Document:

2010 Stock Option and Award Plan

 Exhibit 10.1 

NUCOR CORPORATION 

2010 STOCK OPTION AND AWARD PLAN 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page
	ARTICLE I	 	INTRODUCTION	  	1
			
	ARTICLE II	 	DEFINITIONS	  	1
			
	ARTICLE III	 	ELIGIBILITY	  	3
			
	ARTICLE IV	 	AWARDS	  	3
			
	 Section 4.1.
	 	General	  	3
	 Section 4.2.
	 	Stock Options	  	3
	 Section 4.3.
	 	Restricted Stock	  	4
	 Section 4.4.
	 	Restricted Stock Units	  	4
	 Section 4.5.
	 	Stock Appreciation Rights	  	5
	 Section 4.6.
	 	Performance Shares	  	5
	 Section 4.7.
	 	Limitation on Vesting of Certain Awards	  	6
	 Section 4.8.
	 	Restrictive Covenants	  	6
			
	ARTICLE V	 	AWARD AGREEMENTS	  	7
			
	 Section 5.1.
	 	General	  	7
	 Section 5.2.
	 	Required Terms	  	7
			
	ARTICLE VI	 	STOCK SUBJECT TO THE PLAN	  	7
			
	 Section 6.1.
	 	Aggregate Limitation	  	7
	 Section 6.2.
	 	Canceled or Forfeited Awards	  	7
	 Section 6.3.
	 	Shares to be Used	  	8
	 Section 6.4.
	 	Limitations on Individual Awards	  	8
			
	ARTICLE VII	 	ADMINISTRATION	  	8
			
	ARTICLE VIII	 	ADJUSTMENTS UPON CHANGES IN CAPITALIZATION	  	8
			
	ARTICLE IX	 	AMENDMENT AND TERMINATION	  	9
			
	 Section 9.1.
	 	Amendment of Plan	  	9
	 Section 9.2.
	 	Termination of Plan	  	9
	 Section 9.3.
	 	Procedure for Amendment or Termination	  	9
			
	ARTICLE X	 	MISCELLANEOUS	  	9
			
	 Section 10.1.
	 	Rights of Employees and Directors	  	9
	 Section 10.2.
	 	Compliance with Law	  	9
	 Section 10.3.
	 	Unfunded Status	  	10
	 Section 10.4.
	 	Limits on Liability	  	10
			
	ARTICLE XI	 	EFFECTIVE DATE; DURATION OF THE PLAN	  	10

  

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 NUCOR CORPORATION 

2010 STOCK OPTION AND AWARD PLAN 

ARTICLE I 

INTRODUCTION 

The Company hereby adopts and establishes the Nucor Corporation 2010 Stock Option and Award Plan to attract and retain Employees and
Directors of outstanding competence and to encourage and enable such Employees and Directors to obtain a financial interest in the Company. 

ARTICLE II  

DEFINITIONS 

For purposes of the Plan, the following terms shall have the following meanings: 

(a) “Award” means an award made to a Participant pursuant to Article III. 

(b) “Award Agreement” means an agreement described in Article IV between the Company and a Participant
setting forth the terms, conditions and limitations applicable to the Award made to the Participant. 
 (c)
“Beneficiary,” with respect to a Participant, means (i) one or more persons as the Participant may designate as primary or contingent beneficiary in a writing delivered to the Company or the Committee or (ii) if there is
no such valid designation in effect at the Participant’s death, the Participant’s estate. 
 (d)
“Board” means the Board of Directors of the Company. 
 (e) “Code” means the
Internal Revenue Code of 1986, as amended from time to time, or any successor statute, and applicable regulations. 

(f) “Committee” means (i) with respect to Article VI, Awards to Employees, the administration of
such Awards and all other matters related to Awards to Employees, the Compensation and Executive Development Committee of the Board or such other committee or subcommittee as may be designated by the Board and (ii) with respect to Awards to
Directors, the administration of such Awards and all other matters related to Awards to Directors, the Board. 

(g) “Common Share” means a share of common stock, par value $0.40, of the Company. 

(h) “Company” means Nucor Corporation, a Delaware corporation. 

(i) “Compete” means to engage in the design, research, development, manufacture, marketing, sale or
distribution of products that are the same as, or substantially similar to, products that are being designed, researched, developed, manufactured, marketed, sold or distributed by the Company or a Subsidiary. 

(j) “Director” means a person who is a member of the Board and who is not an Employee. 

 

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 (k) “Disability” means “disability” or
“disabled” as defined in any long-term disability plan sponsored by the Company or a Subsidiary in which the Participant participates. In the event the Participant does not participate in any long-term disability plan sponsored by the
Company or a Subsidiary means the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be
expected to last for a continuous period of not less than 12 months. No Participant shall be considered to have a Disability unless he or she furnishes proof of the existence thereof in such form and manner, and at such times, as the Committee
may require. 
 (l) “Employee” means any person, including a member of the Board, who is
employed by the Company or a Subsidiary. 
 (m) “Fair Market Value” of a Common Share means, on
any given date, the closing price of such Common Share as reported on the New York Stock Exchange composite tape on such date, or if the Stock was not traded on the New York Stock Exchange on such day, then on the next preceding day that the Stock
was traded on such exchange, all as reported by such source as the Committee may select. 
 (n)
“Participant” means an Employee or Director who is awarded an Award by the Committee. 
 (o)
“Performance Objective” is defined in Section 4.6. 
 (p) “Performance
Period” is defined in Section 4.6. 
 (q) “Performance Share” means an Award of a
unit under Section 4.6 that is valued by reference to the Fair Market Value of a Common Share. 
 (r)
“Plan” means the Nucor Corporation 2010 Stock Option and Award Plan, as set forth herein and as amended from time to time. 

(s) “Restricted Stock” means an Award of Common Shares under Section 4.3 that has certain
restrictions attached to the ownership thereof. 
 (t) “Restricted Stock Unit” means an Award of
a unit under Section 4.4 that represents the right to receive one Common Share. 
 (u) “Restricted
Stock Unit Account” means the individual bookkeeping account maintained by the Company in the name of a Participant to record the Participant’s Restricted Stock Units and other amounts awarded to the Participant under Section 4.4.

 (v) “Stock Appreciation Right” means an Award to benefit from appreciation in the Fair Market
Value of a Common Share made pursuant to Section 4.5. 
 (w) “Stock Option” means a right
to purchase a Common Share made pursuant to Section 4.2. 
 (x) “Subsidiary” means any
corporation (other than the Company), limited liability company, or other business organization in an unbroken chain of entities beginning with the 

 

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Company in which each of such entities other than the last one in the unbroken chain owns stock, units, or other interests possessing fifty percent (50%) or more of the total combined voting
power of all classes of stock, units, or other interests in one of the other entities in that chain. 
 ARTICLE III 

 ELIGIBILITY 

Awards may be made to any Director or Employee who is designated as a Participant from time to time by the Committee. The Committee shall
determine which Employees and Directors shall be Participants, the type of Award to be made to each Participant, and the terms, conditions, and limitations applicable to each Award not inconsistent with the Plan. 

ARTICLE IV  

AWARDS 

Section 4.1. General. Awards shall include, and be limited to, those described in this Article IV. The Committee may
make Awards singly, in tandem, or in combination with other Awards, as the Committee may in its sole discretion determine. 

Section 4.2. Stock Options. A Stock Option is a right to purchase a specified number of Common Shares at a specified
exercise price during such time as the Committee shall determine, subject to the following: 
 (a) The exercise
price per share of any Stock Option shall be no less than the Fair Market Value per Common Share subject to the option on the date such Stock Option is awarded. 

(b) A Stock Option may be exercised for all (and not less than all) of the Stock subject to the Stock Option by giving
notice of exercise to the Company or an agent designated by the Company to administer the exercise of Stock Options and complying with such other exercise terms and procedures as the Committee may specify. 

(c) The term of each Stock Option shall not exceed ten (10) years. 

(d) The exercise price of the Stock subject to the Stock Option may be paid, at the discretion of the Committee, by
delivery to the Company or its designated agent of an irrevocable written notice of exercise form together with either (i) irrevocable instructions to a broker-dealer to sell or margin a sufficient portion of the shares as to which the Stock
Option is to be exercised and to deliver the sale or margin loan proceeds directly to the Company to pay the exercise price, (ii) payment in full of the Stock Option exercise price in cash or cash equivalent acceptable to the Committee, or
(iii) a sufficient number of Common Shares (delivered by attestation of ownership or actual delivery of one or more share certificates) to pay the exercise price; provided that, any such payment method will not be permitted to the
extent to do so would result in additional accounting expense to the Company. 
 (e) Stock Options awarded to an
Employee may be incentive stock options intended to qualify for special tax treatment under Section 422 of the Code, non-qualified stock options not intended to so qualify or a combination of incentive and non-qualified stock options.

  

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 Section 4.3. Restricted Stock. Restricted Stock is Stock that is awarded
to a Participant subject to such terms, conditions, and restrictions as the Committee deems appropriate, which may include, but are not limited to, restrictions upon the sale, assignment, transfer, or other disposition of the Restricted Stock and
requirement of forfeiture of the Restricted Stock upon termination of employment under certain specified conditions. The Committee may provide for the lapse of any such term or condition or waive any such term or condition based on such factors or
criteria as the Committee may determine. 
 Section 4.4. Restricted Stock Units. 

(a) A Restricted Stock Unit is a unit awarded to a Participant that represents the Participant’s right to receive one
Common Share. Each Restricted Stock Unit awarded to a Participant shall be credited to a Restricted Stock Unit Account established and maintained in the name of such Participant on the books and records of the Company. Each Restricted Stock Unit
awarded to a Participant under this Plan shall be evidenced by an Award Agreement with the Company which shall contain the terms and conditions applicable to the Restricted Stock Unit. 

(b) Restricted Stock Units awarded to a Participant under the Plan shall become vested in the Participant in accordance
with the vesting schedule specified by the Company on the date the Restricted Stock Units are awarded. 
 (c) The
Award Agreement for the Award of Restricted Stock Units shall specify whether dividend equivalents with respect to the Restricted Stock Units shall be paid in cash to the Participant or deemed reinvested in additional Restricted Stock Units. If the
dividend equivalents are payable to a Participant in cash, the Company shall pay to the Participant in cash, less applicable payroll and withholding taxes, within thirty (30) days after the payment date of any cash dividend with respect to the
Stock, a dividend equivalent payment equal to the number of Restricted Stock Units awarded to the Participant as of the record date for such dividend multiplied by the per share amount of the dividend. If the dividend equivalents are deemed
reinvested in additional Restricted Stock Units, the Company shall credit to the Participant’s Restricted Stock Unit Account, within thirty (30) days after the payment date of any cash dividend with respect to the Stock, that number of
additional Restricted Stock Units determined by dividing (i) the product of the total number of Restricted Stock Units credited to the Participant’s Restricted Stock Unit Account as of the record date for such dividend multiplied by the
per share amount of the dividend by (ii) the Fair Market Value of a Common Share on such record date. All Restricted Stock Units credited to a Participant’s Restricted Stock Unit Account to record the deemed reinvestment of dividend
equivalents in accordance with this Section 4.4(c) shall be fully vested when so credited. 
 (d) Unless an
earlier payment date is specified in the Award Agreement for the Participant’s Restricted Stock Units, the vested Restricted Stock Units credited to a Participant’s Restricted Stock Unit Account shall be paid to the Participant, or in the
event of the Participant’s death, to the Participant’s Beneficiary, no earlier than fifteen (15) days and no later than ninety (90) days after the date the Participant terminates service as a member of the Board or separates from
service as an Employee, as applicable; provided, however, in no event will distribution be made to a Participant who is a “specified employee” within the meaning of Code Section 409A(a)(2)(B)(i) and the regulations
thereunder, prior to the date which is six months after such Participant’s separation from service or, if earlier, such Participant’s death. The form of payment shall be one share of the Company’s common stock for each Restricted
Stock Unit credited to the vested portion of the Participant’s Restricted Stock Unit Account and cash for any fractional unit. 
  

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 If permitted under the terms of the Award Agreement for the
Participant’s Restricted Stock Units and in accordance with procedures established by the Committee, but in no event later than thirty (30) days after the date an individual initially becomes a Participant under the Plan, the Participant
may elect a single sum payment of the Participant’s Restricted Stock Unit Account or payment in installments over a term certain of either three (3) or five (5) years. Any such election shall apply to a Participant’s entire
Restricted Stock Unit Account and shall be irrevocable. In the event a Participant fails to make a valid method of payment election, distribution of the Participant’s Restricted Stock Unit Account shall be made in a single sum payment of shares
of Company common stock and cash for any fractional unit credited to the Restricted Stock Unit Account. 
 Section 4.5.
Stock Appreciation Rights. 
 (a) A Stock Appreciation Right is an Award entitling an eligible
Participant to receive on the date of redemption an amount equal to the excess of the Fair Market Value of a Common Share on the date of redemption over an amount set by the Committee on the date of the Award that is no less than the Fair Market
Value of a Common Share on the date of Award. 
 (b) Each eligible Participant receiving a Stock Appreciation
Right under the Plan shall enter into an Award Agreement with the Company in a form specified by the Committee agreeing to the terms and conditions of the Stock Appreciation Right and such related matters as the Committee shall, in its sole
discretion, determine. 
 (c) The Company shall redeem all of the Stock Appreciation Rights in accordance with
the terms and conditions set forth in the Award Agreement. The redemption price shall be equal to the amount described in Section 4.5(a). The Company shall pay the amount due upon the redemption of Stock Appreciation Rights in the form of cash,
Stock or a combination thereof (as determined by the Committee); provided, however, any Stock Appreciation Right, including one that entitles the holder to a cash payment on redemption, shall have terms that ensure the Participant
shall not incur a tax penalty under Section 409A of the Code. Any Stock used for the payment of Stock Appreciation Rights may be delivered to the Participant subject to any restrictions deemed appropriate by the Committee. 

Section 4.6. Performance Shares. Performance Shares may be awarded to a Participant in such amount and upon such
terms, and at any time and from time to time, as shall be determined by the Committee. The vesting and payment of Performance Shares shall be contingent upon the degree of attainment of such performance goals (the “Performance
Objectives”) over such period (the “Performance Period”) as shall be specified by the Committee at the time the Performance Shares are awarded. The Performance Objectives may be stated with respect to (i) the
Company’s pre-tax earnings, (ii) the Company’s pre-tax earnings in relation to non-cash beginning assets (beginning assets less beginning cash and short-term investments), (iii) the achievement by the Company, a Subsidiary or an
operating unit of stated objectives with respect to return on equity, earnings per share, total earnings, return on capital or return on assets, (iv) Fair Market Value, (v) revenues, (vi) total stockholder return, (vii) operating
earnings or margin, (viii) economic profit or value created, (ix) strategic business criteria consisting of one or more objectives based on meeting specified goals relating to market penetration, geographic business expansion, cost
targets, customer or employee satisfaction, human resources management, supervision of litigation or information technology or acquisitions or divestitures of subsidiaries, affiliates or joint ventures, or (x) any combination of the foregoing.
The targeted level or levels of performance with respect to such business criteria may be established at such levels and in such terms as the Committee may determine, in its discretion, including in absolute terms, as a goal relative to performance
in prior periods (e.g., earnings growth), or as a goal compared to the performance of one or more comparable companies or an index covering multiple 

 

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companies. The terms and conditions of an Award of Performance Shares shall be evidenced by an appropriate Award Agreement. The value of a Performance Share at any time shall be equal to the Fair
Market Value of a Common Share at such time. During the course of a Performance Period, the Committee shall determine the number of Performance Shares as to which the Participant has earned a right to be paid pursuant to the terms of the applicable
Award Agreement. The Committee shall pay any earned Performance Shares as soon as practical after they are earned in the form of cash, Stock or a combination thereof (as determined by the Committee) having an aggregate Fair Market Value equal to the
value of the earned Performance Shares as of the date they are earned. Any Stock used for the payment of earned Performance Shares may be delivered to the Participant subject to any restrictions deemed appropriate by the Committee. 

Section 4.7. Limitation on Vesting of Certain Awards. Subject to Section 4.8, Restricted Stock and Restricted
Stock Units awarded to a Participant who is an Employee will vest over a minimum period of three years except in the event of the Participant’s death, Disability or retirement, or in the event of a change in control of the Company or other
similar special circumstances. The foregoing notwithstanding, (i) any Restricted Stock and Restricted Stock Units as to which either the Award or vesting is based on, among other things, the achievement of one or more performance conditions
generally will vest over a minimum period of one year except in the event of a Participant’s death, Disability or retirement, or in the event of a change in control of the Company or other similar special circumstances, (ii) a maximum of
100 shares of Restricted Stock may be awarded to an Employee who is not an officer without minimum vesting if such award is based on the length of the Employee’s continuous full-time service with the Company and its Subsidiaries and
(iii) up to three percent (3%) of the Common Shares authorized under the Plan may be awarded as Restricted Stock or Restricted Stock Units without any minimum vesting requirements. For purposes of this Section 4.7, (i) a
performance period that precedes the grant of an Award shall be treated as part of the vesting period if the Participant has been notified promptly after the commencement of the performance period that he or she has the opportunity to earn the Award
based on performance and continued service, and (ii) vesting over a three-year period or one-year period will include periodic vesting over such period if the rate of such vesting is proportional (or less rapid) throughout such period.

 Section 4.8. Restrictive Covenants. 

(a) An Award Agreement may require, as determined by the Committee in its sole discretion, that in the event a
Participant, at any time during the Participant’s employment with the Company and for a period of up to two (2) years thereafter, directly or indirectly (whether for compensation or otherwise), alone or as an agent, principal, partner,
officer, employee, trustee, director, stockholder or in any other capacity, owns, manages, operates, joins, controls or participates in the ownership, management, operation or control of, or furnishes any capital to, or is connected in any manner
with, or provides any services as a consultant for, any business which Competes with the Company or a Subsidiary, the Participant shall (i) immediately forfeit any portion of the Award subject to the Award Agreement that is then outstanding and
(ii) return to the Company the economic value of the Award subject to the Award Agreement that was realized or obtained by the Participant since the date that is six (6) months before the date of the Participant’s action as described
in this section. 
 (b) An Award Agreement may also require, as determined by the Committee in its sole
discretion, that for a period of up to two (2) years from the date of termination of employment, in the event the Participant who received the Award subject to the Award Agreement, on his or her own behalf or on behalf of any person, firm or
company, directly or indirectly, solicits or offers employment to any person who has been employed by the Company or a Subsidiary at any time during the six (6) months immediately preceding such solicitation or

  

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solicits, contacts or attempts to influence any “Customer” or “Prospective Customer” of the Company to alter its business with the Company or to conduct business with another
business which Competes with the Company or a Subsidiary, the Participant shall (i) immediately forfeit all of the Award subject to the Award Agreement that is then outstanding and (ii) return to the Company the economic value of the Award
subject to the Award Agreement that was realized or obtained by the Participant since the date that is six (6) months before the date of the Participant’s solicitation under this section. “Customer” means any customer of the
Company with whom the Participant or the Participant’s direct reports had significant contact during the six (6) month period preceding the Participant’s termination of employment. “Prospective Customer” means any person or
entity targeted by the Company as a potential user of the Company’s products or services, and whom the Participant or the Participant’s direct reports participated in the solicitation of during the six (6) month period preceding the
Participant’s termination of employment. 
 ARTICLE V  

AWARD AGREEMENTS 

Section 5.1. General. Each Award under this Plan shall be evidenced by an Award Agreement setting forth the number of
Common Shares subject to the Award and such other terms and conditions applicable to the Award as are determined by the Committee. 

Section 5.2. Required Terms. In any event, Award Agreements shall include, at a minimum, explicitly or by reference,
the following terms: 
 (a) An Award may not be assigned, pledged, or otherwise transferred except by will or by
the laws of descent and distribution. During the lifetime of a Participant, an Award (including any Stock Option) may be exercised or surrendered only by such Participant. 

(b) A provision describing the treatment of an Award in the event of the retirement, Disability, death, or other
termination of a Participant’s employment as an Employee or service as a Director, including but not limited to terms relating to the vesting, time for exercise or surrender, forfeiture, or cancellation of an Award in such circumstances.

 (c) A provision that a Participant shall have no rights as a stockholder with respect to any Stock subject to
an Award until the date the Participant becomes the holder of record of such Stock. Except as provided in Article VIII, no adjustment shall be made for dividends or other rights, unless the Award Agreement specifically requires such adjustment, in
which case grants of dividend equivalents or similar rights shall not be considered to be a grant of any other shareholder right. 

ARTICLE VI 

STOCK SUBJECT TO THE PLAN 

Section 6.1. Aggregate Limitation. Subject to the adjustment provisions of Article VIII hereof, beginning on the
Effective Date, there is hereby reserved for issuance under the Plan 15,500,000 Common Shares. 
 Section 6.2.
Canceled or Forfeited Awards. The Committee may adopt reasonable counting procedures to ensure appropriate counting, avoid double counting and make adjustments in the aggregate number of shares available under Section 6.1 above or
otherwise specified in the Plan or in any Award 
  

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hereunder if the number of Common Shares actually delivered differs from the number of Common Shares previously counted in connection with an Award. Common Shares subject to an Award that is
canceled, expired, forfeited, settled in cash or is otherwise terminated without a delivery of Stock to a Participant will again be available for future Awards. Common Shares withheld in payment of the exercise price or taxes relating to an Award or
surrendered in payment of any exercise price or taxes relating to an Award shall constitute Common Shares delivered to a Participant and shall not be available for future Awards under the Plan. This Section 6.2 shall apply to the number of
shares reserved and available for incentive stock options only to the extent consistent with applicable Treasury Regulations relating to incentive stock options under Section 422 of the Code. 

Section 6.3. Shares to be Used. The Common Shares which may be issued pursuant to an Award under the Plan may be
authorized but unissued Stock, treasury Stock or Stock that may be acquired, subsequently or in anticipation of the transaction, in the open market to satisfy the requirements of the Plan. 

Section 6.4. Limitations on Individual Awards. No Participant who is an Employee may own (directly or indirectly), at
the date of an Award under the Plan, more than two percent (2%) of the total combined voting power or value of all classes of stock of the Company or a Subsidiary. No Participant who is a Director may own (directly or indirectly), at the date
of an Award under the Plan, more than one percent (1%) of the total combined voting power or value of all classes of stock of the Company or a Subsidiary. The maximum number of Common Shares with respect to which Awards may be awarded to an
Employee during a calendar year is 400,000. 
 ARTICLE VII  

ADMINISTRATION 

The Plan shall be administered by the Committee. The Committee shall have all of the powers necessary to enable it to properly carry out
its duties under the Plan. Not in limitation of the foregoing, the Committee shall have the power to construe and interpret the Plan and to determine all questions that shall arise thereunder. The Committee shall have such other and further
specified duties, powers, authority and discretion as are elsewhere in the Plan either expressly or by necessary implication conferred upon it. The Committee may appoint such agents, who need not be members of the Committee, as it may deem necessary
for the effective performance of its duties, and may delegate to such agents such powers and duties as the Committee may deem expedient or appropriate that are not inconsistent with the intent of the Plan to the fullest extent permitted under
Delaware General Corporation Law (“DGCL”) Section 157 and related applicable DGCL Sections. The decision of the Committee or any agent of the Committee upon all matters within the scope of its authority shall be final and conclusive
on all persons. 
 ARTICLE VIII 

ADJUSTMENTS UPON CHANGES 

IN CAPITALIZATION 

In the event of a reorganization, recapitalization, Stock split, Stock dividend, exchange of Stock, combination of Stock, merger,
consolidation or any other change in corporate structure of the Company affecting the Stock, or in the event of a sale by the Company of all or a significant part of its assets, or any distribution to its stockholders other than a normal cash
dividend, the Committee shall make appropriate adjustment in the number, kind, price and value of shares of Stock authorized by this Plan and any adjustments to outstanding Awards, per person Award limits and performance goals as it determines
appropriate so as to prevent dilution or enlargement of rights. 
  

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 ARTICLE IX  

AMENDMENT AND TERMINATION 

Section 9.1. Amendment of Plan. The Board has the right, at any time and from time to time, to amend in whole or in
part any of the terms and provisions of the Plan and any or all Award Agreements under the Plan to the extent permitted by law for whatever reason(s) the Company may deem appropriate; provided, however, that any amendment is subject to
stockholder approval if the amendment (i) increases the aggregate number of Common Shares that may be issued under the Plan (other than an adjustment pursuant to Article VIII), (ii) materially expands the class of individuals eligible
to become Participants, (iii) expands the types of awards available under the Plan, (iv) materially extends the term of the Plan, (v) materially changes the method of determining the exercise price of a Stock Option, or
(vi) otherwise is considered a “material revision” pursuant to Section 303A.08 of the Listed Company Manual of the New York Stock Exchange (“NYSE”). No amendment shall, without a Participant’s consent,
adversely affect any rights of such Participant under any Award outstanding at the time such amendment is made. Without the approval of the stockholders of the Company, neither the Board nor the Committee will amend or replace previously awarded
Stock Options or Stock Appreciation Rights in a transaction that constitutes a “repricing,” as such term is used in Section 303A.08 of the Listed Company Manual of the NYSE. Neither the Board nor the Committee shall have any authority
to waive or modify any other terms of an Award after the Award has been awarded to the extent the waived or modified term would be mandatory under the Plan for any Award newly awarded at the date of the waiver or modification. Notwithstanding the
preceding, the Board may amend or modify the Plan or any outstanding Award to the extent necessary to cause the Plan or such Award to comply with the requirements of Sections 409A(a)(2), (3) and (4) of the Code (as amended by the American
Jobs Creation Act of 2004) and any rules or regulations issued thereunder by the United States Department of the Treasury. 

Section 9.2. Termination of Plan. The Company expressly reserves the right, at any time, to suspend or terminate the
Plan and any or all Award Agreements under the Plan to the extent permitted by law for whatever reason(s) the Company may deem appropriate, including, without limitation, suspension or termination as to any Subsidiary, Employee, class of Employees
or Director. 
 Section 9.3. Procedure for Amendment or Termination. Any amendment to the Plan or termination
of the Plan shall be made by the Company by resolution of the Board and shall not require the approval or consent of any Subsidiary, Participant, or Beneficiary in order to be effective to the extent permitted by law. Any amendment to the Plan or
termination of the Plan may be retroactive to the extent not prohibited by applicable law. 
 ARTICLE X 

 MISCELLANEOUS 

Section 10.1. Rights of Employees and Directors. Status as an eligible Employee or Director shall not be construed as
a commitment that any Award will be made under the Plan to such eligible Employee or Director or to eligible Employees or Directors generally. Nothing contained in the Plan (or in any other documents related to this Plan or to any Award) shall
confer upon any Employee or Director any right to continue in the employ or service of the Company or any Subsidiary or constitute any contract or limit in any way the right of the Company to change such person’s compensation or other benefits
or to terminate the employment or service of such person with or without cause. 
 Section 10.2. Compliance with
Law. No Stock distributable pursuant to this Plan shall be issued and delivered unless the issuance and delivery complies with all applicable legal requirements 

 

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including, without limitation, compliance with the provisions of applicable state securities laws, the Securities Act of 1933, as amended from time to time, or any successor statute, the
Securities Exchange Act of 1934, as amended from time to time or any successor statute, and the requirements of the market systems or exchanges on which the Company’s Stock may, at the time, be traded or listed. 

Section 10.3. Unfunded Status. The Plan shall be unfunded. Neither the Company, any Subsidiary, nor the Board shall be
required to segregate any assets that may at any time be represented by Awards made pursuant to the Plan. Neither the Company, any Subsidiary, the Committee, nor the Board shall be deemed to be a trustee of any amounts to be paid under the Plan.

 Section 10.4. Limits on Liability. Any liability of the Company or any Subsidiary to any Participant with
respect to an Award shall be based solely upon contractual obligations created by the Plan and the Award Agreement. Neither the Company nor any Subsidiary nor any member of the Board or the Committee, nor any other person participating in any
determination of any question under the Plan, or in the interpretation, administration or application of the Plan, shall have any liability to any party for any action taken or not taken in good faith under the Plan. To the extent permitted by
applicable law, the Company shall indemnify and hold harmless each member of the Board and the Committee from and against any and all liability, claims, demands, costs, and expenses (including the costs and expenses of attorneys incurred in
connection with the investigation or defense of claims) in any manner connected with or arising out of any actions or inactions in connection with the administration of the Plan except for such actions or inactions which are not in good faith or
which constitute willful misconduct. 
 ARTICLE XI  

EFFECTIVE DATE; DURATION OF THE PLAN 

The Plan shall be effective as of May 13, 2010 provided it is ratified and approved by the stockholders of the Company on such date.
The Plan shall terminate and no Awards may be made under the Plan after June 30, 2020. Awards made on or before June 30, 2020 shall remain valid in accordance with their terms notwithstanding the termination of the Plan on June 30,
2020. 
  

 10Escrow Agreement

 Exhibit 4.5 

FORM OF ESCROW AGREEMENT 

THIS ESCROW AGREEMENT (this “Agreement”) made and entered into as of this 22 day of June, 2010 by and among Wells Investment
Securities, Inc., a Georgia corporation (the “Dealer Manager”), Wells Core Office Income REIT, Inc., a Maryland corporation (the “Company”), and UMB Bank, N.A., as escrow agent, a national banking association
organized and existing under the laws of the United States of America (the “Escrow Agent”). 
 RECITALS

 WHEREAS, the Company proposes to offer and sell shares of common stock (the “Shares”), on a
best-efforts basis, for at least $2,500,000 and up to $5,000,000,000 of gross proceeds (excluding the shares of its common stock to be offered and sold pursuant to the Company’s distribution reinvestment plan), at an initial purchase price of
$25.00 per share (the “Offering”) to investors pursuant to the Company’s Registration statement on Form S-11 (File No. 333-163411), as amended from time to time (the “Offering Document”). 

WHEREAS, the Dealer Manager will be engaged by the Company to offer and sell the Shares on a best efforts basis through a network
of participating broker-dealers (the “Dealers”). 
 WHEREAS, the Company has agreed that the
subscription price paid by subscribers for shares will be refunded to such subscribers if at least $2,500,000 of gross offering proceeds from persons who are not affiliated with the Company or Wells Real Estate Advisory Services III, LLC (the
“Advisor”) (the “Minimum Offering”) has not been raised within one year from the date the Offering Document becomes effective with the Securities and Exchange Commission (the “Closing Date,”).

 WHEREAS, the Dealer Manager and the Company desire to establish an escrow account (the “Escrow
Account”), as further described herein in which funds received from subscribers will, except as otherwise specified herein, be deposited into an account entitled “Wells Core Office Income REIT, Inc. Subscription Account” and the
Company desires that the Escrow Agent act as escrow agent to the Escrow Account and Escrow Agent is willing to act in such capacity. 

WHEREAS, deposits received from residents of the State of Pennsylvania (the “Pennsylvania Subscribers”) will
remain in the Escrow Account until the conditions of Section 3 hereof has been met. 
 WHEREAS, the Escrow Agent has
engaged Boston Financial Data Services, 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 Company or the Dealer Manager. 

WHEREAS, in order to subscribe for Shares during the Escrow Period (as defined below), a subscriber must deliver the full amount
of the purchase price for its subscription: (i) by check made payable to the order of UMB Bank, N.A., as Escrow Agent for Wells Core Office 

 
Income REIT, Inc. in U.S. dollars or (ii) by draft, wire transfer of immediately available funds or Automated ClearingHouse (ACH) in U.S. dollars transmitted directly to the Escrow Account
made payable as provided in Section 11(2) (collectively, the “Payment Instruments”). 
 AGREEMENT 

 NOW, THEREFORE, the Dealer Manager, the Company and Escrow Agent agree to the terms of this Agreement as follows:

 1. Establishment of Escrow Account; Escrow Period. On or prior to the commencement of the offering of Shares pursuant to the Offering
Document, the Company shall establish the Escrow Account with the Escrow Agent, which shall be entitled “UMB Bank, N.A., as Escrow Agent for Wells Core Office Income REIT, Inc.” This Agreement shall be effective on the date on which the
Offering Document becomes effective. Except as otherwise set forth herein for the Pennsylvania Subscribers, the escrow period shall commence upon the effectiveness of this Agreement and shall continue until the earlier of (i) the date upon
which the Escrow Agent receives confirmation from the Company and the Dealer Manager that the Company has raised the Minimum Offering, (ii) the Closing Date, or (iii) the termination of the Offering by the Company prior to the receipt of
the Minimum Offering (the “Escrow Period”). 
 2. Operation of the Escrow. 

(a) Deposits in the Escrow Account. During the Escrow Period, persons subscribing to purchase Shares will be instructed by the
Company, the Dealer Manager and the Dealers to make checks for subscriptions payable to the order of “UMB Bank, N.A., as Escrow Agent for Wells Core Office Income REIT, Inc.” Completed subscription agreements and Payment Instruments for
the purchase price shall be remitted by the broker dealers or registered investment advisors, as applicable, on behalf of persons subscribing to purchase Shares directly to the Escrow Agent as provided for in Section 11(2) within the time
periods required by Rule 15c2-4 of the Securities Exchange Act of 1934, as amended. The Escrow Agent hereby agrees to maintain the funds contributed by the Pennsylvania Subscribers in a manner in which they may be separately accounted for by the
records of the Transfer Agent so that the requirements of Section 3 of this Agreement can be met. Deposits shall be held in the Escrow Account until such funds are disbursed in accordance with this Agreement. Prior to disbursement of the funds
deposited in the Escrow Account, upon receipt of the Payment Instruments, Escrow Agent shall fax or scan a listing of the subscriber name and purchase price to the Transfer Agent, together with all other subscription documents sent with the Payment
Instruments. Prior to disbursement of the funds deposited in the Escrow Account, such funds shall not be subject to claims by creditors of the Company or any of its affiliates. If any of the Payment Instruments are returned to the Escrow Agent for
nonpayment prior to receipt of the Break Escrow Affidavit (as described below), the Escrow Agent shall promptly notify the Transfer Agent and the Company in writing via mail, email or facsimile of such nonpayment, and the Escrow Agent is authorized
to debit the Escrow Account, as applicable in the amount of such returned payment and the Transfer Agent shall delete the appropriate account from the records maintained by the Transfer Agent. Within 30 days from the date of receipt of each
subscription, the Company will determine whether or not the subscription is to be accepted or rejected in whole or in part. Within 10 business days of receipt by the Escrow Agent of written notice from the Company, or as soon thereafter as
practicable, that a subscription has been rejected, the Escrow Agent shall transfer by check the funds and all 
  

 - 2 - 

 
interest, if any, earned thereon, of any subscribers whose subscription has been rejected since the commencement of the Offering. The Transfer Agent will maintain a written account of each sale,
which account shall set forth, among other things, the following information: (i) the subscriber’s name and address, (ii) the subscriber’s social security number, (iii) the number of Shares purchased by such subscriber, and
(iv) the amount paid by such subscriber for such Shares. During the Escrow Period neither the Company nor the Dealer Manager will be entitled to any principal funds received into the Escrow Account. 

(b) Distribution of the Funds in the Escrow Account to Subscribers other than the Pennsylvania Subscribers. If at any time on or
prior to the Closing Date, the Minimum Offering has been raised, then upon the happening of such event, the funds in the Escrow Account shall remain in the Escrow Account until the Escrow Agent receives written direction provided by the Company and
the Dealer Manager instructing the Escrow Agent to disburse to the Company, as the Company shall direct, the principal amount of such escrowed funds together with any interest earned thereon (other than any funds received from Pennsylvania
Subscribers, which cannot be released until the conditions of Section 3 has been met); provided, however, that the Escrow Agent shall not disburse the funds of a subscriber, the subscription of which has been rejected or rescinded, if the
Escrow Agent has been notified by the Company of such rejection or rescission. An affidavit or certification from an officer of the Company and an officer of the Dealer Manager to the Escrow Agent and Transfer Agent stating that at least the Minimum
Offering has been timely raised, shall constitute sufficient evidence for the purpose of this Agreement that such event has occurred (the “Break Escrow Affidavit”). The Affidavit shall indicate (i) the date on which the Minimum
Offering was raised and (ii) the actual total number of Shares sold as of such date. 
 (c) If the Escrow Agent has not
received a Break Escrow Affidavit on or prior to the Closing Date, the Escrow Agent shall promptly create and dispatch checks and wires drawn on the Escrow Account to return the principal amount of the funds in the Escrow Account to the subscribers,
together with their pro rata share of any interest earned thereon, and the Escrow Agent shall notify the Company and the Dealer Manager of its distribution of the funds. The subscription payments returned to each subscriber (including those, if any,
returned to Pennsylvania subscribers pursuant to Section 3) shall be free and clear of any and all claims of the Company or any of its creditors. 
  

 - 3 - 

 3. Distribution of the Funds from Pennsylvania Subscribers. 

(a) Notwithstanding anything to the contrary herein, disbursements of funds contributed by Pennsylvania Subscribers may only be
distributed in compliance with the provisions of this Section 3. Irrespective of any disbursement of funds from the Escrow Account pursuant to Section 2 hereof, the Escrow Agent will continue to place deposits from the Pennsylvania
Subscribers into the Escrow Account, until such time as the Company notifies the Escrow Agent in writing that total subscriptions (including amounts in the Escrow Account previously disbursed as directed by the Company and the amounts then held in
the Escrow Account) equal or exceed $166,700,000, whereupon the Escrow Agent shall disburse to the Company, as the Company shall direct, the principal amount of the funds from the Pennsylvania Subscribers received by the Escrow Agent for accepted
subscriptions together with any interest earned thereon. However, the Escrow Agent shall not disburse to the Company those funds of a subscriber, the subscription of which has been rejected or rescinded, if the Escrow Agent has been notified by the
Company of such rejection or rescission. 
 (b) If the Company has not received total subscriptions of at least $166,700,000
within 120 days of the date the Company first receives a subscription from a Pennsylvania Subscriber (the “Initial Escrow Period”), the Company shall notify each Pennsylvania Subscriber by certified mail or any other means (whereby receipt
of delivery is obtained) of the right of Pennsylvania Subscribers to have their investment returned to them. If, pursuant to such notice, a Pennsylvania Subscriber requests the return of his or her subscription funds within ten (10) days after
receipt of the notification (the “Request Period”), the Escrow Agent shall promptly refund directly to each Pennsylvania Subscriber the principal amount of the funds deposited in the Escrow Account on behalf of the Pennsylvania Subscriber.

 (c) The funds of Pennsylvania Subscribers who do not request the return of their funds within the Request Period shall remain
in the Escrow Account for successive 120-day escrow periods (each 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 in Section 3(b) above with respect to the Initial Escrow Period for each Successive Escrow Period, provided that any refunds made to a Pennsylvania Subscriber after a Successive Escrow Period shall
include a pro rata share of any interest earned thereon after the Initial Escrow Period, until the occurrence of the earliest of (i) the termination of the offering by the Company prior to the receipt of $166,700,000 of total subscriptions,
(ii) the receipt and acceptance by the Company of total subscriptions that equal or exceed $166,700,000 and the disbursement of the Escrow Account on the terms specified in this Section 3, or (iii) all funds held in the Escrow Account
that were contributed by Pennsylvania Subscribers having been returned to the Pennsylvania Subscribers in accordance with the provisions hereof. 

(d) If the Company has not received and accepted total subscriptions of at least $166,700,000 within 365 days after the Closing Date, all
funds in the Escrow Account that were contributed by Pennsylvania Subscribers will be promptly returned in full to such Pennsylvania Subscribers, together with their pro rata share of any interest earned thereon

  

 - 4 - 

 
pursuant to instructions made by the Company, upon which the Escrow Agent may conclusively rely. 

4. Funds in the Escrow Account. Upon receipt of funds from subscribers to the Offering, the Escrow Agent shall hold such funds in escrow pursuant
to the terms of this Agreement. All such funds held in the Escrow Account shall be invested and reinvested in accounts and investments permitted under Rule 15c2-4 of the Securities Exchange Act of 1934, as amended, at the direction of the Company.
All funds in the Escrow Account shall at all times be placed in interest-bearing accounts unless otherwise determined by the Company (except for the funds from Pennsylvania Subscribers in the Escrow Account which must be maintained in an
interest-bearing account following the Initial Escrow Period). 
 The Escrow Agent shall be entitled to sell or redeem any such
investment as necessary to make any distributions required under this Agreement and shall not be liable or responsible for any loss resulting from any such sale or redemption. 

Income, if any, resulting from the investment of the funds in the Escrow Account shall be distributed according to this Agreement.

 The Escrow Agent shall provide to the Company monthly statements (or more frequently as reasonably requested by the Company)
on the account balance in the Escrow Account and the activity in the account since the last report. 
 5. Duties of the Escrow Agent. The
Escrow Agent shall have no duties or responsibilities other than those expressly set forth in this Agreement, and no implied duties or obligations shall be read into this Agreement against the Escrow Agent. The Escrow Agent is not a party to, or
bound by, any other agreement among the other parties hereto with respect to the subject matter hereof, and the Escrow Agent’s duties shall be determined solely by reference to this Agreement. The Escrow Agent shall have no duty to enforce any
obligation of any person, other than as provided herein. The Escrow Agent shall be under no liability to anyone by reason of any failure on the part of any party hereto or any maker, endorser or other signatory of any document or any other person to
perform such person’s obligations under any such document. 
 6. Liability of the Escrow Agent and the Transfer Agent;
Indemnification. The Escrow Agent acts hereunder as a depository only. The Escrow Agent is not responsible or liable in any manner for the sufficiency, correctness, genuineness or validity of this Escrow Agreement or with respect to the form of
execution of the same. Each of the Escrow Agent and the Transfer Agent shall not be liable for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith, and in the exercise of its own best judgment, and
may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Escrow Agent or the Transfer Agent), statement, instrument, report or other paper or
document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Escrow Agent or the Transfer Agent to be
genuine and to be signed or presented by the proper person(s). Each of the Escrow Agent and the Transfer Agent shall not be held liable for any error in judgment made in good faith by an officer or employee of either unless it shall be proved that
the Escrow Agent or the Transfer Agent, as appropriate, was grossly negligent or reckless in ascertaining the pertinent facts or acted 

 

 - 5 - 

 
intentionally in bad faith. The Escrow Agent shall not be bound by any notice of demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof,
unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall give its prior written consent thereto. 

Either of the Escrow Agent and the Transfer Agent may consult legal counsel and shall exercise reasonable care in the selection of such counsel, in the
event of any dispute or question as to the construction of any provisions hereof or its duties hereunder, and it shall incur no liability and shall be fully protected in acting in accordance with the reasonable opinion or instructions of such
counsel. 
 Each of the Escrow Agent and the Transfer Agent shall not be responsible, may conclusively rely upon and shall be protected,
indemnified and held harmless by the Company, for the sufficiency or accuracy of the form of, or the execution, validity, value or genuineness of any document or property received, held or delivered by it hereunder, or of the signature or
endorsement thereon, or for any description therein; nor shall the Escrow Agent or the Transfer Agent be responsible or liable in any respect on account of the identity, authority or rights of the persons executing or delivering or purporting to
execute or deliver any document, property or this Agreement. 
 In the event that either the Escrow Agent or the Transfer Agent shall become
involved in any arbitration or litigation relating to the funds in the Escrow Account, each is authorized to comply with any decision reached through such arbitration or litigation. 

The Company, hereby agrees to indemnify both the Escrow Agent and the Transfer Agent for, and to hold it harmless against any loss, liability or expense
incurred in connection herewith without gross negligence, recklessness or willful misconduct on the part of either of the Escrow Agent or the Transfer Agent, including without limitation legal or other fees arising out of or in connection with its
entering into this Agreement and carrying out its duties hereunder, including without limitation the costs and expenses of defending itself against any claim of liability in the premises or any action for interpleader. Neither the Escrow Agent, nor
the Transfer Agent, shall be under any obligation to institute or defend any action, suit, or legal proceeding in connection herewith, unless first indemnified and held harmless to its satisfaction in accordance with the foregoing, except that
neither shall be indemnified against any loss, liability or expense arising out of its own gross negligence, recklessness or willful misconduct. Such indemnity shall survive the termination or discharge of this Agreement or resignation of the Escrow
Agent. 
 7. The Escrow Agent’s Fee. Escrow Agent shall be entitled to fees and expenses for its regular services as Escrow Agent as
set forth in Exhibit A. Additionally, Escrow Agent is entitled to reasonable fees for extraordinary services and reimbursement of any reasonable out of pocket and extraordinary costs and expenses related to its obligations as Escrow Agent
under this Agreement, including, but not limited to, reasonable attorneys’ fees. All of the Escrow Agent’s compensation, costs and expenses shall be paid by the Company. 

8. Security Interests. No party to this Escrow Agreement shall grant a security interest in any monies or other property deposited with the Escrow
Agent under this Escrow Agreement, or otherwise create a lien, encumbrance or other claim against such monies or borrow against the same. 
  

 - 6 - 

 9. Dispute. In the event of any disagreement between the undersigned or the person or persons named
in instructions given pursuant to this Agreement, or any other person, resulting in adverse claims and demands being made in connection with or for any papers, money or property involved herein, or affected hereby, the 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 money, papers or property involved or affected hereby, the Escrow Agent shall not be or
become liable to the undersigned or to any person named in such instructions for its refusal to comply with such conflicting or adverse demands, and the Escrow Agent shall be entitled to refuse and refrain to act until: (a) The rights of the
adverse claimants shall have been fully and finally adjudicated in a court of competent jurisdiction over the parties and money, papers and property involved herein or affected hereby, or (b) All differences shall have been adjusted by
agreement and the Escrow Agent shall have been notified thereof in writing, signed by all the interested parties. 
 10. 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 Company, whereupon the Escrow Agent’s obligations hereunder shall cease and
terminate; or 
 (b) If no such successor escrow agent has been designated by such date, 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 Company or in accordance
with the directions of a final order or judgment of a court of competent jurisdiction; and 
 (c) Further, if no such successor
escrow agent has been designated by such date, the Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor agent; further the Escrow Agent may pay into such court all monies and property deposited with Escrow
Agent under this Agreement. 
 11. Notices. All notices, demands and requests required or permitted to be given under the provisions
hereof must be in writing and shall be deemed to have been sufficiently given, upon receipt, if (i) personally delivered, (ii) sent by telecopy and confirmed by phone or (iii) mailed by registered or certified mail, with return
receipt requested, or by overnight courier with signature required, delivered to the addresses set forth below, or to such other address as a party shall have designated by notice in writing to the other parties in the manner provided by this
paragraph: 
  

			
	(1) If to Company:	  	Wells Core Office Income REIT, Inc.
		  	 6200 The Corners Parkway, Suite 250

Norcross, Georgia 30092

		  	Telephone: 770-449-7800
		  	Fax: 770-243-8286

  

 - 7 - 

			
		  	Company Wire Instructions:
		  	To be provided by the Company
		
	(2) If to the Escrow Agent:	  	UMB Bank, N.A.
		  	1010 Grand Blvd., 4th Floor
		  	Mail Stop: 1020409
		  	Kansas City, Missouri 64106
		  	Attention: Lara Stevens,
		  	Corporate Trust
		  	Telephone: (816) 860-3017
		  	Facsimile: (816) 860-3029
		
		  	Escrow Agent Wiring Instructions:
		  	UMB Bank, N.A.
		  	ABA Routing Number: 101000695
		  	Account Number: To be provided by UMB Bank, N.A.
		  	Account Name: UMB Bank, N.A., as Escrow Agent for Wells Core Office Income REIT, Inc.
		
		  	Checks Payable Information:
		  	UMB Bank, N.A., as Escrow Agent for Wells Core Office Income REIT, Inc.
		  	 Attention: Lara Stevens, Corporate Trust

1010 Grand Boulevard,
4th Floor

M/S 1020409
 Kansas City, Missouri
64106

		
	(3) If to Dealer Manager:	  	Wells Investment Securities, Inc.
		  	6200 The Corners Parkway
		  	Norcross, Georgia 30092
		
		  	Telephone: 770-449-7800
		  	Fax: 770-243-8286

 12. Governing Law. This Agreement
shall be construed and enforced in accordance with the laws of the State of Missouri without regard to the principles of conflicts of law. 

13. Binding Effect; Benefit. This Agreement shall be binding upon and inure to the benefit of the permitted successors and assigns of the parties
hereto. 
 14. Modification. This Agreement may be amended, modified or terminated at any time by a writing executed by the Dealer
Manager, the Company and the Escrow Agent. 
 15. Assignability. This Agreement shall not be assigned by the Escrow Agent without the
Company’s prior written consent. 
  

 - 8 - 

 16. Counterparts. This Agreement may be executed in one or more counterparts, each of which will be
deemed an original, but all of which together will constitute one and the same instrument. 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. 
 17.
Headings. The section headings contained in this Agreement are inserted for convenience only, and shall not affect in any way, the meaning or interpretation of this Agreement. 

18. Severability. This Agreement constitutes the entire agreement among the parties and supersedes all prior and contemporaneous agreements and
undertakings of the parties in connection herewith. No failure or delay of the Escrow Agent in exercising any right, power or remedy may be, or may be deemed to be, a waiver thereof; nor may any single or partial exercise of any right, power or
remedy preclude any other or further exercise of any right, power or remedy. In the event that any one or more of the provisions contained in this Agreement, shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, then
to the maximum extent permitted by law, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement. 

19. Earnings Allocation; Tax Matters; Patriot Act Compliance; OFAC Search Duties. The Company or its agent shall be responsible for all tax
reporting under this Escrow Agreement. 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 Payment Instrument and shall inform the Company if a Payment Instrument fails the OFAC search.

 20. Miscellaneous. This Agreement shall not be construed against the party preparing it, and shall be construed without regard to the
identity of the person who drafted it or the party who caused it to be drafted and shall be construed as if all parties had jointly prepared this Agreement and it shall be deemed their joint work product, and each and every provision of this
Agreement shall be construed as though all of the parties hereto participated equally in the drafting hereof; and any uncertainty or ambiguity shall not be interpreted against any one party. As a result of the foregoing, any rule of construction
that a document is to be construed against the drafting party shall not be applicable. 
 21. Third Party Beneficiaries. The Transfer
Agent shall be a third party beneficiary under this Agreement, entitled to enforce any rights, duties or obligations owed to it under this Agreement notwithstanding the terms of any other agreements between the Transfer Agent and any Party hereto.

 22. Termination of the Escrow Agreement. This Agreement, except for Sections 6 and 10 hereof, which shall continue in effect, shall
terminate upon written notice from the Company to the Escrow Agent. Unless otherwise provided, final termination of this Agreement shall occur on the date that all funds held in the Escrow Account are distributed either (a) to the Company or to
subscribers and the Company has informed the Escrow Agent in writing to close the Escrow Account or (b) to a successor escrow agent upon written instructions from the Company. 

 

 - 9 - 

 23. Relationship of Parties. The Dealer Manager and the Company are unaffiliated with the Escrow
Agent, and this Agreement does not create any partnership or joint venture among either the Dealer Manager or the Company and the Escrow Agent. 

[SIGNATURE PAGES FOLLOW] 
  

 - 10 - 

 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by
their duly authorized representatives as of the date first written hereinabove: 
  

			
	 DEALER MANAGER:
  

WELLS INVESTMENT SECURITIES, INC.

		
	By:	 	/s/ John E. Monroe
	 Name:
 Title:
	 	 John E. Monroe
 Assistant
Treasurer

	
	 COMPANY:
  

WELLS CORE OFFICE INCOME REIT, INC.

		
	By:	 	/s/ Douglas P. Williams
	 Name:
 Title:
	 	 Douglas P. Williams

Executive Vice President

	
	 ESCROW AGENT:
  

UMB BANK, N.A.

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

  

 - 11 - 

 Exhibit 4.5 

EXHIBIT A 

ESCROW FEES AND EXPENSES 
  

					
	 Acceptance Fee
	  			
	 Review escrow agreement and establish account
	  	$	3,000	  
	 Annual Fee
	  			
	 Maintain account
	  	$	3,000	  
	 Transaction Fees
	  			
	 (a) per outgoing wire transfer
	  	$	35.00	  
	 (b) per Form 1099 (Int., B or Misc.)
	  	$	10.00	* 
	 (c) per investment purchase, sale or settlement
	  	$	35.00	** 

  

	*	Not anticipated to be charged 

	**	Excludes money market mutual fund transactions 

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 and first year annual fees will be payable at the initiation of the escrow and annual fees will be payable in advance thereafter. Other fees and expenses will be billed as incurred. 

 

 - A-1 - 

 Exhibit 4.5 

EXHIBIT B 

Form of Subscriber List 

Pursuant to the Escrow Agreement dated as of _________ ___, 2010, by and among Wells Core Office Income REIT, Inc. (the “Company”), UMB
Bank, N.A., as escrow agent (the “Escrow Agent”), and Wells Investment Securities, Inc. (the “Dealer Manager”), the Dealer Manager hereby notifies the Escrow Agent that, as of the date set forth below, the following
Subscribers have submitted subscription funds for the purchase of shares of common stock of the Company (the “Shares”), such subscription funds have been deposited with Escrow Agent in accordance with the Escrow Agreement:

  

			
	1.	  	Name of Subscriber
		  	Address
		  	Tax Identification Number
		  	Number of Shares subscribed for
		  	Amount of money paid and deposited with Escrow Agent
		
	2.	  	Name of Subscriber
		  	Address
		  	Tax Identification Number
		  	Number of Shares subscribed for
		  	Amount of money paid and deposited with Escrow Agent
		
	. . .	  	Name of Subscriber
		  	Address
		  	Tax Identification Number
		  	Number of Shares subscribed for
		  	Amount of money paid and deposited with Escrow Agent

  

					
	_____________________
		
	By:	 	 
	Name: 	 	 
	Title:	 	 
	Date:	 	 	 	, 2010

  

 - B-1 -

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