Document:

Escrow Agreement

 Exhibit 4.5 

SUBSCRIPTION ESCROW AGREEMENT 

THIS SUBSCRIPTION ESCROW AGREEMENT (this “Escrow Agreement”), dated as of
            , (the “Effective Date”) is entered into by and among FundCore Institutional Income Trust, Inc. (the “Company”) and Wells Fargo Bank, N.A., as escrow
agent (the “Escrow Agent”). 
 WHEREAS, the Company intends to raise funds from investors (the
“Investors”) pursuant to a public offering (the “Offering”) of its shares of Common Stock (the “Securities”) for total aggregate proceeds of not less than $10 million (the “Minimum Amount”) or more than $500
million (the “Maximum Amount”) (excluding, in each case, the shares of Common Stock to be offered and sold pursuant to the Company’s distribution reinvestment plan). 

WHEREAS, the Company has entered into a Primary Dealer Agreement with Integrity Investments, Inc., a Florida
corporation (the “Primary Dealer”), dated             , pursuant to which the Primary Dealer is authorized to solicit subscriptions in connection with the Offering from
Investors to purchase the Securities on behalf of the Company on a best-efforts basis and, from time to time, to engage participating broker-dealers (the “Dealers). 

WHEREAS, the Company desires to establish an escrow account (the “Escrow Account”) with the Escrow
Agent, as further described herein, in which funds received from Investors will be deposited with the Escrow Agent, to be held for the benefit of the Investors and the Company until such time as subscriptions for the Minimum Amount of the Securities
have been deposited into the Escrow Account in accordance with the terms of this Escrow Agreement and the Company authorizes the release of funds from the Escrow Account. 

WHEREAS, the Escrow Agent is willing to accept appointment as escrow agent upon the terms and conditions set forth
herein. 
 NOW, THEREFORE, in consideration of the premises set forth above and other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows: 
 1. Escrow of Investor Funds.

 (a) On or before the commencement of the Offering, the Company shall establish an escrow account with the
Escrow Agent (the “Escrow Account”), which shall be titled “Wells Fargo Bank N.A., as Escrow Agent for FundCore Institutional Income Trust Inc.” 

Prior to the Termination Date (as defined in Section 4 of this Escrow Agreement), Investors subscribing to purchase
Securities will be instructed by the Company, the Primary Dealer and Dealers (as applicable) to deliver the full amount of the subscription payment by wire transfer of immediately available funds via The Federal Reserve Wire Network in U.S. dollars
to the Escrow Account as provided in Section 9 of this Escrow Agreement. All funds received from potential Investors in payment for the Securities (“Investor Funds”) shall be retained in the Escrow Account by the Escrow Agent and
invested as stated below, subject to the provisions of Section 3 of this Escrow Agreement. 

 (b) Escrow Agent shall have no duty to make any disbursement, investment or
other use of Investor Funds until and unless it has actual receipt of collected funds. The Escrow Agent reserves the right to deny, suspend or terminate participation by an Investor to the extent the Escrow Agent deems it advisable or necessary to
comply with applicable laws or to eliminate practices that are not consistent with the purposes of the Offering. 
 2.
Identity of Subscribers. A copy of the Offering document is attached as Exhibit A to this Escrow Agreement. The Company shall furnish to the Escrow Agent at the time Investors forward Investor Funds to the Escrow Agent, a list of the
Investors who have paid for the Securities showing the name, address, tax identification number, amount of Securities subscribed for and the amount paid and deposited with the Escrow Agent. This information comprising the identity of Investors shall
be provided to the Escrow Agent in the format set forth on Exhibit B to this Escrow Agreement (the “List of Investors”). All Investor Funds so deposited shall not be subject to any liens or charges by the Company, the Primary Dealer
or the Escrow Agent, or judgments or creditors’ claims against the Company, until released to the Company as hereinafter provided. The Company understands and agrees that the Company shall not be entitled to any Investor Funds on deposit in the
Escrow Account and no such funds shall become the property of the Company except when released to the Company pursuant to Section 3 of this Escrow Agreement. The Company, the Primary Dealer and the Escrow Agent will treat all Investor
information as confidential. The Escrow Agent shall not be required to accept any Investor Funds with respect to which it does not receive the information on the List of Investors. 

3. Disbursement of Funds. 

(a) In the event the Escrow Agent receives written notice from the Company that the Company has rejected an
Investor’s subscription, the Escrow Agent shall pay to the applicable Investor, within ten (10) business days after receiving notice of the rejection, by first class United States Mail at the address appearing on the List of Investors, or
at such other address or Federal Reserve Wire instructions as are furnished to the Escrow Agent by the Investor in writing, all collected sums paid by the Investor for Securities and received by the Escrow Agent. 

(b) Once the Escrow Agent is in receipt of Investor Funds sent via wire totaling at least the Minimum Amount, the Escrow
Agent shall notify the Company of the same in writing. If the Minimum Amount or more is received into the Escrow Account at any time before the Termination Date (as defined in Section 4 of this Escrow Agreement), then the Escrow Agent shall pay
out the Investor Funds when and as directed in writing by the Company. The Escrow Agent shall continue to release funds from the Escrow Account as directed by the Company pursuant to written instruction that the Company shall provide to the Escrow
Agent from time to time. 
 (c) If the Minimum Amount has not been received by the Escrow Agent before the
Termination Date, the Escrow Agent shall, within ten (10) business days after the Termination Date, refund to each Investor by first class United States Mail at the address appearing on the List of Investors, or at such other address or Federal
Reserve Wire instructions as are furnished to the Escrow Agent by the Investor in writing, all sums paid by the Investor for Securities and received by the Escrow Agent, and shall then notify the Company in writing of such refunds. 

 

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 (d) Notwithstanding anything else in this Escrow Agreement, the earnings
earned on such Investor Funds (except for de minimis interest that does not exceed the costs and expenses associated with such payment, which the Company and Escrow Agent agree for the purpose of this Agreement shall be $400.00) shall be paid
pro rata to each Investor upon, as applicable, the refund of Investor Funds under either Section 3(a) or 3(c) or promptly following notification by the Escrow Agent to the Company that the Escrow Agent is in receipt of Investor Funds totaling
at least the Minimum Amount pursuant to Section 3(b). 
 4. Term of Escrow. The “Termination Date” shall
be the earlier of (i) [1:00 p.m. MT on the date that is the one year anniversary of the Effective Date]; (ii) such time as the Company has raised the Minimum Amount or more and all Investor Funds and the earnings thereon have been released
pursuant to Section 3(b) and 3(d) above, respectively; (iii) the date the Escrow Agent receives written notice from the Company that the Company is abandoning the Offering; (iv) the date the Escrow Agent receives notice from the
Securities and Exchange Commission or any other federal or state regulatory authority that a stop or similar order has been issued with respect to the Offering; or (v) the date the Escrow Agent institutes an interpleader or similar action.
After the Termination Date, the Company and the Primary Dealer shall not deposit, and the Escrow Agent shall not accept, any additional amounts representing payments by prospective Investors. 

5. Duty and Limitation on Liability of the Escrow Agent. 

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

(b) The Escrow Agent shall be under no duty to determine whether the Company or the Primary Dealer is complying with the
requirements of the Offering or applicable securities or other laws that relate to the forwarding of Investor Funds to the Escrow Agent. The Escrow Agent shall not be responsible for, or be required to enforce, any of the terms or conditions of any
Offering document or other agreement between the Company or the Primary Dealer and any other party. 
 (c) The
Escrow Agent may conclusively rely upon and shall be fully protected in acting upon any statement, certificate, notice, request, consent, order or other document believed by it to be genuine and to have been signed or presented by the proper party
or parties. The Escrow Agent shall have no duty or liability to verify any such statement, certificate, notice, request, consent, order or other document. Upon or before the execution of this Escrow Agreement, the Company shall deliver to the Escrow
Agent authorized signers’ lists in the form of Exhibit C to this Escrow Agreement. 
  

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 (d) The Escrow Agent shall be under no obligation to institute and/or defend
any action, suit or proceeding in connection with this Escrow Agreement unless first indemnified to its satisfaction. 

(e) The Escrow Agent may consult counsel of its own choice with respect to any question arising under this Escrow
Agreement and the Escrow Agent shall not be liable for any action taken or omitted in good faith upon the advice of such counsel. 

(f) The Escrow Agent shall not be liable for any action taken or omitted by it except to the extent that a court of
competent jurisdiction determines that the Escrow Agent’s gross negligence or willful misconduct was the primary cause of loss. 

(g) The Escrow Agent is acting solely as escrow agent hereunder and owes no duties, covenants or obligations, fiduciary
or otherwise, to any person by reason of this Escrow Agreement, except as otherwise explicitly set forth in this Escrow Agreement, and no implied duties, covenants or obligations, fiduciary or otherwise, shall be read into this Escrow Agreement
against the Escrow Agent.
 (h) In the event of any disagreement between any of the parties to this Escrow
Agreement, or between any of them and any other person, including any Investor, resulting in adverse or conflicting claims or demands being made in connection with the matters covered by this Escrow Agreement, or in the event that the Escrow Agent
is in reasonable doubt as to what action it should take hereunder, the Escrow Agent may, at its option, refuse to comply with any claims or demands on it, or refuse to take any other action hereunder, so long as such disagreement continues or such
reasonable doubt exists, and in any such event, the Escrow Agent shall not be or become liable in any way or to any person for its failure or refusal to act, and the Escrow Agent shall be entitled to continue so to refrain from acting until
(i) the rights of all interested parties shall have been fully and finally adjudicated by a court of competent jurisdiction, or (ii) all differences shall have been adjudged and all doubt resolved by agreement among all of the interested
persons, and the Escrow Agent shall have been notified thereof in writing. Notwithstanding the foregoing, the Escrow Agent may in its discretion obey the order, judgment, decree or levy of any court, whether with or without jurisdiction and the
Escrow Agent is hereby authorized in its sole discretion to comply with and obey any such orders, judgments, decrees or levies. 

(i) In the event that any controversy should arise with respect to this Escrow Agreement, the Escrow Agent shall have the
right, at its option, to institute an interpleader action in any court of competent jurisdiction to determine the rights of the parties. 

(j) IN NO EVENT SHALL THE ESCROW AGENT BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL
LOSSES OR DAMAGES OF ANY KIND WHATSOEVER (INCLUDING WITHOUT LIMITATION LOST PROFITS), EVEN IF THE ESCROW AGENT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES OR DAMAGES AND REGARDLESS OF THE FORM OF ACTION. 

 

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 (k) The parties agree that the Escrow Agent had no role in the preparation
of the Offering documents, has not reviewed any such documents, and makes no representations or warranties with respect to the information contained therein or omitted therefrom (except for information provided by the Escrow Agent in writing to the
Company for inclusion in the Offering document) . 
 (l) The Escrow Agent shall have no obligation, duty or
liability with respect to compliance with any federal or state securities, disclosure or tax laws concerning the Offering documents or the issuance, offering or sale of the Securities. 

(m) The Escrow Agent shall have no duty or obligation to monitor the application and use of the Investor Funds once
transferred to the Company, that being the sole obligation and responsibility of the Company. 
 6. Escrow Agent’s Fee.
The Escrow Agent shall be entitled to compensation for its services as stated in the fee schedule attached hereto as Exhibit D, which compensation shall be paid by the Company. The fee agreed upon for the services rendered hereunder is
intended as full compensation for the Escrow Agent’s services as contemplated by this Escrow Agreement; provided, however, that in the event that the conditions for the disbursement of funds under this Escrow Agreement are not fulfilled, or the
Escrow Agent renders any material service not contemplated in this Escrow Agreement, or there is any assignment of interest in the subject matter of this Escrow Agreement, or any material modification hereof, or if any material controversy arises
hereunder, or the Escrow Agent is made a party to any litigation relating to this Escrow Agreement, or the subject matter hereof, then the Escrow Agent shall be reasonably compensated for such extraordinary services and reimbursed for all reasonable
costs and expenses, including attorney’s fees and expenses, occasioned by any delay, controversy, litigation or event, and the same shall be paid by the Company. The Company’s obligations under this Section 6 shall survive the
resignation or removal of the Escrow Agent and the assignment or termination of this Escrow Agreement. 
 7. Investment of Investor Funds;
Income Allocation and Reporting. 
 (a) The Escrow Agent shall invest the Investor Funds, including any and all earnings
thereon, in accordance with the written instructions provided to the Escrow Agent and signed by the Company in the form of Exhibit E, attached hereto and incorporated by reference herein. For federal income tax purposes, the Investor Funds will be
treated as property of each Investor, and all items of income, gain or loss related thereto shall be treated as items of income, gain or loss of each such Investor. Any payments of earnings from this Escrow Account shall be subject to withholding
regulations then in force with respect to United States taxes. The Escrow Agent shall make any federal, state, local or foreign tax filings consistent with such treatment. 

(b) The Escrow Agent shall be entitled to sell or redeem any such investments as the Escrow Agent deems necessary to make
any payments or distributions required under this Escrow Agreement. The Escrow Agent shall have no responsibility or liability for any loss which may result from any investment or sale of investment made pursuant to this Escrow Agreement. The
parties acknowledge that the Escrow Agent is not providing investment supervision, recommendations, or advice. 
  

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

(d) The Company agrees to indemnify and hold the Escrow Agent harmless from and against any and all taxes, additions for
late payment, interest, penalties and other expenses that may be assessed against the Escrow Agent on or with respect to the Investor Funds unless any such tax, addition for late payment, interest, penalties and other expenses shall be determined by
a court of competent jurisdiction to have been primarily caused by the Escrow Agent’s gross negligence or willful misconduct. The terms of this paragraph shall survive the assignment or termination of this Escrow Agreement and the resignation
or removal of the Escrow Agent. 
 8. Notices. All notices, requests, demands, and other communications under this Escrow
Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of service if served personally on the party to whom notice is to be given, (b) on the day of transmission if sent by facsimile to the facsimile
number given below, with written confirmation of receipt, (c) on the day after delivery to Federal Express or similar overnight courier or the Express Mail service maintained by the United States Postal Service, (d) on the fifth day after
mailing, if mailed to the party to whom notice is to be given, by first class mail, registered or certified, postage prepaid, and properly addressed, return receipt requested, to the party, or (e) by electronic transmission, including by way of
e-mail (as long as such email is accompanied by a PDF or similar version of the relevant document bearing an authorized signature, which such signature shall, in the case of each of the Parties, be a signature set forth on Exhibit B-1 or B-2, as
applicable), with e-mail confirmation of receipt, and, in the case of the Escrow Agent, notice will be deemed given when actually received by the Escrow Agent, as follows: 

If to the Company: 

FundCore Institutional Income Trust Inc. 

One World Financial Center,
30th Floor 

New York City, NY 10281 

Attn: Steven Ball, President and Chief Investment Officer 

If to Primary Dealer: 

Integrity Investments Inc. 

221 Pensacola Road 

Venice, Florida 34285 

Attn: Richard F. Curcio, President 
  

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 If to Escrow Agent: 

Wells Fargo Bank, N. A. 

Corporate Trust Dept. 

1700 Lincoln St.,
10th fl. 

MAC C7300-107 

Denver, CO 80203-4500 

Attn: Bruce F. Lewis 

Telephone: 303-863-4944 

Fax: 303-863-5645 

Any party may change its address for purposes of this section by giving the other party written notice of the new address in the manner
set forth above. 
 9. Instructions for Forwarding Federal Reserve Wire Payments to Escrow Agent. 

Wells Fargo Bank, N. A. 

ABA Routing No.: 121000248 

Account No.: 0001038377 

BNF: Corporate Trust Clearing 

F/F/C: Account Name: FundCore Institutional Income Trust Inc. Escrow 

            Account No.:
             
 Attn: Bruce F. Lewis

 10. Indemnification of Escrow Agent. The Company indemnifies, defends and holds harmless the Escrow Agent from and
against, any and all loss, liability, cost, damage and expense, including, without limitation, reasonable counsel fees and expenses, which the Escrow Agent may suffer or incur by reason of any action, claim or proceeding brought against the Escrow
Agent arising out of or relating in any way to this Escrow Agreement or any transaction to which this Escrow Agreement relates unless such loss, liability, cost, damage or expense is finally determined by a court of competent jurisdiction to have
been primarily caused by the gross negligence or willful misconduct of the Escrow Agent. The terms of this Section 10 shall survive the assignment or termination of this Escrow Agreement and the resignation or removal of the Escrow Agent.

 11. Resignation. The Escrow Agent may resign upon thirty (30) days’ advance written notice to the Company.
If a successor escrow agent is not appointed within the thirty (30) day period following such notice, the Escrow Agent may petition any court of competent jurisdiction to name a successor escrow agent or interplead the Investor Funds with such
court, whereupon the Escrow Agent’s duties hereunder shall terminate. 
  

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 12. Successors and Assigns. Except as otherwise provided in this Escrow Agreement, no
party hereto shall assign this Escrow Agreement or any rights or obligations hereunder without the prior written consent of the other party hereto and any such attempted assignment without such prior written consent shall be void and of no force and
effect. This Escrow Agreement shall inure to the benefit of and shall be binding upon the successors and permitted assigns of the parties hereto. No other parties shall have any rights hereunder. Any corporation or association into which the Escrow
Agent may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer all or substantially all of its corporate trust business and assets in whole or in part, or any corporation or association resulting from any
such conversion, sale, merger, consolidation or transfer to which the Escrow Agent is a party, shall be and become the successor Escrow Agent under this Escrow Agreement and shall have and succeed to the rights, powers, duties, immunities and
privileges as its predecessor, without the execution or filing of any instrument or paper or the performance any further act, any provision herein to the contrary notwithstanding. 

13. Governing Law; Jurisdiction. This Escrow Agreement shall be construed, performed, and enforced in accordance with, and
governed by, the internal laws of the State of New York, without giving effect to the principles of conflicts of laws thereof. 

14. Severability. In the event that any part of this Escrow Agreement is declared by any court or other judicial or administrative
body to be null, void, or unenforceable, said provision shall survive to the extent it is not so declared, and all of the other provisions of this Escrow Agreement shall remain in full force and effect. 

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

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

17. References to Escrow Agent. The Company and the Primary Dealer agree that they or others acting on their instructions and
behalf will not identify the Escrow Agent’s name in the any printed or other matter in any language (including, without limitation, the Offering document, any supplement or amendment relating thereto, notices, reports and promotional material)
unless the Escrow Agent shall first have given its specific written consent thereto. 
 18, Section Headings. The section
headings in this Escrow Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Escrow Agreement. 
  

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 19. Counterparts. This Escrow Agreement may be executed in counterparts, each of
which shall be deemed an original, but all of which shall constitute the same instrument. 
 20. No Third-Party
Beneficiaries. This Agreement is for the sole benefit of the Company and the Escrow Agent and their permitted successors and assigns and nothing herein, express or implied, shall give or be construed to give to any person, other than the Escrow
Agent or the Company and such permitted successors and assigns, any legal or equitable rights or remedies hereunder provided, however, that the parties acknowledge and agree that Section 3(d) and Section 7 are included for
the benefit of the Investors. 
 [REMAINDER OF PAGE INTENTIONALLY BLANK] 

 

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

			
	 FundCore Institutional Income Trust Inc.

		
	 By:
	 	  

	 Its:
	 	  

 

			
	 Wells Fargo Bank, N.A., as Escrow Agent

		
	 By:
	 	  

	 Its:
	 	  

	 Date:
	 	  

 

 10 

 EXHIBIT A 

COPY OF OFFERING DOCUMENT 
  

 11 

 EXHIBIT B 

List of Investors 

Pursuant to the Escrow Agreement dated              by
and between FundCore Institutional Income Trust Inc., (the “Company”),                     , and Wells Fargo Bank, N.A., as escrow
agent (the “Escrow Agent”), the Company hereby certifies that the following Investors have paid money for the purchase of shares of Common Stock of the Company (the “Securities”), and the money has been deposited with the Escrow
Agent: 
  

	1.	 Name of Investor 

Address 

Tax Identification Number (as set forth in Investor W-9 or W-8, as applicable, attached) 

Amount of Securities subscribed for 

Amount of money paid and deposited with Escrow Agent 

 

	2.	 Name of Investor 

Address 

Tax Identification Number (as set forth in Investor W-9 or W-8, as applicable, attached) 

Amount of Securities subscribed for 

Amount of money paid and deposited with Escrow Agent 

 

			
	 Company: FundCore Institutional Income Trust Inc.

	 By:
	 	  

	 Its:
	 	  

	 Date:
	 	  

 

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 EXHIBIT C 

CERTIFICATE AS TO AUTHORIZED SIGNATURES 

The specimen signatures shown below are the specimen signatures of the individuals who have been designated as authorized representatives
of FundCore Institutional Income Trust Inc. and are authorized to initiate and approve transactions of all types for the escrow account or accounts established under the Escrow Agreement to which this Exhibit C is attached, on behalf of FundCore
Institutional Income Trust Inc. 
  

					
	 Name / Title
	 		 	Specimen Signature
			
	  	 		 	  
	 Name
	 		 	Signature
			
	  
	 		 	
	 Title
	 		 	
			
	  	 		 	  
	 Name
	 		 	Signature
			
	  
	 		 	
	 Title
	 		 	
			
	  	 		 	  
	 Name
	 		 	Signature
			
	  
	 		 	
	 Title
	 		 	
			
	  	 		 	  
	 Name
	 		 	Signature
			
	  
	 		 	
	 Title
	 		 	

  

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 EXHIBIT D 

FEES OF ESCROW AGENT 

FundCore Institutional Income Trust Inc. Subscription Escrow  

 

			
	 Acceptance Fee:
	  	$500.00

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

 

			
	Escrow Agent Annual Administration Fee:	  	$4,000.00

 For ordinary
administrative services by Escrow Agent – includes daily routine account management; investment transactions; cash transaction processing (including wire and check processing); disbursement of funds in accordance with the agreement; and mailing
of trust account statements to all applicable parties. 
 This fee is payable in advance, with the first installment due at the
time of Escrow Agreement execution. The Annual Fee covers a full year or any part thereof, and therefore will not be prorated or refunded in the year of early termination. 

Transaction Fees: 

Return of subscribers’ funds if Minimum Amount not reached: $15 per check or wire 

:$25 per 1099 (if
applicable)                                       
                          
  

			
	 Out-of Pocket Expenses:
	  	At Cost

 We will charge
for reasonable out-of-pocket expenses in response to specific tasks assigned by the client or provided for in the escrow agreement, or for out-of-pocket expenses such as express mail or courier charges if deemed excessive. Time incurred in handling
non-routine matters, such as amendments to the documents or litigation administration, may result in additional charges. Fees are subject to periodic review and adjustment. 

NOTE: The transaction underlying this proposal, and all related legal documentation, is subject to review and
acceptance by Wells Fargo Bank in accordance with industry standards. Should the actual transaction materially differ from the assumptions used herein, Wells Fargo Bank reserves the right to modify this proposal. This fee schedule is specifically
based on the assumption that the number of subscribers shall not exceed 30 and that the funds on deposit are invested in the Wells Fargo Money Market Demand Account; if otherwise, we reserve the right to adjust this fee. Acceptance of the
appointment as Escrow Agent is subject to the receipt of requested Due Diligence information on each of the signing parties to the agreement as required by the USA Patriot Act. All funds will be received from or distributed to a domestic or an
approved foreign entity. If the account does not open within three (3) months of the date shown below, this fee proposal will be deemed to be null and void. 

 

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 EXHIBIT E 

Agency and Custody Account Direction 

For Cash Balances 

Wells Fargo Money Market Deposit Accounts 

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

Wells Fargo Money Market Deposit Account (MMDA) 

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

I acknowledge that I have full power to direct investments of the Account(s). 

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

	
	  

	 Authorized Representative

	 FundCore Institutional Income Trust Inc.

	
	  

	 Date

  

 15Employment Agreement

 Exhibit 10.16 

December 11, 2006 

Employment Agreement 

between 
 Audatex Holding
GmbH 
 Zollstrasse 62 
 8005
Zürich 
 (the “Company”) 

and 
 Renato Giger

 Im Fuehler 8 
 CH-4616

 Kappel, Switzerland 

(the “Executive Manager”) 

(the Company and the Executive Manager are collectively referred to herein as the “Parties”) 

WHEREAS 
  

	(a)	The Executive Manager has been employed as an employee at the Company since 12 July 1993. Due to a take-over and an attempt to reorganise the Company, the Parties
intend to replace the previous employment agreement dated 10 December 2003 incl. any addendums. 

  

	(b)	The Company wants to keep the Executive Manager employed; and 

  

	(c)	The Executive Manager is willing to carry on serving the Company subject to the terms and conditions set forth hereinafter. 

 NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: 

 

	1.	Employment 

 The Company hereby employs
the Executive Manager (Mitglied der Geschäfsleitung) and the Executive Manager hereby agrees to serve the Company subject to the terms and conditions hereinafter contained during the period commencing on 1 December, 2006 and ending
according to Section 13 (the “Term”). This employment agreement (the “Agreement”) shall be concluded for an indefinite time. 
  

	2.	Duties 

 2.1. During the Term, the
Executive Manager shall be employed on a full time basis. The Executive Manager shall perform such duties and exercise such powers in relation to the business of the Company as may from time to time be assigned to or vested in him by the Management
(Geschäftsführung, the “Board”) or his direct report/supervisor and shall at all times and in all respects conform to and comply with the reasonable directions and regulations made by the Board. 

2.2. The Executive Manager must carefully perform the work assigned to him, faithfully serve the Company and use his best endeavours to promote, develop
and extend the business and other interests of the Company and any company affiliated with it (together with the Company, the “Group”, or individually a “Group Company”). 

2.3. The Executive Manager shall not, without the consent of the CEO, EMEA/RIA, CFO or CEO, Solera Holdings, LLC, directly or indirectly engage in any
other business. 
  

	3.	Position within the Company 

 The
Executive Manager shall have the position of Chief Financial Officer - Audatex EMEA/RIA. 
  

	4.	Place of Employment 

 The Executive
Manager shall perform the service hereunder mainly in Zurich, Switzerland but agrees to travel or work at other locations as may be required by the Company’s or the Group’s business. 

 

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	5.	Attendance 

 5.1. The Executive Manager
shall devote his full time and efforts to the advancement of the Company and other members of the Group. 
 5.2. Upon prior consultation with
the Board, the Executive Manager may define his working time freely. However, the Executive Manager is expected to be at the disposal of the Company and other members of the Group at any time and as long as it is required by the interests of the
Company and the other members of the Group. 
 5.3. Any compensation for necessary extra hours and overtime is included in the salary.

  

	6.	Holidays 

 Executive Manager is entitled
to the following working days of paid holidays (in addition to local official and legal holidays) per calendar year: 
 on and after age of 21:
30 days 
 on and after age of 40: 32 days 

on and after age of 50: 35 days 
 Holidays must
always be scheduled to fit the work requirements of Company. The Executive Manager shall provide for sufficient replacement during his absence and make sure that he can be reached in emergency cases within a reasonable period of time, Holidays are
appropriately prorated for partial calendar years of employment. 
  

	7.	Salary / Bonus 

 7.1. The annual gross
salary of the Executive Manager for all services to be performed during the Term shall be CHF 258,000 per full year (12-month period) (as adjusted from time to lime, the “Base Salary”), which salary shall be payable by the Company in
regular instalments in accordance with the Company’s general payroll practices (in effect from time to time). 
 7.2. In addition to the
Base Salary, the Executive Manager shall be eligible for an annual bonus target equal to 25% of the Base Salary. The annual bonus payment, if any, shall be determined by the CEO of Audatex EMEA/RIA after consultation with the CFO and CEO of Solera
Holdings, LLC, and shall be based upon achieving specific financial and other management objectives. The annual bonus, if any, will be paid to the Executive Manager by the Company within 120 days after the end of the fiscal year to which such annual
bonus relates. 
  

 Page 3 

	8.	Expenses 

 The Company shall reimburse the
Executive Manager for all expenses properly and reasonably incurred by him in the performance of his duties under this Agreement against receipts or other appropriate evidence of actual payment. However, the Company shall not be required to
reimburse the Executive Manager for any such expenses, unless: (a) the Executive Manager presents vouchers and receipts indicating in reasonable detail the amount and business purpose of each of such expenses; and (b) the Executive Manager
otherwise complies with the reimbursement policies of the Company established from time to time and in effect during the Term. 
 The Executive
Manager shall participate in the Company sponsored health plan and is entitled to Company paid health insurance as part of this plan. The Executive Manager shall further receive CHF 7’200 per full year for mortgage payments until
30 June 2008. 
  

	9.	No other compensation 

 The Executive
Manager acknowledges and agrees that he shall not be entitled to receive from the Company any other compensation or benefit of any nature except as expressly provided under sections 7 and 8 above or is otherwise legally required. 

 

	10.	Social Security / Insurance 

 The
contributions for social security (such as compulsory old-age, disability and unemployment insurance) shall be charged to the Company and to the Executive Manager in compliance with any statutory requirements under Swiss law. The contributions for
accident as well as salary continuation insurance shall be paid by the Company. 
  

	11.	Salary in case of Illness, Accident or Death 

In the event that the Executive Manager dies or suffers a Disability, the Company shall make any payments prescribed by the Company’s general
employment practices (in effect from time to time), which payments shall comply with any statutory requirements under Swiss law. 
  

	12.	Pension Scheme 

 The Executive Manager
contributes and benefits from the Company’s occupational benefits insurance scheme. 
  

 Page 4 

	13.	Termination 

 The Term of this Agreement
shall be unlimited. Notice of termination of employment may be given in writing by either Party at any time with a notice period of six months (the “Notice Period”). 

The Company is entitled to release the Executive Manager from work during the Notice Period. 

 

	14.	Severance Payment 

 The Executive Manager
is entitled to receive a payment of CHF 132,700 upon termination of this Agreement (the “Severance”), unless 
  

	 	•	 	 the Company decides to waive its rights (totally or partially) under article 17 (non-solicitation and non-competition) of this Agreement; or

  

	 	•	 	 the Executive Manager gives notice to terminate this Agreement with the Company; or 

 

	 	•	 	 the Executive Manager becomes, by reason of death or other incapacity, incapable of carrying out his duties under this Agreement with the Company, or

  

	 	•	 	 the termination is for a valid reason according to article 337 of the Swiss Code of Obligations or breach of this Agreement.

 The Severance amount, if any, shall become due and payable in equal monthly instalments of CHF 11,058.33, beginning the
first month after the Notice Period, provided that the Executive Manager has not breached article 17 (non-solicitation and non-competition) of this Agreement. Upon the Executive Manager’s breach of article 17 (non-solicitation and
non-competition) of this Agreement, any Severance amounts not yet paid shall be cancelled and shall no longer be due. 
  

	15.	Acknowledgments by the Executive Manager 

Executive Manager acknowledges and recognizes that due to the nature of his association with the Company, and his engagements under this Agreement, the
Executive Manager will have access to confidential and proprietary information relating to the business and operations of the Group or any Group Company and / or its clients. 

 

	16.	Confidentiality 

 Executive Manager shall
not during the term of this Agreement or thereafter make use for his own purpose or disclose to any third party any confidential information, including but not limited to trade secrets, manufacturing secrets, business secrets, know-how, having come
to his attention 
  

 Page 5 

 
before or during the term of this Agreement pertaining to the Company's business or to the business of the Group or any Group Company. All such information and knowledge shall be kept strictly
confidential during and beyond the Term. 
  

	17.	Non-Solicitation and Non-Competition 

17.1. During the Term and for one year thereafter, the Executive Manager agrees not to directly or indirectly through another person or entity
(a) induce or attempt to induce any employee of the Company or any other member of the Group to leave the employ of such company, or in any way interfere with the relationship between the Company or any other member of the Group and any
employee thereof, (b) hire any person who was an employee of the Company or any other member of the Group at any time during the twelve months prior to the termination of the Executive Manager's employment or (c) induce or encourage any
customer, supplier, licensee, licensor or other business relation of the Company or any other member of the Group to cease doing business with the Company or such other member of the Group, or in any way interfere with the relationship between any
such customer, supplier, licensee, licensor or business relation and the Company or such other member of the Group (including, without limitation, making any negative or disparaging statements or communications regarding the Company or any other
member of the Group). 
 17.2. In further consideration of the compensation to be paid to the Executive Manager hereunder, the Executive Manager
agrees that during the Term and for one year thereafter he will not directly or indirectly through another person or entity own any interest in, manage, control, participate in, consult with, render services for, or in any manner engage in any
business that competes with the businesses of the Group in Europe, as such businesses exist during the Term. 
 In the event the Executive
Manager breaches any of the obligations of confidentiality, nonsolicitation or non-competition under sections 15 and 16 a penalty equal to his last annual salary (excl. bonus and expenses) shall be owed to the Company for each breach of any such
obligation. The payment of the penalty shall not release the Executive Manager from the performance of the respective obligation. The penalty is owed in addition to the performance of the obligation. The Company may in addition to the penalty and
the compensation of its damages also ask for the removal of the situation in violation of this competition ban and also ask for an injunction restraining the Executive Manager from violation of this competition ban in accordance with the principles
set out in article 340 b III Swiss Code of Obligations. 
  

	18.	Intellectual Property Rights 

 18.1. Any
and all inventions, developments and improvements that the Executive Manager has made, makes or will make while performing her/his employment activity and contractual duties or to which the Executive Manager has contributed, contributes or will
contribute, belong to the Company and/or the Group, regardless of their protectability. No additional remuneration is owed. 
  

 Page 6 

 18.2. Any and all inventions that the Executive Manager has made, makes or will make or to which the
Executive Manager has contributed, contributes or will contribute while performing his employment activity but not during the performance of his contractual duties, are transferred and assigned completely, exclusively and to the fullest extent
possible under the law to the Company and/or the Group without further formalities upon creation. In accordance with section 17.5. below, the Executive Manager is obliged to inform the Company and/or the Group of such inventions. The Company and/or
the Group shall inform the Executive Manager in writing within six months whether it wishes to keep the rights to the invention or to release them. In case the invention is not released, the Company and/or the Group shall pay the employee a special
adequate remuneration within the meaning of article 332 IV Swiss Code of Obligations. Negotiations and disputes with respect to the amount of such remuneration shall not have any impact on the rights of the Company and/or the Group to use such
invention. Where such rights cannot be transferred and assigned for legal reasons, an exclusive, worldwide, transferable, unlimited, royalty-free, fully paid-up permanent license to use and exploit such rights, including the right to sublicense, is
hereby granted by the employee to the employer. 
 18.3. Sections 17.1. and 17.2. above shall also apply mutatis mutandis to any and all designs
and other industrial property rights as well as to domain names, databases, trade secrets, manufacturing secrets, business secrets, know-how, confidential information and to claims under the law on unfair competition. 

18.4. The rights to computer programs and other works (drafts, models, plans, drawings, essays, etc.) that the Executive Manager creates while performing
his employment activity, whether during the performance of his contractual duties or not, including the rights to kinds of use that at the time are not known yet and including neighbouring rights and – to the extent they can be transferred and
assigned – moral rights, are transferred and assigned completely, exclusively and to the fullest extent possible under the law to the Company upon creation without any additional remuneration. In particular, the employer has the exclusive and
unlimited right to decide whether, when and how such work is to be exploited, the right to manufacture, offer for sale, sell, rent, or otherwise distribute copies of the work, to deliver, perform or to make the work otherwise perceivable, to
broadcast or rebroadcast the work or to make broadcast and rebroadcasts perceivable. In addition, as far as permitted by the law, the employee renounces the exercise of the moral rights, in particular the right to recognition of his authorship,
determination of first publication and integrity of the work. Where such rights cannot be transferred and assigned for legal reasons, an exclusive, worldwide, transferable, unlimited, royalty-free, fully paid-up permanent license to use and exploit
such rights, including the right to sublicense, is hereby granted by the Executive Manager to the Company. 
 18.5. The Executive Manager shall
inform the Company and/or the Group in writing and without delay of any intellectual property rights created according to section 17.1. to 17.4. The Executive Manager shall make all statements and provide all documents that are necessary to enable
the Company and/or the Group to assert, enforce and/or exercise the aforementioned rights. 
  

 Page 7 

 18.6. The Company and/or the Group has the right to use results of the Executive Manager's contractual
activity without any additional remuneration, The Executive Manager is obliged neither to use work results for his own purposes nor transfer such use to any third party during and after termination of his employment. 

 

	19.	Return of Documents by the Executive Manager 

At such time as Executive Manager no longer serves as an employee of the Company, Executive Manager shall deliver promptly to the Company (a) all
files, records, manuals, books, blank forms, documents, letters, memoranda, notes, notebooks, reports, data, tables, drawings, business plans and forecasts, financial information, specifications, computer-recorded information, tangible property
(including, but not limited to computers), credit cards, entry cards, identification badges and keys, calculations or copies thereof in his possession or under his control which are the property of the Company or which relate in any way to the
business, products, practices or techniques of the Company, and (b) all other properly and confidential information of the Company. 
 The
Executive Manager shall under no cause in law be entitled to exercise a right of retention concerning the above mentioned items and documents. 
  

	20.	Transitional Provisions 

 The previous
employment agreement from 10 December 2003 shall be replaced by this Agreement, and shall be terminated as from the effective date of this Agreement. 

By signing this Agreement the Executive Manager expressly declares that all claims and rights based on the previous employment agreement including any
addenda shall be settled on all accounts. 
  

	21.	Notices 

 Any notice or other
communication required or permitted to be delivered to either party under this Agreement shall be in writing and shall be deemed properly delivered, given and received when delivered (by hand, by registered mail, by courier or express delivery
service or by facsimile) to the address set out in the head of this Agreement, or to such other address as the recipient party has specified by prior written notice to the sending party. Any notice or other communication delivered to the Company
shall also be delivered to the following address: 
 Audatex Holdings II S.ar.l 

c/o Solera Holdings, LLC 

12230 El Camino Real, Suite 200 

San Diego, CA 92130 

Attention: Chief Executive Officer 

Facsimile: (858) 312-3011 
  

 Page 8 

	22.	Severability 

 In the event that any
provision of this Agreement, or the application of any such provision to any person, entity or set of circumstances, shall be determined to be invalid, unlawful, void or unenforceable to any extent, the remainder of this Agreement, and the
application of such provision to persons, entities or circumstances other than those as to which it is determined to be invalid, unlawful, void or unenforceable, shall not be impaired or otherwise affected and shall continue to be valid and
enforceable to the fullest extent permitted by law. 
  

	23.	Entire Agreement 

 This instrument
embodies the entire Agreement between the Parties hereto with respect to the employment contemplated herein and there are no other arrangements between any Group Company (including any former owner thereof) and the Executive Manager other than those
set forth or provided for herein, including, without limitation, any bonus, severance or other compensatory arrangement between any Group Company (including any former owner thereof) and the Executive Manager. 

 

	24.	Amendment 

 This Agreement may be modified
or amended only by written agreement of the Parties and any provision hereof may be waived only by a document signed by the Party waiving such provision. 
  

	25.	Counterparts 

 This Agreement will be
executed in two counterparts, each of which shall be deemed to be an original, and all of which together shall be deemed to be one and the same instrument. 
  

	26.	Applicable Law and Jurisdiction 

 This
Agreement is governed by Swiss law. Any dispute, controversy or claim arising under, out of or relating to this Agreement (and subsequent amendments thereof), its valid conclusion, binding effect, interpretation, performance, breach or termination,
including tort claims, shall be referred and finally determined by the ordinary courts at the domicile of the Company or the domicile where the Executive Manager resides. 
  

 Page 9 

 Date: December 11, 2006 

 

					
	The Company	 		 	The Executive Manager
			
	
 

	 		 	
 

	Name:	 		 	Renato Giger
	Its: B. Schneider    T. Rogers	 		 	

  

 Page 10 

			
	

	 	Audatex Holding GmbH
	 	Zollstrasse 62 CH-8021 Zurich
	 	Tel: +41 (0)44 278 88 88 Fax: +41 (0)44 278 85 55
	 	www.audatex.com

 Private/Confidential

 Herr Renato Giger 
 Im
Fühler 8 
 4616 Kappel 
 Zurich,
20 July 2007 
 Dear Renato 
 It
gives us great pleasure to inform you that effective July 2007 your annual base salary has been increased from 
 Fr.
258’000. – to Fr. 276’060.–. 
 Your target bonus remains unchanged. 

This increase is in recognition of your many contributions, efforts and hard work during the past fiscal year. We would like you to know that your
personal dedication and personal efforts are very much appreciated. 
 In addition, we would like to seize the opportunity and point you towards
the general working conditions of Audatex which are an integral part of your work contract and serve as the principal guidelines of your work relation with the company. They may be found on the AX.net HR Portal (http://www.audatex.net
g Human Resources g Employee Information). 

We have no doubt that we can count on your continuing support and engagement in the future and look very much forward to working with you and
consolidating our position in fiscal year 2008. 
 With best wishes 

Audatex Holding GmbH 
 a Solera company

 

 

 Thomas Artho 

Human Resources Coordinator 

			
	

	 	Audatex Holding GmbH
	 	Zollstrasse 62 CH-8021 Zurich
	 	Tel. +41 (0)44 278 88 88 Fax +41 (0)44 278 85 55
	 	www.audatex.com

 Herr Renato Giger

 Im Fühler 8 
 4616 Kappel

 Zürich, February 29, 2008 

Target Bonus FY 2009 
 Dear Renato

 We herewith confirm that, based on an e-mail from Jack Pearlstein, dated February 26, 2008, your target bonus according to the Solera
Incentive Plan program will increase to 35% of your base compensation (Grundsalär). This increase will be effective from July 1, 2008 onwards. 

Kind regards. 
 Audatex Holding GmbH 

 A Solera Company 
  

			
	

	  	

	 Barbara Schneider
	  	René Seller

 www.solerainc.com

 Mehrwertsteuernummer/VAT number 233947 

			
	

	 	Audatex Holding GmbH
	 	Zollstrasse 62 CH-8021 Zurich
	 	Tel. +41 (0)44 278 88 88 Fax +41 (0)44 278 85 55
	 	www.audatex.com

 Private/Confidential

 HERR RENATO GIGER 
 Audatex
Holding GmbH 
 8021 Zürich 

Zürich, 15. October 2008 
 Salary
Review 2008 
 Dear Renato 
 We
are pleased to inform you that effective July 2008 your annual salary has been increased from 
 Fr. 276060.00 to Fr. 303200.00

 Your target bonus remains unchanged. 

We would like to take this opportunity to thank you for your efforts and your fine cooperation during the past fiscal year. We are looking forward to
your on-going support and engagement. 
 In addition, we would like to seize the opportunity and point you towards the general working
conditions of Audatex which are an integral part of your work contract and serve as the principal guidelines of your work relation with the company. They may be found on the AX.net HR Portal. 

P.S Adjustment July, August, September Fr. 6785.00. Pension fond will be adjusted later. 

With best wishes 
 Audatex Holding GmbH 

 a Solera company 

 

 

 Marina Stillhart 

www.solerainc.com 

Mehrwertsteuernummer/VAT number 233947 

			
	

	 	Audatex Holding GmbH
	 	Zollstrasse 62 CH-8021 Zurich
	 	Tel. +41 (0)44 278 88 88 Fax +41 (0)44 278 85 55
	 	www.audatex.com

 Private/Confidential

 HERR RENATO GIGER 
 Audatex
Holding GmbH 
 8021 Zürich 

Zürich, 20 August, 2009 
 Bonus
FY09 
 Dear Renato 
 We are
pleased to inform you that retroactively July 2008 your Bonus for FY09 has been increased from 
 35 % to 40 %

 We would like to take this opportunity to thank you for your efforts and your fine cooperation during the past fiscal year. We are looking
forward to your on-going support and engagement. 
 In addition, we would like to seize the opportunity and point you towards the general
working conditions of Audatex which are an integral part of your work contract and serve as the principal guidelines of your work relation with the company. They may be found on the AX.net HR Portal. 

With best wishes 
 Audatex Holding GmbH 

 a Solera company 

 

 

 Marina Stillhart 

www.solerainc.com 

Mehrwertsteuernummer/VAT number 233947

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