Document:

EX-4.4

 EXHIBIT 4.4 

AMENDED AND RESTATED ESCROW AGREEMENT 

(Subscription Proceeds) 

This AMENDED AND RESTATED ESCROW AGREEMENT (“Agreement”) is dated as of August 6, 2018, by and between
Cottonwood Communities, Inc., a Maryland corporation (“Issuer”), UMB BANK, N.A. as escrow agent (“Escrow Agent”) and Orchard Securities, LLC, a Utah limited liability company (the
“Dealer Manager”). 
 R E C I T A L S: 

A.            The Issuer, the Escrow Agent and the Dealer Manager
previously entered an Escrow Agreement dated as of July 3, 2018 and desire to amend and restate the agreement to provide for additional terms requested by FINRA and to add an minimum offering amount for residents of Ohio. 

B.            The Issuer intends to offer and sell
(“Offering”) up to $750,000,000 of shares of the Issuer’s common stock, par value $0.01 per share (“Shares”) on a best efforts basis. The minimum offering amount in the Offering is $2,000,000 in subscription proceeds from
the sale of Shares, excluding proceeds from Kansas Subscribers, New York Subscribers, Ohio Subscribers, Pennsylvania Subscribers and Washington Subscribers (each as defined below) (the “Minimum Offering Amount”). Until the Minimum Offering
Amount has been accepted by the Issuer, subscribers to the Offering shall make checks payable to the order of “UMB Bank, N.A., as Escrow Agent for Cottonwood Communities, Inc.,” and deposit the funds for their respective subscriptions in
the Subscription Proceeds Escrow (as defined below). 

C.            The terms of the Offering are set forth in that
certain Registration Statement on Form S-11 (File No. 333-215272), as amended from time to time (the “Offering Document”). 

D.            The Shares will be sold pursuant to the Subscription
Agreement (the “Subscription Agreement”), the form of which is included in the Offering Document, which will be (i) executed by investors and, (ii) if deemed appropriate by the Issuer’s management or the Transfer
Agent (as defined below), accepted by the Issuer, along with the full amount of an investor’s subscription payable by check or wire transfer in immediately available funds in U.S. dollars. 

E.            The Issuer and the Dealer Manager desire to
establish a deposit account (the “Escrow Account”) as further described herein in which funds received from investors will be deposited and the Issuer and the Dealer Manager desire that UMB Bank, N.A. act as escrow agent to the
Escrow Account and Escrow Agent is willing to act in such capacity. In accordance with and subject to the terms and conditions of this Agreement, the Escrow Agent has agreed to accept and hold all subscription proceeds received directly or
indirectly from investors pursuant to all Subscription Agreements that are received by the Issuer or the Transfer Agent from time to time during the Escrow Period. Except as otherwise set forth herein for Kansas Subscribers, New York Subscribers,
Ohio Subscribers, and Washington Subscribers, the “Escrow Period” shall commence upon the effectiveness of this Agreement and shall continue until the earlier of: (a) the date upon which the Escrow Agent receives confirmation
from the Issuer and the Dealer Manager that the Issuer has raised the Minimum Offering Amount; (b) the one year anniversary 

  
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from the date the Offering Document becomes effective with the Securities and Exchange Commission (the “Closing Date”); or (c) the termination of the Offering by the Issuer
prior to the receipt of the Minimum Offering Amount, confirmed in writing by the Issuer to the Escrow Agent. 

F.            The Issuer has directed the Escrow Agent to engage DST Systems, Inc.
(the “Transfer Agent”) to examine for “good order” subscriptions and to act as record keeper, maintaining on behalf of the Escrow Agent the ownership records for the Escrow Account, In so acting the Transfer Agent shall be
acting solely in the capacity of agent for the Escrow Agent and not in any capacity on behalf of the Issuer or the Dealer Manager, nor shall they have any interest other than that provided in this Agreement in assets in Transfer Agent’s
possession as the agent of the Escrow Agent. 
 NOW, THEREFORE, the parties hereto agree as follows: 

1.            Appointment of Escrow Agent. The Issuer
hereby appoints Escrow Agent, and Escrow Agent accepts such appointment, to act as Escrow Agent in accordance with this Agreement. All monies deposited in the Escrow Account are hereinafter referred to as the (“Escrowed Funds”).
Upon the effectiveness of this agreement, the duties and obligations of each of the parties to this Agreement will commence. 

2.            Subscription Proceeds to be Placed in Escrow.

               (a)     
       There is hereby created and ordered to be established in the custody of the Escrow Agent a special subscription proceeds escrow (“Subscription Proceeds Escrow”). The Subscription Proceeds
Escrow account will be a segregated account and will be held in trust for each investor’s benefit pending (i) release to the Issuer for investment in accordance with the requirements of Section 4 or (ii) return to the investor in
accordance with the terms hereof. The funds contributed by Kansas Subscribers, New York Subscribers, Ohio Subscribers, and Washington Subscribers will be identified in writing as such to the Escrow Agent and will be maintained in the Subscription
Proceeds Escrow in a manner in which they may be separately accounted for. 

               (b)     
       During the Escrow Period investors subscribing to purchase Shares will be instructed to make their checks payable to “UMB Bank, N.A., as escrow agent for Cottonwood Communities, Inc.” Checks from
Kansas Subscribers, New York Subscribers, Ohio Subscribers and Washington Subscribers must be made payable to “UMB Bank, N.A., as escrow agent for Cottonwood Communities, Inc.” until the Kansas Minimum Offering Amount, the New York Minimum
Offering Amount, the Ohio Minimum Offering Amount and the Washington Minimum Offering Amount, respectively, have been accepted by the Issuer. 

               (c)     
       Completed subscription agreements and funds for the purchase price for the Shares shall be remitted by the participating soliciting-dealers in the Offering on behalf of persons subscribing to purchase Shares
directly to the Escrow Agent by the end of the next business day following receipt of any such funds or, if final internal supervisory review is conducted at a different location, by the end of the next business day following receipt of any

  
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such funds by the office conducting final internal supervisory review. All subscription proceeds received by the Escrow Agent shall be deposited into the Subscription Proceeds Escrow. 

               (d)     
       The subscription proceeds held in the Subscription Proceeds Escrow shall remain un-invested and shall be maintained in a
non-interest bearing account. 

               (e)     
       The Escrowed Funds shall be held by the Escrow Agent in the Subscription Proceeds Escrow until distributed as provided in this Agreement. 

               (f)     
       Based solely upon the information set forth in the Subscription Agreements, the Transfer Agent shall keep and maintain a record of the subscription proceeds deposited by or on behalf of each investor into the
Subscription Proceeds Escrow from time to time until the distributions under Section 4 below are made, which record shall indicate whether each investor is a Kansas Subscriber, a New York Subscriber, an Ohio Subscriber, or
a Washington Subscriber if applicable. The registration books maintained by the Transfer Agent shall be the official record of the total amounts of subscription proceeds held in the Subscription Proceeds Escrow and each investor’s share of such
amounts. 
 3.            Ownership of Proceeds. During
the Escrow Period, all subscription proceeds shall be and remain the property of the respective investors and shall not be subject to any liens or charges by the Issuer or against the Issuer, or to judgments or creditors’ claims against the
Issuer. 
 4.            Disbursements from the Subscription
Proceeds Escrow. Escrowed Funds in the Subscription Proceeds Escrow will be held and disbursed in accordance with the following: 

               (a)     
       The Issuer will accept or reject subscriptions within thirty (30) days after the Issuer receives them. If an investor’s Subscription Agreement is rejected, the Issuer will notify the Escrow Agent in
writing and such investor’s funds will be returned within ten business days after the receipt by the Escrow Agent of the written notice of such rejection. Funds from residents of the State of Pennsylvania (“Pennsylvania
Subscribers”) will not be accepted into the Subscription Proceeds Escrow, and the Issuer will reject such funds until gross offering proceeds of $33,750,000 from the sale of Shares have been accepted by the Issuer. The Escrow Agent shall
not be obligated to return any investor’s funds under this Agreement until the Escrow Agent has received an executed and valid IRS Form W-9 or a substitute thereto executed by the investor, if applicable.

               (b)     
       If an investor’s subscription is accepted, the Issuer will notify the Escrow Agent in writing and except as otherwise set forth herein for Kansas Subscribers, New York Subscribers, Ohio Subscribers and
Washington Subscribers, the amount delivered with such subscription will be held in the Subscription Proceeds Escrow until the earlier to occur of the following: (i) the Issuer notifies the Escrow Agent in writing that it has received and
accepted subscriptions for the Minimum Offering Amount and (ii) the Closing Date. 

               (c)     
       If subscriptions for the Minimum Offering Amount have not been accepted by the Issuer on or before the Closing Date, the Escrowed Funds in the Subscription Proceeds Escrow will be returned to each respective
subscriber within ten days after the Closing 

  
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Date and no further deposits to the Subscription Proceeds Escrow will be accepted after the Closing Date. 

               (d)     
       If subscriptions for the Minimum Offering Amount have been accepted by the Issuer on or before the Closing Date, Issuer shall notify the Escrow Agent of such fact in writing on the form set forth on
Exhibit C hereto and the Escrowed Funds (other than any funds received from New York Subscribers, Kansas Subscribers, Washington Subscribers and Ohio Subscribers which cannot be released until the conditions of Sections 4(e), 4(f), 4(g) and
4(h), respectively, have been met) will be disbursed to the Issuer within one business day of the Escrow Agent’s receipt of such notification. 

               (e)     
       Notwithstanding anything to the contrary herein, disbursement of funds contributed by residents of the State of New York (“New York Subscribers”) may only be distributed in compliance with
the provisions of this Section 4(e). Notwithstanding the disbursement of funds from the Subscription Proceeds Escrow pursuant to Section 4(d) hereof, the Escrow Agent will continue to place deposits from New York Subscribers into the
Subscription Proceeds Escrow, until such time as the Issuer notifies the Escrow Agent in writing on the form set forth on Exhibit D hereto that gross offering proceeds (including amounts in the Subscription Proceeds Escrow previously
disbursed as directed by the Issuer and the amounts then held in the Subscription Proceeds Escrow for New York Subscribers) equal or exceed $2,500,000 (the “New York Minimum Offering Amount”) whereupon the Escrow Agent shall
disburse the Escrowed Funds from New York Subscribers to the Issuer within one business day of the Escrow Agent’s receipt of such notification. 

               (f)     
       Notwithstanding anything to the contrary herein, disbursement of funds contributed by residents of the State of Kansas (“Kansas Subscribers”) may only be distributed in compliance with the
provisions of this Section 4(f). Notwithstanding the disbursement of funds from the Subscription Proceeds Escrow pursuant to Sections 4(d) and 4(e) hereof, the Escrow Agent will continue to place deposits from Kansas Subscribers into the
Subscription Proceeds Escrow, until such time as the Issuer notifies the Escrow Agent in writing on the form set forth on Exhibit E hereto that gross offering proceeds (including amounts in the Subscription Proceeds Escrow previously
disbursed as directed by the Issuer and the amounts then held in the Subscription Proceeds Escrow for Kansas Subscribers) equal or exceed $10,000,000 (the “Kansas Minimum Offering Amount”) whereupon the Escrow Agent shall disburse
such Escrowed Funds to the Issuer within one business day of the Escrow Agent’s receipt of such notification. 

               (g)     
       Notwithstanding anything to the contrary herein, disbursement of funds contributed by residents of the State of Washington (“Washington Subscribers”) may only be distributed in compliance
with the provisions of this Section 4(g). Notwithstanding the disbursement of funds from the Subscription Proceeds Escrow pursuant to Sections 4(d), 4(e) and 4(f) hereof, the Escrow Agent will continue to place deposits from Washington
Subscribers into the Subscription Proceeds Escrow, until such time as the Issuer notifies the Escrow Agent in writing on the form set forth on Exhibit F hereto that gross offering proceeds (including amounts in the Subscription Proceeds
Escrow previously disbursed as directed by the Issuer and the amounts then held in the Subscription Proceeds Escrow for Washington Subscribers) equal or exceed $20,000,000 (the “Washington Minimum Offering Amount”) whereupon the
Escrow 

  
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Agent shall disburse such Escrowed Funds to the Issuer within one business day of the Escrow Agent’s receipt of such notification. 

               (h)     
       Notwithstanding anything to the contrary herein, disbursement of funds contributed by residents of the State of Ohio (“Ohio Subscribers”) may only be distributed in compliance with the
provisions of this Section 4(h). Notwithstanding the disbursement of funds from the Subscription Proceeds Escrow pursuant to Sections 4(d), 4(e), 4(f) and 4(g) hereof, the Escrow Agent will continue to place deposits from Ohio Subscribers
into the Subscription Proceeds Escrow, until such time as the Issuer notifies the Escrow Agent in writing on the form set forth on Exhibit G hereto that gross offering proceeds (including amounts in the Subscription Proceeds Escrow previously
disbursed as directed by the Issuer and the amounts then held in the Subscription Proceeds Escrow for Ohio Subscribers) equal or exceed $33,750,000 (the “Ohio Minimum Offering Amount”) whereupon the Escrow Agent shall disburse such
Escrowed Funds to the Issuer within one business day of the Escrow Agent’s receipt of such notification. 

               (i)     
       If subscriptions for the Kansas Minimum Offering Amount, the New York Minimum Offering Amount, the Ohio Minimum Offering Amount, and/or the Washington Minimum Offering Amount have not been accepted by the
Issuer on or before the termination of the Offering, the Escrowed Funds in the Subscription Proceeds Escrow contributed by Kansas Subscribers, New York Subscribers, Ohio Subscribers and/or Washington Subscribers will be returned to each respective
subscriber within ten days after the termination of the Offering. 

5.            Term. This Agreement shall terminate upon the
disbursement of all of the subscription proceeds and the final performance of all of the Escrow Agent’s other duties hereunder. 

6.            Duties and Responsibilities of Escrow Agent.

               (a)     
       Escrow Agent, by signing this Agreement, agrees to accept, hold and dispose of the subscription proceeds in accordance with the terms hereof. The duties and responsibilities of Escrow Agent shall be limited
to those expressly set forth in this Agreement, and no implied covenants or duties shall be read into this Agreement against the Escrow Agent, and the Escrow Agent shall not be subject to, nor obligated to comply with or to recognize, any other
agreement between, or any direction or instruction of, any or all of the other parties thereto even though reference thereto may be made herein; provided, however, with the written consent of Escrow Agent, this Agreement may be amended
at any time or times by an instrument in writing signed by the Issuer, the Dealer Manager and the Escrow Agent. 

               (b)     
       Escrow Agent is authorized, in its sole discretion, to disregard any and all notices or instructions given by any person, firm or corporation, except such notices and instructions as are herein specifically
provided for and orders or process of any court duly entered. If any property subject hereto is at any time attached, garnished or levied upon under any court order or in case the payment, assignment, transfer, conveyance or delivery of any such
property shall be stayed or enjoined by any court order, or in case any order, writ, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any of such events, Escrow Agent is authorized, in
its sole discretion, to rely upon and comply with any such order, writ, judgment or decree which it is advised by legal counsel of its own 

  
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choosing is binding upon it; and if Escrow Agent complies in good faith with any such order, writ, judgment or decree it shall not be liable to any of the parties hereto or to any other person,
firm or corporation by reason of such compliance, even though such order, writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated. Escrow Agent shall notify Issuer and Dealer Manager in the event Escrow Agent
takes any action pursuant to this Section 6(b). 

               (c)     
       Escrow Agent shall not be liable for any act taken or omitted hereunder if taken or omitted by Escrow Agent in good faith and in the exercise of its own reasonable judgment, and Escrow Agent shall not be
liable under this Agreement except for its gross negligence or willful misconduct. Escrow Agent also shall be fully protected in relying upon any written notice (including specifically those provided for in Section 4
hereof, demand, certificate, waiver, opinion of counsel or other document which it in good faith reasonably believes to be genuine or what it purports to be. 

               (d)     
       Escrow Agent acts hereunder as a depository only and shall not be responsible for the sufficiency or accuracy or the form, execution, validity or genuineness of this Agreement (except as to its own execution
hereof and obligations hereunder, if this Agreement is otherwise valid) or of documents or securities now or hereafter deposited hereunder or of any endorsement thereon, or for lack of endorsement thereon, or for any description therein, or for the
adequacy of the subscription proceeds for their intended purposes, nor shall it be responsible or liable in any respect on the account of the identity, authority or rights of the persons executing or delivering or purporting to execute or deliver
any such document, security or endorsement under this Agreement. 

               (e)     
       Escrow Agent may consult with legal counsel (which may be counsel to the Issuer) in the event of any dispute or question as to the construction of any of the provisions hereof or its duties hereunder, and, to
the extent it acts in good faith without gross negligence or willful misconduct it shall incur no liability and shall be fully protected in acting in accordance with the opinion and instructions of such counsel. 

               (f)     
       The Issuer agrees to indemnify and save Escrow Agent harmless from all losses, costs, liabilities, actual damages (which shall not include consequential, special or punitive damages), fees and expenses
(including, but not limited to, reasonable attorney’s fees and expenses) suffered or incurred by Escrow Agent arising from the performance of its obligations under this Agreement (“Acts”), except such Acts as arise from or
attributable to the grossly negligent, willful misconduct or fraudulent acts or omissions of Escrow Agent. Notwithstanding the above, the Escrow Agent will have no right to withhold subscriber’s funds deposited in the Subscription Escrow
Account to pay Issuer obligations under this Section 6(f). 

               (g)     
       In the event of any disagreement between the parties hereto (or any other persons) resulting in adverse claims and demands being made in connection with or for any portion of the subscription proceeds, Escrow
Agent shall be entitled to refuse to comply with any demand or claim, as long as such disagreement shall continue, and in so refusing to make any delivery or other disposition of any portion of the subscription proceeds, Escrow Agent shall not be or
become liable to any party hereto or to any other person for its refusal to comply with such 

  
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conflicting or adverse demands, and Escrow Agent shall be entitled to refuse and refrain to act until: 

                     
    (i)            The rights of the adverse claimants shall have been fully and finally adjudicated in a court assuming and having jurisdiction in respect of the portion
of the persons and the portion of the subscription proceeds involved; or 

                     
    (ii)            All differences shall have been resolved by agreement and Escrow Agent shall have been notified of such agreement in a writing signed by all the
interested parties. 
 7.            Miscellaneous. 

               (a)     
       Entire Agreement. This Agreement sets forth the entire understanding of the parties hereto and supersedes all prior agreements or understandings, whether written or oral, with respect to the subject
matter hereof. No amendments or modifications to this Agreement shall be binding unless made in writing and signed by the Issuer, the Dealer Manager and the Escrow Agent. 

               (b)     
       Notices. Any notices to be given hereunder by any party to any other party shall be in writing and shall be made either by personal delivery, certified, or registered mail (postage prepaid and return
receipt requested) or private overnight courier service. Each notice shall be effective only upon receipt, and shall be addressed as follows: 

               To the Issuer: 

               Cottonwood Communities, Inc. 

               6340 South 3000 East, Suite 500 

               Salt Lake City, Utah 84121 

               To Escrow Agent: 

               UMB Bank, N.A. 

               Attention: Lara L. Stevens 

               Corporate Trust & Escrow
Services Department 
                1010 Grand
Boulevard, 4th Floor 

               Kansas City, Missouri 64106 

               To the Dealer Manager: 

               Orchard Securities, LLC 

               401 South 850 East, Suite C1 

               Lehi, Utah 84043 

Any party may change its address for notice by giving notice in accordance with the terms of this
Section 7. 

               (c)     
       Fees. Escrow Agent shall be entitled to fees and expenses for its regular services as Escrow Agent as set forth in Exhibit A. In addition, if (a) the conditions for the

  
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disbursement of funds under this Agreement are not fulfilled, (b) the Escrow Agent renders any material service at the Issuer’s request that is not contemplated in this Agreement,
(c) there is any assignment of this Agreement by the Issuer, (d) the Escrow Agent is made a party to any litigation pertaining to this Agreement or the subject matter hereof (other than any litigation between the Issuer, on the one hand,
and the Escrow Agent, on the other hand), (e) the Escrow Agent performs services in connection with litigation involving the Issuer in which the Issuer, on the one hand, and the Escrow Agent, on the other hand, are not adversary parties, or
(f) the Escrow Agent performs services in connection with any investigation or proceeding brought by a governmental authority in relation to the Issuer’s activities, then the Escrow Agent shall be reasonably compensated for such
extraordinary services and reimbursed for all costs and expenses, including reasonable attorneys’ fees, occasioned by any delay, controversy, litigation or event, and the same shall be recoverable from the Issuer. 

               (d)     
       Waiver. The waiver by any party hereto of a breach of any term or provision of this Agreement shall not operate or be construed as a waiver of (a) a subsequent breach of the same provision by any
party or (b) the breach of any other term or provision of this Agreement. 

               (e)     
       Binding Effect. This Agreement shall extend to and be binding upon and inure to the benefit of the parties hereto, their respective heirs, representatives, successors and assigns. This Agreement may
not be assigned. 

               (f)     
       No Third Party Beneficiaries. Except for the investors, this Agreement does not create, and shall not be construed as creating, any rights enforceable by any person not a party to this Agreement. 

               (g)     
       Invalid Provisions. If any provision of this Agreement is held to be illegal, invalid or unenforceable, such provision shall be fully severable and this Agreement shall be construed and enforced as if
such illegal, invalid or unenforceable provision had never comprised a part hereof; and the remaining provisions hereof shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its
severance herefrom. Furthermore, in lieu of such illegal, invalid or unenforceable provision there shall be added as a part of this Agreement a legal, valid, and enforceable provision, such as is approved by Issuer and Escrow Agent, as similar in
terms to such illegal, invalid or unenforceable provision. 

               (h)     
       Headings. The headings in this Agreement are solely for convenience of reference and shall be given no effect in construction or interpretation of this Agreement. 

               (i)     
       Counterparts: Governing Law. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but which together shall constitute one and the same instrument. This
Agreement shall be governed by and construed in accordance with the laws of the State of Utah without regard to its rules of conflicts of laws. 

               (j)     
       Cooperation. No party shall unreasonably withhold or delay its consent, approval or signature when required to fulfill the purposes of this Agreement. 

  
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               (k)    
Regulatory Compliance.    The Issuer and Dealer Manager shall provide completed Forms W-9 or a substitute thereto (or Forms W-8, in the case of
non-U.S. persons) and other forms and documents that the Escrow Agent may reasonably request to Escrow Agent upon the execution of this Agreement to comply with the USA Patriot Act of 2001, and Bank Secrecy
Act, as each are amended from time to time. 

8.            Resignation of Escrow Agent. Escrow Agent may
resign or be removed, at any time, for any reason, by written notice of its resignation or removal to the proper parties at their respective addresses as set forth herein, at least 60 days before the date specified for such resignation or removal to
take effect. Upon the effective date of such resignation or removal: 

               (a) all cash and other payments and
all other property then held by the Escrow Agent hereunder shall be delivered by it to such successor escrow agent as may be designated in writing by the Issuer, whereupon the Escrow Agent’s obligations hereunder shall cease and terminate; and

                (b) if no such successor escrow
agent has been designated by such date, (i) all obligations of the Escrow Agent hereunder shall, nevertheless, cease and terminate, and the Escrow Agent’s sole responsibility thereafter shall be to keep all property then held by it and to
deliver the same to a person designated in writing by the Issuer or in accordance with the directions of a final order or judgment of a court of competent jurisdiction, (ii) the Escrow Agent may petition any court of competent jurisdiction for
the appointment of a successor agent, and (iii) the Escrow Agent may pay into court all monies and property deposited with Escrow Agent under this Agreement. 

9.            Multiple Counterparts; Electronic
Transaction. This Agreement may be executed in multiple counterparts, each of which shall be regarded for all purposes as an original, and such counterparts shall constitute but one and the same instrument. In addition,
the transaction described herein may be conducted and related documents may be stored by electronic means. Copies, telecopies, facsimiles, electronic files and other reproductions of original executed documents shall be deemed to be authentic
and valid counterparts of such original documents for all purposes, including the filing of any claim, action or suit in the appropriate court of law 

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

 

			
	ISSUER:
	
	 Cottonwood Communities, Inc., a Maryland

corporation

		
	By:	 	/s/ Gregg Christensen

 
			
	Name:	 	Gregg T. Christensen

 
			
	Title:	 	Executive Vice President

  
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	DEALER MANAGER:
	
	 Orchard Securities, LLC, a Utah limited liability

company

		
	By:	 	/s/ Kevin Bradburn
	Name:	 	Kevin Bradburn
	Title:	 	President

  

			
	ESCROW AGENT:
	
	 UMB BANK, N.A., solely as Escrow Agent

		
	By:	 	/s/ Lara L. Stevens
	Name:	 	Lara L. Stevens
	Title:	 	Vice President

  
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 EXHIBIT A 

Escrow Agent’s Fee Schedule 
  

			
	 Acceptance Fee
	  	
	 Review escrow agreement, establish account
	  	$2,500
	 DST Agency Engagement
	  	$250
		
	 Annual Fees
	  	
	 Annual Escrow Agent
	  	$3,000
		
	 Transactional Fees
	  	
	 Outgoing Wire Transfer
	  	$15 each
	 Outgoing Checks
	  	$35 each
	 Subscription Processing
	  	$25 each
	 Daily Recon File to Transfer Agent
	  	$3.75 per Bus Day
	 Wire Ripping to Transfer Agent
	  	$10 per Bus Day
	 UMB Direct Online Access
	  	$50 per month
	 Overnight Delivery/Mailings
	  	$16.50 each
	 IRS Tax Reporting
	  	$10 per 1099

  
 Acceptance fee and first year Annual Fees will be payable
at the initiation of the escrow. Thereafter, the Annual Fees will be billed annually in advance and Transactional Fees will be billed quarterly in arrears. Other fees and expenses will be billed as incurred. 

Fees specified are for the regular, routine services contemplated by the Escrow Agreement, and any additional or extraordinary services, including, but not
limited to disbursements involving a dispute or arbitration, or administration while a dispute, controversy or adverse claim is in existence, will be charged based upon time required at the then standard hourly rate. 

All expenses related to the administration of the Escrow Agreement such as, but not limited to, travel, postage, shipping, courier, telephone, facsimile,
supplies, legal fees, accounting fees, etc., will be reimbursable. 

  
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 Exhibit B 

Escrow Account Signing Authority 

Authorized Representatives of the Issuer 
 The
undersigned certifies that he/she is an authorized representative of the Issuer with respect to any instruction or other action to be taken in connection with the Escrow Agreement and UMB Bank, N.A. shall be entitled to rely on such list until a new
list is furnished to UMB Bank, N.A. 
 Signature: _________________________ 

Print: 

Title: 

Phone: 

Fax: 

Email: 

Signature: _________________________ 

Print: 

Title: 

Phone: 

Fax: 

Email: 
 The undersigned further
certifies that he or she is duly authorized to sign this Escrow Account Signing Authority. 
 Signature: _________________________** 

Name: 
 Its: 

Date: 
 **To be signed by corporate secretary/assistant
secretary. When the secretary is among those authorized above, the president must sign in the additional signature space provided below. For entities other than corporations, an authorized signatory not signing above should sign this Escrow Account
Signing Authority. 
 (Additional signature, if required) 

Signature: _________________________ 

Name: 
 Its: 

Date: 

 Exhibit B-1 

Escrow Account Signing Authority 

Authorized Representatives of the Dealer Manager 
 The
undersigned certifies that he/she is an authorized representative of the Dealer Manager with respect to any instruction or other action to be taken in connection with the Escrow Agreement and UMB Bank, N.A. shall be entitled to rely on such list
until a new list is furnished to UMB Bank, N.A. 
 Signature: _________________________ 

Print: 

Title: 

Phone: 

Fax: 

Email: 

Signature: _________________________ 

Print: 

Title: 

Phone: 

Fax: 

Email: 
 The undersigned further
certifies that he or she is duly authorized to sign this Escrow Account Signing Authority. 
 Signature: _________________________** 

Name: 
 Its: 

Date: 
 **To be signed by corporate secretary/assistant
secretary. When the secretary is among those authorized above, the president must sign in the additional signature space provided below. For entities other than corporations, an authorized signatory not signing above should sign this Escrow Account
Signing Authority. 
 (Additional signature, if required) 

Signature: _________________________ 
 Name: 

Its: 
 Date: 

 Exhibit C 

[_____________ __, 20__] 
 UMB Bank, N.A. 

1010 Grand Blvd., 4th Floor 
 Attention: Lara Stevens 

Corporate Trust & Escrow Services 
 Mail Stop: 1020409

 Kansas City, Missouri 64106 
 Facsimile: (816) 860-3029 
 DISBURSEMENT LETTER 

Ladies and Gentlemen: 

We refer you to that certain agreement dated as of August __, 2018, among Cottonwood Communities, Inc., a Maryland corporation
(“Issuer”), Orchard Securities, LLC, a Utah limited liability company (“Orchard”) and UMB Bank, National Association (“UMB”) (the “Agreement”), a photocopy of which is attached
hereto. Capitalized terms used but not defined in this letter shall have the meanings given them in the Agreement. 
 We
hereby notify you, in accordance with the terms and provisions of Section 4(d) of the Agreement that the Minimum Offering Amount has been raised and the Escrowed Funds (with the exception of funds contributed by Kansas Subscribers, New York
Subscribers, Ohio Subscribers and Washington Subscribers) should be released to the Issuer. 
  

			
	Very truly yours,
	
	ISSUER:
	
	 Cottonwood Communities, Inc., a Maryland

corporation

		
	By:	 	                

 
			
	Name:	 	 

 
			
	Title:	 	 

  

			
	 Acknowledged and agreed by,
 Orchard
Securities, LLC,
 a Utah limited liability company

		
	By:	 	                

			
	Name:	 	 

			
	Title:	 	 

 Exhibit D 

[_____________ __, 20__] 
 UMB
Bank, N.A. 
 1010 Grand Blvd., 4th Floor 

Attention: Lara Stevens 

Corporate Trust & Escrow Services 

Mail Stop: 1020409 
 Kansas City,
Missouri 64106 
 Facsimile: (816) 860-3029 

DISBURSEMENT LETTER 

Ladies and Gentlemen: 

We refer you to that certain agreement dated as of August __, 2018, among Cottonwood Communities, Inc., a Maryland corporation
(“Issuer”), Orchard Securities, LLC, a Utah limited liability company (“Orchard”) and UMB Bank, National Association (“UMB”) (the “Agreement”), a photocopy of which is attached
hereto. Capitalized terms used but not defined in this letter shall have the meanings given them in the Agreement. 
 We
hereby notify you, in accordance with the terms and provisions of Section 4(e) of the Agreement that gross offering proceeds (including amounts in the Subscription Proceeds Escrow previously disbursed as directed by the Issuer and the amounts
then held in the Subscription Proceeds Escrow for New York Subscribers) equal or exceed $2,500,000 and the Escrowed Funds (with the exception of funds contributed by Kansas Subscribers, Ohio Subscribers and Washington Subscribers) should be released
to the Issuer. 
  

			
	Very truly yours,
	
	ISSUER:
	
	 Cottonwood Communities, Inc., a Maryland

corporation

		
	By:	 	                

 
			
	Name:	 	 

 
			
	Title:	 	 

  

			
	 Acknowledged and agreed by,
 Orchard
Securities, LLC,
 a Utah limited liability company

		
	By:	 	                

			
	Name:	 	 

			
	Title:	 	 

 Exhibit E 

[_____________ __, 20__] 
 UMB
Bank, N.A. 
 1010 Grand Blvd., 4th Floor 

Attention: Lara Stevens 

Corporate Trust & Escrow Services 

Mail Stop: 1020409 
 Kansas City,
Missouri 64106 
 Facsimile: (816) 860-3029 

DISBURSEMENT LETTER 

Ladies and Gentlemen: 

We refer you to that certain agreement dated as of August __, 2018, among Cottonwood Communities, Inc., a Maryland corporation
(“Issuer”), Orchard Securities, LLC, a Utah limited liability company (“Orchard”) and UMB Bank, National Association (“UMB”) (the “Agreement”), a photocopy of which is attached
hereto. Capitalized terms used but not defined in this letter shall have the meanings given them in the Agreement. 
 We
hereby notify you, in accordance with the terms and provisions of Section 4(f) of the Agreement that gross offering proceeds (including amounts in the Subscription Proceeds Escrow previously disbursed as directed by the Issuer and the amounts
then held in the Subscription Proceeds Escrow for Kansas Subscribers) equal or exceed $10,000,000 and the Escrowed Funds (with the exception of funds contributed by Washington Subscribers and Ohio Subscribers) should be released to the Issuer. 

 

			
	Very truly yours,
	
	ISSUER:
	
	 Cottonwood Communities, Inc., a Maryland

corporation

		
	By:	 	                

 
			
	Name:	 	 

 
			
	Title:	 	 

  

			
	 Acknowledged and agreed by,
 Orchard
Securities, LLC,
 a Utah limited liability company

		
	By:	 	                

			
	Name:	 	 

			
	Title:	 	 

 Exhibit F 

[_____________ __, 20__] 
 UMB
Bank, N.A. 
 1010 Grand Blvd., 4th Floor 
 Attention: Lara
Stevens 
 Corporate Trust & Escrow Services 
 Mail
Stop: 1020409 
 Kansas City, Missouri 64106 
 Facsimile: (816) 860-3029 
 DISBURSEMENT LETTER 

Ladies and Gentlemen: 

We refer you to that certain agreement dated as of August __, 2018, among Cottonwood Communities, Inc., a Maryland corporation
(“Issuer”), Orchard Securities, LLC, a Utah limited liability company (“Orchard”) and UMB Bank, National Association (“UMB”) (the “Agreement”), a photocopy of which is attached
hereto. Capitalized terms used but not defined in this letter shall have the meanings given them in the Agreement. 
 We
hereby notify you, in accordance with the terms and provisions of Section 4(g) of the Agreement that gross offering proceeds (including amounts in the Subscription Proceeds Escrow previously disbursed as directed by the Issuer and the amounts
then held in the Subscription Proceeds Escrow for Washington Subscribers) equal or exceed $20,000,000 and the Escrowed Funds (with the exception of funds contributed by Ohio Subscribers) should be released to the Issuer. 

 

			
	Very truly yours,
	
	ISSUER:
	
	 Cottonwood Communities, Inc., a Maryland

corporation

		
	By:	 	                

 
			
	Name:	 	 

 
			
	Title:	 	 

  

			
	 Acknowledged and agreed by,
 Orchard
Securities, LLC,
 a Utah limited liability company

		
	By:	 	                

			
	Name:	 	 

			
	Title:	 	 

 Exhibit G 

[_____________ __, 20__] 
 UMB
Bank, N.A. 
 1010 Grand Blvd., 4th Floor 

Attention: Lara Stevens 

Corporate Trust & Escrow Services 

Mail Stop: 1020409 
 Kansas City,
Missouri 64106 
 Facsimile: (816) 860-3029 

DISBURSEMENT LETTER 

Ladies and Gentlemen: 

We refer you to that certain agreement dated as of August __, 2018, among Cottonwood Communities, Inc., a Maryland corporation
(“Issuer”), Orchard Securities, LLC, a Utah limited liability company (“Orchard”) and UMB Bank, National Association (“UMB”) (the “Agreement”), a photocopy of which is attached
hereto. Capitalized terms used but not defined in this letter shall have the meanings given them in the Agreement. 
 We
hereby notify you, in accordance with the terms and provisions of Section 4(h) of the Agreement that gross offering proceeds (including amounts in the Subscription Proceeds Escrow previously disbursed as directed by the Issuer and the amounts
then held in the Subscription Proceeds Escrow for Ohio Subscribers) equal or exceed $33,750,000 and the Escrowed Funds should be released to the Issuer. 
  

			
	Very truly yours,
	
	ISSUER:
	
	 Cottonwood Communities, Inc., a Maryland

corporation

		
	By:	 	                

 
			
	Name:	 	 

 
			
	Title:	 	 

  

			
	 Acknowledged and agreed by,
 Orchard
Securities, LLC,
 a Utah limited liability company

		
	By:	 	                

			
	Name:	 	 

			
	Title:VOTING AGREEMENT

This VOTING AGREEMENT,
dated as of [●], 2018 (this “Agreement”),
by and among WSFS Financial Corporation (“WSFS”), a Delaware corporation, Beneficial Bancorp, Inc. (“Beneficial”),
a Maryland corporation, and the undersigned stockholder [and director][and officer] (the “Stockholder”) of Beneficial.

W I T N E S S E T H:

WHEREAS, concurrently
with the execution of this Agreement, WSFS and Beneficial are entering into an Agreement and Plan of Reorganization, dated as of
the date hereof (as amended, supplemented, restated or otherwise modified from time to time, the “Merger Agreement”),
pursuant to which, among other things, Beneficial will merge with and into WSFS, with WSFS as the surviving corporation (the “Merger”)
and Beneficial Bank, a Pennsylvania-chartered savings bank and wholly owned subsidiary of Beneficial, will merge with and into
Wilmington Savings Fund Society, FSB ( “WSFS Bank”), a federal savings bank and wholly owned subsidiary of WSFS,
with WSFS Bank as the surviving bank (collectively, the “Mergers”);

WHEREAS, as
of the date hereof, the Stockholder is a [director][officer] of Beneficial and has Beneficial Ownership of (as defined in Rule
13d-3 under the Exchange Act), in the aggregate, those shares of common stock, $0.01 par value per share of Beneficial (“Beneficial
Common Stock”) specified on Schedule 1 attached hereto, which, by virtue of the Merger, will be converted into the right
to receive shares of WSFS Common Stock (as such term is defined in the Merger Agreement) and cash, and therefore the Mergers are
expected to be of substantial benefit to the Stockholder;

WHEREAS, as
a material inducement to WSFS entering into the Merger Agreement, WSFS has required that the Stockholder agree, and the Stockholder
has agreed, to enter into this Agreement and abide by the covenants and obligations set forth herein; and

WHEREAS, other
individuals, as a material inducement to WSFS entering into the Merger Agreement, will enter into and abide by the covenants and
obligations set forth in substantially similar voting agreements.

NOW THEREFORE,
in consideration of the foregoing and the mutual representations, warranties, covenants and agreements herein contained, and intending
to be legally bound hereby, the parties hereto agree as follows:

ARTICLE
I 

GENERAL

1.1.             
Defined Terms. The following capitalized terms, as used in this Agreement, shall have
the meanings set forth below. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto
in the Merger Agreement. 

“Affiliate”
of a Person means any other Person directly, or indirectly through one or more intermediaries, controlling, controlled by or under
common control with such Person.

“Beneficial
Ownership” by a Person of any securities means ownership by any Person who, directly or indirectly, through any contract,
arrangement, understanding, relationship or otherwise, has or shares (i) voting power which includes the power to vote, or
to direct the voting of, such security; and/or (ii) investment power which includes the power to dispose, or to direct the
disposition, of such security; and shall otherwise be interpreted in accordance with the term “beneficial ownership”
as defined in Rule 13d-3 adopted by the SEC under the Exchange Act; provided, that for purposes of determining Beneficial Ownership,
a Person shall be deemed to be the Beneficial Owner of any securities which such Person has, at any time during the term of this
Agreement, the right to acquire pursuant to any agreement, arrangement or understanding or upon the exercise of conversion rights,
exchange rights, warrants or options, or otherwise (irrespective of whether the right to acquire such securities is exercisable
immediately or only after the passage of time, including the passage of time in excess of 60 days, the satisfaction of any conditions,
the occurrence of any event or any combination of the foregoing). The terms “Beneficially Own” and “Beneficially
Owned” shall have a correlative meaning.

    	 	 1	 

     

    

“control”
(including the terms “controlling”, “controlled by” and “under common control with”),
with respect to the relationship between or among two or more Persons, means the possession, directly or indirectly, of the power
to direct or cause the direction of the affairs or management of a Person, whether through the ownership of voting securities,
as trustee or executor, by Contract or any other means.

“Constructive
Sale” means, with respect to any security, a short sale with respect to such security, entering into or acquiring an
offsetting derivative Contract with respect to such security, entering into or acquiring a futures or forward Contract to deliver
such security or entering into any other hedging or other derivative transaction that has the effect of either directly or indirectly
materially changing the economic benefits and risks of ownership of any security.

“Covered
Shares” means, with respect to the Stockholder, the Stockholder’s Existing Shares, together with any shares of
Beneficial Common Stock or other capital stock of Beneficial and any securities convertible into or exercisable or exchangeable
for shares of Beneficial Common Stock or other capital stock of Beneficial, in each case that the Stockholder acquires Beneficial
Ownership of on or after the date hereof.

“Encumbrance”
means any security interest, pledge, mortgage, lien (statutory or other), charge, option to purchase, lease or other right to acquire
any interest or any claim, restriction, covenant, title defect, hypothecation, assignment, deposit arrangement or other encumbrance
of any kind or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever
(including any conditional sale or other title retention agreement), excluding restrictions under Securities Laws.

“Existing
Shares” means, with respect to the Stockholder, all shares of Beneficial Common Stock Beneficially Owned by the Stockholder
as specified on Schedule 1 hereto.

“Permitted
Transfer” means a Transfer (i) as the result of the death of the Stockholder by the Stockholder to a descendant, heir,
executor, administrator, testamentary trustee, lifetime trustee or legatee of the Stockholder, (ii) Transfers to Affiliates (including
trusts) and family members in connection with estate and tax planning purposes, and (iii) Transfers to any other stockholder and
director and/or executive officer of Beneficial who has executed a copy of this Agreement on the date hereof; provided, that in
the case of the foregoing clauses (i) and (ii) prior to the effectiveness of such Transfer, such transferee executes and delivers
to WSFS and Beneficial an agreement that is identical to this Agreement or such other written agreement, in form and substance
acceptable to WSFS and Beneficial, to assume all of Stockholder’s obligations hereunder in respect of the Covered Shares
subject to such Transfer and to be bound by the terms of this Agreement, with respect to the Covered Shares subject to such Transfer,
to the same extent as the Stockholder is bound hereunder and to make each of the representations and warranties hereunder in respect
of the Covered Shares transferred as the Stockholder shall have made hereunder.

“Transfer”
means, with respect to any security, the direct or indirect assignment, sale, transfer, tender, exchange, pledge, hypothecation,
or the grant, creation or suffrage of an Encumbrance in or upon, or the gift, placement in trust, or the Constructive Sale or other
disposition of such security (including transfers by testamentary or intestate succession or otherwise by operation of Law) or
any right, title or interest therein (including, but not limited to, any right or power to vote to which the holder thereof may
be entitled, whether such right or power is granted by proxy or otherwise), or the record or beneficial ownership thereof, the
offer to make such a sale, transfer, Constructive Sale or other disposition, and each agreement, arrangement or understanding,
whether or not in writing, to effect any of the foregoing.

ARTICLE
II 

COVENANTS OF STOCKHOLDER

2.1.             
Agreement to Vote. The Stockholder hereby irrevocably and unconditionally agrees that
during the term of this Agreement, at a special meeting of the stockholders of Beneficial or at any other meeting of the stockholders
of Beneficial, however called, including any adjournment or postponement thereof, and in connection with any written consent of
the stockholders of Beneficial (collectively, “Beneficial Stockholders’ Meeting”), the Stockholder shall,
in each case to the fullest extent that such matters are submitted for the vote or written consent of the Stockholder and that
the Covered Shares are entitled to vote thereon or consent thereto:

    	 	 2	 

     

    

(a)                
appear at each such meeting or otherwise cause the Covered Shares as to which the Stockholder
controls the right to vote to be counted as present thereat for purposes of calculating a quorum; and

(b)               
vote (or cause to be voted), in person or by proxy, or deliver (or cause to be delivered)
a written consent covering, all of the Covered Shares as to which the Stockholder controls the right to vote:

(i)                 
in favor of the adoption and approval of the Merger Agreement and the consummation of the
transactions contemplated thereby, including the Mergers, and any actions required in furtherance thereof;

(ii)               
against any action or agreement that could result in a breach of any covenant, representation
or warranty or any other obligation of Beneficial under the Merger Agreement; 

(iii)             
against any Acquisition Proposal; and

(iv)              
against any action, agreement, amendment to any agreement or organizational document, transaction,
matter or proposal submitted for the vote or written consent of the stockholders of Beneficial that is intended or would reasonably
be expected to impede, interfere with, delay, postpone, discourage, frustrate the purposes of or adversely affect the Mergers or
the other transactions contemplated by the Merger Agreement or this Agreement or the performance by Beneficial of its obligations
under the Merger Agreement. 

2.2.             
No Inconsistent Agreements. The Stockholder hereby covenants and agrees that, except
for this Agreement, the Stockholder (a) shall not enter into at any time while this Agreement remains in effect, any voting agreement
or voting trust or any other Contract with respect to the Covered Shares, (b) shall not grant at any time while this Agreement
remains in effect, a proxy, Consent or power of attorney in contravention of the obligations of the Stockholder under this Agreement
with respect to the Covered Shares, (c) will not commit any act, except for Permitted Transfers, that could restrict or affect
his or her legal power, authority and right to vote any of the Covered Shares then held of record or Beneficially Owned by the
Stockholder or otherwise reasonably be expected to prevent or disable the Stockholder from performing any of his or her obligations
under this Agreement, and (d) shall not take any action that would reasonably be expected to make any representation or warranty
of the Stockholder contained herein untrue or incorrect or have the effect of impeding, preventing, delaying, interfering with,
disabling or adversely affect the performance by, the Stockholder from performing any of his or her obligations under this Agreement.

ARTICLE
III 

REPRESENTATIONS AND WARRANTIES

3.1.             
Representations and Warranties of the Stockholder. The Stockholder hereby represents
and warrants to Beneficial, WSFS and WSFS Bank as follows: 

(a)                
Organization; Authorization; Validity of Agreement; Necessary Action. The Stockholder
has the requisite capacity and authority to execute and deliver this Agreement, to perform his or her obligations hereunder and
to consummate the transactions contemplated hereby. This Agreement has been duly executed and delivered by the Stockholder and,
assuming this Agreement constitutes a valid and binding obligation of the other parties hereto, constitutes a legal, valid and
binding obligation of the Stockholder, enforceable against him or her in accordance with its terms, subject to bankruptcy, insolvency,
fraudulent transfer, moratorium, reorganization or similar laws affecting the rights of creditors generally and the availability
of equitable remedies (regardless of whether such enforceability is considered in a proceeding in equity or at law).

    	 	 3	 

     

    

(b)               
Ownership. The Existing Shares are, and all of the Covered Shares owned by the Stockholder
from the date hereof through and on the Closing Date will be, Beneficially Owned by the Stockholder except to the extent such Covered
Shares are Transferred after the date hereof pursuant to a Permitted Transfer. The Stockholder has good and marketable title to
the Existing Shares, free and clear of any Encumbrances other than those imposed by applicable Securities Laws. As of the date
hereof, the Existing Shares constitute all of the shares of Beneficial Common Stock Beneficially Owned by the Stockholder. The
Stockholder has and will have at all times through the Closing Date voting power (including the right to control such vote as contemplated
herein), power of disposition (including the right to control any disposition), power to issue instructions with respect to the
matters set forth in ARTICLE II hereof (including the right to control the making or issuing any such instructions), and power
to agree to all of the matters set forth in this Agreement (including the right to cause such agreements), in each case with respect
to all of the Stockholder’s Existing Shares and with respect to all of the Covered Shares owned by the Stockholder at all
times through the Closing Date. The Stockholder has possession of an outstanding certificate or outstanding certificates representing
all of the Covered Shares (other than Covered Shares held at the Depository Trust Company and/or in book-entry form) and such certificate
or certificates does or do not contain any legend or restriction inconsistent with the terms of this Agreement, the Merger Agreement
or the transactions contemplated hereby and thereby.

(c)                
No Violation. The execution and delivery of this Agreement by the Stockholder does
not, and the performance by the Stockholder of his or her obligations under this Agreement will not, (i) conflict with or violate
any Law or Order applicable to the Stockholder or by which any of his or her Assets is bound, or (ii) conflict with, result in
any breach of or constitute a Default, or result in the creation of any Encumbrance on the Assets of the Stockholder pursuant to,
any Contract to which the Stockholder is a party or by which the Stockholder or any of his or her Assets is bound, except for any
of the foregoing as could not reasonably be expected, either individually or in the aggregate, to materially impair the ability
of the Stockholder to perform his or her obligations under this Agreement. Except as contemplated by this Agreement, neither the
Stockholder nor any of his or her Affiliates (1) has entered into any voting agreement or voting trust with respect to any Covered
Shares or entered into any other Contract relating to the voting of the Covered Shares or (2) has appointed or granted a proxy
or power of attorney with respect to any Covered Shares. 

(d)               
Consents and Approvals. The execution and delivery of this Agreement by the Stockholder
does not, and the performance by the Stockholder of its obligations under this Agreement and the consummation by it of the transactions
contemplated hereby will not, require the Stockholder to obtain any Consent. No Consent of Stockholder’s spouse is necessary
under any “community property” or other laws in order for Stockholder to enter into and perform its obligations under
this Agreement.

(e)                
Legal Proceedings. There is no Litigation pending or, to the knowledge of the Stockholder,
threatened against or affecting the Stockholder or any of his or her Affiliates that could reasonably be expected to impair the
ability of the Stockholder to perform his or her obligations hereunder or to consummate the transactions contemplated hereby on
a timely basis.

(f)                 
Reliance by WSFS. The Stockholder understands and acknowledges that WSFS is entering
into the Merger Agreement in reliance upon the Stockholder’s execution and delivery of this Agreement and the representations
and warranties of Stockholder contained herein.

ARTICLE
IV 

OTHER COVENANTS

4.1.             
Prohibition on Transfers; Other Actions. 

(a)                
Until the earlier of the receipt of the Beneficial Stockholder Approval or the date on which
the Merger Agreement is terminated in accordance with its terms, the Stockholder hereby agrees not to (i) Transfer any of
the Covered Shares, Beneficial Ownership thereof or any other interest specifically therein unless such Transfer is a Permitted
Transfer; (ii) enter into any Contract with any Person, or take any other action, that violates or conflicts with or would reasonably
be expected to violate or conflict with, or result in or give rise to a violation of or conflict with, the Stockholder’s
representations, warranties, covenants and obligations under this Agreement; (iii) except as otherwise permitted by this Agreement
or by order of a court of competent jurisdiction, take any action that could restrict or otherwise affect the Stockholder’s
legal power, authority and right to vote all of the Covered Shares then Beneficially Owned by him or her, or otherwise comply with
and perform his or her covenants and obligations under this Agreement; or (iv) publicly announce any intention to do any of the
foregoing. Any Transfer in violation of this provision shall be void. Following the date hereof, Beneficial shall notify its transfer
agent that there is a stop transfer order with respect to all of the Covered Shares until the termination of this Agreement and
that this Agreement places limits on the voting of the Covered Shares subject to the provisions of this Agreement. 

    	 	 4	 

     

    

(b)               
The Stockholder understands and agrees that if the Stockholder attempts to Transfer, vote
or provide any other Person with the authority to vote any of the Covered Shares other than in compliance with this Agreement,
Beneficial shall not, and the Stockholder hereby unconditionally and irrevocably instructs Beneficial to not (i) permit such Transfer
on its books and records, (ii) issue a new certificate representing any of the Covered Shares, or (iii) record such vote unless
and until the Stockholder shall have complied with the terms of this Agreement.

4.2.             
Stock Dividends, etc. In the event of a stock split, stock dividend or distribution,
or any change in the Beneficial Common Stock by reason of any split-up, reverse stock split, recapitalization, combination, reclassification,
exchange of shares or the like, the terms “Existing Shares” and “Covered Shares” shall be deemed to refer
to and include such shares as well as all such stock dividends and distributions and any securities into which or for which any
or all of such shares may be changed or exchanged or which are received in such transaction.

4.3.             
Notice of Acquisitions, etc. The Stockholder hereby agrees to notify Beneficial and
WSFS as promptly as practicable (and in any event within two Business Days after receipt) in writing of (i) the number of any additional
shares of Beneficial Common Stock or other securities of Beneficial of which the Stockholder acquires Beneficial Ownership on or
after the date hereof and (ii) any proposed Permitted Transfers of the Covered Shares, Beneficial Ownership thereof or other interest
specifically therein.

4.4.             
Non-Solicit. In his or her capacity as a stockholder of Beneficial, and not in his
or her capacity as a director or officer of Beneficial, as applicable, the Stockholder shall not, and shall use his or her reasonable
best efforts to cause his or her Affiliates and each of their respective Representatives not to, directly or indirectly, (a) solicit,
initiate, encourage (including by providing information or assistance), facilitate or induce any Acquisition Proposal, (b) engage
or participate in any discussions or negotiations regarding, or furnish or cause to be furnished to any Person any confidential
or nonpublic information or data in connection with, or take any other action to facilitate any inquiries or the making of any
offer or proposal that constitutes, or may reasonably be expected to lead to, an Acquisition Proposal, (c) approve, agree to, accept,
endorse or recommend any Acquisition Proposal, (d) solicit proxies or become a “participant” in a “solicitation”
(as such terms are defined in the Exchange Act) with respect to an Acquisition Proposal or otherwise encourage or assist any party
in taking or planning any action that would reasonably be expected to compete with, restrain or otherwise serve to interfere with
or inhibit the timely consummation of the Merger in accordance with the terms of the Merger Agreement, (e) initiate a stockholders’
vote or action by consent of Beneficial’s stockholders with respect to an Acquisition Proposal, (f) except by reason of this
Agreement, become a member of a “group” (as such term is used in Section 13(d) of the Exchange Act) with respect to
any voting securities of Beneficial that takes any action in support of an Acquisition Proposal, or (g) approve, endorse, recommend,
agree to or accept, or propose to approve, endorse, recommend, agree to or accept, any Acquisition Agreement contemplating or otherwise
relating to any Acquisition Transaction. 

4.5.             
Stockholder Capacity. The Stockholder is signing this Agreement solely in his or her
capacity as a holder of Beneficial Common Stock, and nothing herein shall prohibit, prevent or preclude the Stockholder from taking
or not taking any action in the Stockholder’s capacity as an officer or director of Beneficial to the extent permitted by
the Merger Agreement. 

4.6.             
Further Assurances. From time to time, at the request of WSFS or Beneficial and without
further consideration, the Stockholder shall execute and deliver such additional documents and take all such further action as
may be reasonably necessary to effect the actions and consummate the transactions contemplated by this Agreement.

4.7.             
Disclosure. The Stockholder hereby authorizes WSFS and Beneficial to publish and disclose
in any announcement or disclosure required by applicable Law and any proxy statement filed in connection with the transactions
contemplated by the Merger Agreement the Stockholder’s identity and ownership of the Covered Shares and the nature of the
Stockholder’s obligation under this Agreement. 

    	 	 5	 

     

    

ARTICLE
V 

MISCELLANEOUS

5.1.             
Termination. This Agreement shall remain in effect until the earlier to occur of (a) the
Closing and (b) the date of termination of the Merger Agreement in accordance with its terms; provided, that the provisions
of ARTICLE V shall survive any termination of this Agreement. Nothing in this Section 5.1 and no termination of this Agreement
shall relieve or otherwise limit any party of liability for fraud, or willful or intentional breach of this Agreement.

5.2.             
No Ownership Interest. Nothing contained in this Agreement shall be deemed to vest
in WSFS or Beneficial any direct or indirect ownership or incidence of ownership of or with respect to any Covered Shares. All
rights, ownership and economic benefits of and relating to the Covered Shares shall remain vested in and belong to the Stockholder,
and WSFS or Beneficial shall not have any authority to direct the Stockholder in the voting or disposition of any of the Covered
Shares, except as otherwise provided herein. 

5.3.             
Notices. All notices or other communications which are required or permitted hereunder
shall be in writing and sufficient if delivered by hand, by facsimile transmission (followed by overnight courier), by registered
or certified mail, postage pre-paid, or by courier or overnight carrier, or by email (with receipt confirmed) to the persons at
the addresses set forth below (or at such other address as may be provided hereunder), and shall be deemed to have been delivered
as of the date so delivered: 

	 	WSFS:	WSFS Financial Corporation 
	 	 	WSFS Bank Center
	 	 	500 Delaware Avenue
	 	 	Wilmington, DE 19801
	 	 	Facsimile Number: (302) 571-6842
	 	 	Attention: Rodger Levenson
	 	 	Email: RLevenson@wsfsbank.com
	 	 	 
	 	Copy to Counsel: 	Covington & Burling LLP
	 	 	One CityCenter
	 	 	850 Tenth Street NW
	 	 	Washington, DC 20001
	 	 	Facsimile Number: (202) 778-5986
	 	 	Attention: Frank M. Conner III
	 	 	Email: rconner@cov.com;
	 	 	Attention: Michael P. Reed
	 	 	Email: mreed@cov.com;
	 	 	Attention: Christopher J. DeCresce
	 	 	Email: cdecresce@cov.com
	 	 	 
	 	Beneficial:	Beneficial Bancorp, Inc.
	 	 	Beneficial Bank
	 	 	1818 Market Street
	 	 	Philadelphia, PA 19103
	 	 	Facsimile Number: 215-864-6002
	 	 	Attention: Gerard P. Cuddy, President and Chief Executive Officer
	 	 	Email: gcuddy@thebeneficial.com

 

    	 	 6	 

     

    

 

	 	Copy to Counsel:	Kilpatrick Townsend & Stockton LLP
	 	 	607 14th Street NW, Suite 900
	 	 	Washington, DC 20005
	 	 	Facsimile Number: (202) 508-5800
	 	 	Attention: Gary R. Bronstein
	 	 	Email: gbronstein@kilpatricktownsend.com
	 	 	Attention: Aaron M. Kaslow
	 	 	Email: akaslow@kilpatricktownsend.com
	 	 	Attention: Stephen F. Donahoe
	 	 	Email: sdonahoe@kilpatricktownsend.com
	 	 	 
	 	Stockholder:	To those persons indicated on Schedule 1.

 

5.4.             
Interpretation. Neither this Agreement nor any uncertainty or ambiguity herein shall
be construed or resolved against any party, whether under any rule of construction or otherwise. No party to this Agreement shall
be considered the draftsman. The parties acknowledge and agree that this Agreement has been reviewed, negotiated, and accepted
by all parties and their attorneys and, unless otherwise defined herein, the words used shall be construed and interpreted according
to their ordinary meaning so as fairly to accomplish the purposes and intentions of all parties hereto. Section headings of this
Agreement are for reference purposes only and are to be given no effect in the construction or interpretation of this Agreement.
Whenever the context may require, any pronoun used herein shall include the corresponding masculine, feminine or neuter forms.
Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall
be deemed to be followed by the words “without limitation.”

 

5.5.             
Counterparts; Delivery by Facsimile or Electronic Transmission. This Agreement may
be executed in two or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute
one and the same instrument. This Agreement and any signed agreement or instrument entered into in connection with this Agreement,
and any amendments or waivers hereto or thereto, to the extent signed and delivered by means of a facsimile machine or by e-mail
delivery of a “.pdf” format data file, shall be treated in all manner and respects as an original agreement or instrument
and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person.
No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or e-mail delivery of a “.pdf”
format data file to deliver a signature to this Agreement or any amendment hereto or the fact that any signature or agreement or
instrument was transmitted or communicated through the use of a facsimile machine or e-mail delivery of a “.pdf” format
data file as a defense to the formation of a contract and each party hereto forever waives any such defense.

5.6.             
Entire Agreement. This Agreement and, to the extent referenced herein, the Merger Agreement,
together with the several agreements and other documents and instruments referred to herein or therein or annexed hereto or thereto,
constitute the entire agreement among the parties hereto with respect to the transactions contemplated hereunder and thereunder
and supersedes all prior arrangements or understandings, with respect thereto, written and oral. 

5.7.             
Governing Law; Consent to Jurisdiction; Waiver of Jury Trial.

(a)                
The parties agree that this Agreement shall be governed by and construed in all respects in
accordance with the Laws of the State of Delaware without regard to any conflict of Laws or choice of Law principles that might
otherwise refer construction or interpretation of this Agreement to the substantive Law of another jurisdiction.

(b)               
Each party agrees that it will bring any action or proceeding in respect of any claim arising
out of or related to this Agreement or the transactions contemplated hereby exclusively in any federal or state court of competent
jurisdiction located in the State of Delaware (the “Chosen Courts”), and, solely in connection with claims arising
under this Agreement or the transactions that are the subject of this Agreement, (i) irrevocably submits to the exclusive jurisdiction
of the Chosen Courts, (ii) waives any objection to laying venue in any such action or proceeding in the Chosen Courts, (iii) waives
any objection that the Chosen Courts are an inconvenient forum or do not have jurisdiction over any party and (iv) agrees that
service of process upon such party in any such action or proceeding will be effective if notice is given in accordance with Section
5.3.

    	 	 7	 

     

    

(c)                
EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT
IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION
OR OTHER PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT: (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SUIT OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING
WAIVER, (II) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) EACH PARTY MAKES THIS WAIVER VOLUNTARILY,
AND (IV) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION 5.7.

5.8.             
Amendments; Waivers. To the extent permitted by Law, this Agreement may be amended
or waived by a subsequent writing signed by each of the parties upon the approval of each of the parties. 

5.9.             
Enforcement of Agreement. The parties hereto agree that irreparable damage would occur
in the event that any of the provisions of this Agreement was not performed in accordance with its specific terms or was otherwise
breached. It is accordingly agreed that the parties shall be entitled, without the requirement of posting bond, to an injunction
or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any court of
the United States or any state having jurisdiction, this being in addition to any other remedy to which they are entitled at law
or in equity. Each of the parties waives any defense in any action for specific performance that a remedy at law would be adequate.

5.10.          
Severability. Any term or provision of this Agreement which is invalid or unenforceable
in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without
rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the validity or enforceability
of any of the terms or provisions of this Agreement in any other jurisdiction. If any provision of this Agreement is so broad as
to be unenforceable, the provision shall be interpreted to be only so broad as is enforceable. 

5.11.          
Assignment. Except as expressly contemplated hereby, neither this Agreement nor any
of the rights, interests or obligations hereunder shall be assigned by any party hereto (whether by operation of Law or otherwise)
without the prior written consent of the other parties. Any purported assignment in contravention hereof shall be null and void.
Subject to the preceding sentences, this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties
and their respective successors and assigns.

5.12.          
Third Party Beneficiaries. Nothing in this Agreement expressed or implied, is intended
to confer upon any Person, other than the parties or their respective successors, any rights, remedies, obligations, or liabilities
under or by reason of this Agreement. The representations and warranties in this Agreement are the product of negotiations among
the parties hereto and are for the sole benefit of the parties. Any inaccuracies in such representations and warranties are subject
to waiver by the parties hereto in accordance herewith without notice or liability to any other Person. In some instances, the
representations and warranties in this Agreement may represent an allocation among the parties hereto of risks associated with
particular matters regardless of the knowledge of any of the parties hereto. Consequently, Persons other than the parties may not
rely upon the representations and warranties in this Agreement as characterizations of actual facts or circumstances as of the
date of this Agreement or as of any other date. Notwithstanding any other provision hereof to the contrary, no Consent, approval
or agreement of any third party beneficiary will be required to amend, modify to waive any provision of this Agreement.

[Remainder of this page intentionally left blank]

 

    	 	 8	 

     

    

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be signed (where applicable, by their respective officers or other authorized
Person thereunto duly authorized) as of the date first written above.

wsfs financial
corporation

 

 

By: __________________________

Name:

Title:

 

 

 

 

 

beneficial bancorp,
inc.

 

 

By: __________________________

Name:

Title:

 

 

Stockholder

 

 

______________________________

Name:

 

 

 

[Signature
Page to Voting Agreement]

     

     

    

Schedule
1

INFORMATION

 

	Name	 	Existing Shares
	 	 	 
	______________________________	 	
        _______________________________

         

 

 

Address for notice:

 

	Name:	 	 
	 	 	 
	Street:	 	 
	 	 	 
	 	 	 
	City, State:	 	 
	 	 	 
	ZIP Code:	 	 
	 	 	 
	Telephone:  	 	 
	 	 	 
	Fax:	 	 
	 	 	 
	Email:

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