Document:

fnhi_ex102.htm

EXHIBIT 10.2
 
REGISTRATION RIGHTS AGREEMENT
 
This Registration Rights Agreement ("Agreement"), dated May 24, 2016, is made by and between FRANCHISE HOLDINGS INTERNATIONAL, INC., Nevada corporation ("Company"), and KODIAK CAPITAL GROUP, LLC a Nevada limited liability company (the "Investor").
 
RECITALS
 
WHEREAS, upon the terms and subject to the conditions of the Equity Purchase Agreement ("Purchase Agreement"), between the Investor and the Company, the Company has agreed to issue and sell to the Investor shares (the "Put Shares") of its common stock, $0.0001 par value per share (the "Common Stock") from time to time for an aggregate investment price of up to One Million Dollars ($1,000,000) (the "EPA Securities"); 
 
WHEREAS, as a condition for the execution of the Purchase Agreement by the Investor, the Company has agreed to issue to the Investor a secured note in the principal amount equal to Sixty-Five Thousand Dollars ($65,000) (the "Note"); and 
 
WHEREAS, to induce the Investor to execute and deliver the Purchase Agreement, the Company has agreed to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the "Securities Act"), and applicable state securities laws with respect to the EPA Securities and any securities issued or issuable with respect to any of the foregoing by way of exchange, stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization or otherwise (together with the EPA Securities, the "Registered Securities").
 
NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Investor hereby agree as follows:
 
1.Definitions.
 
(a) As used in this Agreement, the following terms shall have the following meaning:
 
(i) "Execution Date" means the date of this Agreement.
 
(ii) "Investor" has the meaning set forth in the preamble to this Agreement.
 
(iii) "Register," "registered" and "registration" refer to a registration effected by preparing and filing a Registration Statement or Statements in compliance with the Securities Act and pursuant to Rule 415 under the Securities Act or any successor rule providing for offering securities on a delayed or continuous basis ("Rule 415"), and the declaration or ordering of effectiveness of such Registration Statement by the United States Securities and Exchange Commission (the "SEC").
 
(iv) "Registered Securities" will have the same meaning as set forth in the Purchase Agreement.
 
(v) "Registration Statement" means the Company's registration statement on Form S-1, or any similar registration statement of the Company filed with SEC under the Securities Act with respect to the Registered Securities.
 
(vi) "EDGAR" means the SEC's Electronic Data Gathering, Analysis and Retrieval System.
 
(vii) "Exchange Act" means the Securities Exchange Act of 1934, as amended, or any similar federal statute, and the rules and regulations of the SEC thereunder, all as the same will then be in effect.
 
	 
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(b) Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Purchase Agreement.
 
2. Obligation of the Company. In connection with the registration of the Registered Securities, the Company shall do each of the following:
 
(a) Prepare promptly and file with the SEC by June 30, 2016, a Registration Statement with respect to not less than the maximum allowable under Rule 415 of Registered Securities, and thereafter use all commercially reasonable efforts to cause such Registration Statement relating to the Registered Securities to become effective within five (5) business days after notice from the Securities and Exchange Commission that such Registration Statement may be declared effective, and keep the Registration Statement effective at all times prior to the termination of the Purchase Agreement until the earliest of (i) the date that is three months after the completion of the last Closing Date under the Purchase Agreement, (ii) the date when the Investor may sell all Registered Securities under Rule 144 without volume limitations, or (iii) the date the Investor no longer owns any of the Registered Securities (collectively, the "Registration Period"), which Registration Statement (including any amendments or supplements, thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;
 
(b) Prepare and file with the SEC such amendments (including post-effective amendments) and supplements to the Registration Statement and the prospectus used in connection with the Registration Statement as may be necessary to keep the Registration Statement effective at all times during the Registration Period, and to comply with the provisions of the Securities Act with respect to the disposition of all Registered Securities of the Company covered by the Registration Statement until the expiration of the Registration Period.
 
(c) With respect to the Registered Securities, upon written request by the Investor, permit counsel designated by Investor to review the Registration Statement and all amendments and supplements thereto a reasonable period of time (but not less than two (2) business days) prior to their filing with the SEC, and not file any document in a form to which such counsel reasonably objects.
 
(d) As promptly as practicable after becoming aware of the following facts, the Company shall notify Investor and Investor's legal counsel identified to the Company and (if requested by any such person) confirm such notice in writing no later than one (1) business day thereafter (i): (A) when a prospectus or any prospectus supplement or post-effective amendment to the Registration Statement is filed; (B) with respect to the Registration Statement or any post-effective amendment, when the same has become effective; (ii) of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement covering any or all of the Registered Securities or the initiation of any proceedings for that purpose; and (iii) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registered Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose.
 
(e) Unless available to the Investor without charge through EDGAR, the SEC's website or the Company's website, furnish to Investor, promptly after the same is prepared and publicly distributed, filed with the SEC, or received by the Company, one (1) copy of the Registration Statement, each preliminary prospectus and the prospectus, and each amendment or supplement thereto;
 
(f) Use all commercially reasonable efforts to (i) register and/or qualify the Registered Securities covered by the Registration Statement under such other securities or blue sky laws of such jurisdictions as the Investor may reasonably request and in which significant volumes of shares of Common Stock are traded, (ii) prepare and file in those jurisdictions such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof at all times during the Registration Period, (iii) take such other actions as may be necessary to maintain such registrations and qualification in effect at all times during the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Registered Securities for sale in such jurisdictions: provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (A) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(f), (B) subject itself to general taxation in any such jurisdiction, (C) file a general consent to service of process in any such jurisdiction, (D) provide any undertakings that cause more than nominal expense or burden to the Company or (E) make any change in its charter or by-laws or any then existing contracts, which in each case the Board of Directors of the Company determines to be contrary to the best interests of the Company and its stockholders;
 
	 
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(g) As promptly as practicable after becoming aware of such event, notify the Investor of the happening of any event of which the Company has knowledge, as a result of which the prospectus included in the Registration Statement, as then in effect, includes any untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading ("Registration Default"), and promptly prepare a supplement or amendment to the Registration Statement or other appropriate filing with the SEC to correct such untrue statement or omission, and take any other commercially reasonable steps to cure the Registration Default, and, unless available to the Investor without charge through EDGAR, the SEC's website or the Company's website, deliver a number of copies of such supplement or amendment to the Investor as the Investor may reasonably request.
 
(h) Use its commercially reasonable efforts to secure quotation for such Registered Securities on the OTCQB or OTCQX;
 
(i) Provide a transfer agent for the Registered Securities (the "Transfer Agent") not later than the Execution Date under the Purchase Agreement;
 
(j) Cooperate with the Investor to facilitate the timely preparation and delivery of certificates for the Registered Securities to be offered pursuant to the Registration Statement and enable such certificates for the Registered Securities to be in such denominations or amounts as the case may be, as the Investor may reasonably request and registration in such names as the Investor may request; and, within five (5) business days after a Registration Statement which includes Registered Securities is ordered effective by the SEC, the Company shall deliver, and shall cause legal counsel selected by the Company to deliver, to the Transfer Agent (with copies to the Investor) an appropriate instruction and opinion of such counsel, if so required by the Transfer Agent; and
 
(k) Take all other commercially reasonable actions necessary to expedite and facilitate distribution to the Investor of the Registered Securities pursuant to the Registration Statement.
 
3. Obligations of the Investor. In connection with the registration of the Registered Securities, the Investor shall have the following obligations;
 
(a) It shall be a condition precedent to the obligations of the Company to complete the registration pursuant to this Agreement with respect to the Registered Securities of the Investor that the Investor shall timely furnish to the Company such information regarding itself, the Registered Securities held by it, and the intended method of disposition of the Registered Securities held by it, as shall be reasonably required to effect the registration of such Registered Securities and shall timely execute such documents in connection with such registration as the Company may reasonably request.
 
(b) The Investor by such Investor's acceptance of the Registered Securities agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of the Registration Statement hereunder; and
 
(c) The Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 2(d)(ii) or (iii) or 2(g) above, the Investor will immediately discontinue disposition of Registered Securities pursuant to the Registration Statement covering such Registered Securities until the Investor receives the copies of the supplemented or amended prospectus contemplated by Section 2(d)(ii) or (iii) or 2(g) and, if so directed by the Company, the Investor shall deliver to the Company (at the expense of the Company) or destroy (and deliver to the Company a certificate of destruction) all copies in the Investor's possession, of the prospectus covering such Registered Securities current at the time of receipt of such notice.
 
4. Expenses of Registration.All reasonable expenses incurred in connection with registrations, filings or qualifications pursuant to Section 2, including, without limitation, all registration, listing, and qualifications fees, printers and accounting fees, the fees and disbursements of counsel for the Company shall be borne by the Company.
 
	 
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5. Indemnification.After Registered Securities are included in a Registration Statement under this Agreement:
 
(a) To the extent permitted by law, the Company will indemnify and hold harmless, the Investor, the directors, if any, of such Investor, the officers, if any, of such Investor, each person, if any, who controls the Investor within the meaning of the Securities Act or the Exchange Act (each, an "Indemnified Person"), against any losses, claims, damages, liabilities or expenses (joint or several) incurred (collectively, "Claims") to which any of them may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any post-effective amendment thereof or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus or contained in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in the light of the circumstances under which the statements therein were made, not misleading or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation under the Securities Act, the Exchange Act or any state securities law (the matters in the foregoing clauses (i) through (iii) being collectively referred to as "Violations"). Subject to Section 5(b) hereof, the Company shall reimburse the Investor, promptly as such expenses are incurred and are due and payable, for any reasonable legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 5(a) shall not (i) apply to any Claims arising out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of any Indemnified Person expressly for use in connection with the preparation of the Registration Statement or any such amendment thereof or supplement thereto, if such prospectus was timely made available by the Company pursuant to Section 2(b) hereof; (ii) with respect to any preliminary prospectus, inure to the benefit of any such person from whom the person asserting any such Claim purchased the Registered Securities that are the subject thereof (or to the benefit of any person controlling such person) if the untrue statement or omission of material fact contained in the preliminary prospectus was corrected in the prospectus, as then amended or supplemented, if such prospectus was timely made available by the Company pursuant to Section 2(b) hereof; (iii) be available to the extent such Claim is based on a failure of the Investor to deliver or cause to be delivered the prospectus made available by the Company; or (iv) apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld. The Investor will indemnify the Company, its officers, directors and agents (including legal counsel) against any claims arising out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing to the Company, by or on behalf of the Investor, expressly for use in connection with the preparation of the Registration Statement, subject to such limitations and conditions set forth in the previous sentence.
 
(b) Promptly after receipt by an Indemnified Person under this Section 5 of notice of the commencement of any action (including any governmental action), such Indemnified Person shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 5, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person, as the case may be; provided, however, that an Indemnified Person shall have the right to retain its own counsel with the reasonable fees and expenses to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of the Indemnified Person and the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Person and any other party represented by such counsel in such proceeding. In such event, the Company shall pay for only one separate legal counsel for the Investor selected by the Investor. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person under this Section 5, except to the extent that the indemnifying party is prejudiced in its ability to defend such action. The indemnification required by this Section 5 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as such expense, loss, damage or liability is incurred and is due and payable.
 
	 
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6. Contribution.To the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 5 to the fullest extent permitted by law; provided, however, that (a) no contribution shall be made under circumstances where the maker would not have been liable for indemnification under the fault standards set forth in Section 5 and; (b) no seller of Registered Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any seller of Registered Securities who was not guilty of such fraudulent misrepresentation.
 
7. Reports under Exchange Act. With a view to making available to the Investor the benefits of Rule 144 promulgated under the Securities Act or any other similar rule or regulation of the SEC that may at any time permit the Investor to sell securities of the Company to the public without registration ("Rule 144"), the Company agrees to use its commercially reasonable efforts to:
 
(a) make and keep public information available, as those terms are understood and defined in Rule 144;
 
(b) file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act for so long as the Company remains subject to such requirements, and the filing of such reports is required for sales under Rule 144;
 
(c) furnish to the Investor so long as the Investor owns Registered Securities, promptly upon request, (i) a written statement by the Company that it has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange Act, (ii) unless available to the Investor without charge through EDGAR, the SEC's website or the Company's website, a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested to permit the Investors to sell such securities pursuant to Rule 144 without registration; and
 
(d) at the request of any Investor of Registered Securities, give its Transfer Agent instructions (supported by an opinion of Company counsel, if required or requested by the Transfer Agent) to the effect that, upon the Transfer Agent's receipt from such Investor of:
 
(i) a certificate (a "Rule 144 Certificate") certifying, if true, (A) that such Investor has held the shares of Registered Securities which the Investor proposes to sell (the "Securities Being Sold") for a period of not less than (6) months and (B) as to such other matters as may be appropriate in accordance with Rule 144 under the Securities Act, and
 
(ii) if true, an opinion of counsel acceptable to the Company (for which purposes it is agreed that the initial Investor's counsel shall be deemed acceptable if such opinion is not given by Company counsel) that, based on the Rule 144 Certificate, Securities Being Sold may be sold pursuant to the provisions of Rule 144, even in the absence of an effective Registration Statement, the Transfer Agent is to effect the transfer of the Securities Being Sold and issue to the buyer(s) or transferee(s) thereof one or more stock certificates representing the transferred Securities Being Sold without any restrictive legend and without recording any restrictions on the transferability of such shares on the Transfer Agent's books and records (except to the extent any such legend or restriction results from facts other than the identity of the Investor, as the seller or transferor thereof, or the status, including any relevant legends or restrictions, of the shares of the Securities Being Sold while held by the Investor). If the Transfer Agent requires any additional documentation at the time of the transfer, the Company shall deliver or cause to be delivered all such reasonable additional documentation as may be necessary to effectuate the issuance of an unlegended certificate.
 
	 
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8. Miscellaneous.
 
(a) Registered Owners. A person or entity is deemed to be a holder of Registered Securities whenever such person or entity owns of record such Registered Securities. If the Company receives conflicting instructions, notices or elections from two or more persons or entities with respect to the same Registered Securities, the Company shall act upon the basis of instructions, notice or election received from the registered owner of such Registered Securities.
 
(b) Rights Cumulative; Waivers. The rights of each of the parties under this Agreement are cumulative. The rights of each of the parties hereunder shall not be capable of being waived or varied other than by an express waiver or variation in writing. Any failure to exercise or any delay in exercising any of such rights shall not operate as a waiver or variation of that or any other such right. Any defective or partial exercise of any of such rights shall not preclude any other or further exercise of that or any other such right. No act or course of conduct or negotiation on the part of any party shall in any way preclude such party from exercising any such right or constitute a suspension or any variation of any such right.
 
(c) Benefit; Successors Bound. This Agreement and the terms, covenants, conditions, provisions, obligations, undertakings, rights, and benefits hereof, shall be binding upon, and shall inure to the benefit of, the undersigned parties and their successors.
 
(d) Entire Agreement. This Agreement contains the entire agreement between the parties with respect to the subject matter hereof. There are no promises, agreements, conditions, undertakings, understandings, warranties, covenants or representations, oral or written, express or implied, between them with respect to this Agreement or the matters described in this Agreement, except as set forth in this Agreement and in the other documentation relating to the transactions contemplated by this Agreement. Any such negotiations, promises, or understandings shall not be used to interpret or constitute this Agreement.
 
(e) Amendment. Any provision of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and Investor. Any amendment or waiver affected in accordance with this Section 9 shall be binding upon the Company.
 
(f) Severability. Each part of this Agreement is intended to be severable. In the event that any provision of this Agreement is found by any court or other authority of competent jurisdiction to be illegal or unenforceable, such provision shall be severed or modified to the extent necessary to render it enforceable and as so severed or modified, this Agreement shall continue in full force and effect.
 
(g) Notices. Any and all notices or other communications or deliveries to be provided by the Investor hereunder shall be in writing and delivered personally, by facsimile, by email attachment, or sent by a nationally recognized overnight courier service, addressed to the Company, at the address set forth below, or such other facsimile number, email address, or address as the Company may specify for such purposes by notice to the Holder delivered in accordance with this Section 8(g). Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile, by email attachment, or sent by a nationally recognized overnight courier service addressed to the Investor at the facsimile number or email address or address of the Investor set forth below. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment to the email address set forth on the signature pages attached hereto prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment to the email address set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (iv) upon actual receipt by the party to whom such notice is required to be given. The addresses for such communications shall be:
 
If to the Company:
 
If to the Investor:
Kodiak Capital Group, LLC
260 Newport Center Drive
Newport Beach, CA 92660
infor@kodiakfunds.com
 
	 
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Either party hereto may from time to time change its address or email for notices under this Section 8(g) by giving at least ten (10) days' prior written notice of such changed address to the other party hereto.
 
(h) Governing Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the Company and the Investor shall be governed, construed and interpreted in accordance with the laws of the State of California, without giving effect to principles of conflicts of law. Each of the Company and Investor hereby submit to the exclusive jurisdiction of the United States Federal and state courts located in California with respect to the the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein.
 
(i) Consents. The person signing this Agreement on behalf of each party hereby represents and warrants that he has the necessary power, consent and authority to execute and deliver this Agreement on behalf of that party.
 
(j) Further Assurances. In addition to the instruments and documents to be made, executed and delivered pursuant to this Agreement, the parties hereto agree to make, execute and deliver or cause to be made, executed and delivered, to the requesting party such other instruments and to take such other actions as the requesting party may reasonably require to carry out the terms of this Agreement and the transactions contemplated hereby.
 
(k) Section Headings. The Section headings in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.
 
(l) Construction. Unless the context otherwise requires, when used herein, the singular shall be deemed to include the plural, the plural shall be deemed to include each of the singular, and pronouns of one or no gender shall be deemed to include the equivalent pronoun of the other or no gender.
 
(m) Execution in Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which shall constitute one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by email of a .pdf or telephone line facsimile transmission of a copy of this Agreement bearing the signature of the party so delivering this Agreement. A facsimile transmission or email of a .pdf of this signed Agreement shall be legal and binding on all parties hereto.
 
[-Signature page follows-]
 
	 
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IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed by their respective officers thereunto duly authorized as of the day and year first above written. 
 
	 
	COMPANY:
 
FRANCHISE HOLDINGS INTERNATIONAL, INC.
	 

	 	 	 	 
	 	By:	/s/ Steven Rossi	 

	 
	Name:
	Steven Rossi	 

	 
	Title:
	Chief Executive Officer	 

	 
	 
	 
	 

		INVESTOR:
 
KODIAK CAPITAL GROUP, LLC
	
				
		By:	/s/ Ryan Hodson
	
		Name:	Ryan Hodson
	
		Title:	Managing Member
	

 
[-Signature page to Registration Rights Agreement-]
 
 
8ESCROW
DEPOSIT AGREEMENT

 

This
ESCROW DEPOSIT AGREEMENT (this “Agreement”) dated as of this __ day of [_____] 2016, by and among SQN
AIF V GP, LLC, a Delaware limited liability Company (the “General Partner”), having an address at 100 Wall
Street, 28th Floor, New York, New York 10005, SQN ASSET INCOME FUND V, L.P., a Delaware limited partnership
(the “Partnership”), having an address at 100 Wall Street, 28th Floor, New York, New York 10005,
SQN SECURITIES, LLC, a Delaware limited liability Company (the “Selling Agent”), having an address at
100 Wall Street, 28th Floor, New York, New York 10005 and SIGNATURE BANK, a New York State chartered bank (the
“Escrow Agent”), having an office at 300 Park Avenue, New York, New York 10022.

 

W
I T N E S S E T H:

 

WHEREAS,
the Partnership will offer and sell up to 25,000,000 of its limited partnership interests (the “Units”) to
investors meeting certain suitability standards at $10 per Unit (the “Offering”);

 

WHEREAS,
each person who subscribes for the purchase of Units (a “Subscriber”) will be required to pay his, hers or
its subscription in full at the time of subscription by check or wire (the “Subscription Proceeds”);

 

WHEREAS,
the Selling Agent has executed an agreement (the “Selling Agent Agreement”) with the Partnership and the General
Partner under which the Selling Agent will solicit subscriptions in certain states on a “best efforts” basis for Subscription
Proceeds of up to $250,000,000;

 

WHEREAS,
under the terms of the Selling Agent Agreement, the Subscription Proceeds are required to be held in an escrow account (the “Escrow
Account”) subject to the receipt and acceptance by the General Partner of subscriptions for 120,000 Units or $1,200,000,
excluding any subscriptions, if any, by the General Partner and its affiliates and Pennsylvania residents (the “Minimum
Amount”);

 

WHEREAS,
unless the Minimum Amount is sold by [ONE YEAR FROM COMMENCEMENT DATE], 2017 (the “Termination Date”), the
Offering shall terminate and all funds shall be returned to the subscribers in the Offering; and

 

WHEREAS,
no subscriptions to the Partnership will be accepted after receipt and acceptance of subscriptions for 25,000,000 Units or $250,000,000
or the termination of the Offering, whichever is the first to occur;

 

WHEREAS,
to facilitate compliance with the terms of the Selling Agent Agreement and Rule 15c2-4 adopted under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), the Partnership, the General Partner and the Selling Agent desire
to have the Subscription Proceeds deposited with the Escrow Agent until the Minimum Amount has been obtained and the Escrow Agent
agrees to hold the Subscription Proceeds under the terms and conditions set forth in this Agreement;

 

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WHEREAS,
the Partnership, General Partner, and Selling Agent, represent and warrant to the Escrow Agent that they will comply with all
of their respective obligations under applicable state and federal securities laws and regulations with respect to the sale of
Units; and

 

WHEREAS,
the Partnership, General Partner and Selling Agent represent and warrant to the Escrow Agent that they have not stated to any
individual or entity that the Escrow Agent’s duties will include anything other than those duties stated in this Agreement;
and

 

WHEREAS,
the Partnership, General Partner and Selling Agent represent and warrant to the Escrow Agent that a copy of each document that
has been delivered to Subscribers and third parties that include Escrow Agent’s name and duties is attached hereto as Schedule
I.

 

NOW,
THEREFORE, IT IS AGREED as follows:

 

1.Delivery
of Escrow Funds; Investment of Subscription Proceeds .

 

(a)
Pending receipt of the Minimum Offering Amount, and subject to Section 10, the Selling Agent and the General Partner
shall (i) deposit the Subscription Proceeds of each Subscriber to whom they sell Units with the Escrow Agent no later than 12:00
p.m. ET on a Business Day after receipt, and (ii) deliver to the Escrow Agent a copy of the Subscription Agreement. A “Subscription
Agreement” is the execution and subscription instrument signed by the Subscriber to evidence such Subscriber’s agreement
to purchase Units.

 

(b)Pending
receipt of the Minimum Amount, and subject to Section 10, the Selling Agent and the General Partner shall instruct Subscribers
to deliver to Escrow Agent checks made payable to the order of “Signature Bank, as Escrow Agent for SQN Asset Investment
Fund V, L.P. or wire transfer to Signature Bank, 485 Madison Avenue, 11th Floor, New York, New York 10022, ABA No.
026013576 for credit to “SQN Asset Investment Fund V, L.P, Signature Bank, as Escrow Agent for” Account No. _______________________,
in each case, with the name and address of the individual or entity making payment. In the event any Subscriber’s address
is not provided to Escrow Agent by the Subscriber, then the General Partner and/or the Selling Agent agree to promptly provide
Escrow Agent with such information in writing. The checks or wire transfers shall be deposited into an interest-bearing account
at Signature Bank entitled “SQN Asset Investment Fund V, L.P Signature Bank, as Escrow Agent”. Verification of the
Subscription Proceeds by the Escrow Agent will be available via direct, online access, telecopier, or other electronic media as
soon as practicable after receipt. For the purposes of this Agreement, a “Business Day” is any day other than
a Saturday, Sunday or any day on which commercial banks in New York, New York are authorized or required to close. The collected
funds deposited into the Escrow Account are referred to as the “Escrow Funds.”

 

(c)The
Escrow Agent shall have no duty or responsibility to enforce the collection or demand payment of any funds deposited into the
Escrow Account. If, for any reason, any check deposited into the Escrow Account shall be returned unpaid to the Escrow Agent,
the sole duty of the Escrow Agent shall be to return the check to the Subscriber and advise the General Partner and Selling Agent
promptly thereof.

 

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(d)Subject
to Section 10, the Escrow Agent shall deposit all Subscription Proceeds into Signature Bank’s Monogram Insured Money
Market Deposit Account For Business. Interest accrued on Subscription Proceeds held in the Escrow Account shall not be an asset
of the Partnership, but shall be added to the Subscription Proceeds and disbursed in accordance with the terms of this Agreement.
Such amounts of interest are referred to in this Agreement as “Interest Proceeds.”

 

2.Release
of Escrow Funds. The Escrow Funds shall be paid by the Escrow Agent in accordance with the following:

 

(a)In
the event that the General Partner advises the Escrow Agent in writing that the Offering has been terminated (the “Termination
Notice”), the Escrow Agent shall promptly distribute to each Subscriber the Subscription Proceeds received from such
Subscriber plus their pro rata portion of the Interest Proceeds calculated pursuant to Section 7.

 

(b)If
by 3:00 P.M. Eastern time on the Termination Date, the Escrow Agent has not received written instructions from the General Partner
regarding the disbursement of the Escrow Funds and the total amount of the Escrow Funds is less than the Minimum Amount, then
the Escrow Agent shall promptly distribute to each Subscriber the Subscription Proceeds received from such Subscriber plus their
pro rata portion of the Interest Proceeds calculated pursuant to Section 7.

 

(c)Provided
that the Escrow Agent does not receive the Termination Notice in accordance with Section 2(a) and the Minimum Amount has been
deposited into the Escrow Account on or prior to the Termination Date, the Escrow Agent shall, upon receipt of written instructions,
in the form of Exhibit A, attached hereto and made a part hereof, or in a form and substance satisfactory to the Escrow
Agent, received from the General Partner, pay the Escrow Funds to the General Partner in accordance with such written instructions.
Such notice shall state the date on which the initial closing date and release of the deposited Subscription Proceeds and all
related Interest Proceeds shall occur. The Escrow Agent shall make such distributions to the General Partner on the initial closing
date provided that such notice is received by 3:00 p.m. ET on a Business Day for the Escrow Agent to process such instructions
that Business Day.

 

(d)If
a subscription for Units is rejected by the General Partner or duly cancelled by a Subscriber after the Subscription Proceeds
relating to the subscription have been deposited in the Escrow Account, the General Partner shall notify the Escrow Agent of the
rejection or cancellation, and the Escrow Agent shall promptly distribute to the Subscriber a refund check made payable to such
Subscriber in an amount equal to the deposited Subscription Proceeds received from such Subscriber plus any Interest Proceeds
calculated pursuant to Section 7.

 

(e)The
Escrow Agent shall not be required to pay any uncollected funds or any funds that are not available for withdrawal. Should any
party to this Agreement be a non-U.S. entity, the Escrow Agent may require up to an additional five (5) Business Days to open
the Escrow Account.

 

(f)The
Escrow Funds returned to each Subscriber shall be free and clear of any and all claims of the Escrow Agent.

 

    	 	3	 

    	 

    

 

3.Acceptance
by Escrow Agent; Duties and Liability of Escrow Agent. The Escrow Agent hereby accepts and agrees to perform its obligations
hereunder, provided that:

 

(a)The
Escrow Agent may act in reliance upon any signature believed by it to be genuine, and may assume that any person who has been
designated by Selling Agent, the General Partner or the Partnership to give any written instructions, notice or receipt, or make
any statements in connection with the provisions hereof has been duly authorized to do so. The Escrow Agent shall have no duty
to make inquiry as to the genuineness, accuracy or validity of any statements or instructions or any signatures on statements
or instructions. The names and true signatures of each individual authorized to act singly on behalf of the General Partner, Partnership
and Selling Agent are stated in Schedule II, which is attached hereto and made a part hereof. The General Partner, Partnership
and Selling Agent may each remove or add one or more of its authorized signers stated on Schedule II by notifying the Escrow
Agent of such change in accordance with this Agreement, which notice shall include the true signature for any new authorized signatories.

 

(b)The
Escrow Agent may act relative hereto in reliance upon advice of counsel in reference to any matter connected herewith. The Escrow
Agent shall not be liable for any mistake of fact or error of judgment or law, or for any acts or omissions of any kind, unless
caused by its willful misconduct or gross negligence.

 

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

 

(d)The
Selling Agent, Partnership and the General Partner agree to indemnify and hold the Escrow Agent harmless from and against any
and all claims, losses, costs, liabilities, damages, suits, demands, judgments or expenses (including but not limited to reasonable
attorney’s fees) claimed against or incurred by Escrow Agent arising out of or related, directly or indirectly, to this
Escrow Agreement unless caused by the Escrow Agent’s gross negligence or willful misconduct.

 

(e)
In the event that the Escrow Agent shall be uncertain as to its duties or rights hereunder, the Escrow Agent shall be entitled
to (i) refrain from taking any action other than to keep safely the Escrow Funds until it shall be directed otherwise by a court
of competent jurisdiction, or (ii) deliver the Escrow Funds to a court of competent jurisdiction.

 

(f)The
Escrow Agent shall have no duty, responsibility or obligation to interpret or enforce the terms of any agreement other than Escrow
Agent’s obligations hereunder, and the Escrow Agent shall not be required to make a request that any monies be delivered
to the Escrow Account, it being agreed that the sole duties and responsibilities of the Escrow Agent shall be to the extent not
prohibited by applicable law (i) to accept checks or other instruments for the payment of money and wire transfers delivered to
the Escrow Agent for the Escrow Account and deposit said checks and wire transfers into the non-interest bearing Escrow Account,
and (ii) to disburse or refrain from disbursing the Escrow Funds as stated above, provided that the checks received by the Escrow
Agent have been collected and are available for withdrawal.

 

    	 	4	 

    	 

    

 

4.Escrow
Account Statements and Information. The Escrow Agent agrees to send to the General Partner and/or the Selling Agent
a copy of the Escrow Account periodic statement, upon request in accordance with the Escrow Agent’s regular practices for
providing account statements to its non-escrow clients, and to also provide the Partnership and/or Selling Agent, or their designee,
upon request other deposit account information, including Escrow Account balances, by telephone or by computer communication,
to the extent practicable. The General Partner and Selling Agent agree to complete and sign all forms or agreements required by
the Escrow Agent for that purpose. The General Partner and Selling Agent each consents to the Escrow Agent’s release of
such Escrow Account information to any of the individuals designated by the General Partner or the Selling Agent, as applicable,
which designation has been signed in accordance with Section 3(a) by any of the persons in Schedule II. Further, the General
Partner and Selling Agent have an option to receive e-mail notification of incoming and outgoing wire transfers. If this e-mail
notification service is requested and subsequently approved by the Escrow Agent, the General Partner and/or Selling Agent agrees
to provide a valid e-mail address and other information necessary to set-up this service and sign all forms and agreements required
for such service. The General Partner and Selling Agent each consents to the Escrow Agent’s release of wire transfer information
to the designated e-mail address(es). The Escrow Agent’s liability for failure to comply with this section shall not exceed
the cost of providing such information.

 

5.Resignation
and Termination of the Escrow Agent. The Escrow Agent may resign at any time by giving thirty (30) days’ prior written
notice of such resignation to the Selling Agent and the General Partner. Upon providing such notice, the Escrow Agent shall have
no further obligation hereunder except to hold as depository the Escrow Funds that it receives until the end of such thirty (30)-day
period. In such event, the Escrow Agent shall not take any action, other than receiving and depositing Subscribers checks and
wire transfers in accordance with this Agreement, until the General Partner has designated a banking corporation, trust company,
attorney or other person as successor. Upon receipt of such written designation signed by the General Partner, the Escrow Agent
shall promptly deliver the Escrow Funds to such successor and shall thereafter have no further obligations hereunder. If such
instructions are not received within thirty (30) days following the effective date of such resignation, then the Escrow Agent
may deposit the Escrow Funds held by it pursuant to this Agreement with a clerk of a court of competent jurisdiction pending the
appointment of a successor. In either case provided for in this section, the Escrow Agent shall be relieved of all further obligations
and released from all liability thereafter arising with respect to the Escrow Funds.

 

6.Termination.
The General Partner may terminate the appointment of the Escrow Agent hereunder upon written notice specifying the date upon which
such termination shall take effect, which date shall be at least thirty (30) days from the date of such notice. In the event of
such termination, the General Partner shall, within thirty (30) days of such notice, appoint a successor escrow agent and the
Escrow Agent shall, upon receipt of written instructions signed by the General Partner, turn over to such successor escrow agent
all of the Escrow Funds; provided, however, that if the General Partner fails to appoint a successor escrow agent
within such thirty (30) day period, such termination notice shall be null and void and the Escrow Agent shall continue to be bound
by all of the provisions hereof. Upon receipt of the Escrow Funds, the successor escrow agent shall become the escrow agent hereunder
and shall be bound by all of the provisions hereof and Escrow Agent shall be relieved of all further obligations and released
from all liability thereafter arising with respect to the Escrow Funds and under this Agreement.

 

    	 	5	 

    	 

    

 

7.Calculation
and Payment of Interest.

 

(a)If
the Subscription Proceeds and any Interest Proceeds become distributable to the Subscribers pursuant to Section 2, the General
Partner shall compute the pro rata share of interest paid or earned on the applicable Subscription Proceeds, shall inform the
Escrow Agent of these amounts and the Escrow Agent shall distribute the Interest Proceeds pro rata to the Subscribers.

 

(b)The
General Partner agrees and represents to the Escrow Agent that any interest or other income earned on the Escrow Account shall
for the purposes of reporting such income to the appropriate taxing authorities be deemed to be earned by the General Partner,
unless the Escrow Funds are returned to the Subscribers in accordance with this Agreement. The General Partner represents that
it is a US person as that term is defined by the Internal Revenue Service. To the extent that the income is not earned by the
General Partner, then the General Partner shall assume the responsibility, if any, of reporting to the appropriate taxing authorities
that it has received that income as nominee for others. The General Partner agrees to provide the Escrow Agent with a certified
tax identification number by signing and returning a Form W-9 to the Escrow Agent upon execution of this Escrow Agreement. The
General Partner understands that, in the event the General Partner’s tax identification number is incorrect or is not certified
to the Escrow Agent, the Internal Revenue Code, as amended from time to time, may require withholding of a portion of any interest
or other income earned on the Escrow Funds. The General Partner agrees to assume any and all obligations imposed, now or hereafter,
by the applicable tax law and/or applicable taxing authorities, with respect to any interest or other income earned on the Escrow
Funds and to indemnify and hold the Escrow Agent harmless from any liability or obligation on account of taxes, assessments, additions
for late payment, interest, penalties, expenses and other governmental charges that may be assessed or asserted against the Escrow
Agent in connection with or relating to any payment made or other activities performed under the terms of this Agreement, including
without limitation any liability for the withholding or deduction of (or the failure to withhold or deduct) the same, and any
liability for the failure to obtain proper certifications or to report properly to governmental authorities in connection with
this Agreement, including costs and expenses (including reasonable legal fees and expenses) interest and penalties, in each such
case to the extent applicable to, or arising in respect of, the interest earned on the Escrow Account, unless such liability is
caused by the Escrow Agent’s gross negligence or willful misconduct or bad faith. The foregoing indemnification and agreement
to hold harmless shall survive the termination of this Agreement.

 

8.Compensation.
The Escrow Agent shall be entitled, for the duties to be performed by it hereunder, to a fee of $4,000.00, which fee shall be
paid by the General Partner upon the signing of this Agreement. In addition, the General Partner shall be obligated to reimburse
Escrow Agent for all fees, costs and expenses incurred or that become due in connection with this Agreement or the Escrow Account,
including reasonable attorneys’ fees. Neither the modification, cancellation, termination or rescission of this Agreement
nor the resignation or termination of the Escrow Agent shall affect the right of the Escrow Agent to retain the amount of any
fee which has been paid, or to be reimbursed or paid any amount which has been incurred or becomes due, prior to the effective
date of any such modification, cancellation, termination, resignation or rescission. To the extent the Escrow Agent has incurred
any such expenses, or any such fee becomes due, prior to any closing, the Escrow Agent shall advise the General Partner and the
General Partner shall direct all such amounts to be paid directly at any such closing. The Escrow Agent shall be entitled to a
fee of $1,000 in the event the Agreement is amended for any reason in accordance with Section 11(d).

 

    	 	6	 

    	 

    

 

9.Notices.
All notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall
be deemed to have been duly given if sent by hand-delivery, by facsimile (followed by first-class mail), by nationally recognized
overnight courier service or by prepaid registered or certified mail, return receipt requested, to the addresses set forth below:

  

If
to Selling Agent: 

100
Wall Street, 28th Floor

New
York, New York 10005

Attention:
Legal Department

Fax:
(646) 774-4991

 

If
to the General Partner or the Partnership: 

100
Wall Street, 28th Floor

New
York, New York 10005

Attention:
Legal Department

Fax:
(646) 774-4991

 

If
to Escrow Agent: 

485
Madison Avenue, 11th Floor

New
York, New York 10022

Attention:
Chris Efstratiou

Fax:
(646) 822-1621 

 

If
any date that is a deadline under this Agreement for giving the Escrow Agent notice or instructions or for the Escrow Agent to
take action is not a Business Day, then such date shall be the Business Day immediately preceding that date.

 

The
Escrow Agent shall not be obligated to accept any notice, make any delivery, or take any other action under this Agreement unless
the notice or request or demand for delivery or other action is in writing and given or made by the party given the right or charged
with the obligation under this Agreement to give the notice or to make the request or demand. In no event shall the Escrow Agent
be obligated to accept any notice, request, or demand from anyone other than the General Partner.

 

    	 	7	 

    	 

    

 

10.Subscriptions
of Pennsylvania Residents.

 

(a)The
Escrow Agent shall deposit Subscription Proceeds from Pennsylvania residents into a separate escrow account having account #_______________,
titled “SQN Asset Investment Fund V, L.P, Signature Bank, as Escrow Agent for” to be held in escrow pursuant to this
Agreement for up to 120 days after the respective Subscription Proceeds of each investor are received, except as provided in (b)
below. Funds shall be released from that account in accordance with Section 2 (and Subscription Proceeds from Pennsylvania residents
may be deposited in a separate Partnership account in accordance with Section 10) only if the aggregate of all Subscription Proceeds
received and accepted by the General Partner, including those from Pennsylvania residents, total $10,000,000 or more. The Selling
Agent and the General Partner will specifically identify subscriptions of Pennsylvania residents to the Escrow Agent and will
not commingle those subscriptions with subscriptions of residents of other states.

 

(b)If
the total Subscription Proceeds, including Subscription Proceeds received from Pennsylvania residents, of at least $10,000,000
have not been received at the end of the first 120 day escrow period, the Partnership must notify the Pennsylvania Subscribers
in writing by certified mail or any other means whereby a receipt of delivery is obtained within 10 calendar days after the end
of the escrow period that they have a right to have their Subscription Proceeds returned to them, together with any interest earned
thereon and without deduction for any fees. If a Subscriber requests the return of the Subscriber’s Subscription Proceeds
within 10 calendar days after receipt of notification, the General Partner must promptly notify the Escrow Agent in writing to
return that Subscriber’s Subscription Proceeds within 15 calendar days after the General Partner’s receipt of the
Subscriber’s request. If the Subscriber does not timely request the return of the Subscriber’s Subscription Proceeds,
then the Subscriber’s Subscription Proceeds shall continue to be held in the escrow account for an additional 120 day period
under the terms and conditions of this Agreement, and this Section 10 shall again apply to the Subscriber’s Subscription
Proceeds.

 

11.General.

 

(a)This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to agreements
made and to be entirely performed within such State, without regard to choice of law principles, and any action brought hereunder
shall be brought in the courts of the State of New York, located in the County of New York. Each party hereto irrevocably waives
any objection on the grounds of venue, forum nonconveniens or any similar grounds and irrevocably consents to service of process
by mail or in any manner permitted by applicable law and consents to the jurisdiction of said courts. EACH OF THE PARTIES HERETO
HEREBY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF THE TRANSACTIONS CONTEMPLATED
BY THIS AGREEMENT.

 

(b)This
Agreement sets forth the entire agreement and understanding of the parties with respect to the matters contained herein and supersedes
all prior agreements, arrangements and understandings relating thereto.

 

(c)All
of the terms and conditions of this Agreement shall be binding upon, and inure to the benefit of and be enforceable by, the parties
hereto, as well as their respective successors and assigns.

 

    	 	8	 

    	 

    

 

(d)This
Agreement may be amended, modified, superseded or canceled, and any of the terms or conditions hereof may be waived, only by a
written instrument executed by each party hereto or, in the case of a waiver, by the party waiving compliance. The failure of
any party at any time or times to require performance of any provision hereof shall in no manner affect its right at a later time
to enforce the same. No waiver of any party of any condition, or of the breach of any term contained in this Agreement, whether
by conduct or otherwise, in any one or more instances shall be deemed to be or construed as a further or continuing waiver of
any such condition or breach or a waiver of any other condition or of the breach of any other term of this Agreement. No party
may assign any rights, duties or obligations hereunder unless all other parties have given their prior written consent.

 

(e)If
any provision included in this Agreement proves to be invalid or unenforceable, it shall not affect the validity of the remaining
provisions.

 

(f)This
Agreement and any modification or amendment of this Agreement may be executed in several counterparts or by separate instruments
and all of such counterparts and instruments shall constitute one agreement, binding on all of the parties hereto.

 

12.Form
of Signature. The parties hereto agree to accept a facsimile transmission copy of their respective actual signatures as evidence
of their actual signatures to this Agreement and any modification or amendment of this Agreement; provided, however,
that each party who produces a facsimile signature agrees, by the express terms hereof, to place, promptly after transmission
of his or her signature by fax, a true and correct original copy of his or her signature in overnight mail to the address of the
other party.

 

13.No
Third-Party Beneficiaries. This Agreement is solely for the benefit of the parties and their respective successors and permitted
assigns, and no other person has any right, benefit, priority, or interest under or because of the existence of this Agreement.

 

    	 	9	 

    	 

    

 

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

 

SQN
ASSET INCOME FUND V, L.P.

 

	By:
    SQN AIF V GP, LLC, its general partner	 
	 	 	 
	By:
    		 
	 	 	 
	Name:
    	 	 
	Title:	 	 
	 	 	 
	SQN
    AIF V GP, LLC	 
	 	 	 
	By:
    		 
	 	 	 
	Name:
    	 	 
	Title:	 	 
	 	 	 
	SQN
    SECURITIES, LLC	 
	 	 	 
	By:
    	 	 
	 	 	 
	Name:
    	 	 
	Title:
    	 	 
	 	 	 
	SIGNATURE
    BANK	 
	 	 	 
	By:
    	 	 
	 	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	By:
    	 	 
	 	 	 
	Name:	 	 
	Title:	 	 

  

    	 	10	 

    	 

    

  

Schedule
I

 

OFFERING
DOCUMENTS

 

    	 	 	 

    	 

    

 

Schedule
II

 

The
Escrow Agent is authorized to accept instructions signed or believed by the Escrow Agent to be signed by any one of the following
on behalf of the General Partner.

 

SQN
AIF V GP, LLC

 

	Name	 	True
    Signature
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    	 	 	 

    	 

    

 

Exhibit
A

 

FORM
OF ESCROW RELEASE NOTICE

 

Date:

 

Signature
Bank

485
Madison Avenue, 11th Floor

New
York, New York 10022

Attention:
Chris Efstratiou

 

Mr.
Efstratiou:

 

In
accordance with the terms of Section 2(c) of an Escrow Deposit Agreement dated as of ________ __, 201_ (the “Escrow Agreement”),
by and among SQN AIF V GP, LLC, a Delaware limited liability Company (the “General Partner”), SQN Asset Income
Fund V, L.P., a Delaware limited partnership and SIGNATURE BANK, a New York State chartered bank (the “Escrow
Agent”), the General Partner hereby notify the Escrow Agent that the initial closing will be held on ___________ for
gross proceeds of $_________.

 

PLEASE
DISTRIBUTE FUNDS BY WIRE TRANSFER AS FOLLOWS (wire instructions attached):

 

Very
truly yours,

 

SQN
AIF V GP, LLC

 

	By:	 	 
	Name:	 	 
	Title:

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