Document:

Exhibit
4.3

 

Form
of Subscription Agreement

 

SUBSCRIPTION
AGREEMENT

 

SUBSCRIPTION
AGREEMENT (the “Agreement”), dated as of __________ __, 20__, by and among iCap Vault 1, LLC, a limited
liability company, with principal executive offices located at 3535 Factoria Blvd. SE, Suite 500, Bellevue, Washington 98006 (the
“Company”), Vault Holding 1, LLC, a limited liability company, with principal executive offices located at
3535 Factoria Blvd. SE, Suite 500, Bellevue, Washington 98006 (the “Guarantor”), and the buyer identified on
the signature page hereto (“Buyer”).

 

WHEREAS:

 

A.
The Company, the Guarantor and the Buyer desire to enter into this transaction to purchase a Note (as defined below) in the iCap
Vault Demand Note Program (the “Program”) pursuant to the Registration Statement (as defined below) which has
been declared effective in accordance with the Securities Act of 1933, as amended (the “Securities Act”), by
the United States Securities and Exchange Commission (the “SEC”).

 

B.
The Company and the Guarantor have authorized the issuance of Variable Denomination Floating Rate Demand Notes of the Company,
the payment of which is fully and unconditionally guaranteed by the Guarantor, in the form attached hereto as Exhibit A,
issued under an indenture (“Indenture”), dated as of ___________, 2020, among the Company, as issuer of the Notes,
the Guarantor, as guarantor of the Notes, and American Stock Transfer & Trust Company, LLC, as the indenture trustee, in the
form attached hereto as Exhibit B.

 

C.
The Buyer wishes to purchase, and the Company and Guarantor wishes to sell, the principal amount of the Variable Denomination
Floating Rate Demand Notes of the Company, the payment of which is fully and unconditionally guaranteed by the Guarantor, set
forth below such Buyer’s name on the Buyer’s signature page (collectively, the “Notes”).

 

NOW,
THEREFORE, the Company, the Guarantor and the Buyer hereby agree as follows:

 

1.
PURCHASE AND SALE OF NOTES.

 

(a)
Subscription for Note. The Buyer hereby subscribes for and agrees to purchase, subject to the terms and conditions of this
Agreement, the Note in the principal amount set forth upon the signature page hereof. This subscription and agreement represent
an irrevocable offer by the Buyer to subscribe for said Note, except as expressly provided herein. This Agreement, subject to
the terms hereof, shall become a contract for the sale of said Note upon the acceptance hereof by the Company and the Guarantor.

 

(b)
Purchase Price. The purchase price for the Note to be purchased by Buyer (the “Purchase Price”) shall
be the amount set forth below the Buyer’s name on the Buyer’s signature page.

 

(c)
Right to Accept or Reject. The Company and the Guarantor reserves the unrestricted right to accept or reject this or any
other subscription, in whole or in part, to borrow less than the principal amount of the Note subscribed for herein, and to withdraw
its offer at any time.

 

(d)
Form of Payment. The Buyer shall pay its Purchase Price to the Company, in the manner set forth in Exhibit C attached
hereto

 

(e)
Manner of Settlement. The Note will be issued in book entry form, which means that no physical note will be created. Evidence
of the Buyer’s ownership of the Note is provided by written confirmation. The Buyer will not receive or be entitled to receive
any physical delivery of a certificated security or negotiable instrument that evidences the Note. The issuance and transfer of
the Note will be accomplished exclusively through the crediting and debiting of the appropriate accounts in the Company or its
designee’s book-entry registration and transfer system

 

    	1

     

    

 

(f)
Effectiveness of Obligations. Notwithstanding anything herein to the contrary, no offer by the Buyer to purchase the Notes
will be accepted and no part of the Purchase Price will be delivered to the Company until such Buyer has been provided the Disclosure
Package (as defined below) and the Company and Guarantor have accepted such offer by countersigning a copy of this Agreement;
any such offer may be withdrawn or revoked without obligation or commitment of any kind, at any time prior to the Company and
the Guarantor (or any of their agents on behalf of the Company and the Guarantor) sending (orally, in writing or by electronic
mail or other electronic means) notice of its acceptance of such offer. An offer to buy or indication of interest will involve
no obligation or commitment of any kind until such Buyer has been provided the Disclosure Package and this Agreement is accepted
and countersigned by or on behalf of the Company and the Guarantor.

 

2.
BUYER’S REPRESENTATIONS AND WARRANTIES. The Buyer represents and warrants to the Company and the Guarantor with respect
to only itself that:

 

(a)
Organization; Authority. If the Buyer is not a natural person, the Buyer is an entity duly organized, validly existing
and in good standing under the laws of the jurisdiction of its organization with the requisite power and authority to enter into
and to consummate the transactions contemplated by the applicable Transaction Documents (as defined below) to which it is a party
and otherwise to carry out its obligations hereunder and thereunder. The execution, delivery and performance by such Buyer of
the transactions contemplated by this Agreement has been duly authorized by all necessary action on the part of such Buyer. This
Agreement has been duly executed and delivered by such Buyer, and constitutes the valid and legally binding obligation of such
Buyer, enforceable against it in accordance with its terms, except as such enforceability may be limited by general principles
of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting
generally, the enforcement of applicable creditors’ rights and remedies.

 

(b)
No Conflicts. The execution, delivery and performance by such Buyer of this Agreement and the consummation by such Buyer
of the transactions contemplated hereby will not (i) result in a violation of the organizational documents of the Buyer if it
is not a natural person or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both
would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement,
indenture or instrument to which such Buyer is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment
or decree (including federal and state securities laws) applicable to such Buyer, except in the case of clauses (ii) and (iii)
above, for such conflicts, defaults, rights or violations which would not, individually or in the aggregate, reasonably be expected
to have a material adverse effect on the ability of such Buyer to perform its obligations hereunder. Since the date on which such
Buyer was first informed about the offering of the Notes, such Buyer has not disclosed any information regarding the offering
to any third parties (other than its legal, accounting and other advisors) and has not engaged in any purchases or sales involving
the securities of the Company (including, without limitation, any short sales involving the Company’s securities). Such
Buyer covenants that it will not engage in any purchases or sales involving the securities of the Company (including short sales)
prior to the time that the transactions contemplated by this Agreement are publicly disclosed by the Company. Such Buyer agrees
that it will not use any of the Notes acquired pursuant to this Agreement to cover any short position if doing so would be in
violation of applicable securities laws.

 

(c)
No Distribution. Such Buyer is not an underwriter, as defined in Section 2(a)(11) of the Securities Act, with respect to
the Notes.

 

    	2

     

    

 

(d)
Investor Advised to Seek Representation. Such Buyer understands that nothing in this Agreement or any other materials made
available to such Buyer in connection with the purchase and sale of the Notes constitutes legal, tax or investment advice. Such
Buyer has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate
in connection with its purchase of Notes.(e) Disclosure Package. Such Buyer acknowledges that the prospectus contained
in the Registration Statement, the Company’s and the Guarantor’s other filings with the SEC incorporated by reference
therein and the representations and warranties of the Company and Guarantor contained herein (collectively, the “Disclosure
Package”) had been made available to such Buyer before this Agreement (or any contractual obligation of such Buyer to
purchase the Notes) was deemed to be effective.

 

(f)
Residency. Such Buyer is a resident of the jurisdiction specified under its address on the Buyer’s signature page.

 

(g)
Suitability Standards for Certain States. If such Buyer is a resident of one of the following states, Buyer represents
and warrants that Buyer satisfies the suitability standards set forth under the applicable state below:

 

Alabama

 

Buyers
that are residents of Alabama must have either (i) a net worth of at least $250,000 (exclusive of home, furnishings and automobiles)
or (ii) a gross annual income of at least $70,000 and a net worth of at least $70,000 (exclusive of home, furnishings and automobiles).
In addition, such Buyers must have a liquid net worth of at least 10 times the Purchase Price for the Notes.

 

Arizona

 

Buyers
that are residents of Arizona must have either (i) a minimum of $150,000 (or $200,000 when combined with spouse) in gross income
during the prior year and a reasonable expectation that the investor will have such income in the current year; or (ii) minimum
net worth (exclusive of home, furnishings and automobiles) of $350,000 (or $400,000 when combined with spouse) with the Purchase
Price for the Notes not exceeding 10% of the net worth of the Buyer (together with a spouse, if applicable).

 

California

 

Buyers
that are residents of California must have either (i) an estimated gross income of at least $65,000 during the current tax year
and a net worth of at least $250,000 (exclusive of home, furnishings and automobiles); or (ii) a net worth of at least $500,000
(exclusive of home, furnishings and automobiles). In addition, and in either case, the Purchase Price for the Notes must not exceed
10% of the Buyer’s net worth (exclusive of home, furnishings and automobiles).

 

Idaho

 

Buyers
that are residents of Idaho must have either (i) a liquid net worth of $85,000 and annual gross income of $85,000 or (ii) a liquid
net worth of $300,000. Additionally, such Buyer’s Purchase Price shall not exceed 10% of his or her liquid net worth. “Liquid
net worth” is defined as that portion of net worth consisting of cash, cash equivalents and readily marketable securities.

 

Missouri

 

The
Purchase Price for the Notes of Buyers that are residents of Missouri may not exceed ten percent (10%) of such Buyer’s Liquid
Net Worth.

 

New
Mexico

 

Buyers
that are residents of New Mexico must have either (i) a minimum net worth of at least $250,000 or (ii) an annual gross income
of at least $70,000 and a net worth of at least $70,000 (exclusive of home, furnishings and automobiles). In addition, such Buyer’s
Purchase Price for the Notes shall not exceed ten percent (10%) of his or her Liquid Net Worth. Liquid net worth is defined as
that portion of net worth which consists of cash, cash equivalents, and readily marketable securities. The investor suitability
requirements stated above represent minimum suitability requirements we establish for prospective Noteholders in the state of
New Mexico. However, satisfaction of these requirements will not necessarily mean that the Notes are a suitable investment for
a prospective investor, or that we will accept the prospective investor’s subscription agreement.

 

    	3

     

    

 

Oregon

 

We
have established suitability standards for Oregon investors, which require such investors to have either (i) a minimum annual
gross income of at least $80,000 and a minimum net worth of at least $80,000 (exclusive of automobile, home and home furnishings)
or (ii) a net worth of at least $280,000 (exclusive of automobile, home and home furnishings). Additionally, an Oregon investor’s
total investment in us shall not exceed 10% of his or her liquid net worth. Liquid net worth is defined as that portion of net
worth consisting of cash, cash equivalents and readily marketable securities. The investor suitability requirements stated above
represent minimum suitability requirements we establish for prospective Noteholders in the state of Oregon. However, satisfaction
of these requirements will not necessarily mean that the Notes are a suitable investment for a prospective investor, or that we
will accept the prospective investor’s subscription agreement.

 

Pennsylvania

 

Buyers
that are residents of Pennsylvania must have either (i) an annual gross income of at least $80,000 and a net worth of at least
$80,000 (exclusive of home, furnishings and automobiles) or (ii) a net worth of at least $280,000 (exclusive of home, furnishings
and automobiles).

 

(h)
Reliance. The representations, warranties and agreements of the Buyer contained herein are true and correct as of the date
hereof and may be relied upon by the Company and the Guarantor, and the Buyer will notify the Company immediately of any adverse
change in any such representations and warranties which may occur prior to the acceptance of the subscription and will promptly
send the Company written confirmation thereof. The representations, warranties and agreements of the Buyer contained herein shall
survive the execution and delivery of this Agreement and the purchase of the Notes.

 

3.
REPRESENTATIONS AND WARRANTIES OF THE COMPANY AND THE GUARANTOR. Each of the Company and the Guarantor represents and warrants,
as applicable, to the Buyer that:

 

(a)
Organization. The Company and the Guarantor have been duly organized and are validly existing as a corporation in good
standing under the laws of the State of Delaware, with corporate power and authority to own or lease its properties and carry
on their business as presently conducted. The Company, the Guarantor and each of their subsidiaries are duly qualified to transact
business in all jurisdictions in which the conduct of their business requires such qualification, except where the failure to
be so qualified would not reasonably be expected to have a material adverse effect on the Company, the Guarantor and such subsidiaries
taken as a whole.

 

(b)
Authorization; Enforcement; Validity. The Company and the Guarantor have the requisite corporate power and authority to
enter into and perform its obligations under this Agreement, the Notes and each of the other agreements entered into by the parties
hereto in connection with the transactions contemplated by this Agreement (collectively, the “Transaction Documents”)
and to issue the Notes in accordance with the terms hereof and thereof. The execution and delivery of the Transaction Documents
by the Company and the Guarantor and the consummation by the Company and the Guarantor of the transactions contemplated hereby
and thereby, including, without limitation, the issuance of the Notes, have been duly authorized by the Company’s and the
Guarantor’s Board of Directors. This Agreement has been duly executed and delivered by the Company and the Guarantor, and
constitutes the legal, valid and binding obligation of the Company and the Guarantor, enforceable against the Company and the
Guarantor in accordance with its terms, except as such enforceability may be limited by general principles of equity or applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement
of applicable creditors’ rights and remedies.

 

    	4

     

    

 

(c)
No Conflicts. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby
will not (i) result in a violation of the organizational documents of the Company, the Guarantor or any of their subsidiaries
or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default)
under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
to which the Company, the Guarantor or any of their subsidiaries is a party, or (iii) result in a violation of any law, rule,
regulation, order, judgment or decree (including federal and state securities laws) applicable to the Company, the Guarantor or
any of their subsidiaries, except in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations
which would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of
the Company and the Guarantor to perform their obligations hereunder.

 

4.
REGISTER. The Company and the Guarantor shall maintain at its principal executive offices (or such other office or agency
of the Company as it may designate by notice to each holder of Notes), a register for the Notes in which the Company shall record
the name and address of the person in whose name the Notes have been issued (including the name and address of each transferee)
and the principal amount of Notes held by such person.

 

5.
INDEMNIFICATION. The Buyer agrees to indemnify and hold the Company, the Guarantor and their agents, representatives and
employees harmless from and against all liability, damage, loss, cost and expense (including reasonable attorneys’ fees)
which they may incur by reason of the failure of the Buyer to fulfill any of the terms or conditions of this Agreement, or by
reason of any inaccuracy or omission in the information furnished by the Buyer herein or any breach of the representations and
warranties made by the Buyer herein or in any document provided by the Buyer to the Company and the Guarantor.

 

6.
AGREEMENT TO TRANSACTION DOCUMENTS. The Buyer hereby joins in and becomes a Holder under that certain Collateral Agent Agreement
dated as of _________, 2020 between iCap Vault 1, LLC, a Delaware limited liability company and Marketplace Realty Advisors, LLC,
in the form attached hereto as Exhibit D. Buyer has received and read a copy of the Collateral Agent Agreement, understands
its provisions, and adopts and agrees to be bound by all of the provisions of the Collateral Agent Agreement.

 

7.
MISCELLANEOUS.

 

(a)
This Agreement has been duly and validly authorized, executed and delivered by the Buyer and constitutes the valid, binding and
enforceable agreement of the Buyer. If this Agreement is being completed on behalf of an entity it has been completed and executed
by an authorized party.

 

(b)
Within five (5) days after receipt of a written request from the Company, the Buyer agrees to provide such information, to execute
and deliver such documents and to take, or forbear from taking, such actions or provide such further assurances as reasonably
may be necessary to correct any errors in documentation or to comply with any and all laws to which the Company is subject.

 

(c)
The Company shall be notified immediately of any change in any of the information contained above occurring prior to the Buyer’s
purchase of the Notes or at any time thereafter for so long as the Buyer is a holder of the Notes.

 

(d)
Termination of Agreement; Return of Funds. In the event that, for any reason, this Agreement is rejected in its entirety
by the Company or the Guarantor, this Agreement shall be null and void and of no further force and effect, and no party shall
have any rights against any other party hereunder. In the event that the Company or the Guarantor rejects this Agreement, the
Company shall promptly return or cause to be returned to Subscriber any money tendered hereunder without interest or deduction.

 

    	5

     

    

 

(e)
Governing Law; Jurisdiction; Waiver of Jury Trial. All questions concerning the construction, validity, enforcement and
interpretation of this Agreement shall be governed by the laws of the State of Delaware, without regard to principles of conflicts
of laws. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in King County,
Washington, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that
it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient
forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service
of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party
at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service
of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
manner permitted by law. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY. THIS WAIVER OF RIGHTS TO A JURY TRIAL AND EXCLUSIVE FORUM
PROVISION DO NOT APPLY TO CLAIMS MADE UNDER THE FEDERAL AND STATE SECURITIES LAWS. EACH PARTY HERETO (A) CERTIFIES THAT NO AGENT,
ATTORNEY, REPRESENTATIVE OR ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT SEEK TO
ENFORCE THE FOREGOING WAIVER IN THE EVENT OF LITIGATION, AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED
TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

(f)
Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered one
and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party; provided that a facsimile signature or other electronic signature (including portable document format) shall be considered
due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original,
not a facsimile or electronic signature.

 

(g)
Headings. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation
of, this Agreement.

 

(h)
Severability. If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable
by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed
amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such
provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified
continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the
prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective
expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred
upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable
provision(s).

 

(i)
Entire Agreement; Amendments. This Agreement and the other Transaction Documents supersede all other prior oral or written
agreements between the Buyer, the Company, the Guarantor, their affiliates and persons acting on their behalf with respect to
the matters discussed herein, and this Agreement, the other Transaction Documents and the instruments referenced herein and therein
contain the entire understanding of the parties with respect to the matters covered herein and therein and, except as specifically
set forth herein or therein, neither the Company, the Guarantor nor the Buyer makes any representation, warranty, covenant or
undertaking with respect to such matters. No provision of this Agreement may be amended, modified or waived other than by an instrument
in writing signed by the Company, the Guarantor and the Buyer, and any amendment, modification or waiver to this Agreement made
in conformity with the provisions of this Section 6(e) shall be binding on such Buyer and holder of Notes as applicable. The Company
and the Guarantor have not, directly or indirectly, made any agreements with the Buyer relating to the terms or conditions of
the transactions contemplated by the Transaction Documents except as set forth in the Transaction Documents.

 

    	6

     

    

 

(j)
Notices. Any notices, consents, waivers or other communications required or permitted to be given under the terms of this
Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon
receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on
file by the sending party); or (iii) one (1) business day after deposit with an overnight courier service, in each case properly
addressed to the party to receive the same. The addresses and facsimile numbers for such communications shall be:

 

If
to the Company and the Guarantor:

 

iCap
Vault 1, LLC

3535
Factoria Blvd. SE, Suite 500

Bellevue,
WA 98006

Telephone:
(425) 278-9030

Attention:
Investor Relations Department

 

with
a copy (for informational purposes only) to:

 

Anthony
L.G., PLLC

625
N. Flagler Drive, Suite 600

West
Palm Beach, FL 33401

Telephone:
(561) 514-0936

 

If
to the Buyer, to its address and facsimile number set forth on the Buyer’s signature page, with copies to such Buyer’s
representatives as set forth on the Buyer’s signature page, or to such other address and/or facsimile number and/or to the
attention of such other person as the recipient party has specified by written notice given to each other party five (5) business
days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent,
waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine containing
the time, date, recipient facsimile number and an image of the first page of such transmission or (C) provided by an overnight
courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from an overnight courier service
in accordance with clause (i), (ii) or (iii) above, respectively.

 

(k)
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns, including any purchasers of the Notes. The Company and the Guarantor shall not assign this Agreement or
any rights or obligations hereunder without the prior written consent of the Buyer. The Buyer may not assign this Agreement or
any rights or obligations hereunder without the prior written consent of the Company and the Guarantor.

 

(l)
No Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

(m)
Survival. The representations, warranties and covenants of the Company, the Guarantor and the Buyer contained in this Agreement
shall survive.

 

(n)
Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as are reasonably necessary
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

(o)
No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to
express their mutual intent, and no rules of strict construction will be applied against any party.

 

[The
remainder of page intentionally left blank; Signature page follow]

 

    	7

     

    

 

iCap
Vault 1, LLC

Investor
Profile

(Must
be completed by the Buyer)

 

Section
A - Personal Investor Information

 

	Investor
    Name(s):	 

 

	Individual
    executing Profile or Trustee:	 

 

	Social
    Security Numbers / Federal I.D. Number:	 

 

	Date
    of Birth:	 	 	Marital
    Status:	 
	Joint
    Party Date of Birth:	 	 	Investment
    Experience (Years):	 
	Annual
    Income:	 	 	 	 

 

	Home
    Street Address:	 
	 	 
	Home
    City, State & Zip Code:	 

 

	Home
    Phone:	 	 	Home
    Fax:	 	 	Home
    Email:	 

 

	Outside
    Broker/Dealer: 	 	 

 

    	8

     

    

 

INDIVIDUALS

 

IN
WITNESS WHEREOF, the Buyer has executed this Subscription Agreement , 2020.

 

	 	 
	 	(Signature
    of the Buyer)

 

	 	PRINT
    NAME:	 

 

	 	COMPANY
    NAME (IF APPLICABLE):
	 	 	 
	 	 	 
	 	TITLE
    OF SIGNER (IF APPLICABLE):
	 	 	 
	 	 	 
	 	TAXPAYER
    IDENTIFICATION OR SOCIAL

 

	 	SECURITY
    NO.:	 

 

	 	RESIDENCE
    OR BUSINESS ADDRESS:
	 	 	 
	 	 	 
	 	Street	 

 

	 	 	 	 
	 	City	State	Zip

 

	 	MAILING
    ADDRESS (If different from business address):
	 	 	 
	 	 	 
	 	Street	 

 

	 	 	 	 
	 	City	State	Zip

 

	 	PRINCIPAL
                                         AMOUNT OF

        NOTES
        SUBSCRIBED FOR:
	 
	 	 	 
	 	PURCHASE
    PRICE OF NOTES: 	 

 

ACCEPTED
AND AGREED TO:

 

iCap
Vault 1, LLC:

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

	Date:	 	,
    2020

 

Vault
Holding 1, LLC, as guarantor:

 

	By:
    	 	 
	Name:
    	 	 
	Title:
    	 	 

 

	Date:
    	 	,
    2020 

 

    	9

     

    

 

CORPORATIONS,
PARTNERSHIPS, TRUSTS OR OTHER ENTITIES

 

IN
WITNESS WHEREOF, the Buyer has executed this Subscription Agreement________________, 2020.

 

	 	 
	 	NAME
    OF THE BUYER

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	Date:	 	,
    2020

 

	 	 	 
	 	TAXPAYER
    IDENTIFICATION OR SOCIAL

 

	 	SECURITY
    NO.:	 

 

	 	RESIDENCE
    OR BUSINESS ADDRESS:
	 	 	 
	 	 	 
	 	Street	 

 

	 	 	 	 
	 	City	State	Zip

 

	 	MAILING
    ADDRESS (If different from business address):
	 	 	 
	 	 	 
	 	Street	 

 

	 	 	 	 
	 	City	State	Zip

 

	 	PRINCIPAL
                                         AMOUNT OF

        NOTES
        SUBSCRIBED FOR:
	 
	 	 	 
	 	PURCHASE
    PRICE OF NOTES:	 

 

ACCEPTED
AND AGREED TO:

 

iCap
Vault 1, LLC:

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

	Date:	 	,
    2020

 

Vault
Holding 1, LLC, as guarantor:

 

	By:
    	 	 
	Name:
    	 	 
	Title:
    	 	 

 

	Date:
    	 	,
    2020 

 

    	10

     

    

 

EXHIBIT
A

 

Form
of Notes

 

EXHIBIT
B

 

Indenture

 

EXHIBIT
C

 

Methods
of Payment

 

How
to Make an Initial Investment

 

To
make an initial investment, after reading this entire prospectus, you must set up an account and complete the onboarding process
at the Company’s website at www.icapequity.com/vault. Please refer to the website for instructions, requirements
and guidelines with respect to online account setup and initial investments. Certain eligibility rules apply. You will be required
to read and accept the Terms of Use before submitting completing this process online.

 

Currently,
the minimum initial investment is $25; however, the Company can waive the minimum initial investment requirement on a case to
case basis in its sole discretion. Your initial investment will be made using an ACH transfer from a U.S. bank account you have
successfully linked during the online onboarding process. You must verify your ownership of the linked U.S. bank account by completing
the bank account verification process online. Funds received as part of your initial investment cannot be redeemed until three
business days after such amounts are credited. You may not make an initial investment by wire transfer or by using cash or a check.
**Note that this is only for the initial investment and account linking.

 

How
to Make Additional Investments

 

After
your initial investment in the Notes, you may make additional investments at any time, without charge to you, in any amount, by
the methods described below or by such other means as the Company from time to time determines. There is no required minimum amount
for subsequent investments. All investments must be made in U.S. dollars unless otherwise designated by the Company.

 

BY
ACH INVESTMENT. You may use the Company website or call us at (425) 453-7497 at any time to withdraw any amount of funds from
your linked U.S. bank account to invest in the Notes through an ACH transfer. You may also set up automatic recurring ACH investment
transactions from a linked U.S. bank account. See “—BY AUTOMATIC MONTHLY INVESTMENT” below. If you set
up automatic recurring ACH investment transactions, the Company will prepare automatic electronic transfers using the transfer
dates each month for the amount authorized and on the business day you have requested. If an automatic transfer day falls on a
day that is not a business day, the transfer will be initiated on the next business day; provided, however, if an ACH automatic
investment is set for the last weekend of a month, the investment will be made on the last business day of that month. Investments
made by ACH transfer are invested in your Notes and begin to accrue interest on the same day your money is credited. In the case
of a one-time transfer, the Company will prepare an electronic transfer for the amount authorized and on the business day you
have requested. One-time ACH investment requests made prior to 7:30 a.m. Pacific Time generally will be posted to the Note on
the next business day and requests made at or after 7:30 a.m. Pacific Time generally will be posted two business days following
the request. Investments made by ACH cannot be redeemed until three business days after such amounts are credited to the Notes.
You may change or terminate any automatic investments at any time. You can confirm the date your investment was made by accessing
the Company website at www.icapequity.com/vault or by calling us at (425) 453-7497. We charge no fees for the receipt of
ACH transfers; however, your commercial bank or financial institution may charge you a fee if you make an investment by ACH transfer.

 

    	11

     

    

 

BY
WIRE INVESTMENT. You may make additional investments by wire transfer. The wire transfer must include the information provided
by the Company’s designated bank and come from a bank account in your name. Wires may only be originated from a bank located
in the U.S. and must be payable in U.S. dollars. Your investment will be credited and you will begin earning interest on the same
business day the wire is received provided that the funds have been received by 1:00 p.m. Pacific Time. Funds received at or after
1:00 p.m. Pacific Time are invested and begin to accrue interest on the next business day. Investments made by wire are available
for redemption beginning the day such investments are credited to the Notes. Investments by wire transfer may incur a charge from
your bank or financial institution. See “Description of the Notes— Account Fees and Charges.” Neither the Company
nor its designated bank is responsible for delays in acting on your request for authorization to make a wire transfer or in the
transfer and wiring of funds. You can confirm the date your investment was made by accessing the Company’s website at www.icapequity.com/vault
or by calling us at (425) 453-7497. If for any reason your wire request is declined, the Company will advise you of that fact
and give you instructions for how to make the additional investment through the ACH process.

 

BY
AUTOMATIC MONTHLY INVESTMENT. You may select to make additional investments via ACH on a monthly basis in a specified amount.
Automatic monthly investments may not be made by wire transfer. If you set up automatic recurring ACH investment transactions,
the Company’s designated bank will prepare automatic electronic transfers using the transfer dates each month for the amount
authorized and on the business day you have requested. If an automatic transfer day falls on a day that is not a business day,
the transfer will be initiated on the next business day; provided, however, if an ACH automatic investment is set for the last
weekend of a month, the investment will be made on the last business day of that month. Investments made by ACH transfer are invested
in your Notes and begin to accrue interest on the same day your money is credited. Investments made by ACH cannot be redeemed
until three business days after such amounts are credited to the Notes. You may request, modify or terminate the Automatic Monthly
Investment Option through the Company’s website at www.icapequity.com/vault or by calling us at (425) 453-7497. Such
notice is effective as soon as practicable after receipt by the Company’s designated bank. You can confirm the date your
investment was made by accessing the Company’s website at www.icapequity.com/vault or by calling us at (425) 453-7497.
We charge no fees for the receipt of ACH transfers; however, your commercial bank or financial institution may charge you a fee
if you make an investment by ACH transfer.

 

BY
CASH. You may invest in Notes by delivering cash to us at our executive offices located at 3535 Factoria Blvd. SE, Suite 500,
Bellevue, WA 98006. Investments in Notes made with cash begin to accrue interest as of the date the investment is made at our
executive offices.

 

BY
CHECK. You may invest in Notes by check delivered to our executive offices located at 3535 Factoria Blvd. SE, Suite 500,
Bellevue, WA 98006. Checks must be drawn in U.S. dollars on a U.S. bank. Investments made by check begin to accrue interest on
the date funds are credited to Company’s designated bank account.

 

We
reserve the right to reject any investment application and return the funds to a potential investor for any reason, including
if any investments are not preceded or accompanied by documentation satisfactory to us to establish that the potential investor
meets any applicable eligibility criteria.

 

EXHIBIT
D

Collateral
Agent Agreement

 

    	12aehr_ex43

 

Exhibit
4.3

 

DESCRIPTION OF SECURITIES

 

The following summary of the terms of our capital stock is based
upon our Restated Articles of Incorporation (the “Articles of
Incorporation”) and our Amended and Restated Bylaws (the
“Bylaws”). The summary is not complete, and is
qualified by reference to our Articles of Incorporation and Bylaws
which are filed as exhibits to this Annual Report on Form 10-K and
are incorporated by reference herein. We encourage you to read our
Articles of Incorporation, our Bylaws and the applicable provisions
of the California Corporations Code for additional
information.

 

Authorized Shares of Capital Stock

Our authorized capital stock consists of 75 million shares of
common stock, $0.01 par value, and 10 million shares of preferred
stock, $0.01 par value.

 

Listing

Our common stock is listed and principally traded on The Nasdaq
Capital Market under the symbol “AEHR.”

 

Voting Rights

Each holder of shares of our common stock is entitled to one vote
for each share held of record by such holder on the applicable
record date on all matters submitted to a vote of
shareholders. At a shareholders' meeting at which directors
are to be elected, no shareholder shall be entitled to cumulate
votes unless the candidates' names have been placed in nomination
prior to commencement of the voting and a shareholder has given
notice prior to commencement of the voting of the shareholder's
intention to cumulate votes. If any shareholder has given such a
notice, then every shareholder entitled to vote may cumulate votes
for candidates placed in nomination and give one candidate a number
of votes equal to the number of directors to be elected multiplied
by the number of votes to which that shareholder's shares are
entitled, or distribute the shareholder's votes on the same
principle among any or all of the candidates, as the shareholder
thinks fit. The candidates receiving the highest number of votes,
up to the number of directors to be elected, shall be elected. On
all other matters submitted to the shareholders, the affirmative
vote of the majority of the voting power of the shares present in
person or represented by proxy and entitled to vote shall be the
act of the shareholders.

 

Dividend Rights

Subject to any preferential dividend rights granted to the holders
of any shares of our preferred stock that may at the time be
outstanding, holders of our common stock are entitled to receive
dividends as may be declared from time to time by our board of
directors out of funds legally available therefor.

 

Rights upon Liquidation

Subject to any preferential rights of outstanding shares of
preferred stock, holders of our common stock are entitled to share
pro rata, upon any liquidation or dissolution of Aehr, in all
remaining assets legally available for distribution to
shareholders.

 

Other Rights and Preferences

Our common stock has no sinking fund, redemption provisions, or
preemptive, conversion, or exchange rights. Special meetings of
shareholders may be called by shareholders holding shares
representing not less than 10% of the outstanding votes entitled to
vote at the meeting. Holders of our common stock may also act by
unanimous written consent.

 

Transfer Agent and Registrar

Computershare Trust Company, N.A. is the transfer agent and
registrar for our common stock.

 

Certain Anti-Takeover Effects

As a California corporation, Aehr is subject to the provisions of
Section 1203 of the California General Corporation Law, which
requires it to provide a fairness opinion to its shareholders in
connection with their consideration of any proposed
“interested party” reorganization
transaction.

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