Cannot Backup to Network Share using Ola Hallengren’s Scripts

SQL Version: Microsoft SQL Server 2016(SP3)(KB5003279) – 13.0.6300.2 (X64)

OS Version: Windows Server 2012 R2 Standard

I am trying to setup the backups and database maintenance jobs using Ola Hallengren’s sripts. I have the following job setup:

sqlcmd -E -S $(ESCAPE_SQUOTE(SRVR)) -d master -Q "
    EXECUTE dbo.DatabaseBackup 
    @Databases = 'Lease',
    @Directory = N'\\wlsfs02\Shared05\DatabaseBackups',
    @BackupType = 'FULL',
    @Verify = 'Y',
    @CleanupTime = 360,
    @CleanupMode = 'AFTER_BACKUP',
    @Compress = 'Y',
    @ChangeBackupType= 'N',
    @CheckSum = 'Y',
    @LogToTable = 'Y'
" -b

When I run the job it errors out with:

The file path does exist and is correct. If I change the file path to a local drive it will run and successfully backup the database. The job is running as:

Looking at SQL Server Agent in SSCM it is using the Network Service account. If I try to change it to a domain account that has access to the network folder I get the following error:

I know for sure the password I provided was correct.

What am I doing wrong? How do I get the script above to backup to a network location?