Document:

EX-10.1

 Exhibit 10.1 

EXECUTIVE RECOGNITION AGREEMENT 

THIS EXECUTIVE RECOGNITION AGREEMENT (this “Agreement”) between FIRST FINANCIAL BANKSHARES, INC., a Texas corporation
(the “Company”), and                      (the “Employee”) is dated effective July 1, 2020 (the
“Effective Date”). 
 WITNESSETH: 

WHEREAS, the Company considers it essential to the best interests of its stockholders to foster the continuous employment of key executives of
the Company; and 
 WHEREAS, the Employee is a key executive of the Company; and 

WHEREAS, the parties recognize that, as is the case with many publicly-held corporations, the possibility of a “Change in Control”
(as such term is defined in Section 1 hereof) may exist and that such possibility, and the uncertainty and questions which it may raise among management, may result in the departure or distraction of a key executive at a critical time, and to
the detriment of the Company and its stockholders; and 
 WHEREAS, the Company recognizes that the Employee, as a key executive, could
suffer financial and professional detriments if a Change in Control of the Company were to occur; and 
 WHEREAS, in order to protect the
Employee in the event of a Change in Control of the Company, the Company agrees that the Employee shall receive the benefits set forth in this Agreement in the event the Employee’s employment with the Company is terminated subsequent to a
Change in Control of the Company under the circumstances described below; 
 NOW, THEREFORE, the parties hereby agree as follows: 

1.    Employment in General; Change in Control. This Agreement does not affect the Employee’s
employment arrangements with the Company except for the conditions contained herein pertaining to a Change in Control of the Company. Absent a Change in Control of the Company, the Employee’s continued employment with the Company shall at all
times be subject to the will of the Board of Directors of the Company (the “Board”). For purposes of this Agreement, a 

 
“Change in Control” of the Company shall be deemed to have occurred at the time (a) a report on Schedule 13D is filed with the Securities and Exchange Commission pursuant to
Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) disclosing that any Person (as hereinafter defined) is the beneficial owner (as such term is defined in Rule
13d-3 under the Exchange Act), directly or indirectly of securities of the Company representing more than fifty percent (50%) of the combined voting power entitled to vote generally in the election of
directors of the then outstanding securities of the Company; or (b) any Person shall purchase securities pursuant to a tender offer or exchange offer to acquire any common stock of the Company (or securities convertible into common stock) for
cash, securities or any other consideration, provided that after consummation of the offer, the person in question is the beneficial owner (as such term is defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the combined voting power entitled to vote generally in the election of directors of the then outstanding securities of the Company; or (c) the
stockholders of the Company shall approve a reorganization, merger, consolidation, recapitalization, exchange offer, purchase of assets or other transaction, in each case, with respect to which the persons who were the beneficial owners of the
Company immediately prior to such a transaction do not, immediately after consummation thereof, own more than fifty percent (50%) of the combined voting power entitled to vote generally in the election of directors of the reorganized, merged,
recapitalized or resulting company’s then outstanding securities; or (d) the stockholders of the Company shall approve a liquidation or dissolution of the Company; or (e) the Company shall sell or otherwise transfer (or one or more of
its subsidiaries shall sell or otherwise transfer), in one or more related transactions, assets aggregating fifty percent (50%) or more of the book value of the assets of the Company and its subsidiaries (taken as a whole). For purposes of this
Agreement, “Person” shall mean and include any individual, corporation, partnership, group, association or other “person”, as such term is used in Sections 13(d) and 14(d) of the Exchange Act, other than the Company, a wholly
owned subsidiary of the Company or any employee benefit plan(s) sponsored by the Company or a subsidiary of the Company. 

  
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 2.    Term of Agreement. Unless extended pursuant
to the provisions of this Section 2, the term of this Agreement shall be for the period commencing as of the Effective Date and continuing thereafter until the earliest to occur of (a) the Employee’s death, Disability (as defined in
Subsection 3(i) hereof) or Retirement (as defined in Subsection 3(ii) hereof), (b) the termination of the Employee’s employment with the Company prior to a Change in Control of the Company, or (c) June 30, 2022. The foregoing
notwithstanding, if a Change in Control of the Company shall have occurred during the term of this Agreement, this Agreement shall continue in effect for a period of two (2) years from the date of any such Change in Control of the Company; and
further, if a second Change in Control occurs within a period of two (2) years from the date of the first Change in Control, this Agreement shall continue in effect for a period of two (2) years from the date of the second Change in
Control of the Company; and if any benefit accrues and remains unpaid at the time this Agreement would otherwise have terminated, this Agreement shall remain in effect until such benefit is paid in full solely for the purpose of permitting the
Employee to enforce the full payment of such benefit. 
 3.    Termination Following Change in
Control. If a Change in Control of the Company occurs, the Employee shall be entitled to the benefits provided in Subsection 4(iii) hereof upon the subsequent termination of the Employee’s employment during the term of this Agreement,
unless such termination is (a) because of the Employee’s death, Disability or Retirement, (b) by the Company for Cause, or (c) by the Employee other than for Good Reason. The parties hereto expressly acknowledge and agree that
notwithstanding anything contained in this Agreement to the contrary, the Employee is entitled to any and all benefits due to the Employee as determined in accordance with the terms of the Company’s benefit plans (without reference to this
Agreement), including, without limitation, all qualified and nonqualified deferred compensation plans, and all medical, dental, disability, accident and insurance plans, then in effect whether the Employee is

  
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terminated by the Company for Cause or for other than Cause, by the Employee for Good Reason or for other than Good Reason, because of the Retirement, Disability or death of the Employee or for
any other reason, and the benefits provided in Subsection 4(iii) hereof shall be determined in accordance with this Agreement without any impact, impairment, reduction or other effect on the Employee’s rights or benefits under such benefit

plan(s). For purposes of this Agreement the following definitions shall apply: 
 (i) Disability.
Termination by the Company of the Employee’s employment based on “Disability” shall mean termination because of the Employee’s absence from his/her duties with the Company on a full-time basis for ninety (90) consecutive
days as a result of the Employee’s physical or mental incapacity due to injury or illness, unless within thirty (30) days after Notice of Termination (as hereinafter defined) is given to the Employee following such absence the Employee
shall have returned to the full-time performance of his/her duties. 
 (ii) Retirement. Termination by
the Employee of the Employee’s employment based on “Retirement” shall mean termination on or after the normal retirement date established under the terms of any qualified plan or plans of the Company in effect prior to a Change in
Control. 
 (iii) Cause. Termination by the Company of the Employee’s employment for
“Cause” shall mean termination upon (A) the willful and continued failure by the Employee to substantially perform his/her duties with the Company (other than any such failure resulting from the Employee’s physical or mental
incapacity due to injury or illness) after written demand for substantial performance is delivered to the Employee by the Company, which demand specifically identifies the manner in which the Employee has not substantially performed his/her duties,
or (B) the willful engaging by the Employee in conduct which is demonstrably injurious to the 

  
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Company, monetarily or otherwise. For purposes of this Subsection (iii), no act, or failure to act, on the Employee’s part shall be deemed “willful” unless done, or omitted to be
done, by the Employee in bad faith and without “reasonable belief” (as hereinafter defined) that his/her action or omission was in, or not opposed to, the best interests of the Company. The phrase “reasonable belief” shall mean
the belief that a reasonable and prudent man would have had in the same or similar circumstances as to the act or failure to act. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or based upon
the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Employee in good faith, and in the best interests of the Company. Notwithstanding the foregoing the Employee shall not be deemed to have
been terminated for Cause unless and until there shall have been delivered to the Employee a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the entire membership of the Board at a meeting of the Board called
for such purpose (after reasonable notice to the Employee and an opportunity for the Employee, together with counsel, to be heard before the Board), finding that in the good faith opinion of the Board the Employee was guilty of the conduct set forth
above in (A) or (B) of this Subsection (iii) and specifying the particulars thereof in detail. 
 (iv)
Good Reason. Termination by the Employee of his/her employment for “Good Reason” shall mean termination within a period of time not to exceed one (1) year following the initial existence of one or more of the
following conditions arising without the consent of the Employee: 
 (A) a determination by the Employee, made in good faith
and based on the Employee’s reasonable belief, that there has been a materially adverse change in his/her status or position as an executive officer of the Company as 

  
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in effect immediately prior to the Change in Control, including, without limitation, any material change in the Employee’s status or position as a result of a diminution in the
Employee’s duties or responsibilities or the assignment to the Employee of any duties or responsibilities which are inconsistent with such status or position(s), or any removal of the Employee from or any failure to reappoint or reelect the
Employee to such position(s) (except in connection with the termination of the Employee’s employment for Cause, Disability or Retirement or as a result of the Employee’s death or by the Employee other than for Good Reason). The phrase
“reasonable belief” shall mean the belief that a reasonable and prudent man would have had in the same or similar circumstances as to the change in status or position; 

(B) a material reduction by the Company in the Employee’s annual base salary in effect immediately prior to the Change in
Control; 
 (C) the relocation of the Employee’s principal office outside of the city or metropolitan area in which the
Employee is residing at the time of any Change in Control of the Company; 
 (D) a material reduction by the Company in the
budget over which the Employee retained authority immediately prior to the Change in Control; 
 (E) the failure by the
Company to provide and credit the Employee with the number of paid vacation days to which the Employee is then entitled in accordance with the Company’s normal vacation policy as in effect immediately prior to the Change in Control; 

(F) any other action or inaction by the Company following any Change in Control that constitutes a material breach by the
Company of the agreement under which the Employee provided service at the time of the Change in Control of the Company; 

  
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 (G) the failure by the Company to obtain from any Successor (as hereinafter
defined) the assent to this Agreement contemplated by Section 5 hereof; or 
 (H) any purported termination by the
Company of the Employee’s employment which is not effected pursuant to a Notice of Termination satisfying the requirements of Subsection (v) below (and, if applicable, Subsection (iii) above); and for purposes of this Agreement, no
such purported termination shall be effective. 
 Notwithstanding the above, the Employee is required to provide notice to the Company of the existence of
any condition that would allow the Employee to terminate his/her employment for Good Reason within a period not to exceed ninety (90) days of the initial existence of the condition, upon the notice of which the Company shall have a period of no
more than thirty (30) days to remedy the condition and during which period the Employee may not terminate his/her employment for Good Reason. It is the intent of the parties that this provision regarding termination by the Employee of his/her
employment for Good Reason comply with the requirements of Treasury Regulation Section 1.409A-1(n)(2) and this Agreement shall be construed accordingly. 

(v) Notice of Termination. Any purported termination of the Employee’s employment by the Company or
by the Employee following a Change in Control of the Company shall be communicated by written Notice of Termination to the other party hereto in accordance with Section 9 hereof. For purposes of this Agreement, a “Notice of
Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon and, if the termination provision is claimed to relieve the Company of its obligation to pay the benefits provided by this
Agreement, the notice shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for the denial of the payment of the benefits provided by this Agreement. 

  
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 (vi) Date of Termination. “Date of
Termination” following a Change in Control shall mean (A) if the Employee’s employment is to be terminated for Disability, thirty (30) days after Notice of Termination is given (provided that the Employee shall not have returned
to the performance of his/her duties on a full-time basis during such thirty (30) day period), (B) if the Employee’s employment is to be terminated by the Company for Cause or by the Employee for Good Reason, the date specified in the
Notice of Termination, or (C) if the Employee’s employment is to be terminated by the Company for any reason other than Cause, the date specified in the Notice of Termination, which in no event shall be a date earlier than sixty
(60) days after the date on which a Notice of Termination is given, unless an earlier date has been expressly agreed to by the Employee in writing. 

4. Compensation Upon Termination; Other Agreements. 

(i) If the Employee’s employment shall be terminated for Disability following a Change in Control of the Company, the
Company shall pay the Employee’s salary through the Date of Termination at the rate in effect just prior to the time a Notice of Termination is given plus any benefits or awards under any Plans which pursuant to the terms of any Plans have been
earned or become payable, but which have not been paid to the Employee. Thereafter, benefits shall be determined in accordance with the Plans then in effect. 

(ii) If the Employee’s employment shall be terminated for Cause following a Change in Control of the Company, the Company
shall pay the Employee’s salary through the Date of Termination at the rate in effect just prior to the time a Notice of Termination is given plus any benefits or awards (including both the cash and stock components) which pursuant to the terms
of any Plans have been earned or become payable, but which have not yet been paid to the Employee. Thereupon the Company shall have no further obligations to the Employee under this Agreement. 

  
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 (iii) Subject to Section 7 hereof, if, within twenty-four
(24) months following a Change in Control of the Company, employment by the Company shall be terminated by the Company other than for Cause, death, Disability or Retirement, or shall be terminated by the Employee for Good Reason, then the
Company shall pay or provide to the Employee, no later than the 15th day of the third month following the Employee’s Date of Termination, without regard to any contrary provisions of any
Plan, the following: 
 (A) two hundred eight percent (208%) of the Employee’s annual base salary payable by the Company
immediately preceding the Date of Termination; and 
 (B) a lump sum payment of Employee’s accrued vacation pay. 

(iv) It is the intent of the parties that this Agreement not be subject to the provisions of Section 409A of the Internal
Revenue Code of 1986, as amended from time to time (the “Code”). As such, this Agreement has been drafted to avoid the requirements imposed by Section 409A of the Code. Provided however, in the event this Agreement or any distribution
under this Agreement is later determined to be subject to the provisions of Section 409A of the Code, then if an employee is a Key Employee, pursuant to Section 409A (a)(2)(B)(i) of the Internal Revenue Code of 1986, as amended from time
to time (the “Code”), such distributions to such Key Employee upon termination of employment shall not commence earlier than six (6) months following the Date of Termination. A “Key Employee” is defined in
Section 416(i) of the Code and includes officers of a publicly traded company who have annual compensation greater than $185,000 (as adjusted following 2020 from year to year for inflation by the Secretary of the Treasury), five percent owners
of a 

  
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publicly traded company, and one percent owners who have annual compensation from a publicly traded company greater than $150,000. The Company makes no representation that any or all of the
payments or benefits described in this Agreement will be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to any such payment or benefit. The Employee shall be
solely responsible for the payment of any taxes and penalties incurred under Section 409A of the Code. 
 (v) The amount
of any payment provided for in this Section 4 shall not be reduced, offset or subject to recovery by the Company by reason of any compensation earned by the Employee as the result of employment by another employer after the Date of Termination,
or otherwise. 
 5.    Successors; Binding Agreement. 

(i) The Company will seek, by written request at least five (5) business days prior to the time a Person becomes a
Successor (as hereinafter defined), to have such Person assent to the fulfillment of the Company’s obligations under this Agreement. Failure of such Person to furnish such assent prior to the time such Person becomes a Successor shall
constitute a condition for termination by the Employee of his/her employment for Good Reason under the provisions of Section 3(iv) of this Agreement, if a Change in Control of the Company occurs or has occurred. For purposes of this Agreement,
“Successor” shall mean any Person that succeeds to, or has the practical ability to control (either immediately or with the passage of time), the Company’s business directly, by merger, consolidation or purchase of assets, or
indirectly, by purchase of the Company’s voting securities or otherwise. 
 (ii) This Agreement shall inure to the
benefit of and be enforceable by the Employee’s personal or legal representatives, executors, administrators, heirs, distributees, and legatees. If the Employee should die while any amount would still

  
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be payable to him/her hereunder if the Employee had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the
Employee’s legatee or other designee or, if there is no such designee, to the Employee’s estate. 
 (iii) For
purposes of this Agreement, the “Company” shall include any corporation or other entity which is the surviving or continuing entity in respect of any merger, consolidation or form of business combination in which the Company ceases to
exist. 
 6.    Fees and Expenses. The Company shall reimburse the Employee for all reasonable
legal fees and related expenses, if any, incurred by the Employee in the successful enforcement of any right or benefit provided by this Agreement. 

7.    Taxes. 

(i) All payments to be made to the Employee under this Agreement will be subject to required withholding of federal, state and local income and
employment taxes. 
 (ii) 

(A) Notwithstanding any other provision of this Agreement or any other plan, arrangement or agreement to the contrary, if any
of the payments or benefits provided or to be provided by the Company or a corporation which is a member of an “affiliated group” (as defined in Section 1504(a) of the Code without regard to Section 1504(b) of the Code) of which
the Company is a member, to the Employee or for the Employee’s benefit pursuant to the terms of this Agreement or otherwise (the “Covered Payments”) would constitute a “parachute payment” (as defined in
Section 280G(b)(2) of the Code), and would, but for this Section 7(ii) be subject to excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law

  
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or any interest or penalties with respect to such taxes (collectively, the “Excise Tax”), then prior to making the Covered Payments, a calculation shall be made comparing (i) the
Net Benefit (as defined below) to the Employee of the Covered Payments after payment of the Excise Tax to (ii) the Net Benefit to the Employee if the Covered Payments are limited to the extent necessary to avoid being subject to the Excise Tax.
Only if the amount calculated under (i) above is less than the amount under (ii) above will the Covered Payments be reduced to the minimum extent necessary to ensure that no portion of the Covered Payments is subject to the Excise Tax
(that amount, the “Reduced Amount”). “Net Benefit” shall mean the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes. 

(B) The Covered Payments shall be reduced in a manner that maximizes the Employee’s economic position. In applying this
principle, the reduction shall be made in a manner consistent with the requirements of Section 409A of the Code, and where two economically equivalent amounts are subject to reduction but payable at different times, such amounts shall be
reduced on a pro rata basis but not below zero. 
 (C) Any determination required under this Section 7(ii) shall be made
in writing in good faith by an independent accounting firm selected by the Company that is reasonably acceptable to the Employee (the “Accountants”), which shall provide detailed supporting calculations to the Company and the Employee as
requested by the Company or the Employee. The Company and the Employee shall provide the Accountants with such information and documents as the Accountants may reasonably request in order to make a determination under this Section 7(ii). For
purposes of making the calculations and determinations required by this Section 7(ii), the Accountants may rely on 

  
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reasonable, good faith assumptions and approximations concerning the application of Section 280G and Section 4999 of the Code. The Accountants’ determinations shall be final and
binding on the Company and the Employee. The Company shall be responsible for all fees and expenses incurred by the Accountants in connection with the calculations required by this Section 7(ii). 

8.    Survival. The respective obligations of, and benefits afforded to, the Company and the Employee
as provided in Sections 4, 5, 6, 7, 11 and 15 of this Agreement shall survive termination of this Agreement. 

9.    Notice. For purposes of this Agreement, notices and all other communications provided for in
the Agreement shall be in writing and shall be deemed to have been duly given when delivered or when mailed by United States registered mail, return receipt requested, postage prepaid to the address set forth below: 

 

			
	 Employee Address:
	  	                                     
   
		  	                                     
   
		
	 Company Address:
	  	400 Pine Street
	 	  	Abilene, Texas 79601

 provided that all notices to the Company shall be directed to the attention of an executive officer of the Company other than
Employee, with a copy to the Secretary of the Company, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt. 

10. Employment with Subsidiaries. Employment with the Company for purposes of this Agreement includes employment with any
corporation in which the Company has a direct or indirect ownership interest of fifty percent (50%) or more of the total combined voting power of all classes of stock in such corporation. 

  
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 11. Confidential Information. The Employee shall hold in a fiduciary
capacity for the benefit of the Company all secret or confidential information, knowledge or data relating to the Company or any of its affiliated companies, and their respective businesses, which shall have been obtained by the Employee during the
Employee’s employment by the Company or any of its affiliated companies and which shall not be or become public knowledge (other than by acts by the Employee or his/her representatives in violation of this Agreement). After termination of the
Employee’s employment with the Company, the Employee shall not, without the prior written consent of the Company, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it. In no
event shall an asserted violation of the provisions of this Section 11 constitute a basis for deferring or withholding any amounts otherwise payable to the Employee under this Agreement. 

12. Miscellaneous; Governing Law. No provision of this Agreement may be amended, waived or discharged following a Change
in Control of the Company unless such amendment, waiver or discharge is agreed to in writing and signed by all of the parties affected thereby. No waiver by either party at any time of any breach by the other party hereto of, or compliance with, any
condition or provision of this Agreement to be performed by such other party shall be deemed to be a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or
otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement. The validity, interpretation, construction and performance of this Agreement shall be
governed by the laws of the State of Texas. 
 13. Severability. The invalidity or unenforceability of any provision of
this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 

14. Headings. The headings of Sections of this Agreement are included solely for convenience of reference and shall not
control the meaning or interpretation of any of the provisions of this Agreement. 

  
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 15. Arbitration. Any dispute or controversy arising under or in
connection with this Agreement shall be settled by arbitration, conducted by a panel of three arbitrators in a location selected by the Employee within fifty (50) miles from the location of his/her job with the Company, in accordance with the
rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrators’ award in any court having jurisdiction; provided, however, that the Employee shall be entitled to seek specific performance of his/her
right to be paid until the Date of Termination during the pendency of any dispute or controversy arising under or in connection with this Agreement. 

16. Counterparts and Signatures. This Agreement may be executed in several counterparts, each of which shall be deemed to
be an original but all of which together will constitute one and the same instrument. Signatures delivered by facsimile or other electronic means shall be treated as originals. 

IN WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as of the date first written above. 

 

			
	FIRST FINANCIAL BANKSHARES, INC.
		
	By:	 	  

	Name:	 	F. Scott Dueser
	Title:	 	CEO
	 	 	“Company”

  
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 ACCEPTED AND AGREED TO 

THIS      DAY OF 

                , 2020. 

 

			
	By:	 	  

	Name:	 	                                     
                   
		 	“Employee”

  
 -16-EXHIBIT
10.1

 

Broker-Dealer
Agreement

 

This
Broker-Dealer Agreement (this “Agreement”) is entered into by and among iCap Vault 1, LLC, a Delaware limited
liability company (“iCap Vault 1”), Vault Holding 1, LLC, a Delaware limited liability company (“Vault Holding
1”), and Cobalt Capital, Inc., a Florida corporation (the “Broker-Dealer”), effective June 30, 2020
(the “Effective Date”), regarding the offering and sale (the “Offering”) by iCap Vault 1 of up
to $500,000,000 of Senior Secured Demand Notes (the “Notes”) issued by iCap Vault 1, as guaranteed by Vault
Holding 1, LLC (“Guarantee”; and together with Notes, collectively, referred to herein as the “Securities”)
pursuant to that certain Registration Statement on Form S-11 (the “Registration Statement”) filed by iCap Vault
1 and Vault Holding 1 (collectively, the “Issuer”) with the Securities and Exchange Commission. Capitalized terms
used herein and not otherwise defined herein shall have the same meaning as set forth in the Registration Statement, of which
the prospectus (the “Prospectus”) forms a part.

 

1.
Appointment of the Broker-Dealer.

 

1.1
On the basis of the representations, warranties, and covenants herein
contained, but subject to the terms and conditions herein set forth, the Broker-Dealer is hereby appointed serve as the broker-dealer
of record for the Issuer in the Territory as defined in Section 1.3 pursuant to: (i)  the Securities Act of 1933, as amended
(the “Securities Act”) and (ii) applicable state blue sky laws. The Broker-Dealer will perform the services listed
on Exhibit A attached hereto and made a part hereof, in connection with the Offering (the “Services”). The Broker-Dealer
agrees to provide the Services during the period commencing on the date the Registration Statement is deemed effective by the Securities
and Exchange Commission and by the applicable state regulatory agencies and continuing until the earlier of (x) the time as all
of the Securities have been sold, (y) the Registration Statement ceases to be effective with the Securities and Exchange Commission,
or (z) this Agreement has been terminated pursuant to the terms hereof (the “Offering Period”). For the avoidance of
doubt, until the date of the commencement of the Offering Period, the Issuer hereby agrees that no sales of the Securities shall
occur in the Territory.

 

1.2
Subject to the performance by the Issuer of all the obligations to be performed hereunder and to the completeness and accuracy
of all the Issuer’s representations and warranties contained herein, the Broker-Dealer hereby accepts such agency and agrees
to the terms and conditions herein set forth.

 

1.3
For purposes of this Agreement, the “Territory” is defined as the following states: Texas, Florida, Arizona, Virginia,
Utah, Maryland, Oklahoma, Nebraska, Delaware, West Virginia, and Montana.

 

2.
Representations and Warranties of the Issuer.
The Issuer hereby represents and warrants to the Broker-Dealer that:

 

2.1
The Issuer has been duly organized and is validly existing as a limited liability company in good standing under the laws of the
State of Delaware, has all requisite power and authority to enter into this Agreement, and has all requisite power and authority
to conduct its business as described in the Registration Statement and the Prospectus.

 

2.2
No defaults exist in the due performance or observance of any material obligation, term, covenant, or condition of any agreement
or instrument to which the Issuer is a party or by which it is bound.

 

    	 

    	 

    

 

2.3
Subject to Section 3.3, the Registration Statement, which the Prospectus forms a part of, does not include, nor will it include,
any untrue statement of a material fact nor does it or will it omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading.

 

2.4
No consent, approval, authorization, or other order of any governmental authority is required in connection with the execution
or delivery by the Issuer of this Agreement or the issuance and sale by the Issuer of the Securities, except such as may be required
under the Securities Act or applicable state securities laws and all regulations promulgated under any of the foregoing.

 

2.5
At the time of the issuance of the Securities, the Securities will have been duly authorized and validly issued and will conform
to the description thereof contained in the Registration Statement, which the Prospectus forms a part of.

 

2.6
The representations and warranties made in this Section 2 are made as of the date hereof and shall be continuing representations
and warranties throughout the Offering Period. In the event that any of these representations or warranties becomes untrue or
is incorrect, the Issuer will immediately notify the Broker-Dealer in writing of the fact which makes the representation or warranty
untrue or incorrect.

 

3.
Covenants of the Issuer. The Issuer agrees
that:

 

3.1
The Issuer will deliver to the Broker-Dealer such numbers of copies of the Prospectus and any amendment or supplement thereto,
with all appendices thereto, as the Broker-Dealer may reasonably request for the purposes contemplated by federal and applicable
state securities laws. The Issuer also will deliver to the Broker-Dealer such number of copies of any printed sales literature
or other materials prepared by or on behalf of the Issuer as the Broker-Dealer may reasonably request in connection with the Offering.
In the event that the Issuer provides any copies of the Prospectus to any party, the Issuer shall promptly provide to the Broker-Dealer
the number identifying the copy of the Prospectus provided to such party.

 

3.2
The Issuer will comply with all requirements imposed upon it by the rules and regulations of the Securities and Exchange Commission,
and by all applicable state securities laws and regulations, to permit the continuance of offers and sales of the Securities,
in accordance with the provisions of this Agreement and in the Prospectus, and will amend or supplement the Prospectus in order
to make the Prospectus comply with the requirements of federal and applicable state securities laws and regulations.

 

3.3
If at any time any event occurs as a result of which the Prospectus would include an untrue statement of a material fact or, in
view of the circumstances under which it was made, omit to state any material fact necessary to make the statements therein not
misleading, the Issuer will notify the Broker-Dealer thereof, effect the preparation of an amendment or supplement to the Prospectus
which will correct such statement or omission to the reasonable satisfaction of the Broker-Dealer, and deliver to the Broker-Dealer
as many copies of such amendment or supplement to the Prospectus as the Broker-Dealer may reasonably request.

 

3.4
The Issuer will apply the net proceeds from the Offering received by it in the manner set forth in the Prospectus. Furthermore,
Issuer shall not sell any Securities to investors residing in the Territory unless Cobalt receives and approves a third-party
due diligence report for the Offering. 

 

3.5
The Issuer shall not make any written or oral representations or statements to investors that contradict or are inconsistent with
the statements made in the Prospectus, as amended or supplemented.

 

    	2

    	 

    

 

3.6
The Issuer shall at all times (i) comply with all reasonable requests of the Broker-Dealer that are necessary for compliance with
all applicable federal and state securities laws and regulations; (ii) maintain its compliance with all applicable federal and
state securities laws and regulations, except to the extent where the failure to do so will not have a material adverse effect;
and (iii) pay all related fees and expenses (including any FINRA fees), in each case that are necessary or appropriate to perform
the respective obligations of the Issuer or the Broker-Dealer under this Agreement. The Issuer shall comply with and adhere to
all applicable policies and procedures of the Broker-Dealer, provided to the Issuer prior to the execution of this Agreement,
except where the failure to do so will not materially and adversely effect the Broker-Dealer or the Issuer.

 

3.7
The Issuer shall be responsible for supervising the activities and training of its respective employees, agents, and independent
contractors.

 

3.8
The Issuer agrees to promptly notify the Broker-Dealer concerning any material communications from any body or authority with
jurisdiction over the activities being undertaken pursuant to this Agreement in connection with the Offering, or the performance
of the obligations set forth herein, unless notification is expressly prohibited by such body or authority.

 

3.9
Subject to the Broker-Dealer’s actions and the actions of others in connection with the Offering, the Issuer will comply
with all requirements imposed upon it by applicable federal and state securities laws. Upon request, the Issuer will furnish to
the Broker-Dealer a copy of such papers filed by the Issuer in connection with any such registration or exemption, as applicable.

 

3.10
During the Offering Period, the Issuer will deliver to the Broker-Dealer a copy of any report, documents, materials, or information
provided to investors in the Offering by the Issuer or any other party, at the time that such reports, documents, materials, or
information are furnished to the holders of the Securities, and such other information concerning the Issuer, as may reasonably
be requested.

 

4.
Duties and Obligations of the Broker-Dealer.

 

4.1
The Broker-Dealer shall perform the Services listed on Exhibit A attached hereto. For the avoidance of doubt, in no event
shall any investor in the Offering be considered a client or customer of the Broker-Dealer. No investor shall have an account
of any type at the Broker-Dealer, nor shall any investor be solicited by the Broker-Dealer. In its role as broker of record, the
Broker-Dealer shall have no discretion as to the acceptance or rejection of any investment.

 

4.2
The Broker-Dealer shall comply with all applicable federal and state securities laws and regulations applicable to and in connection
with the Offering and Broker-Dealer’s designation as a broker of record in each of the states in the Territory.

 

4.3
The Broker-Dealer shall be responsible for supervising the activities and training of its respective employees, agents, and independent
contractors.

 

4.4
The Broker-Dealer agrees to promptly notify the Issuer concerning any material communications from any body or authority with
jurisdiction over the activities being undertaken pursuant to this Agreement in connection with the Offering, or the performance
of the obligations set forth herein, unless notification is expressly prohibited by such body or authority.

 

4.5
Broker-Dealer shall maintain all licenses necessary to perform the Services hereunder and shall timely file all filings, if applicable,
under each state in which it serves as broker-dealer of record. Issuer agrees to maintain good standing with Financial Industry
Regulatory Authority, Inc. (“FINRA”) and the Securities and Exchange Commission and to immediately notify Issuer of
any matter that may cause it to undergo disciplinary action or which would result in a default or violation of any requirement
under any regulatory body.

 

    	3

    	 

    

 

4.6
The Broker-Dealer (i) will make no representations with respect to the quality of any investment opportunity; (ii) will not act
in any discretionary manner with or towards any investor that purchases Securities; and (iii) is not acting as an investment adviser,
will not provide investment advice and will not recommend securities transactions and display any data or other information about
an investment opportunity, and will not provide a recommendation as to the appropriateness, suitability, legality, validity, or
profitability of any transaction.

 

5.
Representations and Warranties of the Broker-Dealer.
The Broker-Dealer represents and warrants that:

 

5.1
The Broker-Dealer is a duly organized Florida corporation in good standing and has all requisite power and authority to enter
into this Agreement.

 

5.2
This Agreement, when executed by the Broker-Dealer, will have been duly authorized and will be a valid and binding agreement of
the Broker-Dealer, enforceable in accordance with its terms.

 

5.3
The consummation of the transactions contemplated herein and those contemplated by the Prospectus will not result in a breach
or violation of any order, rule, or regulation directed to the Broker-Dealer by any court, FINRA, or any federal or state regulatory
body or administrative agency having jurisdiction over the Broker-Dealer or its affiliates.

 

5.4
The Broker-Dealer is, and during the term of this Agreement will be, duly registered as a broker-dealer pursuant to the provisions
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), a member in good standing with FINRA, and
a broker or dealer duly registered as a broker-dealer in each state within the Territory. The Broker-Dealer will comply with all
applicable laws, regulations, requirements, and rules of the Securities Act, the Exchange Act, applicable state law, and FINRA.
The Broker-Dealer has all required licenses and permits.

 

5.5
This Agreement, or any supplement or amendment hereto, may be filed by the Issuer with the Securities and Exchange Commission
or FINRA, if such filing should be required, and may be filed with, and may be subject to the approval of any applicable federal
and applicable state securities regulatory agencies, if required.

 

5.6
The Broker-Dealer has established and implemented anti-money-laundering compliance programs, in accordance with FINRA Rule 3310
and Section 352 of the Money Laundering Abatement Act and Section 326 of the Patriot Act of 2001.

 

5.7
The representations and warranties made in this Section 5 are and shall be continuing representations and warranties throughout
the Offering Period. In the event that any of these representations or warranties becomes untrue, the Broker-Dealer will immediately
notify the Issuer in writing of the fact which makes the representation or warranty untrue.

 

6.
Compensation. As compensation for the
Services rendered by the Broker-Dealer under this Agreement, the Broker-Dealer will be entitled to receive from the Issuer a monthly
fee equal to three thousand five hundred dollars ($3,500) during the Offering Period. Except as provided in this Agreement, all
other expenses incurred by the Broker-Dealer in the performance of the Broker-Dealer’s obligations hereunder, including,
but not limited to, expenses related to the Offering of the Securities and any attorneys’ fees, shall be at the Broker-Dealer’s
sole cost and expense, and the foregoing shall apply notwithstanding the fact that the Offering is not consummated for any reason.
The monthly fee shall commence on the commencement of the Offering Period and shall be pro-rated for the first month. All payments
shall be paid in accordance with an invoice submitted by Broker-Dealer and due by the 15th day of the following month.

 

    	4

    	 

    

 

7.
Offering. The Offering of the Securities
shall be at the offering price, which equals the 100% of the principal amount per Security, and upon the terms and conditions
set forth in the Prospectus, as the same may be amended by the Issuer subject to the terms herein, and the exhibits and appendices
thereto and any amendments or supplements thereto.

 

8.
Indemnification by the Issuer.

 

8.1
Subject to the conditions set forth below, the Issuer, with respect to the Offering, agrees to indemnify and hold harmless the
Broker-Dealer and its owners, managers, members, partners, directors, officers, employees, agents, attorneys, and accountants
(the “BD Parties”) against any and all loss, liability, claim, damage, and expense whatsoever (“Loss”)
arising out of, based upon, or relating in any manner, directly or indirectly, to the Broker-Dealer rendering the Services in
accordance with this Agreement, including any negligent act or conduct by Broker-Dealer in rendering the Services.. Additionally,
the Issuer agrees to reimburse the Broker-Dealer immediately for any and all expenses, including, without limitation, attorney
fees, incurred by the Broker-Dealer in connection with investigating, preparing to defend or defending, or otherwise being involved
in, and any lawsuits, claims, or other proceedings arising out of or in connection with or relating in any manner, directly or
indirectly, to the rendering of any Services by the Broker-Dealer in accordance with the Agreement (as defendant, nonparty, or
in any other capacity other than as a plaintiff, including, without limitation, as a party in an interpleader action); provided,
however, that in the event a determination is made by a court of competent jurisdiction that the losses, claims, damages,
or liability arose solely out of the Broker-Dealer’s breach of this Agreement, sole negligence, gross negligence,
willful misconduct, dishonesty, fraud, or any violation of any applicable law, regulation, or rule,
the Broker-Dealer will remit to the Issuer any amounts for which it had been reimbursed under this paragraph.

 

8.2
If any action is brought against any of the BD Parties in respect of which indemnity may be sought hereunder, the Broker-Dealer
shall promptly notify the Issuer in writing of the institution of such action, and the Issuer shall assume the defense of such
action; provided, however, that the failure to notify the Issuer shall not affect the provisions in this Section 8
except to the extent such failure to notify the Issuer has a material and adverse effect on the defense of such claims. The affected
BD Parties shall have the right to employ counsel in any such case. The reasonable fees and expenses of such counsel shall be
at the Issuer’s expense, provided, that the Issuer will not be obligated to pay for legal fees and expenses for more
than one law firm in connection with the defense of similar claims arising out of the same alleged acts or omissions.

 

8.3
The Issuer agrees to promptly notify the Broker-Dealer of the commencement of any litigation or proceedings against the Issuer
or any of its managers, members, partners, officers, directors, employees, agents, attorneys, accountants, and affiliates in connection
with the offering, sale, and issuance of the Securities, the Registration Statement, the Prospectus, or any other matter affecting
or related to any of the foregoing.

 

    	5

    	 

    

 

8.4
The indemnity provided to the Broker-Dealer pursuant to this Section 8 shall not apply to the extent that any Loss is caused
by:

 

8.4.1
any untrue statement, or alleged untrue statement, of material fact regarding the Broker-Dealer or any agent of the Broker-Dealer
made in reliance upon and in conformity with written information furnished to the Issuer by the Broker-Dealer or any agent of
the Broker-Dealer specifically for use in the preparation of the Registration Statement, of which the Prospectus is a part (or
any amendment or supplement thereto) or any sales literature, to the extent applicable, or any omission, or alleged omission,
of a material fact regarding the Broker-Dealer or any agent of the Broker-Dealer required to be disclosed by the Broker-Dealer
or any agent of the Broker-Dealer, of which omission or alleged omission the Broker-Dealer or its agents had actual knowledge,
or

 

8.4.2
the breach by the Broker-Dealer of its representations, warranties, or obligations in this Agreement.

 

9.
Indemnification by the Broker-Dealer.

 

9.1
Subject to the conditions set forth below, the Broker-Dealer agrees to indemnify and hold harmless the Issuer and its respective
owners, managers, members, partners, directors, officers, employees, agents, attorneys, and accountants (the “Issuer Parties”),
against any and all Loss arising out of or based upon: 

   

 9.1.1
The Broker-Dealer’s failure to comply with any of the applicable provisions of the Securities Act, the Exchange Act, the
applicable requirements and rules of FINRA, or any applicable state laws or regulations other than any failure that directly or
indirectly results from the acts or omissions of the Issuer; or 

   

 9.1.2
The breach by the Broker-Dealer of any term, condition, representation, warranty, or covenant in this Agreement. 

 

9.2
If any action is brought against any of the Issuer Parties in respect of which indemnity may be sought hereunder, the Issuer Parties,
shall promptly notify the Broker-Dealer in writing of the institution of such action, and the Broker-Dealer shall assume the defense
of such action; provided, however, that the failure to notify the Broker-Dealer shall not affect the provisions
in this Section 9 except to the extent such failure to notify the Broker-Dealer has a material and adverse effect on the
defense of such claims. The affected Issuer Parties shall have the right to employ counsel in any such case. The reasonable fees
and expenses of such counsel shall be at the Issuer’s expense.

 

9.3
The Broker-Dealer agrees to promptly notify the Issuer of the commencement of any litigation or proceedings against the Broker-Dealer
or any of its managers, members, partners, officers, directors, employees, agents, attorneys, accountants, and affiliates in connection
with the Offering.

 

9.4
The indemnity provided to the Issuer pursuant to this Section 9 shall not apply to the extent that any Loss arises out of
or is based upon:

 

9.4.1
any untrue statement or alleged untrue statement of material fact made by the Issuer or any agent of the Issuer (other than the
Broker-Dealer), or any omission or alleged omission of a material fact required to be disclosed by the Issuer or any agent of
the Issuer (other than the Broker-Dealer); or

 

9.4.2
the breach by the Issuer of its representations, warranties, or obligations in this Agreement.

 

10.
Reserved.

 

    	6

    	 

    

 

11.
Contribution. In order to provide for
just and equitable contribution in circumstances in which the indemnification provided pursuant to Sections 8 and 9 is for
any reason held to be unavailable from the Issuer, the Broker-Dealer or, as the case may be, the Issuer and the Broker-Dealer,
the parties shall contribute to the aggregate Loss (including any amount paid in settlement of any action, suit, or proceeding
or any claims asserted) in such amounts as a court of competent jurisdiction may determine (or in the case of settlement, in such
amounts as may be agreed upon by the parties) in such proportion to reflect the relative fault of the Issuer on the one hand and
the Broker-Dealer on the other hand and their respective owners, managers, members, trustees, partners, directors, officers, employees,
agents, attorneys, and accountants in connection with the events described in Sections 8 and 9, as the case may be, which
resulted in such Loss, as well as any other equitable considerations. The relative fault of the parties shall be determined by
reference to, among other things, whether any untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Issuer on the one hand and the Broker-Dealer on the other
hand and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such omission
or statement. The parties and any person who controls the Broker-Dealer shall also have rights to contribution under this Section 11.
Notwithstanding the provisions of this Section 11, the Broker-Dealer shall not be required to contribute any amount by which the
total amount of compensation paid to them pursuant to Section 6 above exceeds the amount of any damages that the Broker-Dealer
would have been required to pay by reason of any untrue or alleged untrue statement or omission or alleged omission.

 

12.
Compliance. All actions, direct or indirect,
by the Broker-Dealer and its agents, members, employees, and affiliates, shall conform to (i) requirements applicable to
broker-dealers under federal and applicable state securities laws, rules, and regulations and (ii) applicable requirements
and rules of FINRA.

 

13.
Privacy Act. To protect Customer Information
(as defined below) and to comply as may be necessary with the requirements of the Gramm-Leach-Bliley Act, the relevant state and
federal regulations pursuant thereto and state privacy laws, the parties wish to include the confidentiality and non-disclosure
obligations set forth herein.

 

13.1
“Customer Information” means any information contained on a customer’s application or other form and all nonpublic
personal information about a customer that a party receives from the other party. Customer Information shall include, but not
be limited to, name, address, telephone number, social security number, health information, and personal financial information
(which may include consumer account number).

 

13.2
The parties understand and acknowledge that they may be financial institutions subject to applicable federal and state customer
and consumer privacy laws and regulations, including Title V of the Gramm-Leach-Bliley Act (15 U.S.C. 6801, et seq.) and regulations
promulgated thereunder (collectively, the “Privacy Laws”), and any Customer Information that one party receives from
the other party is received with limitations on its use and disclosure. The parties agree that they are prohibited from using
the Customer Information received from the other party other than (i) as required by law, regulation, or rule or (ii) to
carry out the purposes for which one party discloses Customer Information to the other party pursuant to this Agreement, as permitted
under the use in the ordinary course of business exception to the Privacy Laws.

 

13.3
The parties shall establish and maintain safeguards against the unauthorized access, destruction, loss, or alteration of Customer
Information in their control which are no less rigorous than those maintained by a party for its own information of a similar
nature. In the event of any improper disclosure of any Customer Information, the party responsible for the disclosure will immediately
notify the other party.

 

13.4
The provisions of this Section 13 shall survive the termination of this Agreement.

 

14.
Representations and Agreements to Survive
Sale and Payment. Except as the context otherwise requires, all representations, warranties, and agreements contained in this
Agreement shall be deemed to be representations, warranties, and agreements through the Offering Period, and such representations,
warranties, and agreements by the Broker-Dealer or the Issuer, including the indemnity agreements contained in Sections 8
and 9 and the contribution agreements contained in Section 11 shall remain operative and in full force and effect regardless
of any investigation made by the Broker-Dealer, the Issuer, and/or any controlling person, and shall survive the sale of, and
payment for, the Securities.

 

    	7

    	 

    

 

15.
Costs of the Offering. Except for the
compensation payable to the Broker-Dealer and the allowances and reimbursements described in Section 6, which are the sole
obligations of the Issuer or its affiliates, the Broker-Dealer will pay all of its own costs and expenses, including, but not
limited to, all expenses necessary for the Broker-Dealer to remain in compliance with any applicable federal, state, or FINRA
laws, rules, or regulations in order to participate in the Offering as a broker-dealer, and the fees and costs of the Broker-Dealer’s
counsel. The Issuer agrees to pay all other expenses incident to the Offering or the performance of its or the Broker-Dealer’s
obligations hereunder, including all expenses incident to filings with federal and state regulatory authorities related to the
Offering and to the exemption of the Securities under federal and state securities laws, including fees and disbursements of the
Issuer’s counsel, all costs of reproduction and distribution of the Prospectus and any amendment or supplement thereto,
and travel expenses of the Broker-Dealer and its employees and representatives related to the Offering.

 

16.
Termination. This Agreement is terminable
by any party for any reason whatsoever or for no reason at any time upon 30 days’ written notice to the other party. Such
termination shall not affect the indemnification agreements set forth in Sections 8 and 9 or the Issuer’s obligations
to pay the compensation set forth in Section 6 and other amounts due to the Broker-Dealer or any obligations arising prior to
such termination.

 

17.
Governing Law. This Agreement shall be
governed by, subject to and construed in accordance with, the laws of the State of Delaware without regard to conflict of law
provisions.

 

18.
Venue. Any action relating to or arising
out of this Agreement shall be brought only in a court of competent jurisdiction located in King County, Washington.

 

19.
Severability. If any portion of this Agreement
shall be held invalid or inoperative, then so far as is reasonable and possible (i) the remainder of this Agreement shall
be considered valid and operative and (ii) effect shall be given to the intent manifested by the portion held invalid or
inoperative.

 

20.
Counterparts. This Agreement may be executed
in 2 or more counterparts, each of which shall be deemed to be an original, and together which shall constitute one and the same
instrument.

 

21.
Modification or Amendment. This Agreement
may not be modified or amended except by written agreement executed by the parties hereto.

 

22.
Notices. All communications hereunder,
except as herein otherwise specifically provided, shall be in writing and, (i) if sent to the Broker-Dealer, shall be mailed
or delivered to Cobalt Capital, Inc., 600 Wilkinson Street, Suite 300, Orlando, Florida 32803 Attention: Ben Schick, or (ii) if
sent to the Issuer, shall be mailed or delivered to iCap Vault 1, LLC, 3535 Factoria Blvd. SE, Suite 500, Bellevue, Washington
98006 Attention: Investor Relations Department. The notice shall be deemed to be received on the date of its actual receipt or
refusal of delivery by the party to which it is addressed.

 

23.
Parties. This Agreement shall be binding
upon and inure solely to the benefit of the parties hereto, the parties referred to in Sections 8, 9, and 11, their respective
successors, legal representatives, heirs, and assigns, and no other person shall have or be construed to have any legal or equitable
right, remedy, or claim under, in respect of, or by virtue of, this Agreement or any provision herein contained.

 

    	8

    	 

    

 

24.
Delay. Neither the failure nor any delay
on the part of any party to this Agreement to exercise any right, remedy, power, or privilege under this Agreement shall operate
as a waiver thereof, nor shall a waiver of any right, remedy, power, or privilege with respect to any occurrence be construed
as a waiver of such right, remedy, power, or privilege with respect to any subsequent occurrence.

 

25.
Recovery of Costs. If any legal action
or other proceeding is brought for the enforcement of this Agreement, or because of an alleged dispute, breach, default, or misrepresentation
in connection with any of the provisions of this Agreement, the successful or prevailing party shall be entitled to recover reasonable
attorneys’ fees and other costs incurred in that action or proceeding (and any additional proceeding for the enforcement
of a judgment) in addition to any other relief to which it or they may be entitled.

 

26.
Entire Agreement. This Agreement contains
the entire understanding between the parties hereto and supersedes any prior understandings or written or oral agreements between
them respecting the subject matter hereof.

 

27.
Confirmation. The Issuer agrees to confirm
all orders for purchase of Securities in the Territory that are accepted by the Issuer and provide such confirmation to the Broker-Dealer.
To the extent practicable and permitted by law, all such confirmations may be provided electronically.

 

28.
Due Diligence. The Issuer will deliver
such information regarding the Issuer, its business, and the Offering as the Broker-Dealer may request from time to time (the
“Due Diligence Information”), to be delivered to the Broker-Dealer (or its agents performing due diligence) in connection
with its due diligence review of the Offering. All Due Diligence Information received by the Broker-Dealer in connection with
its due diligence review of the Offering are confidential and shall be maintained as confidential and not disclosed by the Broker-Dealer
except to its employees, agents, representatives, advisors, and legal counsel, and otherwise to the extent such information is
disclosed in the Registration Statement, of which the Prospectus is a part.

 

[Signatures
on Following Page]

 

    	9

    	 

    

 

IN
WITNESS WHEREOF, this Agreement has been executed as of the Effective Date.

 

	 	ISSUER:
	 	 
	 	iCap
    Vault 1, LLC, a Delaware limited liability company
	 	 	 
	 	By:	iCap
    Vault Management, LLC, a Delaware limited liability company, its manager
	 	 	 
	 	By:	 /s/
    Chris Christensen 
	 	Name:	 Chris
    Christensen 
	 	Title:	 CEO 
	 	 	 
	   	 Vault
                                         Holding 1, LLC, a Delaware limited liability company 

	 	 	 
	   	 By: 	 iCap
    Vault Management, LLC, a Delaware limited liability company, its manager 
	 	 	 
	   	 By: 	 /s/
    Chris Christensen 
	   	 Name: 	 Chris
Christensen 
	   	 Title: 	 CEO 
	 	 	 
	 	BROKER-DEALER:
	 	 
	 	Cobalt
    Capital, Inc., a Florida corporation
	 	 	 
	 	By:	 /s/
    Benjamin Schick 
	 	Name:	 Benjamin
    Schick 
	 	Title:	 President 

 

Commission
checks to be sent to:

 

Cobalt
Inc.

600
Wilkinson Street, Suite 300

Orlando,
Florida 32803

Attn:
Ben Schick

 

    	 

    	 

    

 

EXHIBIT
A

 

Services

 

Broker-Dealer
agrees to be named as a broker-dealer of record in each state within the Territory in connection with the Offering and, in connection
therewith, shall only be required to perform such duties as are expressly required by the law and regulations of such states applicable
to broker-dealers of record.

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