Document:

RESTRICTED STOCK GRANT AGREEMENT

 

THIS RESTRICTED STOCK GRANT AGREEMENT
(the “Agreement”) is made and entered into as of the 2nd day of July, 2012 (the “Effective Date”), by and
between BNC Bancorp, a North Carolina Corporation (the “Corporation”), Bank of North Carolina (the “Bank”),
a state chartered commercial bank and David B. Spencer (the “Participant”).

 

WHEREAS, the Corporation is the holding
company of the Bank and the BNC Bancorp Omnibus Stock Option Long Term Incentive Plan was approved by the Corporation’s board
of directors and by its shareholders on May 18, 2004, as it may be amended from time to time (the “Plan”).

 

WHEREAS, Participant is an employee of the
Bank, and the Boards of Directors of the Corporation and the Bank have determined that it is desirable and in the best interest
of the Bank to make an award (the “Award”) of certain shares of the common stock of the Corporation, under the Plan,
to the Participant, subject to certain restrictions as specified below; and

 

WHEREAS, capitalized terms not otherwise
defined herein shall have the same meaning given to such terms in the Plan.

 

NOW, THEREFORE, the Parties agree as follows:

 

1.          Date of Award. The date of making the Award
under this Agreement is July 2, 2012. The Bank has made this Award in consideration of the continued employment of the Participant.
The Participant is an executive officer of the Bank and the Company.

 

2.          Award of Plan Shares. The Participant is awarded,
no purchase price per share, in the aggregate, the right to receive 12,000 shares of common stock (the “Plan Shares”),
which shares become vested and nonforfeitable pursuant to paragraph 5 of this Agreement.

 

3.          Representations, Warranties and Transfer Restrictions.

 

(a)          Representations and Warranties. Participant
makes and agrees to the representations and warranties, if any, attached hereto as Annex A. The Committee may cause a legend to
be placed on any certificate representing any of the Plan Shares to make appropriate reference to restrictions on transfer, as
necessary.

 

(b)          Securities Law and Regulations. The Participant
agrees that the Plan Shares shall be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable
under the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange or interdealer
quotation system upon which the common stock is then listed and any other applicable federal or state securities laws, rules or
regulations, and the Committee may cause a legend or legends to be placed on any certificate representing any of the Plan Shares
to make appropriate reference to such restrictions.

 

(c)          Other Transfer Restrictions. No portion of
the Plan Shares or Rights granted hereunder may be sold transferred, assigned, pledged or otherwise encumbered or disposed of by
Participant until such portion of the Plan Shares become fully vested in accordance with paragraph 5 of this Agreement.

 

    	 

    	 

    

 

4.          Shares Held in Trust. The Plan
Shares shall be held in trust by the Bank and distributed or transferred in accordance with the Plan, as determined by the Committee
and as set forth herein.

 

5.          Vesting and Delivery of Plan Shares by the Bank.

 

(a)          Vesting Schedule. Plan Shares shall vest and
become nonforfeitable as set forth herein:

 

12,000 shares beginning on July
2, 2014; provided, however, notwithstanding paragraph (b) of this section 5., none of the restricted stock shares will become transferrable
or payable, except for the payment of taxes which may become due and payable, unless allowed under the rules and regulations of
the Capital Purchase Program of the Troubled Asset Relief Program of the United States treasury.

 

(b)          Delivery of Vested Plan Shares to the Participant.
Except as provided above, after the date on which the Plan Shares have become vested as provided in this Agreement and in the Plan,
the Committee shall instruct the Bank to deliver to the Participant, the Participant’s designee, such other person as shall
have been designated as Participant’s beneficiary in accordance with this Agreement, or any other permitted recipient pursuant
to the Plan, as applicable, certificates representing the Plan Shares which have become vested and nonforfeitable, as the Committee
shall determine, free from any restrictions imposed by this Agreement other than such restrictions and conditions as may be deemed
necessary by the Committee pursuant to paragraph 3 above. The parties agree to execute any further instrument and to take such
action as may be reasonable necessary to carry out the intent of this Agreement

 

(c)          Delivery of Forfeited Plan Shares. If the
Plan Shares, or any of them, are forfeited pursuant to the Plan, the Committee shall instruct the Bank concerning the disposition
of such forfeited shares. Thereafter such forfeited shares shall cease to be subject to this Agreement.

 

6.          Payment of Dividends. As soon as practicable
after the Plan Shares have become vested and delivered, the Bank shall pay to the Participant, the Participant’s designee,
such other person as shall have been designated as Participant’s beneficiary in accordance with the Agreement or any other
permitted recipient pursuant to the Plan, the proportional amount of any cash or stock dividend, or other cash or noncash distributions,
including any interest earned thereon, declared in respect of such vested Plan Shares, which had been held in trust by the Bank
for the benefit of the above-named person(s).

 

7.          Designation of Beneficiary. The Participant
hereby designates the person(s) described on Annex B as the beneficiary or beneficiaries who shall be entitled to receive the vested
Plan Shares and other assets, if any, distributable to the Participant upon his death. The Participant may, from time to time,
revoke or change his beneficiary designation without the consent of any prior beneficiary, if any, by filing a new designation
with the Committee. The last such designation received by the Committee shall be controlling; provided, however, that no designation,
or change or revocation thereof, shall be effective unless received by the Committee prior to the Participant’s death, and
in no event shall it be effective as of a date prior to such receipt.

 

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If no such beneficiary designation is in
effect at the time of the Participant’s death, or if no designated beneficiary survives the Participant, or if such designation
conflicts with law, the Participant’s estate shall be deemed to have been designated his beneficiary and shall receive the
vested Plan Shares and other assets, if any, distributable to the Participant upon his death. If the Committee is in doubt as to
the right of any person to receive such distribution, the Committee may direct the Bank to retain the vested Plan Shares and other
assets, without liability for any interest in respect thereof, until the rights thereto are determined, or the Committee may direct
the transfer of such Plan Shares into any court of appropriate jurisdiction and such transfer shall be deemed a complete discharge
of the obligations of the Bank, and the Corporation, the Committee hereunder.

 

8.          Effect of Award on Status of Participant. The
fact that an Award has been made to the Participant under this Plan shall not confer on the Participant any right to continued
service on the boards of directors of the Bank, the Corporation or of any Subsidiary, nor to continued employment with the Bank,
the Corporation or any Subsidiary; nor shall it limit the right of the Bank, the Corporation or of any Subsidiary to remove the
Participant from any such boards, or to terminate his employment at any time without prior notice.

 

9.          Impact of Award on Other Benefits of Participant.
The value of the Plan Shares on the date of the Award or at the time the Plan Shares becomes vested, shall not be includable as
compensation or earnings for purposes of any other benefit plan offered by the Bank, the Corporation or any Subsidiary other than
any qualified employee benefit plan which provides that such value shall be included as compensation or earnings for purposes of
such plans.

 

10.          Tax and Tax Withholding. Participant
has reviewed with Participant’s own tax and financial advisors the federal, state and local tax consequences of this agreement
and receipt of the Plan shares. All vested Plan Shares distributed pursuant to this Agreement shall be subject to applicable federal,
state and local withholding for taxes. The Participant expressly acknowledges and agrees to such withholding without regard to
whether the Plan Shares may then be sold or otherwise transferred by the Participant. The Participant acknowledges and agrees to
the tax withholding provisions which are set forth in the Plan.

 

11.          Notices. Any notices or other communications
required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been sufficiently given
if delivered personally or three business days after deposit in the United States mail by Certified Mail, return receipt requested,
properly addressed and postage prepaid, if to the Bank, the Committee or the Trustees at the Bank’s principal office address
at 1226 Eastchester Drive, High Point, North Carolina 27265; and, if to the Participant, at his last address appearing on the books
of the Bank. The Bank and the Participant may change their address or addresses by giving written notice of such change as provided
herein. Any notice or other communication hereunder shall be deemed to have been given on the date actually delivered or as of
the third (3rd) business day following the date mailed as set forth above, as the case may be.

 

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12.          Construction Controlled by Plan. The Plan,
a copy of which is attached hereto as Annex C, is incorporated herein by reference. The Award of Restricted Shares shall be subject
to the terms and conditions of the Plan, and the Participant hereby assumes and agrees to comply with all of the obligations imposed
upon the Participant in the Plan. This Agreement shall be construed so as to be consistent with the Plan; and the provisions of
the Plan shall be deemed to be controlling in the event that any provision hereof should appear to be inconsistent therewith.

 

13.          Severability. Whenever possible, each provision
of this Agreement shall be interpreted in such a manner as to be valid and enforceable under applicable law, but if any provision
of this Agreement is determined to be unenforceable, invalid or illegal, the validity of any other provision or part thereof shall
not be affected thereby and this Agreement shall continue to be binding on the parties hereto as if such unenforceable, invalid
or illegal provision or part thereof had not been included herein.

 

14.          Governing Law. Without regard to the principles
of conflicts of laws, the laws of the State of North Carolina shall govern and control the validity, interpretation, performance,
and enforcement of this Agreement.

 

15.          Modification of Agreement; Waiver. This Agreement
may be modified, amended, suspended or terminated, and any terms, representations or conditions may be waived, but only by a written
instrument signed by each of the parties hereto or their successors in interest. No waiver hereunder shall constitute a waiver
with respect to any subsequent occurrence or other transaction hereunder or of any other provision hereof.

 

16.          Binding Effect. This Agreement shall be binding
upon and shall inure to the benefit of the parties hereto, and their respective heirs, legatees, personal representatives, executors,
and administrators, successors and assigns.

 

17.          Entire Agreement. This Agreement and the Plan
constitute and embody the entire understanding and agreement of the parties hereto and, except as otherwise provided hereunder;
there are no other agreements or understandings, written or oral, in effect between the parties hereto relating to the matters
addressed herein.

 

18.          Counterparts. This Agreement may be executed
in any number of counterparts, each of which when executed and delivered shall be deemed an original, but all of which taken together
shall constitute one and the same instrument.

 

[Remainder of page intentionally left
blank]

 

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IN WITNESS WHEREOF, the Corporation and
the Bank have caused this instrument to be executed in its corporate name by its President, or one of its Vice Presidents, and
attested by its Secretary or one of its Assistant Secretaries, and its corporate seal to be hereto affixed, all by, authority of
its Board of Directors first duly given; and each individual party hereto has hereunto set his hand and adopted as his seal the
typewritten word “SEAL” appearing beside his name, all done this the day and year first above written.

 

	 	BNC BANCORP
	 	 
	 	By:	________________________________
	 	 

 

	ATTEST:	 
	 	 
	By:	_____________________________	 
	 	Assistant Secretary	 
	 	 
	[Corporate Seal]	 
	 	 
	 	PARTICIPANT
	 	 
	 	__________________________ (SEAL)

 

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ANNEX A

 

Representations and Warranties

 

Participant represents to the Corporation
that:

 

(a)          The Plan Shares were not offered
or transferred to Participant by means of any form of general solicitation or general advertising, and in connection therewith,
Participant did not: (i) receive or review any advertisement, article, notice or other communication published in a newspaper or
magazine or similar media or broadcast over television or radio whether closed circuit or generally available or (ii) attend any
seminar meeting or industry investor conference whose attendees were invited by any general solicitation or general advertising.

 

(b)          Participant has received a copy of
the Plan and represents that he is familiar with the terms and provisions thereof, and hereby accepts the Plan Shares subject to
all of the terms and provisions of the Plan except as otherwise specifically stated in this Agreement. Participant hereby agrees
to accept as binding, conclusive and final all decisions or interpretations of the Committee (both as defined in the Plan) upon
any questions arising under the Plan. Participant acknowledges that the Plan Shares may only be transferred or otherwise disposed
of pursuant to (i) a registration statement on Form S-8 upon delivery of a resale prospectus to the recipient of the Plan Shares,
as long as Participant is an affiliate of the Corporation, (ii) an effective registration statement under the Securities Act of
1933, as amended (the “Act”) or (iii) pursuant to an exemption from registration under the Act.

 

(c)          Participant acknowledges that he
must therefore hold the Plan Shares indefinitely unless a subsequent disposition of the Plan Shares is permitted under the terms
of this Agreement.

 

(d)          Participant acknowledges that, given
the restrictions on transfer acknowledged above, he is able to bear the economic risk of holding the Plan Shares for an indefinite
period of time and can afford a complete loss of the value of the Plan Shares.

 

(e)          Participant agrees and acknowledges
that the Corporation may, if it so desires and subject to paragraph 3 of this Agreement, permit the transfer of the Plan Shares
out of Participant’s name only when Participant’s request for transfer is accompanied by an opinion of counsel reasonably
satisfactory to the Corporation and its counsel that neither the sale nor the proposed transfer results in violation of the Act
or any state securities or “blue sky” laws (collectively, “Securities Laws”). Participant agrees to hold
the Corporation and its directors, officers, agents and controlling persons and their respective heirs, representatives, successors
and assigns harmless and to indemnify them from and against all liabilities, costs and expenses incurred by them as a result of
any misrepresentation made by Participant contained herein or any sale or distribution by Participant in violation of the Securities
Laws.

 

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(f)          Participant represents that the receipt
of the Plan Shares by Participant will not result in the violation by Participant of any law, statute, rule, regulation, order,
writ, injunction, judgment or decree of any court or governmental authority to or by which Participant is bound, including, without
limitation, United States laws and other laws that may be applicable to Participant and will not conflict with, or result in a
material breach or violation of, any of the terms or provisions of, or constitute (with due notice or lapse of time or both) a
material default under, any material lease, loan agreement, mortgage, security agreement, trust indenture or other agreement or
instrument to which Participant is a party or by which Participant is bound or to which Participant’s material properties
or assets is subject, nor result in the creation or imposition of any lien upon any of the material properties or assets of Participant.

 

(g)          Participant acknowledges and agrees
that this Agreement is not a contract of employment and that nothing in this Agreement shall confer upon Participant any right
with respect to continuation of service to or employment by the Corporation or the Bank, nor shall it interfere in any way with
his right or the Corporation’s or the Bank’s right to terminate his service to or employment by the Corporation or
the Bank at any time, with or without cause.

 

(h)          Participant acknowledges and agrees
that the vesting of shares pursuant to this Agreement is earned only through Participant’s continued compliance with the
non-compete and non-disclosure covenants contained in the letter agreement dated July 20, 2006 by and between the Participant and
the Bank and not through the grant of the Plan Shares hereunder.

 

(i)          Participant hereby accepts this Agreement
subject to all of the terms and provisions hereof. Participant has reviewed this Agreement in its entirety, has had an opportunity
to obtain the advice of counsel prior to executing this Agreement, and fully understands all provisions of the Agreement.

 

(j)          Participant acknowledges that the
Corporation and its counsel are entitled to rely on the representations made above.

 

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ANNEX B

 

BNC Omnibus Stock Option and

Long Term Incentive Plan

Beneficiary Designation Form

 

As Beneficiary to receive any shares of
stock distributable on my behalf pursuant to the BNC Bancorp Omnibus Stock Option and Long Term Incentive Plan, I hereby designate
the following:

 

	 	Name	Address	Relationship
	 	 	 	 
	Primary Beneficiary:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Contingent Beneficiary:	 	 	 
	(if any)	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

If more than one primary beneficiary is named, shares will be
paid in equal shares to surviving primary beneficiaries. Should the contingent beneficiaries be eligible to receive the benefits
(i.e., all primary beneficiaries are deceased), such benefits will be paid in equal shares to such surviving contingent beneficiaries.

 

	Name of Spouse if not given above:	 	 
	 	 	 
	____________________________________	 	 
	Witness	 	Participant
	 	 	 
	 	 	Date

 

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ANNEX C

 

BNC Bancorp Omnibus Stock Option and

Long Term Incentive Plan

 

See Attached.

 

    	9Exhibit 10.1

 

ATEL GROWTH CAPITAL FUND 8,
LLC

 

ESCROW AGREEMENT

 

_____________, 2012

 

U. S. Bank, National Association

San Francisco, California

 

Gentlemen:

 

ATEL GROWTH CAPITAL FUND 8,
LLC, a California limited liability company (the “Fund”), proposes to make a public offering through ATEL Securities
Corporation (the “Dealer Manager”) and other registered broker-dealers (the “Selected Dealers”) of not
to exceed 7,500,000 of its units of limited liability company member interest (the “Units”) at $10 per Unit. The offering
shall be conducted on a best-efforts all-or-none basis for the first 120,000 Units and thereafter on a best-efforts basis for the
remaining Units. The offering shall commence at such time as the Fund’s registration statement on Form S-1 with respect thereto
(the “Registration Statement”) is declared effective by the Securities and Exchange Commission (“SEC”)
which is currently expected to occur on or about ___________, 2012. We are requesting that you consent to act as Depository in
connection with the offering.

 

U.S. Bank, National Association
(“you” or “Depository”) shall receive, hold in escrow and disburse subscription funds in accordance with
the terms and conditions set forth in this letter and in the “Plan of Distribution” section of the prospectus included
in the Registration Statement, as amended or supplemented (such prospectus in the form first filed with the SEC pursuant to Rule
424 under the Securities Act of 1933, as amended, and any supplement or amendment to such prospectus thereafter so filed pursuant
to such Rule 424 are hereinafter collectively called the “Prospectus”).

 

Upon request of AGC 8 Managing
Member LLC (the “Manager”) or the Dealer Manager, you shall provide reports to the Fund and the Dealer Manager as to
the number and amount of subscriptions received by you.

 

The terms and conditions of
your engagement as Depository shall be as follows:

 

1. On or before the date of
commencement of the offering you shall establish an interest-bearing escrow account which shall be entitled “ATEL GROWTH
CAPITAL FUND 8 Escrow Account” (the “Escrow Account”). The Dealer Manager will comply with Rule 15c2-4 under
the Securities Exchange Act of 1934, as interpreted in NASD Notice to Members 84-64, which requires that during the escrow period
checks be transmitted by the Dealer Manager to you as escrow agent as soon as practicable, but in any event by noon of the second
business day following receipt by the Dealer Manager. The Dealer Manager and Selected Dealers shall instruct subscribers to make
checks payable to the order of U.S. Bank, National Association by designating the payee as “U.S. Bank — ATEL GROWTH
CAPITAL FUND 8 Escrow.” You shall return any checks received that are made payable to a party other than the Depository to
the Dealer Manager or Selected Dealer who submitted the check.

 

2. The Dealer Manager and the
Selected Dealers shall promptly deliver all monies received for the payment of Units to the Depository for deposit in the Escrow
Account. You shall receive and hold deposits of subscription funds in the amount of $10 per Unit. The minimum subscription shall
be 500 Units ($5,000), subject, however, to such higher minimum subscriptions as are described in the Prospectus as being applicable
in certain circumstances. Each deposit shall be accompanied by a Subscription Agreement in the form of that attached as Exhibit
C to the Prospectus identifying by name and address the subscriber whose funds are deposited and the amount of the funds deposited
by such subscriber.

 

3. Deposits in the form of
checks which fail to clear the bank upon which they are drawn shall be returned by the Depository to the subscriber, together with
the copy of the Subscription Agreement. You shall concurrently furnish to the Manager and the Dealer Manager a copy of any such
Subscription Agreement and check so returned. The Depository shall have no further liability therefor.

 

If the Fund rejects any subscription
for which the Depository has already collected funds, the Depository shall promptly issue a refund check to the rejected subscriber.
If the Fund rejects any subscription for which the Depository has not yet collected funds but has submitted the subscriber’s
check for collection, the Depository shall promptly issue a check in the amount of the subscriber’s check to the rejected
subscriber after the Depository has cleared such funds. If the Depository has not yet submitted a rejected subscriber’s check
for collection, the Depository shall promptly remit the subscriber’s check directly to the subscriber.

 

4. You shall place funds from
the Escrow Account only in the following interest-bearing accounts and short-term obligations as the Fund shall direct: short-term
United States government securities, including Treasury bills, securities issued or guaranteed by United States government agencies,
certificates of deposit and time or demand deposits in banks and savings and loan associations which are insured by United States
government agencies or deposits in members of the Federal Home Loan Bank System; provided, however, that you shall not be required
to place any such funds in a manner which is inconsistent with the Prospectus. In the absence of express instructions, you will
invest such funds, to the extent reasonably practicable, in a U. S. Bank Money Market Account insured by the FDIC. As Depository
you shall not be liable for any loss of interest in the event funds are withdrawn prior to maturity. Interest accrued on subscription
funds held in the Escrow Account shall not be an asset of the Fund, but shall either (i) be paid to the respective subscribers
upon return of subscription proceeds to subscribers pursuant to paragraph 5 of this Agreement in the event the Minimum Subscriptions
(as defined in paragraph 5) are not received prior to termination of the offering); or (ii) be paid to the Fund upon release of
subscription proceeds to the Fund for disbursement by the Fund to subscribers, in either case to be divided among the subscribers
on a pro rata basis according to the respective numbers of days between the time of deposit of their payments into the Escrow Account
and the release of such payments to the Fund or the return thereof to the subscribers, and in either case with the amounts of interest
allocated among subscribers to be calculated by the Manager.

     

     

    

 

During the escrow period, the
proceeds from the Fund’s offering are not subject to claims by creditors, the Fund, the Fund’s affiliates, you as the
escrow agent, or Selected Dealers unless and until the proceeds have been released to the Fund pursuant to the terms of this Agreement.

 

5. If and at such time as amounts
in collected funds representing subscriptions for not less than 120,000 Units shall have been deposited with you under this Agreement
(the “Minimum Subscriptions”), you shall so notify the Manager and the Dealer Manager and upon receipt of written instructions
from each of the Fund and the Dealer Manager, you shall disburse to the Fund all subscription funds held by you. If the offering
is terminated prior to receipt of collected funds representing the Minimum Subscriptions, or if collected funds representing the
Minimum Subscriptions have not been received on or before the date which is one year from the date that the Registration Statement
is declared effective by the SEC, you shall promptly disburse all subscription funds to the subscribers who transmitted them without
deduction, penalty or expense to the subscriber, and you shall advise the Fund and the Dealer Manager that you have done so. The
subscription funds returned to each subscriber shall be free and clear of any and all claims of the Fund or any of its creditors.
In any case, all interest earned on subscription proceeds held by you shall be disbursed to subscribers as provided in paragraph
4, with the Manager providing the Depository with the calculation of interest payable to each subscriber. After all disbursements
under this Agreement have been completed, the escrow shall be terminated; provided, however, that an agreement with a branch of
Depository will be effective upon escrow holder notifying the branch that the Minimum Subscriptions have been reached and escrow
is closed. The branch will agree to facilitate transfers of subscription funds to the Fund in the event subscribers make checks
payable to the Depository after the date Minimum Subscriptions have been received. The branch’s sole function in such event
shall be to endorse any such subscription checks to the account of the Fund.

 

For purposes of the foregoing,
the term “collected funds” shall mean all funds received by the Depository which have cleared normal banking channels
and are in the form of cash.

 

Notwithstanding the foregoing,
any and all subscription proceeds from Pennsylvania investors deposited with the Depositary will be maintained in a separate escrow
account entitled “ATEL GROWTH CAPITAL FUND 8 Pennsylvania Escrow Account.” The terms of the escrow for Pennsylvania
subscriptions will be the same as provided for all subscription proceeds under this Agreement, except as expressly stated in the
following paragraphs.

 

The amount of subscription
proceeds held in the Pennsylvania Escrow Account will not be counted in determining the Minimum Subscriptions defined above
in this Section 5, unless the Pennsylvania Minimum (as defined below) is reached prior to the date that the amount of the Minimum
Subscriptions is received from non-Pennsylvania subscribers. The funds in the Pennsylvania Escrow Account will be retained in such
account, and will not be released to the Fund upon the release of other escrowed funds at the time the Minimum Subscriptions are
reached under the Agreement unless the conditions for release of Pennsylvania subscriptions set forth in this paragraph are first
satisfied. If and at such time as the Fund and the Dealer Manager deliver to the Depositary a certificate, together with any other
documentation that the Depositary may reasonably require, which demonstrates that the Fund has received a total amount in collected
funds which, when added to the total amount held in the Pennsylvania Escrow Account, represent aggregate subscriptions for not
less than 375,000 Units (the “Pennsylvania Minimum”), and upon receipt of written instructions from each of the Fund
and the Dealer Manager, the Depositary shall disburse to the Fund all subscription funds held in the Pennsylvania Escrow Account.

 

If the offering is terminated
prior to receipt of collected funds representing the Pennsylvania Minimum, or if collected funds representing the Pennsylvania
Minimum have not been received on or before the date which is 120 days after the date hereof, the Fund and the Dealer Manager will
notify each Pennsylvania investor whose subscription proceeds are held in the Pennsylvania Escrow Account within 10 calendar days
following the end of such period that such investor has the right to have the escrowed subscription proceeds returned to the investor
by notifying the Depositary that such return is desired within 10 calendar days after receipt of such notification of the right
to such return. The subscription proceeds held for investors so requesting a return, together with any interest accrued thereon,
will be promptly forwarded to such investors, but in no event later than 15 calendar days following receipt by the Depositary of
the notice requesting such return.

 

Any subscription proceeds from
Pennsylvania investors which remain in the escrow after the expiration of the periods described in the foregoing paragraph will
be held until the earlier of the satisfaction of the Pennsylvania Minimum condition or the termination of the offering; provided
that at the end of each subsequent 120-day period of the escrow, the investors whose subscription proceeds remain in the escrow
will be offered the return rights described in the foregoing paragraph; and provided further that, if the Pennsylvania Minimum
is not satisfied within one year from the date that the Registration Statement is declared effective by the SEC, the Depositary
shall promptly disburse all subscription funds in the Pennsylvania Escrow Account to the subscribers who transmitted them without
deduction, penalty or expense to the subscriber, and the Depositary shall advise the Fund and the Dealer Manager that the Depositary
has done so. Any such disbursements to Pennsylvania investors will be on the same terms as all disbursements under this Agreement.

 

6. All fees, costs, and charges
of the Depository shall be paid by the Fund. Escrow fees shall be as set forth in Exhibit A hereto. No fees, costs, charges, indemnification
for damages suffered by the Depository or any monies whatsoever shall be paid out of or chargeable to the funds on deposit in the
Escrow Account.

 

7. The Fund and the Dealer
Manager hereby represent and warrant that neither they nor any of their affiliates has made, nor will any such person make, any
representation which might imply that you in any way endorse or recommend an investment in Units or guarantee any obligations relating
to the Units except those expressly undertaken as Depositary under this Agreement.

 

In consideration of your acting
as Depository herein, it is agreed that you shall in no case or event be liable for the failure of any of the conditions of this
Agreement or damage caused by the exercise of your discretion in any particular manner, or for any other reason, except gross negligence
or willful misconduct with reference to the Escrow Account, and you shall not be liable or responsible for your failure to ascertain
the terms or conditions, or to comply with any of the provisions of, any agreement, contract or other document filed herewith or
referred to herein, nor shall you be liable or responsible for forgeries or false impersonation.

     

     

    

 

It is further agreed that if
any controversy arises between the parties hereto or with any third person with respect to the subject matter of this Agreement,
or its terms or conditions, you are entitled at your option to refuse to comply with any claim or demand, so long as such controversy
continues and in so doing you shall not be or become liable for damages or interest to any party for your failure or refusal to
comply with any conflicting or adverse demands. You shall be entitled to continue so to refrain and refuse so to act until:

 

A. The rights of the
adverse claimants have been finally adjudicated in a court assuming and having jurisdiction of the parties and the money, papers
and property involved herein or affected hereby; and/or

 

B. All differences
shall have been adjusted by agreement and you shall have been notified thereof in writing by all of the persons interested.

 

In the event of any such controversy,
you, in your discretion, may file a suit in interpleader for the purpose of having the respective rights of the claimants adjudicated,
and deposit with the court all documents and property held hereunder, and the Fund agrees to pay all costs and counsel fees incurred
by you in such action and said costs and fees shall be included in the judgment in any such action.

 

You shall not be required to
take or be bound by notice of any default of any person, or to take any action with respect to such default involving any expense
or liability, unless notice of such default is given to you in writing by the Manager and unless you are indemnified in a manner
satisfactory to you against such expense or liability.

 

You shall be protected in acting
upon any notice, request, waiver, consent, receipt or other paper or document reasonably believed by you to be signed by the proper
party or parties.

 

You may consult with legal
counsel if any controversy arises, and you shall incur no liability and shall be fully protected in acting in accordance with the
opinion and instructions of counsel.

 

In the event that you perform
any service not specifically provided hereinabove, or there is any assignment or attachment of any interest in the subject matter
of this Agreement or modification thereof, or any controversy arises hereunder, or you are named a party to, or are required to
intervene in, any litigation pertaining to this escrow or the subject matter thereof, you shall be reasonably compensated therefor
and reimbursed for all costs and expenses, including attorney’s fees, occasioned thereby.

 

8. The Fund, the Manager and
the Dealer Manager represent and agree that none has made nor will any of them in the future make any representation that states
or implies that the Escrow Agent has endorsed, recommended or guaranteed the purchase, value, or repayment of the Units offered
for sale by the Fund. The Fund further agrees that it will insert in any prospectus, offering circular, advertisement, subscription
agreement or other document made available to prospective purchasers of the Units the following in bold face type: “U.S.
Bank National Association is acting only as an escrow agent in connection with the offering of the Units, and has not endorsed,
recommended or guaranteed the purchase, value or repayment of such Units”, and will furnish to the Escrow Agent a copy of
each such prospectus, offering circular, advertisement, subscription agreement or other document at least 5 business days prior
to its distribution to prospective purchasers of the Securities”.

 

9. The Depository may resign
upon the giving of 30 days’ written notice to the Manager and the Dealer Manager. The Depository may be removed by the Manager
and the Dealer Manager, acting jointly, upon 30 days’ prior written notice to the Depository. In such event, it shall be
the obligation of the Manager, with the consent of the Dealer Manager, to appoint a successor Depository. The Depository shall
turn over to such successor, at the direction of the Fund, all funds, accounts and records held by the Depository pursuant to this
Agreement.

 

Any change in the aforesaid
terms and conditions shall require the consent of the Dealer Manager. In the event that any questions arise as to the interpretation
of such terms and conditions, you shall be authorized to rely upon telegraphic or written instructions from the Dealer Manager
and the Manager.

 

If you consent and agree to
act as Depository on the terms and conditions set forth above, please so signify by causing a duly authorized officer or employee
to sign the enclosed copy of this letter as indicated below and return it to the undersigned, whereupon the terms and conditions
of this letter shall constitute an agreement between us. This agreement may be signed in separate counterparts, each of which when
so executed and delivered shall be an original for all purposes, but all such counterparts shall constitute one and the same instrument.

 

 

	 	Very truly yours, 
	 	 	 	 
	 	ATEL GROWTH CAPITAL FUND 8, LLC,
 a California limited
    liability company 
	 	 	 	 
	 	By: 	AGC 8 Managing Member, LLC, Manager,
	 	 	 	 
	 	 	By: 	 
	 	 	 	 
	 	ATEL SECURITIES CORPORATION,
 a California corporation,
    Dealer Manager
	 	 	 	 
	 	 	By: 	 

 

We hereby consent to act as
Depository on the terms and conditions set forth above. Executed this ___ day of ________, 2012.

     

     

    

 

	U. S. Bank, National Association	 
	One California St., Suite 1000	 
	San Francisco, CA 94111	 
	 	 	 
	By:

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