Document:

Exhibit 10.1 Stock Subscription Agreement

EXHIBIT 10.1

THE SECURITIES THAT MAY BE ACQUIRED UPON EXECUTION OF THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, PLEDGED, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT WITH RESPECT THERETO UNDER THE SECURITIES ACT AND COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAW, OR UNLESS THE COMPANY RECEIVES AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED. 
IZEA, INC. 
STOCK SUBSCRIPTION AGREEMENT BRIDGE FINANCING 
1.  The undersigned, Brian Brady ("Subscriber"), hereby subscribes for and agrees to purchase 41,667 shares of Common Stock, par value $0.0001 per share (the “Shares”), of IZEA, for a purchase price of $2.40 per share, or an aggregate purchase price of $100,000. The Shares to be issued by IZEA pursuant to this agreement shall be validly issued, fully paid and non-assessable. 

The Company has filed a registration statement on Form S-1 (No. 333-181916) with respect to the sale of $10.0 million of shares of the Company's common stock (the “Common Stock”) to the public, in which Aegis Capital Corp. is acting as the sole underwriter (the “Current Public Offering”). This Agreement is separate from and is not a part of the Current Public Offering. 

In the event that the current public offering is priced and sold below $2.40 per share in the next 120 days, Company will issue additional shares to the subscriber, effectively adjusting the purchase price per share to 10% below that of the public offering, with a floor of $.50 per share. 

2.  As an inducement to the Subscriber to participate in the Bridge Financing, the Company will, concurrently with this investment, issue to the Subscriber, without requirement of any further payment, 35,000 shares of fully paid and nonassessable Common Stock (the “Enhancement Shares”). In addition, a cash financing fee of $10,000 shall be due and paid upon closing of any equity offering or debt financing by the Company with net proceeds exceeding $2.0 million, including the current $10.0 million underwritten public offering via Aegis Capital Corp. 

3.  Subscriber acknowledges that he has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of acquiring the Shares provided for herein; that he is able to bear the economic risk of the investment; that he has had access, during the course of this transaction and prior to the execution of this agreement, to all information concerning IZEA as he has reasonably requested from IZEA; and that IZEA has made available to Subscriber, during the course of this transaction and prior to the execution of this agreement, the opportunity to ask questions of, and to receive answers from, IZEA concerning the terms and conditions of this transaction and to obtain any additional information, reasonably necessary to verify the accuracy of any information obtained by Subscriber. 

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4.  Subscriber represents that the Shares will be acquired by him for his own account for purposes of investment and not with a view to, or for sale in connection with, any distribution thereof. Subscriber understands and agrees that the Shares will not have been registered under the Securities Act of 1933, as amended (the "Act"); that Subscriber will not sell, transfer, pledge or otherwise dispose of the Shares unless the Shares are registered under the Act or IZEA has received an opinion of counsel satisfactory to IZEA that such registration is not required pursuant to an exemption from the registration requirements of the Act; and that IZEA will not be obligated to comply with any exemption from registration or to register the Shares. Subscriber has been advised that stock certificates for the Shares will be appropriately legended. 

5.  Subscriber understands that (a) the acquisition of the Shares will be a speculative investment which involves a high degree of risk of loss of such investment, (b) there are substantial restrictions on the sale and/or transferability of the Shares under the terms hereof and the provisions of the Act, and (c) for an indefinite period there may be no active public market for the Shares and, accordingly, it may not be possible to liquidate his investment in IZEA in case of emergency or otherwise. 

6.  Subscriber will have the option to invest no less than $100,000 in the current $10.0 million underwritten public offering via Aegis Capital Corp. on the same terms as other investors in such offering. 

7.  This subscription is not transferable or assignable by Subscriber. 

8.  This agreement shall be governed by Nevada law. 

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Dated:  August 6, 2012 

/s/ Brian Brady                    
Subscriber 

Subscription Accepted: 

IZEA, INC. 

By:     /s/ Edward Murphy            
Edward Murphy 
Chief Executive Officer 

By:     /s/ Donna Mackenzie            
Donna L. Mackenzie 
Chief Financial Officer, Secretary and 
Treasurer 

By:     /s/ Ed Sim                
Ed Sim 
Board Member 

By:     /s/ Dan Rua                
Dan Rua 
Board Member 

3AMENDED AND RESTATED SUBSCRIPTION ESCROW
AGREEMENT

 

THIS AMENDED AND RESTATED SUBSCRIPTION
ESCROW AGREEMENT dated as of July 30, 2012 (this “Agreement”), amends and restates the Subscription Escrow
Agreement dated as of March 17, 2011 by and among Realty Capital Securities, LLC (the “Dealer Manager”), American
Realty Capital - Retail Centers of America, Inc. (the “Company”) and UMB Bank, N.A., as escrow agent (the “Escrow
Agent”). This Agreement is entered into by and among the Dealer Manager, the Company and the Escrow Agent.

 

WHEREAS, the Company intends to raise
cash funds from investors (the “Investors”) pursuant to a public offering (the “Offering”)
of not less than 200,000 (the “Minimum Amount”) nor more than 150,000,000 shares of common stock, par value
$0.01 of the Company (the “Securities”), pursuant to the registration statement on Form S-11 of the Company
(No. 333-169355) (as amended, the “Offering Document”) a copy of which is attached as Exhibit A hereto.

 

WHEREAS, the Company desires to establish
an escrow account with the Escrow Agent for funds contributed by the Investors with the Escrow Agent, to be held for the benefit
of the Investors and the Company until such time as (i) in the case of subscriptions received from residents of Pennsylvania (“Pennsylvania
Investors”), aggregate subscriptions from all Investors resulting in a total minimum capital raised of $75,000,000 (the
“Pennsylvania Minimum Amount”) and deposited into escrow or other provided in accordance with the terms of this
Escrow Agreement, (ii) in the case of subscriptions received from residents of Tennessee (“Tennessee Investors”),
aggregate subscriptions from all Investors resulting in a total minimum capital raised of $20,000,000 (the “Tennessee
Minimum Amount”) and deposited into escrow or otherwise provided in accordance with the terms of the Escrow Agreement,
(iii) in the case of subscriptions received from residents of Ohio (“Ohio Investors”), aggregate subscriptions
from all Investors resulting in a total minimum capital raised of $20,000,000 (the “Ohio Minimum Amount”) and
deposited into escrow or otherwise provided in accordance with the terms of the Escrow Agreement, and (iv) in the case of subscriptions
received from residents of Alabama (“Alabama Investors”), aggregate subscriptions from all Investors resulting
in a total minimum capital raised of $20,000,000 (the “Alabama Minimum Amount”) and deposited into escrow or
otherwise provided in accordance with the terms of the Escrow Agreement.

 

WHEREAS, the Escrow Agent is willing
to accept appointment as escrow agent only for the expressed duties outlined herein.

 

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

 

1.              
Proceeds to be Escrowed. On or before the first date of the Offering, the Company shall establish an escrow account with
the Escrow Agent to be invested in accordance with Section 9 hereof entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS
FOR COMMON STOCK OF AMERICAN REALTY CAPITAL - RETAIL CENTERS OF AMERICA, INC.” (including such abbreviations as are required
for the Escrow Agent’s systems) (the “Escrow Account”).  All funds received from subscribers
of Securities (“Investors”, which term shall also include Pennsylvania Investors, Tennessee Investors, Ohio
Investors and Alabama Investors unless the context otherwise requires) in payment for the Securities (“Investor Funds”)
will be delivered to the Escrow Agent within one (1) business day following the day upon which such Investor Funds are received
by the Company or its agents, and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent and invested
as stated herein. During the term of this Agreement, the Company or its agents shall cause all checks received by and made payable
to it in payment for the Securities to be endorsed in favor of the Escrow Agent and delivered to the Escrow Agent for deposit in
the Escrow Account.

 

Proceeds received from Pennsylvania Investors
shall be accounted for separately in a subaccount entitled “Escrow Account for the Benefit of Pennsylvania Investors for
American Realty Capital - Retail Centers of America, Inc.” (including such abbreviations as are required for the Escrow Agent’s
systems) (the “Pennsylvania Escrow Account”), until such Pennsylvania Escrow Account has closed pursuant to
Section 4.  The Company shall, and shall cause its agents to, cooperate with the Escrow Agent in separately accounting
for Investor Funds from Pennsylvania Investors in the Pennsylvania Escrow Account, and the Escrow Agent shall be entitled to rely
upon information provided by the Company or its agents in this regard. 

 

Proceeds received from Tennessee Investors
shall be accounted for separately in a subaccount entitled “Escrow Account for the Benefit of Tennessee Investors for American
Realty Capital - Retail Centers of America, Inc.” (including such abbreviations as are required for the Escrow Agent’s
systems) (the “Tennessee Escrow Account”), until such Tennessee Escrow Account has closed pursuant to Section
5.  The Company shall, and shall cause its agents to, cooperate with the Escrow Agent in

 

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separately accounting for Investor Funds from Tennessee Investors
in the Tennessee Escrow Account, and the Escrow Agent shall be entitled to rely upon information provided by the Company or its
agents in this regard.

 

Proceeds received from Ohio Investors shall
be accounted for separately in a subaccount entitled “Escrow Account for the Benefit of Ohio Investors for American Realty
Capital – Retail Centers of America, Inc.” (including such abbreviations as are required for the Escrow Agent’s
systems) (the “Ohio Escrow Account”) until such Ohio Escrow Account has closed pursuant to Section 6.  The
Company shall, and shall cause its agents to, cooperate with the Escrow Agent in separately accounting for Investor Funds from
Ohio Investors in the Ohio Escrow Account, and the Escrow Agent shall be entitled to rely upon information provided by the Company
or its agents in this regard.

 

Proceeds received from Alabama Investors
shall be accounted for separately in a subaccount entitled “Escrow Account for the Benefit of Alabama Investors for American
Realty Capital – Retail Centers of America, Inc.” (including such abbreviations as are required for the Escrow Agent’s
systems) (the “Alabama Escrow Account, ” and together with the Escrow Account, the Pennsylvania Escrow Account,
the Tennessee Escrow Account and the Ohio Escrow Account, collectively “ARC RCA Escrow Accounts”), until such
Alabama Escrow Account has closed pursuant to Section 7.  The Company shall, and shall cause its agents to, cooperate
with the Escrow Agent in separately accounting for Investor Funds from Alabama Investors in the Alabama Escrow Account, and the
Escrow Agent shall be entitled to rely upon information provided by the Company or its agents in this regard.

 

The Escrow Agent shall have no duty to make
any disbursement, investment or other use of Investor Funds until and unless it has good and collected funds.  If any
checks deposited in the ARC RCA Escrow Accounts are returned or prove uncollectible after the funds represented thereby have been
released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs incurred for such,
upon request, and the Escrow Agent shall deliver the returned checks to the Company.  The Escrow Agent shall be under
no duty or responsibility to enforce collection of any check delivered to it hereunder.   The Escrow Agent reserves the right
to deny, suspend or terminate participation by an Investor to the extent the Escrow Agent deems it advisable or necessary to comply
with applicable laws or to eliminate practices that are not consistent with the purposes of the Offering.

 

2.              
Investors. Investors (including Pennsylvania, Tennessee, Ohio and Alabama Investors) will be instructed by the Dealer Manager
or any soliciting dealers to remit the purchase price in the form of checks (hereinafter “instruments of payment”)
payable to the order of, or funds wired in favor of, “UMB BANK, NA, ESCROW AGENT FOR AMERICAN REALTY CAPITAL - RETAIL CENTERS
OF AMERICA, INC.”  Any checks made payable to a party other than the Escrow Agent shall be returned to the soliciting
dealer who submitted the check.  By 12:00 p.m. (Noon) the next business day after receipt of instruments of payment from
the Offering, the Company or the Dealer Manager shall furnish the Escrow Agent with a list of the Investors who have paid for the
Securities showing the name, address, tax identification number, the amount of Securities subscribed for purchase, the amount paid
and whether such Investors are Pennsylvania Investors, Tennessee Investors, Ohio Investors and Alabama Investors.  The
information comprising the identity of Investors shall be provided to the Escrow Agent in substantially the format set forth in
the “List of Investors” attached hereto as Exhibit B.  The Escrow Agent shall be entitled to
conclusively rely upon the List of Investors in determining whether Investors are Pennsylvania Investors, Tennessee Investors,
Ohio Investors or Alabama Investors and shall have no duty to independently determine or verify the same.

 

When Soliciting Dealer’s internal
supervisory procedures are conducted at the site at which the subscription agreement and check were initially received by Soliciting
Dealer from the subscriber, Soliciting Dealer shall transmit the subscription agreement and check to the Escrow Agent by the end
of the next business day following receipt of the check and subscription agreement. When, pursuant to Soliciting Dealer’s
internal supervisory procedures, Soliciting Dealer’s final internal supervisory procedures are conducted at a different location
(the “Final Review Office”), Soliciting Dealer shall transmit the check and subscription agreement to the Final Review
Office by the end of the next business day following Soliciting Dealer’s receipt of the subscription agreement and check.
The Final Review Office will, by the end of the next business day following its receipt of the subscription agreement and check,
forward both the subscription agreement and check to the Escrow Agent. If any subscription agreement solicited by Soliciting Dealer
is rejected by the Dealer Manager or the Company, then the subscription agreement and check will be returned to the rejected subscriber
within ten (10) business days from the date of rejection. 

 

All Investor Funds deposited in the ARC
RCA Escrow Accounts shall not be subject to any liens or charges by the Company or the Escrow Agent, or judgments or creditors’
claims against the Company, until and unless released to the Company as hereinafter provided.  The Company understands
and agrees that the Company shall not be entitled to any Investor Funds on deposit in the ARC RCA Escrow Accounts and no such funds
shall become the property of the Company, or any other entity except as released to the Company pursuant to Sections 3, 4, 5,
6 or 7 hereto. The Escrow Agent will not use the information provided to it by the Company for any purpose other than to fulfill
its obligations as Escrow Agent.  The Company and the

 

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Escrow Agent will treat all Investor information as confidential.  The
Escrow Agent shall not be required to accept any Investor Funds which are not accompanied by the information on the List of Investors.

 

3.              
Disbursement of Funds.   Once the Escrow Agent is in receipt of good and collected Investor Funds totaling at
least the Minimum Amount from Investors (excluding funds from Pennsylvania, Tennessee, Ohio or Alabama Investors), the Escrow Agent
shall notify the Company of same in writing. Additionally, at the end of the third business day following the Termination Date
(as defined in Section 8), the Escrow Agent shall notify the Company of the amount of the Investor Funds received.  If
the Minimum Amount has been obtained on or before the Termination Date, the Escrow Agent shall promptly notify the Company and,
upon receiving acknowledgement of such notice and written instructions from the Company’s President or Chief Financial Officer
to disburse the Investor Funds, the Escrow Agent shall disburse to the Company, by check or wire transfer, the funds in the Escrow
Account, except for amounts payable by the Company to the Escrow Agent pursuant to Exhibit D to this Agreement that remain
outstanding.  The Escrow Agent agrees that funds in the Escrow Account shall not be released to the Company until and
unless the Escrow Agent receives written instructions to release the funds from the Company’s President or Chief Financial
Officer.

 

If the Minimum Amount has not been obtained
prior to the Termination Date, the Escrow Agent shall promptly following the Termination Date, but in no event more than thirty
(30) days after the Termination Date, refund to each Investor by check, funds deposited in the Escrow Account, or shall return
the instruments of payment delivered to Escrow Agent if such instruments have not been processed for collection prior to such time,
directly to each Investor at the address provided on the List of Investors. Included in the remittance shall be a proportionate
share of the income earned in the account allocable to each Investor’s investment in accordance with the terms and conditions
specified herein, except that in the case of Investors who have not provided an executed Form W-9 or substitute Form W-9 (or the
applicable substitute Form W-8 for foreign investors), the Escrow Agent shall withhold the applicable percentage of the earnings
attributable to those Investors in accordance with IRS regulations. Notwithstanding the foregoing, the Escrow Agent shall not be
required to remit any payments until funds represented by such payments have been collected by Escrow Agent.

 

If the Escrow Agent receives written notice
from the Company that the Company intends to reject an Investor’s subscription, the Escrow Agent shall pay to the applicable
Investor(s), within a reasonable time not to exceed ten (10) business days after receiving notice of the rejection, by first class
United States Mail at the address provided on the List of Investors, or at such other address as shall be furnished to the Escrow
Agent by the Investor in writing, all collected sums paid by the Investor for Securities and received by the Escrow Agent, together
with the interest earned on such Investor Funds (determined in accordance with the terms and conditions specified herein).

 

4.          
    Disbursement of Proceeds for Pennsylvania Investors.   Notwithstanding the foregoing, proceeds
from Pennsylvania Investors will not count towards meeting the Minimum Amount for purposes of Section 3.  Proceeds
received from Pennsylvania Investors will not be released from the Pennsylvania Escrow Account until the Pennsylvania Minimum Amount
is obtained.  If the Pennsylvania Minimum Amount is obtained at any time prior to the Termination Date, the Escrow Agent
shall promptly notify the Company and, upon receiving acknowledgement of such notice and written instructions from the Company’s
President or Chief Financial Officer, the Escrow Agent shall disburse to the Company, by check or wire transfer, the funds in the
Pennsylvania Escrow Account, except for amounts payable by the Company to the Escrow Agent pursuant to Exhibit D to this
Agreement that remain outstanding.  The Escrow Agent agrees that funds in the Pennsylvania Escrow Account shall not be
released to the Company until and unless the Escrow Agent receives written instructions to release the funds from the Company’s
President or Chief Financial Officer.

 

If the Pennsylvania Minimum Amount has not
been obtained prior to the Termination Date, the Escrow Agent shall promptly refund to each Pennsylvania Investor by check funds
deposited in the Pennsylvania Escrow Account, or shall return the instruments of payment delivered to Escrow Agent if such instruments
have not been processed for collection prior to such time, directly to each Pennsylvania Investor at the address provided on the
List of Investors. Included in the remittance shall be a proportionate share of the income earned in the account allocable to each
Pennsylvania Investor’s investment in accordance with the terms and conditions specified herein, except that in the case
of Investors who have not provided an executed Form W-9 or substitute Form W-9, the Escrow Agent shall withhold the applicable
percentage of the earnings attributable to those Investors in accordance with IRS regulations. Notwithstanding the foregoing, the
Escrow Agent shall not be required to remit any payments until funds represented by such payments have been collected by Escrow
Agent.

 

If the Escrow Agent is not in receipt of
evidence of subscriptions accepted on or before the close of business on such date that is 120 days after commencement of the Offering
(the Company will notify the Escrow Agent in writing of the commencement date of the Offering) (the “Initial Escrow Period”),
and instruments of payment dated not later than that date, for the purchase of

 

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Securities providing for total purchase proceeds from all nonaffiliated
sources that equal or exceed the Pennsylvania Minimum Amount, the Escrow Agent shall promptly notify the Company. Thereafter, the
Company or its agents shall send to each Pennsylvania Investor by certified mail within ten (10) calendar days after the end
of the Initial Escrow Period a notification substantially in the form of Exhibit F.  If, pursuant to such
notification, a Pennsylvania Investor requests the return of his or her Investor Funds within ten (10) calendar days after receipt
of the notification (the “Request Period”), the Escrow Agent shall promptly refund directly to each Pennsylvania
Investor the collected funds deposited in the Pennsylvania Escrow Account on behalf of such Pennsylvania Investor or shall return
the instruments of payment delivered, but not yet processed for collection prior to such time, to the address provided on the List
of Investors, upon which the Escrow Agent shall be entitled to rely, together with interest income earned as determined in accordance
with the terms and conditions specified herein (which interest shall be paid within five business days after the first business
day of the succeeding month). Notwithstanding the above, if the Escrow Agent has not received an executed Form W-9 or substitute
Form W-9 for such Pennsylvania Investor, the Escrow Agent shall thereupon remit an amount to such Pennsylvania Investor in accordance
with the provisions hereof, withholding the applicable percentage for backup withholding required by the Internal Revenue Code,
as then in effect, from any interest income earned on Investor Funds (determined in accordance with the terms and conditions specified
herein) attributable to such Pennsylvania Investor. However, the Escrow Agent shall not be required to remit such payments until
the Escrow Agent has collected funds represented by such payments. 

 

The Investor Funds of Pennsylvania Investors
who do not request the return of their Investor Funds within the Request Period shall remain in the Pennsylvania Escrow Account
for successive 120-day escrow periods (a “Successive Escrow Period”), each commencing automatically upon the
termination of the prior Successive Escrow Period, and the Company and Escrow Agent shall follow the notification and payment procedure
set forth above with respect to the Initial Escrow Period for each Successive Escrow Period until the occurrence of the earliest
of (i) the Termination Date, (ii) the receipt and acceptance by the Company of subscriptions for the purchase of Securities
with total purchase proceeds that equal or exceed the Pennsylvania Minimum Amount and the disbursement of the Pennsylvania Escrow
Account on the terms specified herein, and (iii) all funds held in the Pennsylvania Escrow Account having been returned to
the Pennsylvania Investors in accordance with the provisions hereof.

 

5.              
Disbursement of Proceeds for Tennessee Investors.   Notwithstanding the foregoing, proceeds from Tennessee Investors
will not count towards meeting the Minimum Amount for purposes of Section 3.  Proceeds received from Tennessee
Investors will not be released from the Tennessee Escrow Account until the Tennessee Minimum Amount is obtained.  If
the Tennessee Minimum Amount is obtained at any time prior to the Termination Date, the Escrow Agent shall promptly notify the
Company and, upon receiving acknowledgement of such notice and written instructions from the Company’s President or Chief
Financial Officer, the Escrow Agent shall disburse to the Company, by check or wire transfer, the funds in the Tennessee Escrow
Account, except for amounts payable by the Company to the Escrow Agent pursuant to Exhibit D to this Agreement that remain
outstanding.  The Escrow Agent agrees that funds in the Tennessee Escrow Account shall not be released to the Company
until and unless the Escrow Agent receives written instructions to release the funds from the Company’s President or Chief
Financial Officer.

 

If the Tennessee Minimum Amount has not
been obtained prior to the Termination Date, the Escrow Agent shall promptly refund to each Tennessee Investor by check funds deposited
in the Tennessee Escrow Account, or shall return the instruments of payment delivered to Escrow Agent if such instruments have
not been processed for collection prior to such time, directly to each Tennessee Investor at the address provided on the List of
Investors. Included in the remittance shall be a proportionate share of the income earned in the account allocable to each Tennessee
Investor’s investment in accordance with the terms and conditions specified herein, except that in the case of Investors
who have not provided an executed Form W-9 or substitute Form W-9, the Escrow Agent shall withhold the applicable percentage of
the earnings attributable to those Investors in accordance with IRS regulations. Notwithstanding the foregoing, the Escrow Agent
shall not be required to remit any payments until funds represented by such payments have been collected by Escrow Agent. 

 

6.              
Disbursement of Proceeds for Ohio Investors.   Notwithstanding the foregoing, proceeds from Ohio Investors will
not count towards meeting the Minimum Amount for purposes of Section 3.  Proceeds received from Ohio Investors
will not be released from the Ohio Escrow Account until the Ohio Minimum Amount is obtained.  If the Ohio Minimum Amount
is obtained at any time prior to the Termination Date, the Escrow Agent shall promptly notify the Company and, upon receiving acknowledgement
of such notice and written instructions from the Company’s President or Chief Financial Officer, the Escrow Agent shall disburse
to the Company, by check or wire transfer, the funds in the Ohio Escrow Account, except for amounts payable by the Company to the
Escrow Agent pursuant to Exhibit D to this Agreement that remain outstanding.  The Escrow Agent agrees that funds
in the Ohio Escrow Account shall not be released to the Company until and unless the Escrow Agent receives written instructions
to release the funds from the Company’s President or Chief Financial Officer.

 

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If the Ohio Minimum Amount has not been
obtained prior to the Termination Date, the Escrow Agent shall promptly refund to each Ohio Investor by check funds deposited in
the Ohio Escrow Account, or shall return the instruments of payment delivered to Escrow Agent if such instruments have not been
processed for collection prior to such time, directly to each Ohio Investor at the address provided on the List of Investors. Included
in the remittance shall be a proportionate share of the income earned in the account allocable to each Ohio Investor’s investment
in accordance with the terms and conditions specified herein, except that in the case of Investors who have not provided an executed
Form W-9 or substitute Form W-9, the Escrow Agent shall withhold the applicable percentage of the earnings attributable to those
Investors in accordance with IRS regulations. Notwithstanding the foregoing, the Escrow Agent shall not be required to remit any
payments until funds represented by such payments have been collected by Escrow Agent. 

 

7.              
Disbursement of Proceeds for Alabama Investors.   Notwithstanding the foregoing, proceeds from Alabama Investors
will not count towards meeting the Minimum Amount for purposes of Section 3.  Proceeds received from Alabama Investors
will not be released from the Alabama Escrow Account until the Alabama Minimum Amount is obtained.  If the Alabama Minimum
Amount is obtained at any time prior to the Termination Date, the Escrow Agent shall promptly notify the Company and, upon receiving
acknowledgement of such notice and written instructions from the Company’s President or Chief Financial Officer, the Escrow
Agent shall disburse to the Company, by check or wire transfer, the funds in the Alabama Escrow Account, except for amounts payable
by the Company to the Escrow Agent pursuant to Exhibit D to this Agreement that remain outstanding.  The Escrow
Agent agrees that funds in the Alabama Escrow Account shall not be released to the Company until and unless the Escrow Agent receives
written instructions to release the funds from the Company’s President or Chief Financial Officer.

 

If the Alabama Minimum Amount has not been
obtained prior to the Termination Date, the Escrow Agent shall promptly refund to each Alabama Investor by check funds deposited
in the Alabama Escrow Account, or shall return the instruments of payment delivered to Escrow Agent if such instruments have not
been processed for collection prior to such time, directly to each Alabama Investor at the address provided on the List of Investors.
Included in the remittance shall be a proportionate share of the income earned in the account allocable to each Alabama Investor’s
investment in accordance with the terms and conditions specified herein, except that in the case of Investors who have not provided
an executed Form W-9 or substitute Form W-9, the Escrow Agent shall withhold the applicable percentage of the earnings attributable
to those Investors in accordance with IRS regulations. Notwithstanding the foregoing, the Escrow Agent shall not be required to
remit any payments until funds represented by such payments have been collected by Escrow Agent. 

 

8.              
Term of Escrow. The “Termination Date” shall be the earliest of:  (i) the close of business
on March 17, 2012, the one year anniversary of the date the Offering Document was declared effective by the Securities and Exchange
Commission; (ii) all funds held in the ARC RCA Escrow Accounts are distributed to the Company or to Investors pursuant to Section
3 , for Pennsylvania Investors, Section 4, for Tennessee Investors, Section 5, for Ohio Investors, Section 6 and for Alabama
Investors, Section 7, and the Company has informed the Escrow Agent in writing to close each of the ARC RCA Escrow Accounts; (iii)
the date the Escrow Agent receives written notice from the Company that it is abandoning the sale of the Securities; and (iv) the
date the Escrow Agent receives notice from the Securities and Exchange Commission or any other federal or state regulatory authority
that a stop or similar order has been issued with respect to the Offering Document and has remained in effect for at least twenty
(20) days.  After the Termination Date the Company and its agents shall not deposit, and the Escrow Agent shall not accept,
any additional amounts representing payments by prospective Investors.

 

9.              
Duty and Liability of the Escrow Agent. The sole duty of the Escrow Agent shall be to receive Investor Funds and hold them
subject to release, in accordance herewith, and the Escrow Agent shall be under no duty to determine whether the Company or the
Dealer Manager is complying with requirements of this Agreement, the Offering or applicable securities or other laws in tendering
the Investor Funds to the Escrow Agent. No other agreement entered into between the parties, or any of them, shall be considered
as adopted or binding, in whole or in part, upon the Escrow Agent notwithstanding that any such other agreement may be referred
to herein or deposited with the Escrow Agent or the Escrow Agent may have knowledge thereof, including specifically but without
limitation any Offering Documents (including the subscription agreement and exhibits thereto), and the Escrow Agent’s rights
and responsibilities shall be governed solely by this Agreement.  The Escrow Agent shall not be responsible for or be
required to enforce any of the terms or conditions of any Offering Document (including the subscription agreement and exhibits
thereto) or other agreement between the Company and any other party.  The Escrow Agent may conclusively rely upon and
shall be protected in acting upon any statement, certificate, notice, request, consent, order or other document believed by it
to be genuine and to have been signed or presented by the proper party or parties. The Escrow Agent shall have no duty or liability
to verify any such statement, certificate, notice, request, consent, order or other document, and its sole responsibility shall
be to act only as expressly set forth in this Agreement. Concurrent with the execution of this Agreement, the Company and the Dealer
Manager shall deliver to the Escrow Agent an authorized signers form in the forms of Exhibit C and

 

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Exhibit C-1 to this Agreement.  The Escrow
Agent shall be under no obligation to institute or defend any action, suit or proceeding in connection with this Agreement unless
first indemnified to its satisfaction.  The Escrow Agent may consult counsel of its own choice with respect to any question
arising under this Agreement and the Escrow Agent shall not be liable for any action taken or omitted in good faith upon advice
of such counsel.  The Escrow Agent shall not be liable for any action taken or omitted by it in good faith except to
the extent that a court of competent jurisdiction determines that the Escrow Agent’s gross negligence or willful misconduct
was the primary cause of loss. The Escrow Agent is acting solely as escrow agent hereunder and owes no duties, covenants or obligations,
fiduciary or otherwise, to any other person by reason of this Agreement, except as otherwise stated herein, and no implied duties,
covenants or obligations, fiduciary or otherwise, shall be read into this Agreement against the Escrow Agent.  If any disagreement
between any of the parties to this Agreement, or between any of them and any other person, including any Investor, resulting in
adverse claims or demands being made in connection with the matters covered by this Agreement, or if the Escrow Agent is in doubt
as to what action it should take hereunder, the Escrow Agent may, at its option, refuse to comply with any claims or demands on
it, or refuse to take any other action hereunder, so long as such disagreement continues or such doubt exists, and in any such
event, the Escrow Agent shall not be or become liable in any way or to any person for its failure or refusal to act, and the Escrow
Agent shall be entitled to continue so to refrain from acting until (i) the rights of all interested parties shall have been fully
and finally adjudicated by a court of competent jurisdiction, or (ii) all differences shall have been adjudged and all doubt resolved
by agreement among all of the interested persons, and the Escrow Agent shall have been notified thereof in writing signed by all
such persons. Notwithstanding the foregoing, the Escrow Agent may in its discretion obey the order, judgment, decree or levy of
any court, whether with or without jurisdiction and the Escrow Agent is hereby authorized in its sole discretion to comply with
and obey any such orders, judgments, decrees or levies.  If any controversy should arise with respect to this Agreement
the Escrow Agent shall have the right, at its option, to institute an interpleader action in any court of competent jurisdiction
to determine the rights of the parties.  IN NO EVENT SHALL THE ESCROW AGENT BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY
SPECIAL, INDIRECT OR CONSEQUENTIAL LOSSES OR DAMAGES OF ANY KIND WHATSOEVER (INCLUDING WITHOUT LIMITATION LOST PROFITS), EVEN IF
THE ESCROW AGENT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES OR DAMAGES AND REGARDLESS OF THE FORM OF ACTION.  The
parties agree that the Escrow Agent has no role in the preparation of the Offering Documents (including the subscription agreement
and exhibits thereto) and makes no representations or warranties with respect to the information contained therein or omitted therefrom.  The
Escrow Agent shall have no obligation, duty or liability with respect to compliance with any federal or state securities, disclosure
or tax laws concerning the Offering Documents (including the subscription agreement and exhibits thereto) or the issuance, offering
or sale of the Securities.  The Escrow Agent shall have no duty or obligation to monitor the application and use of the
Investor Funds once transferred to the Company, that being the sole obligation and responsibility of the Company. 

 

10.         
     Escrow Agent’s Fee. The Escrow Agent shall be entitled to compensation for its services as
stated in the fee schedule attached hereto as Exhibit D, which compensation shall be paid by the Company. The fee agreed
upon for the services rendered hereunder is intended as full compensation for the Escrow Agent’s services as contemplated
by this Agreement; provided, however, that if the conditions for the disbursement of funds under this Agreement are not fulfilled,
or the Escrow Agent renders any material service not contemplated in this Agreement, or there is any assignment of interest in
the subject matter of this Agreement, or any material modification hereof, or if any material controversy arises hereunder, or
the Escrow Agent is made a party to any litigation pertaining to this Agreement, or the subject matter hereof, then the Escrow
Agent shall be reasonably compensated for such extraordinary services and reimbursed for all costs and expenses, including reasonable
attorney’s fees, occasioned by any delay, controversy, litigation or event, and the same shall be recoverable from the Company.  The
Company’s obligations under this Section 8 shall survive the resignation or removal of the Escrow Agent and the assignment
or termination of this Agreement. 

 

11.          
    Investment of Investor Funds. The Investor Funds shall be deposited in the ARC RCA Escrow Accounts in
accordance with Section 3 , for Pennsylvania Investors, Section 4, for Tennessee Investors, Section 5, for
Ohio Investors, Section 6 and for Alabama Investors, Section 7.  The Escrow Agent is hereby directed to
invest all funds received under this Agreement, including principal and interest in, the UMB Bank Money Market Deposit Account,
as directed in writing in the form of Exhibit E to this Agreement.  The Escrow Agent shall invest the Investor
Funds in alternative investments in accordance with written instructions as may from time to time be provided to the Escrow Agent
and signed by the Company.  In the absence of written investment instructions from the Company to the contrary, the Escrow
Agent is hereby directed to invest the Investor Funds in the UMB Bank Money Market Deposit Account.   Notwithstanding the
foregoing, Investor Funds shall not be invested in anything other than “Short Term Investments” in compliance with
Rule 15c2-4 of the Securities Exchange Act of 1934, as amended.  The following are not permissible investments:  (a)
money market mutual funds; (b) corporate debt or equity securities; (c) repurchase agreements; (d) banker’s acceptance; (e)
commercial paper; and (f) municipal securities.  Any interest received by the Escrow Agent with respect to the Investor
Funds, including reinvested interest shall become part of the Investor Funds, and shall be

 

    	- 6 -

    	 

    

 

disbursed pursuant to Section 3, for Pennsylvania Investors,
Section 4, Tennessee Investors, Section 5, Ohio Investors, Section 6 and for Alabama Investors, Section
7.

 

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

 

The Company on the date of this Agreement
shall provide the Escrow Agent with a certified tax identification number by furnishing appropriate IRS form W-9 or W-8 (or substitute
Form W-9 or W-8) and other forms and documents that the Escrow Agent may reasonably request, including without limitation a tax
form for each Investor.  The Company understands that if such tax reporting documentation is not so certified to the
Escrow Agent, the Escrow Agent may be required by the Internal Revenue Code of 1986, as amended, to withhold a portion of any interest
or other income earned on the Investor Funds pursuant to this Agreement.  For tax reporting purposes, all interest and
other income from investment of the Investor Funds shall, as of the end of each calendar year and to the extent required by the
Internal Revenue Service, be reported as having been earned by the party to whom such interest or other income is distributed,
in the year in which it is distributed.

 

The Company agrees to indemnify and hold
the Escrow Agent harmless from and against any taxes, additions for late payment, interest, penalties and other expenses that may
be assessed against the Escrow Agent on or with respect to any payment or other activities under this Agreement unless any such
tax, addition for late payment, interest, penalties and other expenses shall be determined by a court of competent jurisdiction
to have been caused by the Escrow Agent’s gross negligence or willful misconduct.  The terms of this Section shall
survive the termination of this Agreement and the resignation or removal of the Escrow Agent.

 

12.           
Notices.   All notices, requests, demands, and other communications under this Agreement shall be in writing and
shall be deemed to have been duly given (a) on the date of service if served personally on the party to whom notice is to be given,
(b) on the day of transmission if sent by facsimile/email transmission bearing an authorized signature to the facsimile number/email
address given below, and written confirmation of receipt is obtained promptly after completion of transmission, (c) on the day
after delivery to Federal Express or similar overnight courier or the Express Mail service maintained by the United States Postal
Service, or (d) on the fifth day after mailing, if mailed to the party to whom notice is to be given, by first class mail, registered
or certified, postage prepaid, and properly addressed, return receipt requested, to the party as follows: 

 

If to the Company:

 

405 Park Avenue

New York, New York10022

Fax: (212) 421-5799

Attention:  Nicholas S. Schorsch, Chief Executive
Officer

Attention:  Brian S. Block, Executive Vice President
and Chief Financial Officer

 

with a copy to:

 

Proskauer Rose LLP

Eleven Times Square

New York, New York10036

Fax: (212) 969-2900

Attention: Peter M. Fass, Esq.

Attention:  Steven Fishman, Esq.

 

If to the Dealer Manager:

 

Realty Capital Securities, LLC

Three Copley Place

Suite 3300

Boston, MA02116

Attention:  Louisa
Quarto, President

 

    	- 7 -

    	 

    

 

with a copy to:

 

Proskauer Rose LLP

Eleven Times Square

New York, New York10036

Fax: (212) 969-2900

Attention: Peter M. Fass, Esq.

 

and:

 

American Realty Capital - Retail Centers of America,
Inc.

405 Park Avenue

New York, New York10022

Fax: (212) 421-5799

Attention:  Nicholas S. Schorsch, Chief
Executive Officer

Attention:  Brian S. Block, Executive Vice
President and Chief Financial Officer 

 

If to Escrow Agent:

 

UMB Bank, N.A.

1010 Grand Blvd., 4thFloor

Mail Stop: 1020409

Kansas City, Missouri 64106

Attention:  Lara Stevens, Corporate Trust

Telephone: (816) 860-3017

Facsimile: (816) 860-3029

 

Any party may change its address for purposes of this Section
by giving the other party written notice of the new address in the manner set forth above.

 

13.           
Indemnification of Escrow Agent. The Company and the Dealer Manager hereby jointly and severally indemnify, defend and hold
harmless the Escrow Agent from and against, any and all loss, liability, cost, damage and expense, including, without limitation,
reasonable counsel fees and expenses, which the Escrow Agent may suffer or incur by reason of any action, claim or proceeding brought
against the Escrow Agent arising out of or relating in any way to this Agreement or any transaction to which this Agreement relates
unless such loss, liability, cost, damage or expense is finally determined by a court of competent jurisdiction to have been primarily
caused by the willful misconduct of the Escrow Agent.  The terms of this Section shall survive the termination of this
Agreement and the resignation or removal of the Escrow Agent.

 

14.           
Successors and Assigns. Except as otherwise provided in this Agreement, no party hereto shall assign this Agreement or any
rights or obligations hereunder without the prior written consent of the other parties hereto and any such attempted assignment
without such prior written consent shall be void and of no force and effect. This Agreement shall inure to the benefit of and shall
be binding upon the successors and permitted assigns of the parties hereto.  Any corporation or association into which
the Escrow Agent may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer all or substantially
all of its corporate trust business and assets as a whole or substantially as a whole, or any corporation or association resulting
from any such conversion, sale, merger, consolidation or transfer to which the Escrow Agent is a party, shall be and become the
successor Escrow Agent under this Agreement and shall have and succeed to the rights, powers, duties, immunities and privileges
as its predecessor, without the execution or filing of any instrument or paper or the performance any further act.

 

15.           
Governing Law; Jurisdiction. This Agreement shall be construed, performed, and enforced in accordance with, and governed
by, the internal laws of the State of New York, without giving effect to the principles of conflicts of laws thereof.

 

16.           
Severability. If any part of this Agreement is declared by any court or other judicial or administrative body to be null,
void, or unenforceable, said provision shall survive to the extent it is not so declared, and all of the other provisions of this
Agreement shall remain in full force and effect. 

 

17.            
Amendments; Waivers. This Agreement may be amended or modified, and any of the terms, covenants, representations, warranties,
or conditions hereof may be waived, only by a written instrument executed by the parties hereto, or in

 

    	- 8 -

    	 

    

 

the case of a waiver, by the party waiving compliance. Any waiver
by any party of any condition, or of the breach of any provision, term, covenant, representation, or warranty contained in this
Agreement, in any one or more instances, shall not be deemed to be nor construed as further or continuing waiver of any such condition,
or of the breach of any other provision, term, covenant, representation, or warranty of this Agreement.  The Company
and the Dealer Manager agree that any requested waiver, modification or amendment of this Agreement shall be consistent with the
terms of the Offering.

 

18.            
Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect to
the escrow contemplated hereby and supersedes and replaces all prior and contemporaneous agreements and understandings, oral or
written, with regard to such escrow.

 

19.            
Section Headings. The section headings in this Agreement are for reference purposes only and shall not affect the meaning
or interpretation of this Agreement.

 

20.            
Counterparts. This Agreement may be executed (including by facsimile transmission) with counterpart signature pages or in
counterparts, each of which shall be deemed an original, but all of which shall constitute the same instrument.

 

21.            
Resignation. The Escrow Agent may resign upon 30 days’ advance written notice to the parties hereto. If a successor
escrow agent is not appointed by the Company within the 30-day period following such notice, the Escrow Agent may petition any
court of competent jurisdiction to name a successor escrow agent, or may interplead the Investor Funds with such court, whereupon
the Escrow Agent’s duties hereunder shall terminate.

 

22.            
References to Escrow Agent.   Other than the Offering Document (including the subscription agreement and exhibits
thereto) and any amendments thereof or supplements thereto, no printed or other matter in any language (including, without limitation,
notices, reports and promotional material) which mentions the Escrow Agent’s name or the rights, powers, or duties of the
Escrow Agent shall be issued by the Company or the Dealer Manager, or on the Company’s or the Dealer Manager’s behalf,
unless the Escrow Agent shall first have given its specific written consent thereto.  Notwithstanding the foregoing,
any amendment or supplement to the Offering Document (including the subscription agreement and exhibits thereto) that revises,
alters, modifies, changes or adds to the description of the Escrow Agent or its rights, powers or duties hereunder shall not be
issued by the Company or the Dealer Manager, or on the Company’s or Dealer Manager’s behalf, unless the Escrow Agent
has first given specific written consent thereto.

 

23.            Patriot
Act Compliance; OFAC Search Duties.The Company shall provide to Escrow Agent upon the execution of this Agreement any documentation
requested and any information reasonably requested by the Escrow Agent to comply with the USA Patriot Act of 2001, as amended from
time to time. The Escrow Agent, or its agent, shall complete an OFAC search, in compliance with its policy and procedures, of each
subscription check and shall inform the Company if a subscription check fails the OFAC search.

 

[Signature page follows]

 

    	- 9 -

    	 

    

 

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

 

AMERICAN REALTY CAPITAL - RETAIL CENTERS OF AMERICA, INC.

 

	By: 	 /s/ Nicholas S. Schorsch	 
	 	Name: 	Nicholas S. Schorsch	 
	 	Title: 	Chief Executive Officer	 

 

REALTY CAPITAL SECURITIES, LLC

 

	By: 	 /s/ Louisa Quarto	 
	 	Name: 	Louisa Quarto	 
	 	Title:	President	 

 

UMB BANK,N.A., as Escrow Agent

 

	By: 	 /s/ Randy McPhail	 
	 	Name: 	 Rany McPhail	 
	 	Title:	 Senior Vice President	 
	 	 	 	 

    	- 10 -

    	 

    

 

Exhibit A

 

Copy of Offering Document

 

    	- 11 -

    	 

    

 

Exhibit B

 

List of Investors

 

Pursuant to the Escrow Agreement dated as
of March 17, 2011, among Realty Capital Securities, LLC, American Realty Capital - Retail Centers of America, Inc. (the “Company”),
and UMB Bank, N.A. (the “Escrow Agent”), the Company hereby certifies that the following Investors have paid
money for the purchase of shares of the Company’s common stock, par value $0.01 (“Securities”), and the
money has been deposited with the Escrow Agent:

 

	1.	Name of Investor

 Address

 Tax Identification Number

 Amount of Securities subscribed for

 Amount of money paid and deposited with Escrow Agent

 Is Investor a resident of Pennsylvania (Yes or No)?

 Is Investor a resident of Tennessee (Yes or No)?

 

	2.	Name of Investor

 Address

 Tax Identification Number

 Amount of Securities subscribed for

 Amount of money paid and deposited with Escrow Agent

 Is Investor a resident of Pennsylvania (Yes or No)?

 Is Investor a resident of Tennessee (Yes or No)?

 

	Dated:    	 	 

 

REALTY CAPITAL SECURITIES, LLC

 

	By: 	 	 

	 	Name:   Louisa Quarto
	 	Title:     President

 

    	- 12 -

    	 

    

 

Exhibit C

 

CERTIFICATE AS TO AUTHORIZED SIGNATURES

 

Account Name:

 

Account Number:

 

The specimen signatures shown below are
the specimen signatures of the individuals who have been designated as Authorized Representatives of American Realty Capital
- Retail Centers of America, Inc. and are authorized to initiate and approve transactions of all types for the above-mentioned
account on behalf of American Realty Capital - Retail Centers of America, Inc.

 

	Name/Title	Specimen Signature
	 	 
	Nicholas S. Schorsch	 
	Chief Executive Officer	Signature
	 	 
	Edward M. Weil, Jr.	 
	President, Secretary and Treasurer	Signature
	 	 
	Brian Block	 
	Executive Vice President and Chief Financial	Signature
	Officer	 

    	- 13 -

    	 

    

 

Exhibit C-1

 

CERTIFICATE AS TO AUTHORIZED SIGNATURES

 

Account Name:

 

Account Number:

 

The specimen signatures shown below are
the specimen signatures of the individuals who have been designated as Authorized Representatives of Realty Capital Securities,
LLC and are authorized to initiate and approve transactions of all types for the above-mentioned account on behalf of Realty
Capital Securities, LLC

 

	Name/Title	Specimen Signature
	 	 
	Louisa Quarto	 
	President	Signature
	 	 
	Kamal Jafarnia	 
	Executive Vice President and Chief Compliance	Signature
	Officer	 

 

    	- 14 -

    	 

    

 

Exhibit D

ESCROW FEES AND EXPENSES

 

Acceptance Fee

	Review escrow agreement, establish account	 	$3,000
	DST Agency Engagement (if applicable)	 	$250

  

Annual Fees

	Annual Escrow Agent	 	$2,500
	BAI Files	 	$50 per month
	Outgoing Wire Transfer	 	$15 each
	Daily Recon File to Transfer Agent	 	$2.50 per Bus Day
	Web Exchange Access	 	$15 per month
	Overnight Delivery/Mailings	 	$16.50 each
	IRS Tax Reporting	 	$10 per 1099

 

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. In addition to the specified fees, all expenses related to the administration
of the Escrow Agreement (other than normal overhead expenses of the regular staff) such as, but not limited to, travel, postage,
shipping, courier, telephone, facsimile, supplies, legal fees, accounting fees, etc., will be reimbursable.

 

Acceptance fee and first year Annual Escrow
Agent fee will be payable at the initiation of the escrow. Thereafter, the Annual Escrow Agent fees will be billed in advance and
transactional fees will be billed in arrears. Other fees and expenses will be billed as incurred.

 

    	- 15 -

    	 

    

 

Exhibit E

 

Agency and Custody Account Direction

For Cash Balances

UMB Bank Money Market Deposit Accounts

 

Direction to use the following UMB Bank
Money Market Deposit Accounts for Cash Balances for the escrow account (the “Account”) created under the Escrow
Agreement to which this Exhibit E is attached.

 

You are hereby directed to deposit, as
indicated below, or as we shall direct further in writing from time to time, all cash in the Account in the following money market
deposit account of UMB Bank, N.A. (“Bank”):

 

UMB Bank Money Market Deposit Account
(“MMDA”)

 

We acknowledge that we have full power
to direct investments in the Account.

 

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

 

	 	
        American Realty Capital - Retail Centers of

        America, Inc.

	 	 
	 	By: 	 
	 	 	Signature
	 	 	 
	 	 	 
	 	 	Date

 

    	- 16 -

    	 

    

 

Exhibit F

 

[Form of Notice to Pennsylvania Investors]

 

You have tendered a subscription to purchase shares of common
stock of American Realty Capital - Retail Centers of America, Inc. (the “Company”). Your subscription is currently
being held in escrow.  The guidelines of the Pennsylvania Securities Commission do not permit the Company to accept subscriptions
from Pennsylvania residents until an aggregate of $75,000,000 of gross offering proceeds have been received by the Company. The
Pennsylvania guidelines provide that until this minimum amount of offering proceeds is received by the Company, every 120 days
during the offering period Pennsylvania Investors may request that their subscription be returned.  If you wish to continue
your subscription in escrow until the Pennsylvania minimum subscription amount is received, nothing further is required.

 

If you wish to terminate your subscription for the Company’s
common stock and have your subscription returned please so indicate below, sign, date, and return to the Escrow Agent, UMB Bank,
N.A. at 1010 Grand Blvd., 4th Floor, Mail Stop: 1020409, Kansas City, Missouri 64106, Attn:  Lara Stevens,
Corporate Trust.

 

I hereby terminate my prior subscription to purchase shares
of common stock of American Realty Capital - Retail Centers of America, Inc. and request the return of my subscription funds.  I
certify to American Realty Capital - Retail Centers of America, Inc. that I am a resident of Pennsylvania.

 

	 	Signature:       	 
	 	 	 
	 	Name:	 
	 	 	(please print)
	 	 	 
	 	Date:	 

 

Please send the subscription refund to:

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

    	- 17 -

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