FORM OF SUBSCRIPTION AGREEMENT

FIIC HOLDINGS, INC.
SUBSCRIPTION AGREEMENT

The undersigned hereby executes this Subscription Agreement (the “Subscription”)
and applies to purchase the Convertible Promissory Note(s) (“Note(s)”) of FIIC
HOLDINGS, INC., a Delaware Corporation (the “Company”), set forth on the last
page hereof. The Loan amount of ___________ Thousand dollars ($___,000) is being
made in connection with the certain Notes hereby subscribed, for and will be
paid by delivering to the Company a check payable to “FIIC Holdings, Inc.”

Accompanying this Subscription Agreement are: (i) the undersigned’s check in the
amount of $___,000 as a loan subscribed and (ii) a completed Confidential
Purchaser Questionnaire. The Company hereby agrees that such executed documents,
and the subscription funds.

The undersigned hereby represents and warrants to the Company as follows:

 
1.
The undersigned is an Accredited Investor within the meaning of Regulation D
promulgated under the Securities Act of 1933, as amended (the "Securities Act").

 
2.
The undersigned has read and understands the “Risk Factors” attached to this
Subscription Agreement, as well as the Risk Factors and Plan of Operation
information in the Company’s 10-KSB dated April 11, 2006, and any document
publicly filed by the Company with the Securities and Exchange Commission
subsequent thereto and prior to the date hereof.

 
3.
The undersigned and the advisors of the undersigned have had ready access to,
and an opportunity to review, any and all documents that the undersigned and/or
the advisors of the undersigned deem relevant to this transaction and no
requested information, oral or written, has been withheld.

 
4.
The undersigned is the sole party in interest as the subscriber.

 
5.
The undersigned is acquiring Note(s) for investment and without a view to resale
in connection with any distribution.

 
6.
The undersigned is aware of the following:

 

(a)  
the Note(s) offered by the Company and the underlying shares have not been
registered under the Securities Act in reliance upon the exemptions provided by
Section 4(2) of the Securities Act and/or Regulation D promulgated under the
Securities Act;

 

(b)  
the resale of any Note(s) or underlying shares without registration under the
Securities Act or exemption there from is prohibited (reliance on any exemption
from registration must be established to the Company's satisfaction in its sole
and absolute discretion);

(c)  
this Subscription may be rejected in whole or in part by the Company in its sole
and absolute discretion;

 
 

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(d)  
there will be no public market for the Note(s) offered by the Company and,
accordingly, it may not be possible for the undersigned to liquidate an
investment in the Company; and

(e)  
the Note(s) offered and subscribed for hereunder are offered to purchaser only
as an investment and without a view to resale in connection with any
distribution.

7.
The undersigned has either: (i) consulted with the undersigned's business, tax
and legal advisors (purchaser representative) with respect to the documents and
information relating to this transaction, and they have advised the undersigned
as to the merits of the offering; or (ii) the undersigned has had sufficient
experience in investments and business matters to recognize the advantages and
disadvantages of an investment of this nature.

8.
If the undersigned is a corporation, partnership, plan or trust, then all action
necessary to enter into and deliver this Subscription Agreement has been taken
and the undersigned agrees that it will deliver a copy of the organization
documents of the subscriber to the Company. In addition, the undersigned
warrants that any such corporation, partnership, plan or trust was: (i) existing
prior to receiving any offer hereunder; and (ii) was not formed or organized for
the purpose of purchasing any of the Note(s).

9.
If the undersigned is an employee benefit plan within the meaning of ERISA: (i)
the purchase of Note(s) by the undersigned is not a “prohibited transaction”
within the meaning of ERISA, the Internal Revenue Code, or the regulations
promulgated there under, respectively, and such purchase is a prudent investment
within the meaning of ERISA; and (ii) the undersigned agrees to indemnify and
hold harmless the Company, its agents, successors and assigns from and against
any and all liability, loss, cost and expense (including attorneys’ fees)
resulting from any adverse claim or determination by the Department of Labor or
the Internal Revenue Service respecting the propriety, suitability or legality
of the undersigned's investment in the Note(s).

10.
The information contained in the undersigned's Confidential Purchaser
Questionnaire is true and complete.

The undersigned recognizes that the offer and sale of the Note(s) to the
undersigned are based upon the representations and warranties of the undersigned
contained herein. The undersigned hereby indemnifies the Company, and anyone
acting on behalf of the Company, with respect to the offer and sale of the
Note(s) (including, but not limited to, the Company's attorneys), and agrees to
hold each of such persons harmless against all liabilities, costs, or expenses
(including attorneys’ fees and costs of collection) arising by reason of, or in
connection with, any misrepresentation or any breach of such representations or
warranties by the undersigned, or arising as a result of the sale or
distribution of the Note(s) by the undersigned in violation of the Securities
Act, applicable federal and state securities laws, ERISA, the Internal Revenue
Code, and any other applicable law, or for failure to fulfill any of the
undersigned's covenants or agreements set forth herein. Further, the undersigned
hereby indemnifies the Company, and anyone acting on behalf of the Company, with
respect to the offer and sale of the Note(s) (including, but not limited to, the
Company's attorneys), and agrees to hold each of such persons harmless against
all liabilities, costs or expenses (including attorney’s fees and costs of
collection) incurred in connection with the successful defense by the Company,
or any of such other persons, of any claim, action or cause of action of the
undersigned.

 
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The undersigned hereby acknowledges and agrees that the undersigned is not
entitled to cancel, terminate, or revoke this Subscription Agreement or any
agreements of the undersigned hereunder and that such Subscription Agreement and
agreements shall survive the death or disability of the undersigned or any
assignment by the undersigned of any Note(s); provided, however, that if the
Company has not accepted this Subscription on or before the termination of the
offering, all agreements of the undersigned hereunder shall automatically be
cancelled, revoked and terminated. This Subscription Agreement, its provisions
and the representations and warranties contained herein shall be binding upon
the heirs, legal representatives, successors and assigns of the undersigned.
 
IN WITNESS WHEREOF, this Subscription has been executed at _________,
____________, on this       day of _____________, 2006.

Amount of Note(s) Subscribed For: _______________.

  ________________________________ Name of subscriber(s) (type or print)
________________________________   ________________________________ Signature of
subscriber(s)
Type or print mailing address including,
street number, city, state and zip code
 
By:______________________
 
________________________________
Name and Title of Authorized
Representative, if applicable
Type or print taxpayer identification
number of the subscriber

ACCEPTED BY:

FIIC HOLDINGS, INC.

By: __________________________________

Title: _________________________________

Dated: ____________________, 2006 

 
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FIIC HOLDINGS, INC.
A Delaware Corporation
(the "Company")

CONFIDENTIAL PURCHASER QUESTIONNAIRE

Name(s) of
Purchaser(s): __________________________________________________________
 
                                            
__________________________________________________________

 
Address:  ________________________________________________________________

________________________________________________________________

Telephone
Number(s): ____________________________________________________________

Marital
Status: __________________________________________________________________

Age(s): ________________________________________________________________________

Taxpayer I.D.
Number(s): ___________________________________________________________

Employment Information:

Occupation or Profession(s): _________________________________________________

________________________________________________________________________

Nature of Business: ________________________________________________________

________________________________________________________________________

Name and Address of Employer(s): _____________________________________________

________________________________________________________________________

Office Telephone Number(s): __________________________________________________

Current Position or Title: _____________________________________________________

Nature of Duties: ___________________________________________________________

Period Employed: ___________________________________________________________

 
 

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Investor Qualifications:

Please complete Part A if you are individually purchasing Note(s) or Part B if
you are signing on behalf of a corporation, partnership, plan, or trust.

A.
All investors who are natural persons must complete the following:

I hereby represent, by marking the appropriate lines below, that:

 
______
1.
I am an Accredited Investor within the meaning of Regulation D because I have
had an individual income in excess of $200,000 or more in each of the two most
recent years, or joint income with my spouse in excess of $300,000 in each of
those years, and reasonably anticipate to reach the same income level in the
current year.

 
______
2.
I am an Accredited Investor within the meaning of Regulation D because I have an
individual net worth, or a net worth with my spouse, of $1,000,000 or more.

B.
All persons signing on behalf of a purchaser that is an entity (i.e.,
corporation, partnership, plan, or trust) must complete the following:

I hereby represent, by marking one or more of the following lines below, that
the Purchaser is an Accredited Investor within the meaning of Regulation D
because:
 

 
______
1.
The Purchaser is an organization described in Section 501(c)(3) of the Internal
Revenue Code of 1986, as amended, or a corporation, Massachusetts or similar
business trust, or partnership, not formed for the specific purpose of acquiring
the Note(s), with total assets in excess of $5,000,000.

 

 
______
2.
The Purchaser is a trust, with total assets in excess of $5,000,000, not formed
for the specific purpose of acquiring the Note(s), whose purchase is directed by
a person who has such knowledge and experience in financial and business matters
that such purchaser is capable of evaluating the merits and risks of the
prospective investment.

 

 
______
3.
The Purchaser is a corporation or partnership in which all of the equity owners
are Accredited Investors within the meaning of Regulation D.

 

 
______
4.
The Purchaser is an employee benefit plan within the meaning of Title I of
ERISA, and the decision to purchase the Note(s) has been made by a plan
fiduciary which is a bank, savings and loan association, insurance company or
registered investment advisor, or the plan has total assets which exceed
$5,000,000, or if a self-directed plan, investment decisions are made solely by
individuals who are Accredited Investors.

 
 
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Type of Ownership:
Indicate type of ownership you prefer, if other than individual (Natural Persons
Only):

______
Joint Tenants with rights of survivorship (each must complete and sign this
Questionnaire)

______
Tenants in Common (each must complete and sign this Questionnaire)

Representations and Warranties:

The undersigned understands that the Company will be relying on the accuracy and
completeness of my responses to the foregoing questions and the undersigned
represents and warrants to the Company, and its attorneys and agents, as
follows:

 
1.
The answers to the above questions are complete and correct and may be relied
upon by each of the foregoing for all purposes, including but not limited to,
determining whether the offering is exempt from registration under the
Securities Act of 1933, as amended, and applicable state securities laws.

 
2.
The undersigned will notify all of the foregoing immediately of any material
change in any statement made herein that occurs prior to the closing of any
purchase of securities in the proposed investment.

_________________________________
Signature(s) of Purchaser(s)

_________________________________
Please Print Name of Purchaser(s)

Dated: ___________________, 2006

 
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