shares that are not part of the Memorandum, and has consulted its own advisors, who are not affiliated with the Fund, the Manager or the Advisor, with respect to the
Investor’s proposed investment in the Fund. The Investor has not relied on any other information provided to it by the Fund, 

  

 7 

 
the Manager, the Advisor or any of their respective affiliates (or any of its or their respective agents or representatives). Based on such review, the
Investor has determined that the Shares being subscribed for herein are a suitable investment for the Investor. The Investor recognizes that an investment in the Fund involves certain risks and it has taken full cognizance of and understands all of
the investment considerations relating to the subscription for Shares. The Investor acknowledges that the Fund was formed in 2004 and has a limited financial or operating history, that the Fund reserves the unrestricted right to reject any
subscription, in whole or in part, in its sole discretion, and no subscription will be binding unless and until accepted by the Fund, that subscriptions need not be accepted in the order received, that there are substantial investment considerations
incident to the subscription for Shares, as summarized in the Memorandum, that no federal or state agency has passed upon the Shares or made any finding or determination as to the fairness of the investment made hereunder, that the discussion of the
tax consequences arising from an investment in the Fund, and the Fund’s investment in other assets or entities, set forth in the Memorandum is general in nature, and the tax consequences to the Investor of an investment in the Fund may depend
on its circumstances and that the Investor should consult with its own tax advisor regarding all United States federal, state, local and foreign tax considerations applicable to an investment in the Fund. The Investor is relying solely upon the
advice of its own tax and legal advisors, and shall not rely upon the general discussion set forth in the Memorandum, with respect to such matters. None of the Fund, the Manager, the Advisor or any of their respective affiliates (or any of their
agents or representatives), assume any responsibility for the tax consequences to the Investor of an investment in the Fund. The Investor has such knowledge and experience in financial and business matters that it is capable of evaluating the merits
and risks of an investment in the Fund and making an informed investment decision with respect thereto. The Investor has adequate means of providing for its current needs and possible future contingencies, has no need, and anticipates no need in the
foreseeable future, to sell the Shares for which it subscribes, and will have sufficient liquid assets to pay the entire purchase price (including the deferred portion) of the Shares subscribed for hereunder. The Investor is able to bear the
substantial economic risks related to an investment in the Fund for an indefinite period of time, has no need for liquidity in such investment, and, at the present time, can afford a complete loss of such investment. The Investor is relying on its
own business expertise and sophistication (and that of its advisors) and has performed its own investigation and evaluation of the risks, conflicts of interest, tax considerations and regulatory matters associated with an investment in the Shares
and the Investor is not relying on the Fund, the Manager, the Advisor or any of their respective affiliates (or any of their agents or representatives) with respect thereto. The Investor has carefully reviewed and fully understands the types of
charges and expenses which will be assessed against the Fund. The Investor further acknowledges that none of the Fund, the Manager, the Advisor or any of its affiliates will guarantee that the Fund’s purposes and objectives will be achieved.

  

 8 

 (c) The Investor has been furnished all materials relating to the Fund, the Manager, the Advisor, the
offering of the Shares or anything set forth in the Memorandum that it has requested (including, without limitation, copies of the Fund’s Charter, Bylaws, Management Agreement and Advisory Agreement) and has been afforded the opportunity to ask
questions and receive written answers concerning the Fund and the terms and conditions of the offering of the Shares, as well as the opportunity to obtain any additional information necessary to verify the accuracy of information furnished in
connection with such offering which the Fund and/or the Manager possess or can acquire without unreasonable effort or expense that is necessary to verify the accuracy of any representations or information set forth in the Memorandum. 
 (d) If the Investor is an entity, the Investor has or will have substantial business activities or investments other than its investments in the Fund and
was not specifically formed for the purpose of investing in the Fund. The amount that the Investor is subscribing for is less than 40% of the Investor’s total assets. 
 (e) The Investor understands and acknowledges that (i) the Investor must bear the economic risk of the Investor’s investment in the Shares;
(ii) the Investor has no contract, undertaking, agreement or arrangement with any person to sell, transfer or pledge to such person or anyone else any of the Shares which the Investor hereby subscribes to purchase or any part thereof, and the
Investor has no present plans to enter into any such contract, undertaking, agreement or arrangement; (iii) the Shares cannot be sold or transferred without the prior written notice to the Manager and unless such sale or transfer is in
compliance with applicable Securities Act and REIT requirements; (iv) there will be no public market for the Shares; and (v) any disposition of the Shares may result in unfavorable tax consequences to the Investor. 
 (f) The Investor is aware and acknowledges that (i) the Fund has a limited operating history; (ii) the Shares involve a substantial degree of
risk of loss of the Investor’s entire investment and there is no assurance of any income from such investment; (iii) any federal and/or state income tax benefits which may be available to the Investor may be lost through the adoption of
new laws or regulations or changes to existing laws and regulations or changes in the interpretation of existing laws and regulations; (iv) the Investor, in making its investment, is relying solely upon the advice of the Investor’s
personal tax advisor with respect to the tax aspects of an investment in the Fund; and (v) it may not be possible for the undersigned to liquidate its investment readily in any event, including in case of an emergency. 
 (g) In furtherance of the fact that the Shares have not been registered under the Securities Act, the Investment Company Act of 1940, as amended (the
“Investment Company Act”), or any state securities law, as applicable, the undersigned (i) represents and warrants that it is an “accredited investor” (as defined in Regulation D under the Securities Act and as set forth in
the Subscription Booklet) and (ii) agrees to 

  

 9 

 
notify the Manager of any change of information, or any change that would mean the undersigned could no longer make the representation set forth in
clause (i), occurring at any time during which the Investor is a stockholder of the Fund. 
 (h) By executing the Subscription
Documents, the Investor agrees that, if the Investor is not an individual, the Investor will furnish such additional information as the Fund may request regarding the beneficial ownership of the Shares held by the Investor. 
 (i) The information provided by the Investor in the Subscription Booklet is true, correct and complete in all material respects, and the Investor
understands and agrees that the Fund is expressly relying on the accuracy thereof. In addition, the representations, warranties, agreements, undertakings and acknowledgments (“Investor Representations”) made by the Investor in the
Subscription Documents are made with the intent that they be relied upon by the Fund, the Manager, the Placement Agent and their affiliates in determining its eligibility and suitability as a purchaser of the Shares, and shall survive its purchase.
In addition, the Investor undertakes to notify the Fund immediately of any change in any Investor Representation. Investor acknowledges and agrees that should the Fund, the Manager, the Advisor or their affiliates determine that any of the Investor
Representations are no longer true, or were not true when made, then the Fund may take any action it deems appropriate and in the best interests of shareholders, including, but not limited to, cancellation of the Investor’s investment, or
redeeming the Investor’s investment at its then Current Share Price. 
 (j) If the Investor is a natural person, the Investor is at
least 21 years of age and the Investor has adequate means of providing for all of his or her current and foreseeable needs and personal contingencies and has no need for liquidity in this investment, and if the Investor is an unincorporated
association, all of its members who are U.S. Persons (as defined in Section 902 under the Securities Act) are at least 21 years of age. 
 (k) The Investor is knowledgeable and experienced in evaluating investments and experienced in financial and business matters and is capable of evaluating the merits and risks of investing in the Shares. The aggregate amount of the
investments of the Investor in, and the Investor’s commitments to, all similar investments that are illiquid is reasonable in relation to the Investor’s net worth. 
 (l) The Investor maintains its domicile, and is not merely a transient or temporary resident, at the residence address provided in the Subscription
Booklet. 
 (m) The Investor, if it is a corporation, limited liability company, trust, partnership or other entity, is duly organized,
validly existing and in good standing under the laws of its jurisdiction of organization and the execution, delivery and performance by it of the Subscription Documents are within its powers, have been duly authorized by all necessary corporate or
other action on its behalf, require no action by or in respect of, 

  

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or filing with, any governmental body, agency or official (except as disclosed in writing to the Fund), and do not and will not contravene, or constitute a
default under, any provision of applicable law or regulation or of its certificate of incorporation, by-laws or other comparable organizational documents or any agreement, judgment, injunction, order, decree or other instrument to which the Investor
is a party or by which the Investor or any of the Investor’s property is bound. This Subscription Agreement constitutes a valid and binding agreement of the Investor, enforceable against the Investor in accordance with its terms. 
 (n) If the Investor is a natural person, the execution, delivery and performance by the Investor of the Subscription Documents are within the
Investor’s legal right, power and capacity, require no action by or in respect of, or filing with, any governmental body, agency or official (except as disclosed in writing to the Fund), and do not and will not contravene, or constitute a
default under, any provision of applicable law or regulation or of any agreement, judgment, injunction, order, decree or other instrument to which the Investor is party or by which the Investor or any of his or her property is bound. The
Subscription Documents constitute valid and binding agreements of the Investor, enforceable against the Investor in accordance with its terms. 
 (o) The Investor has evaluated the Memorandum and has determined that the Investor is and will be in a financial position appropriate to enable the Investor to realize to a significant extent the benefits described in the Memorandum.

 (p) The Investor acknowledges and is aware that no federal, state or foreign agency has made or will make any finding or determination as
to the fairness of an investment in, nor any recommendation or endorsement of, the Shares. 
 (q) The Investor acknowledges that the Fund
will seek to comply at all times with applicable anti-money laundering laws and that it is the Fund’s policy to cooperate fully with law enforcement agencies. To assist the Fund in its efforts to comply with anti-money laundering laws, the
Investor represents that none of the Investment Amount paid by the Investor to the Fund will be derived from or related to any activity that is deemed criminal under United States laws, rules or regulations. The Investor understands and agrees that
the Fund may undertake any actions that the Fund deems necessary or appropriate to ensure compliance with applicable laws, rules and regulations, including, without limitation, redeeming the Investor’s investment in the Fund in the event that
the foregoing representation by the Investor is incorrect or in the event that, for any other reason, the Investor’s investment in the Fund violates any law, rule or regulation. The Investor also understands and agrees that the Fund may release
confidential information about the Investor and, if applicable, any underlying beneficial owners of the Investor, to regulatory and law enforcement agencies to the extent necessary to ensure compliance with all applicable laws, rules and
regulations. The Investor agrees that upon demand, it will, (i) disclose to the Fund in writing such information with respect to direct and indirect ownership of the Shares and the source of 

  

 11 

 
funds of the Investor as the Fund deems necessary to comply with (A) provisions of the Code applicable to the Fund; (B) statutory and other
generally accepted principles relating to anti-money laundering and anti-terrorist groups (including any requirements imposed under the USA PATRIOT Act of 2001, as the same may be amended from time to time, and the rules and regulations promulgated
thereunder); or (C) the requirements of any other appropriate domestic or foreign authority, and (ii) promptly furnish such further information, and execute and deliver such documents, as reasonably may be required in the determination of
the Fund to comply with, or to confirm compliance with, any applicable laws or regulations or other obligations of the Investor or the Fund. 
 (r) The Investor understands that the Manager, the Advisor, their respective affiliates and various clients advised by one or more affiliates of the Manager and/or the Advisor may engage in businesses that are competitive with that of the
Fund and agrees to such activities even though in some circumstances there may be conflicts of interests inherent therein. The Investor agrees that by acquiring Shares, it will be deemed to have acknowledged the existence of the actual and potential
conflicts of interest identified in the Memorandum, and, as specified therein, to have waived any claim the Investor or any person claiming through it may have with respect to the existence of any such conflict of interest. 
 (s) The Investor understands that, in conducting due diligence concerning various prospective investments for the Fund before the Acceptance Date,
neither the Manager, the Advisor nor any of their respective affiliates has been acting as an investment adviser for the Investor, but instead has conducted such due diligence for the Fund; and that the continuation of such due diligence activities
by the Manager, the Advisor or any of their respective affiliates after the admittance to the Fund of the Investor as a Stockholder thereof will be in fulfillment of their respective duties to the Fund and will not constitute investment advice to,
nor will such advice take into account the particularized needs of, the Investor as either an Investor or a Stockholder. 
 (t) The
Investor’s entering into the Subscription Documents represents an arm’s length transaction between the parties, and the Investor understands both the methods of compensation of the Manager and the Advisor pursuant to the terms of the
Management Agreement and the Advisory Agreement, respectively, and the various agreements referenced in the Memorandum. 
 (u) The Investor
recognizes that none of the Fund, the Manager, the Advisor or any other person has promised, represented or guaranteed: (i) the safety of any investment in the Fund, (ii) that the Fund will be profitable or (iii) that any particular
investment return will be achieved or the probability of any investment return, and further that any such promise, representation or guarantee, if made, would be strictly unauthorized and should not be relied on. 
  

 12 

 (v) The Investor recognizes that a subscription for Shares involves certain risks, including, without
limitation, those set forth under the caption “Certain Risks and Potential Conflicts of Interest” in the Memorandum. 
 (w) The
Investor agrees that (i) the Investment Amount specified on the Subscription Booklet shall constitute its Investment Amount and (ii) it will make all payments required by the Subscription Documents when the same shall become due and
payable. The Investor further agrees that any applicable Placement Fee is in addition to its Investment Amount and must be paid at the time of purchase. 
 (x) The Investor acknowledges its understanding of the meaning and legal consequences of the representations, warranties and covenants contained herein, and that the Fund, the Manager, the Advisor and their respective
affiliates are relying upon such representations, warranties and covenants. Payment of all or a portion of the Investment Amount to the Fund hereunder shall constitute confirmation by the Investor of the continued accuracy of all of the
representations made in these Subscription Documents to the Fund as of the date such payment is made. 
 (y) The Investor certifies, under
penalties of perjury, that (i) the taxpayer identification number or employer identification number shown on the Subscription Booklet is true, correct and complete and (ii) the Investor is not subject to backup withholding either because
the Investor has not been notified that it is subject to backup withholding as a result of a failure to report all interest or dividends, or the IRS has notified the Investor that it is no longer subject to backup withholding. NOTE: IF YOU HAVE BEEN
NOTIFIED BY THE IRS THAT YOU ARE SUBJECT TO BACKUP WITHHOLDING OF YOUR TAXABLE INTEREST AND DIVIDENDS BECAUSE YOU HAVE UNDER REPORTED INTEREST OR DIVIDENDS AND YOU HAVE NOT RECEIVED A NOTICE FROM THE IRS THAT BACKUP WITHHOLDING HAS TERMINATED, YOU
SHOULD STRIKE CLAUSE (ii) OF THE PRECEDING SENTENCE. 
 5. Benefit Plan Investors. 
 (a) Definitions. In this Paragraph 5: (i) “Plan Asset Regulations” means the regulations issued by the U.S. Department of Labor
(the “DOL”) at 29 C.F.R. § 2510.3-101 et seq, as amended; (ii) “Benefit Plan Investor” means a “benefit plan investor” as defined in Section 3(42) of the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”); and (iii) “Venture Capital Operating Company” (“VCOC”) has the meaning promulgated by the DOL under the Plan Asset Regulations. 
  

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 (b) Representations, Warranties and Agreements. If Investor is a Benefit Plan Investor then the
person executing these Subscription Documents on behalf of Investor (the “Signer”) represents, warrants and agrees as follows on behalf of the Benefit Plan Investor(s): 
  

	 	i.	Independent Determination. The Signer is a fiduciary (within the meaning of Section 3(21) of ERISA) and has the fiduciary authority under ERISA and applicable plan
documents to cause the Benefit Plan Investor(s) to make an investment, or to continue or terminate any such investment, in the Fund. The Signer has independently determined, as to the Benefit Plan Investor(s), that this investment satisfies all
requirements of section 404(a)(1) of ERISA, and that this investment will not be prohibited under any of the provisions of section 406 of ERISA or section 4975(c)(1) of the Internal Revenue Code. The Signer has requested and received from
the Manager all information that the Signer, after due inquiry, deemed relevant to such determinations. Signer has taken into account that there is a risk of loss of this investment, and that this investment will be relatively illiquid so that
invested funds will not be readily available for the payment of employee benefits. Taking into account these factors and all other factors relating to the Fund, the Signer has concluded that this investment is an appropriate part of the overall
investment program of the Benefit Plan Investor(s). 

  

	 	ii.	Agreement to Give Notice of Certain Changes. Promptly after Investor obtains knowledge thereof, the Signer will notify the Manager in writing of (A) any termination,
substantial contraction, merger or consolidation, or transfer of assets of any Benefit Plan Investor; (B) any amendment to the governing instrument(s) of a Benefit Plan Investor that materially affects the investments of such Benefit Plan
Investor or the authority of any named fiduciary or investment manager to authorize investments by such Benefit Plan Investor; and (C) any change in the identity of any named fiduciary or investment manager (including the Benefit Plan Investor
itself) who has authority to approve investments for any Benefit Plan Investor. 

  

	 	iii.	No Investment Advice Given. The Signer acknowledges and agrees that neither the Manager, the Advisor nor any of their affiliates provided any investment advice to the
Investor (or, to the Signer’s knowledge, to any other Plan Investor) with respect to the decision to invest in the Fund and none of such parties provides any investment advice to the Investor (or, to the Signer’ knowledge, to any other
Plan Investor) that serves as the primary basis of any investment decisions Investor makes as to any of its assets (or that such other Plan Investor(s), as the case may be) that would be invested in the Fund. 

  

 14 

	 	iv.	Limit on Fiduciary Responsibilities. If the Manager or Advisor, or equity owner, employee, agent, or affiliate of either the Manager or Advisor, is ever held to be a
fiduciary of the Investor or any other Benefit Plan Investor, then, in accordance with sections 405(b)(1), 405(c)(2) and 405(d) of ERISA, the fiduciary responsibilities of that person shall be limited to the person’s duties in
administering the business of the Fund, and the person shall not be responsible for any other duties to Investor or such other Benefit Plan Investor, specifically including evaluating the initial or continued appropriateness of this investment in
the Fund under section 404(a)(1) of ERISA. 

 (c) Further Representations of Investor. The Investor understands
that the Fund intends to operate in such a manner that (i) an investment in the Fund will be a permissible investment for Benefit Plan Investors and (ii) the Fund will seek to qualify for an exception from the “look through” rule
of the Plan Asset Regulations. 
 Assuming that the Fund qualifies for such an exception, the execution, performance and delivery of this
Subscription Agreement, and the acquisition, holding and disposition of the Shares does not, and will not, result in a prohibited transaction under Section 406 of ERISA or Section 4975 of the Code for which there is not an available
exception. 
 6. Agreement to Refrain from Resales. Without in any way limiting the representations and warranties herein, the Investor further agrees
that the Investor shall in no event pledge, hypothecate, sell, transfer, assign or otherwise dispose of any part or all of the Shares, nor shall the Investor receive any consideration for any part or all of the Shares, unless and until prior to any
proposed pledge, hypothecation, sale, transfer, assignment or other disposition, the Investor shall have complied with all the requirements and conditions in the Charter. 
 7. Default of any Investor. The Investor agrees that timely payment of its required Investment Amount to the Fund is of the essence, that any default on the payment due to the Fund would cause injury to the
Fund and the other Stockholders. Accordingly, the Investor agrees that if the Investor defaults on the payment due to the Fund, (a) the Fund may terminate this Subscription Agreement, and (b) the Fund may exercise any other remedy it may
have at law or in equity, including, without limitation, obtaining monetary damages with respect to a defaulting investor. 
 8. Indemnification. The
Investor recognizes that the offer of the Shares was made in reliance upon the Investor’s representations and warranties set forth in Paragraph 4 above and the acknowledgments and agreements set forth in Paragraph 2 above. The
Investor agrees to provide, if requested, any additional information that may reasonably be required to determine the eligibility of the Investor to purchase and hold the Shares. The Investor hereby agrees to indemnify the Fund, the Manager, the
Advisor, and all of their 

  

 15 

 
affiliates and controlling persons and each other stockholder and any successor or assign of the foregoing and to hold each of them harmless from and against
any loss, damage or liability (including attorney’s fees) due to or arising out of a breach of any representation, warranty, acknowledgment or agreement of the Investor contained in these Subscription Documents or in any other document provided
by the Investor to the Fund in connection with the Investor’s investment in the Shares. Notwithstanding any provision of this Subscription Agreement, the Investor does not waive any rights granted to it under applicable securities laws.

 9. General. This Subscription Agreement (a) shall be binding upon the Investor and the heirs, personal representatives, successors and assigns
of the Investor, (b) shall be governed, construed and enforced in accordance with the laws of the State of Maryland, without reference to any principles of conflicts of law (except insofar as affected by the state securities or “blue
sky” laws of the jurisdiction in which the offering described herein has been made to the Investor), (c) shall survive the admission of the Investor to the Fund as a Stockholder, and (d) shall, if the Investor consists of more than
one person, be the joint and several obligation of all such persons. 
 10. Assignment. The Investor agrees that neither this Subscription Agreement
nor any rights which may accrue to the Investor hereunder may be transferred or assigned. 
 11. Arbitration. ANY CLAIM, CONTROVERSY, DISPUTE OR
DEADLOCK ARISING UNDER THIS SUBSCRIPTION AGREEMENT (COLLECTIVELY, A “DISPUTE”) SHALL BE SETTLED BY ARBITRATION, IN ACCORDANCE WITH THE RULES AND REGULATIONS OF THE AMERICAN ARBITRATION ASSOCIATION (“AAA”). ALL ARBITRATIONS SHALL
BE HELD IN NEW YORK, NEW YORK. ANY ARBITRATION AND AWARD OF THE ARBITRATORS, OR A MAJORITY OF THEM, SHALL BE FINAL AND THE JUDGMENT UPON THE AWARD RENDERED MAY BE ENTERED IN ANY STATE OR FEDERAL COURT HAVING JURISDICTION. NO PUNITIVE DAMAGES ARE TO
BE AWARDED. 
 12. Restrictions on Transfer of the Shares. 
 (a) Opinion of Counsel. The Investor acknowledges that there are restrictions on the transferability of the Shares. Since the Shares are not registered under the Securities Act or applicable state securities laws, the
Investor acknowledges and agrees that it shall have no right at any time to sell, transfer, assign, pledge or otherwise dispose of or encumber the Shares, unless, subject to compliance with the provisions of Section 12(b) below, the Fund, if it
so requests, shall first have been provided with (i) a subscription agreement or similar document executed by the proposed transferee containing representations, warranties and agreements substantially similar to the representations, warranties
and agreements contained in this Subscription Agreement and (ii) an opinion of counsel satisfactory to the Fund that such transfer is exempt from registration under the Securities Act and any applicable state securities laws and would not
violate the provisions of the Fund’s Charter. 
  

 16 

 (b) Restrictive Legends. The Investor acknowledges that the certificates representing the Shares (if the
Shares are certificated) will bear restrictive legends in the form set forth below: 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), NOR UNDER THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF UNLESS A REGISTRATION STATEMENT UNDER
THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS IS THEN IN EFFECT WITH RESPECT THERETO, OR SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAW. 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE RESTRICTIONS CONTAINED IN THE CHARTER OF EXCELSIOR LASALLE PROPERTY FUND, INC. AS SUCH CHARTER MAY BE
AMENDED, MODIFIED OR SUPPLEMENTED FROM TIME TO TIME (A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE CORPORATION). THE CORPORATION WILL FURNISH A FULL STATEMENT ABOUT CERTAIN RESTRICTIONS ON TRANSFERABILITY TO A STOCKHOLDER ON REQUEST AND
WITHOUT CHARGE. 
 13. Signatures. The execution and delivery by the Investor of the Subscription Booklet will constitute the Investor’s
agreement to be bound by this Subscription Agreement. The execution and delivery to the Investor of the acceptance form contained in the Subscription Booklet will constitute acceptance of this Subscription Agreement by the Fund. 
  

 17

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