Document:

EXHIBIT
4.4

 

iCap
Vault 1, LLC

 

Auto-Interest
Reinvestment Program

 

As
a holder of Demand Bonds, you can elect to participate in our auto-interest reinvestment program (the “Auto-Interest
Reinvestment Program”), whereby interest from the Floating Rate and Interest Rate Premiums will be credited to the Demand
Notes of the holder on a daily basis and will be reinvested (daily compounding).

 

If
you wish to participate in the Auto-Interest Reinvestment Program, please complete the Auto-Interest Reinvestment Program Authorization
(on page 2). By completing the Auto-Interest Reinvestment Program Authorization you are affirmatively agreeing to and
reconfirming the terms and conditions of the Subscription Agreement, including the form of Note which is an exhibit to
the Subscription Agreement.

 

You
may affirmatively elect to participate in or cancel your participation in the Auto-Interest Reinvestment Program by selecting
“active” or “pause” on the Auto-Interest Reinvestment Program Authorization. If you do not complete a
form you will be deemed to have selected “pause.” Currently, the Auto-Interest Reinvestment Program allows for recurring
new investments on a monthly basis.

 

Upon
affirmatively electing to participate in the Auto-Interest Reinvestment Program, you will be asked to agree to the terms and conditions
of the Subscription Agreement. Upon each “auto investment” being made, we will send a confirmatory email to you denoting
the amount invested.

 

You
can adjust the Auto-Interest Reinvestment Program at any time by completing an updated Auto-Interest Reinvestment Program Authorization
and delivering it to inquiry@icapvault.com.   Each purchase of a Demand Note in the Auto-Interest Reinvestment
Program is a considered a new investment and will be subject to the terms and conditions of the Subscription Agreement. If
you are no longer able to make the representations and warranties in the Subscription Agreement, you are not eligible to participate
in the Auto-Interest Reinvestment Program. All terms not otherwise defined herein shall have the same meaning as in the Subscription
Agreement.

 

Once
we have been declared effective by the Securities and Exchange Commission (“SEC”) for a registered offering of Demand
Notes, the only public offering by us to sell securities is found in the Company’s Form S-11 and amendments and supplements
thereto, including the prospectus which forms a part thereof (collectively, the “Registration Statement”), which can
be obtained from the SEC’s website: WWW.SEC.GOV.

 

No
decision to invest in Demand Notes should be made without reading the Registration Statement. Neither the SEC nor any state securities
regulator has passed upon or endorsed the merits of any investment decision in us. We do not give investment, legal, or tax advice.
You are urged to consult your investment, legal, and tax professional before making any investment decision.

 

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iCap
Vault 1, LLC

 

Auto-Interest
Reinvestment Program Authorization

 

	Auto-Interest
    Reinvestment Program (Select One):	 	Active
    [  ]	Pause
    [  ]
	 	 	Adjust
    [  ]	Cancel
    [  ]
	Investor(s)
    Name(s) (exactly as it appears in your Worthy account):	 	___________________________________________________
	 

        You
        are hereby electing to have interest from the Floating Rate and Interest Rate Premiums credited to the Demand Notes of
        the holder on a daily basis and will be reinvested (daily compounding) beginning the first business day after this authorization
        and continuing until you cancel this automatic investment at least 24 hours in advance.
	 	 

        [  ]

        Check
        this box to elect this option

 

I
(we) hereby represent and warrant that by executing this Auto-Interest Reinvestment Program Authorization, I (we) agree to be
bound by and reconfirm the representations and warranties and the terms and conditions of the Auto-Interest Reinvestment Agreement
and the Subscription Agreement. This authority is to remain in full force and effect until we have received notification from
me of its termination in such time as to afford us a reasonable opportunity to act on it.

 

	 	 	 
	Signature
    of Investor	 	Signature
    of Investor
	Date:
    ____________________________	 	Date:
    __________________________

 

    	2Exhibit
4.5 

 

PLEDGE
AND SECURITY AGREEMENT

 

This
Pledge and Security Agreement (this “Agreement”), dated as of September 18, 2020 (the “Effective Date”),
is entered into by and between iCap Vault 1, LLC, a Delaware limited liability company (“Pledgor”) and Marketplace
Realty Advisors, LLC, a Washington limited liability company, in its capacity as collateral agent and pledgee hereunder (in such
capacity “Agent”) for the benefit of holders of promissory notes issued by Pledgor pursuant to an offering (the “Offering”)
of up to $500,000,000 of Variable Denomination Floating Rate Demand Notes of Pledgor (the “Notes”), pursuant to an
Indenture dated September 18, 2020 (“Indenture”) commencing on or about the date the Securities and Exchange
Commission declares the registration statement on Form S-11 of the Pledgor and the Holder, as amended (File No. 333-236458), effective
(the “Holders”). Each of Pledgor and Agent may be referred to herein as a “Party” and collectively
as the “Parties.” Defined terms used herein without definition shall have the meaning given to them in the Indenture.

 

WHEREAS,
the Pledgor is the sole member of Vault Holding 1, LLC, a Delaware limited liability company (“Holding”), and holds
all of the membership interests of Holding (the “Pledged Interests”), and Holding is or shall be the sole member or
shareholder of certain subsidiaries of Holding which shall hold real estate investment properties (the “Portfolio SPEs”),
which will be acquired with the proceeds of the Notes; and

 

WHEREAS,
pursuant to the Offering and the purchase of a Note thereunder, each Holder has joined the Collateral Agent Agreement dated as
of the Effective Date by and between the Pledgor and the Agent (the “Collateral Agent Agreement”) and therein has
agreed to appoint Agent as his/her/its representative with regard to the his/her/its respective rights under the this Agreement
and the Collateral Agent Agreement; and

 

WHEREAS,
the Pledgor has agreed to execute and deliver this Agreement pursuant to the terms of the Notes;

 

NOW,
THEREFORE, in consideration of the covenants, promises and representations set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the Parties agree as follows:

 

	1.	PLEDGE.
     To secure the prompt payment and full and faithful performance of the obligations of Pledgor to the Holders pursuant
    to the Notes, whether direct, contingent, fixed or otherwise, now or hereafter from time to time arising pursuant to the Notes
    (collectively, the “Indebtedness”), the Pledgor hereby grants a security interest in and to, does hereby pledge
    and assign to, Agent, for the benefit of the Holders, under Articles 8 and 9 of the UCC (as defined below), all its right,
    title, share and interest in, to and in respect of (i) the Pledged Interests; (ii) together with only so much of any distribution,
    whether of cash or in kind, in connection with, relating to or in respect of the applicable Pledged Interests, whether any
    such distribution or payment is a distribution, is in partial or complete liquidation, or is the result of reclassification,
    readjustment or other changes in the capital structure of the entity issuing the same, or otherwise, and any and all subscriptions,
    warrants, options and other rights issued upon and/or in connection therewith; (iii) any and all substitutions, renewals,
    improvements and replacements of the Pledged Interests and additions thereto; and (iv) all proceeds arising from any of the
    foregoing. All of the foregoing items are referred to herein individually and/or collectively as the “Collateral.”
    Capitalized terms not otherwise defined herein or in the Notes shall have the meaning given them in the UCC. For purposes
    of this Agreement, “UCC” means the Uniform Commercial Code as the same may, from time to time, be in effect in
    the State of Delaware; provided, however, in the event that, by reason of mandatory provisions of law, any or all of the attachment,
    perfection or priority of Agent’s security interest in the Pledged Interests is governed by the Uniform Commercial Code
    as in effect in a jurisdiction other than the State of Delaware, the term “UCC” shall mean the Uniform Commercial
    Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such attachment, perfection
    or priority and for purposes of definitions related to such provisions.

 

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	2.	VOTING
    AND TRADING RIGHTS. If no Event of Default has occurred and is continuing, the Pledgor may exercise any voting rights that
    the Pledgor may have as to the Pledged Interests. If an Event of Default has occurred and is continuing, Pledgor shall take
    such actions with respect to the Pledged Interests as directed by the Agent, as the Agent is directed by the Indenture Trustee
     pursuant to the Collateral Agent Agreement and the Indenture, and thereafter Holders may exercise all voting rights
    as to any of the Pledged Interests and Pledgor shall deliver to the Agent all notices, proxies and other information relating
    to the exercise of such rights received by Pledgor promptly upon receipt and, at the request of the Agent, shall execute and
    deliver to the Agent any proxies or other instruments which are, in the judgment of the Agent, necessary for Holders to exercise
    such voting rights, and the Indenture Trustee  may direct the Agent to exercise the rights and pursue the remedies provided
    under Articles 8 and 9 of the Uniform Commercial Code.
	 	 
	3.	DUTY
    OF AGENT. Agent, on behalf of the Holders, shall have no liability or duty, either before or after the occurrence of an Event
    of Default, to collect or enforce any of its rights against, the Pledged Interests. If the Agent or the Holders actually receive
    any notices requiring action with respect to Pledged Interests in Holders’ possession, Agent, on behalf of the Holders,
    shall take reasonable steps to forward such notices to Pledgor. Except as provided herein, Pledgor is responsible for responding
    to notices concerning the Pledged Interests, voting the Pledged Interests, and exercising any rights and options, calls or
    conversions in respect of the Pledged Interests. 
	 	 
	4.	REPRESENTATIONS
    AND WARRANTIES. The Pledgor represents and warrants to Agent on behalf of the Holders that:

 

	 	(a)	The
    Pledged Interests constitute all of Pledgor’s ownership interest in Holding.
	 	 	 
	 	(b)	The
    Pledgor is a limited liability company duly organized, validly existing, and in good standing under the laws of the State
    of Delaware and has the limited liability company power and is duly authorized under all applicable laws, regulations, ordinances,
    and orders of public authorities to carry on its business in all material respects as it is now being conducted. The execution
    and delivery of this Agreement does not, and the consummation of the transactions contemplated hereby will not, violate any
    provision of the Pledgor’s organizational documents. The Pledgor has taken all action required by law, its organizational
    documents, or otherwise to authorize the execution and delivery of this Agreement.
	 	 	 
	 	(c)	The
    execution of this Agreement and the consummation of the transactions contemplated by this Agreement will not result in the
    breach of any term or provision of, constitute a default under, or terminate, accelerate or modify the terms of, any indenture,
    mortgage, deed of trust, or other material agreement or instrument to which the Pledgor is a party or to which any of its
    assets, properties or operations are subject. 

 

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	 	(d)	This
    Agreement and all agreements and other documents executed by the Pledgor in connection herewith constitute the valid and binding
    obligation of the Pledgor, enforceable in accordance with its or their terms, except as may be limited by bankruptcy, insolvency,
    moratorium or other similar laws affecting the enforcement of creditors’ rights generally and subject to the qualification
    that the availability of equitable remedies is subject to the discretion of the court before which any proceeding therefore
    may be brought.
	 	 	 
	 	(e)	No
    consent, approval or authorization of any third party or any governmental body or officer is required for the valid and lawful
    execution and delivery of this Agreement, the pledge of a security interest in the Pledged Interests in favor of Agent or
    the valid and lawful exercise by Agent of remedies available to them under this Agreement or applicable law or of the voting
    and other rights granted to it in this Agreement, except as may be required for the offer or sale of securities under applicable
    securities laws.
	 	 	 
	 	(f)	The
    Pledgor is the sole owner of the Pledged Interests, has the right to grant the security interest provided for herein to Agent
    and, to the knowledge of the Pledgor, has granted to Agent a valid and perfected first priority security interest in the Pledged
    Interests, free of all liens, encumbrances, transfer restrictions and adverse claims.

 

	5.	COVENANTS.
    The Pledgor covenants and agrees that so long as this Agreement shall be in effect:

 

	 	(a)	Pledgor,
    Holding, and the Portfolio SPEs may make distributions to their respective members as they determine, provided such distributions
    are made in accordance with the provisions of the operating agreements of such entities.
	 	 	 
	 	(b)	The
    Pledgor shall defend the Pledgor’s title to the Pledged Interests and the security interest of Agent against the claims
    of any person claiming rights in the Pledged Interests.
	 	 	 
	 	(c)	Without
    the prior written consent of a Majority-in-Interest of the Noteholders delivered to the Agent pursuant to the Collateral Agent
    Agreement, the Pledgor shall not sell, gift, pledge, exchange or otherwise transfer the Pledged Interests. In the event of
    any such sale, exchange or transfer consented to by a Majority-in-Interest of the Noteholders, the Pledgor shall upon receipt
    of the proceeds of such sale, exchange or transfer to pay any such distribution with respect to the Pledged Interests to the
    Agent for further distribution to the Holders for application to the Indebtedness. Pledgor may, without the consent of the
    Noteholders, subordinate the Pledged Interests to the rights of an institution or provider of a credit facility, surety bond,
    insurance, or other obligation of Pledgor that is not inconsistent with the Offering and the business plans of the Pledgor.
    
	 	 	 
	 	(d)	The
    Pledgor will pay and discharge when due all of its material obligations and liabilities (including, without limitation, tax
    liabilities) which if unpaid when due might by law give rise to a lien on the Pledged Interests, except where the same may
    be contested in good faith by appropriate proceedings.
	 	 	 
	 	(e)	At
    the Pledgor’s expense, do such further facts and execute and deliver such additional conveyances, certificates, instruments,
    legal opinions and other assurances as a Majority-in-Interest of the Noteholders may direct the Agent to reasonable request
    to protect, assure or enforce their interests, rights and remedies under this Agreement.

 

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	6.	INDEMNIFICATION.
    Each Party shall jointly and severally indemnify and hold harmless the other Parties and such other Parties’ agents,
    beneficiaries, affiliates, representatives and their respective successors and assigns (collectively, the “Indemnified
    Persons”) from and against any and all damages, losses, liabilities, taxes and costs and expenses (including, without
    limitation, attorneys’ fees and costs) resulting directly or indirectly from (a) any inaccuracy, misrepresentation,
    breach of warranty or nonfulfillment of any of the representations and warranties of such Party in this Agreement, or any
    actions, omissions or statements of fact inconsistent with in any material respect any such representation or warranty, (b)
    any failure by such Party to perform or comply with any agreement, covenant or obligation in this Agreement.
	 	 
	7.	EXPENSES.
    The Pledgor agrees that, following an Event of Default, the Pledgor will pay to the Agent, upon demand the amount of any reasonable
    out-of-pocket expenses, including the fees and disbursements of counsel, that Agent incurs on behalf of the Holders in connection
    with the enforcement of this Agreement, including expenses incurred to preserve the value of the Pledged Interests, the sale
    or other disposition of any of the Pledged Interests, the exercise by Agent of any of its rights, or any action to enforce
    its rights under this Agreement.
	 	 
	8.	NOTICES.
    Any notices, communications and waivers under this Agreement shall be in writing and unless otherwise specified herein, if
    to a Holder shall either be sent to the Agent pursuant to the Collateral Agent Agreement, who shall thereafter forward such
    notices to the Holder pursuant to the terms of the Collateral Agent Agreement, and if to Issuer or Pledgor shall be sent to
    the Collateral Agent, who shall thereafter forward such notices to the intended party, which may include the Indenture Trustee.
    
	 	 
	9.	This
    Agreement shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts
    made in Delaware without regard to its principles of conflicts of laws. Each of the Parties agrees to submit himself to the
    in personam jurisdiction of the state and federal courts situated within the State of Washington, King County, with
    regard to any arising out of or relating to this Agreement. 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 via registered or certified
    mail or overnight delivery (with evidence of delivery) to such Party at the address in effect for 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. The Parties
    hereby waive all rights to a trial by jury.
	 	 
	10.	Neither
    Party may transfer or assign its rights or responsibilities under this Agreement without the prior written consent of the
    other Party.
	 	 
	11.	This
    Agreement constitutes the entire understanding of the Parties with respect to the subject matter hereof. The descriptive headings
    contained in this Agreement are included for convenience of reference only and shall not affect in any way the meaning or
    interpretation of this Agreement.
	 	 
	12.	INTERPRETATION.
    The Parties agree that this Agreement shall be deemed to have been jointly and equally drafted by them, and that the provisions
    of this Agreement therefore shall not be construed against a Party or Parties on the ground that such Party or Parties drafted
    or was more responsible for the drafting of any such provision(s). The Parties further agree that they have each carefully
    read the terms and conditions of this Agreement, that they know and understand the contents and effect of this Agreement and
    that the legal effect of this Agreement has been fully explained to its satisfaction by counsel of its own choosing.
	 	 
	13.	AMENDMENT.
    This Agreement may be amended at any time by the written consent of the Pledgor and the Agent without the consent of the Noteholders.
	 	 
	14.	COUNTERPARTS.
    This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which taken
    together shall be but a single instrument. The execution and delivery of a facsimile or other electronic transmission of a
    signature to this Agreement shall constitute delivery of an executed original and shall be binding upon the person whose signature
    appears on the transmitted copy.

 

[Signatures
appear on following pages]

 

    	4

    	 

    

 

IN
WITNESS WHEREOF, the Parties have duly executed this Agreement as of the Effective Date. 

 

	 	Pledgor: iCap Vault 1, LLC 	 
	 	 	 	 
	 	By:	iCap
    Vault Management, LLC	 
	 	Its:	Manager	 

 

	 	By:	  /s/
    Chris Christensen 	 
	 	Name:	Chris
    Christensen	 
	 	Title:
	CEO	 

 

	 	Agent: Marketplace Realty Advisors, LLC	 
	 	 	 	 
	 	By:	  /s/
    Ron Thomas 	 
	 	Name:	Ron
    Thomas	 
	 	Title:	General
    Manager	 

 

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