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 September 18, 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 wish 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 reserve 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’s
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.

 

(g)
Investor Advised to Seek Representation. Nothing in this Agreement or any other materials made available to the Buyer in
connection with the purchase and sale of the Notes constitutes legal, tax or investment advice. The Buyer should consult its own
legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its purchase
of Notes.

 

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)
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.

 

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

 

(f)
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:

 

Alaska

 

The
Notes will be sold in Alaska to accredited investors only (as defined in Rule 501 of Regulation D under the Securities Act of
1933, as amended). The investor should purchase
the Notes for investment purposes only and not with a view to distribution. Alaska investors
are required to sign and complete the accredited investor certification attached as Exhibit D hereto.

 

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).

 

Arkansas

 

Buyers
that are residents of Arkansas must 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).

 

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.

 

Kentucky

 

Buyers
that are residents of Kentucky must have either (i) annual gross income of at least $70,000 and a liquid net worth of at least
$70,000 or (ii) a liquid net worth of $250,000. Liquid net worth is defined as that portion of net worth consisting of cash, cash
equivalents and readily marketable securities. Additionally, a Kentucky investor’s total investment in us shall not exceed
10% of his or her liquid net worth.

 

Nebraska

 

Buyers
that are residents of Nebraska must have either (i) gross income of at least $150,000 (or $200,000 when combined with spouse)
in the prior year and a reasonable expectation that the investor will have such income in the current year; or (ii) a net worth
(exclusive of home, furnishings and automobiles) of $350,000 (or $400,000 when combined with spouse). Additionally, Nebraska investors
must limit their aggregate investment in this offering and in the securities of other non-publicly traded programs to 10% of such
investor’s net worth (exclusive of home, furnishings and automobiles). Investors who are accredited investors as defined
in Regulation D under the Securities Act of 1933, as amended, are not subject to the foregoing investment concentration limit.

 

New
Jersey

 

The
Notes will be sold in New Jersey to accredited investors only (as defined in Rule 501 of Regulation D under the Securities Act
of 1933, as amended). The investor should purchase
the Notes for investment purposes only and not with a view to distribution. New Jersey
investors are required to sign and complete the accredited investor certification attached as Exhibit D hereto.

 

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.

 

    	3

    	 

    

 

North
Carolina

 

Buyers
that are residents of North Carolina must have either (i) a minimum annual gross income of $70,000 and a minimum net worth of
$70,000 (exclusive of home, home furnishings and automobiles) or (ii) a minimum net worth of $250,000 (exclusive of home, home
furnishings and automobiles).

 

North
Dakota

 

Buyers
that are residents of North Dakota must have either (i) a minimum annual gross income of $70,000 and a minimum net worth of $70,000
(exclusive of home, home furnishings and automobiles) or (ii) a minimum net worth of $250,000 (exclusive of home, home furnishings
and automobiles). Additionally, investors in North Dakota must represent that they have a net worth of at least ten times their
investment in us.

 

Oregon

 

The
Notes will be sold in Oregon to accredited investors only (as defined in Rule 501 of Regulation D under the Securities Act of
1933, as amended or Oregon Administrative Rule
441-035-0010). The investor should purchase the Notes for investment purposes only and not with a view to distribution. Oregon
investors are required to sign and complete the accredited investor certification attached as Exhibit D hereto.

 

Pennsylvania

 

The
Notes will be sold in Pennsylvania to accredited investors only (as defined in Rule 501 of Regulation D under the Securities Act
of 1933, as amended). The investor should purchase
the Notes for investment purposes only and not with a view to distribution. Pennsylvania
investors are required to sign and complete the accredited investor certification attached as Exhibit D hereto.

 

Any
or all of the quantitative standards listed in the suitability standards above may be more restrictive pursuant to Regulation
Best Interest.

 

(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 limited liability company
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 its 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 and the Guarantor.
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 September 18, 2020 between iCap Vault 1, LLC, a Delaware limited liability company and Marketplace Realty Advisors,
LLC, in the form attached hereto as Exhibit E.

 

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 7(i) 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.

 

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(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); (iii) one (1) business day after deposit with an overnight courier service, in each case properly
addressed to the party to receive the same; or (iv) 48-hours after being sent by electronic means to the email address provided
by Buyer, if to Buyer, or to the email address set forth below, if to the Company or the Guarantor. 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

Email:
investor@icapequity.com

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

Email:
lanthony@anthonypllc.com

 

(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 follows]

 

    	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 ____________, 202__.

 

	(Signature
    of the Buyer)	 

 

	 	PRINT
    NAME:	 

 

	RESIDENCE ADDRESS:	 
	 	 
	 	Street

 

	 	 	 	 	 	 
	 	City	 	State	 	Zip

 

	 	MAILING
    ADDRESS (If different from residence):
	 	 	 
	 	 
	 	Street	 

 

	 	 	 	 	 	 
	 	City	 	State	 	Zip

 

	 	PRINCIPAL
                                         AMOUNT OF

        NOTES
        SUBSCRIBED FOR:
	 

 

ACCEPTED
AND AGREED TO:

 

iCap
Vault 1, LLC:

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

	Date:	 	,
    202___

 

Vault
Holding 1, LLC, as guarantor:

 

	By:
    	 	 
	Name:
    	 	 
	Title:
    	 	 

 

	Date:
    	 	,
    202___

 

    	9

    	 

    

 

CORPORATIONS,
PARTNERSHIPS, TRUSTS OR OTHER ENTITIES

 

IN
WITNESS WHEREOF, the Buyer has executed this Subscription Agreement as of ________________, 202___.

 

	 	 
	 	NAME
    OF THE BUYER ENTITY

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	 	 
	 	TAXPAYER
    IDENTIFICATION OR SOCIAL SECURITY NUMBER

 

	BUSINESS
    ADDRESS:	 
	 	 	 
	 	 	 
	 	Street	 

 

	 	 	 	 	 	 
	 	City	 	State	 	Zip

 

	 	MAILING
    ADDRESS (If different from business address):
	 	 	 
	 	 	 
	 	Street	 

 

	 	 	 	 	 	 
	 	City	 	State	 	Zip

 

	 	PRINCIPAL
                                         AMOUNT OF

        NOTES
        SUBSCRIBED FOR:
	 

 

ACCEPTED
AND AGREED TO:

 

iCap
Vault 1, LLC:

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

	Date:	 	,
    202___

 

Vault
Holding 1, LLC, as guarantor:

 

	By:
    	 	 
	Name:
    	 	 
	Title:
    	 	 

 

	Date:
    	 	,
    202__

 

    	10

    	 

    

 

EXHIBIT
A

 

Form
of Notes

 

EXHIBIT
B

 

Indenture

 

EXHIBIT
C

 

Methods
of Payment

 

How
to Make an Initial Investment

 

Prior
to making an initial investment, you should read the prospectus which forms a part of the Company’s registration statement
on Form S-11, as amended (File Nos. 333-236458 and 333-236458-01), pursuant to which the Notes are being offered. To make an initial
investment, 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) 278-9030 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) 278-9030. 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 “Market for Registrant’s Common Equity, Related Stockholder Matters and
Issuer Purchases of Equity Securities — Description of the Registered 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) 278-9030. 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) 278-9030. 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) 278-9030.
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.

 

    	12

    	 

    

 

EXHIBIT
D

ACCREDITED
INVESTOR CERTIFICATION

 

ALASKA,
NEW JERSEY, OREGON AND PENNSYLVANIA RESIDENTS ONLY

 

The
undersigned has read the definition of “Accredited Investor” from Rule 501 of Regulation D of the Securities Act of
1933, as amended (the “Securities Act”) attached hereto, and certifies that:

 

	 	A.	[  ]	The
    undersigned is an “Accredited Investor” for one or more of the following reasons:

 

[  ]
(a) The undersigned is an individual (not a partnership, corporation, etc.) with a net worth, either alone or with his or her
spouse or spousal equivalent, of more than $1,000,000 (excluding the value of the primary residence of such individual and any
debt secured by the primary residence other than (1) debt secured by the primary residence that exceeds the fair market value
of the primary residence, or (2) debt secured by the primary residence that such individual have borrowed within the past 60 days
not for the purpose of purchasing the primary residence).

 

[  ]
(b) The undersigned is an individual (not a partnership, corporation, etc.) who had an income in excess of $200,000 in each of
the two most recent years, or joint income with his or her spouse or spousal equivalent in excess of $300,000 in each of those
years (in each case including foreign income, tax exempt income and full amount of capital gains and losses but excluding any
income of other family members and any unrealized capital appreciation) and has a reasonable expectation of reaching the same
income level in the current year;

 

[  ]
(c) The undersigned is a director or officer of the Company;

 

[  ]
(d) The undersigned is a corporation, partnership, limited liability company, Massachusetts business trust, or non-profit organization
within the meaning of Section 501(c)(3) of the Internal Revenue Code, in each case not formed for the specific purpose of making
investments and with total assets in excess of $5,000,000;

 

[  ]
(e) The undersigned is a trust with total assets in excess of $5,000,000, not formed for the specific purpose of making investments,
whose purchase would be directed by a “sophisticated person” as described in Rule 506(b)(2)(ii);

 

[  ]
(f) The undersigned is a revocable trust which may be amended or revoked by the grantors, and all of the grantors satisfy the
conditions of clauses (a), (b) or (c) above and have completed copies of this Investor Questionnaire, which copies are delivered
to the Company herewith;

 

[  ]
(g) The undersigned is an entity all the equity owners of which are “accredited investors” within one or more of the
above categories. If relying upon this category alone, each equity owner must complete a separate copy of this Investor Questionnaire;

 

	 	B.	[  ]	The
    undersigned is not an “Accredited Investor”.
	 	 	 	 
	 	C.	[  ]	The
    undersigned is acquiring the subscribed securities solely for undersigned’s own account for investment purposes only
    and not with a view to or intent of resale or distribution thereof, in whole or in part, in violation of the Securities Act.

 

*Note:
Investors that are residents of the State of Alaska, New Jersey, Oregon, or Pennsylvania must answer in the affirmative to both
A. (and its applicable subpart) and C. above in order to invest in the Company.

 

By
signing below, I hereby acknowledge that the representations set forth in this Investor Questionnaire are accurate and complete
in all respects, and I hereby undertake to immediately notify you in writing regarding any material change in the information
set forth herein. I understand that you will rely on the accuracy and completeness of these representations for the purpose of
determining my suitability as a prospective investor under applicable securities laws, and that a false representation may constitute
a violation of law and that any person who suffers damage as a result of a false representation may have a claim against me for
damages.

 

Dated:
_________________________

 

Signature:
_______________________

 

Print
Name/Title (if applicable): _________________

 

    	13

    	 

    

 

Rule
501. Definitions and Terms Used in Regulation D.

 

As
used in Regulation D, the following terms have the meaning indicated:

 

(a)
Accredited investor. Accredited investor shall mean any person who comes within any of the following categories, or who the issuer
reasonably believes comes within any of the following categories, at the time of the sale of the securities to that person:

 

(1)
Any bank as defined in section 3(a)(2) of the Act, or any savings and loan association or other institution as defined in section
3(a)(5)(A) of the Act whether acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to section
15 of the Securities Exchange Act of 1934; any investment adviser registered pursuant to section 203 of the Investment Advisers
Act of 1940 or registered pursuant to the laws of a state; any insurance company as defined in section 2(a)(13) of the Act; any
investment company registered under the Investment Company Act of 1940 or a business development company as defined in section
2(a)(48) of that act; any Small Business Investment Company licensed by the U.S. Small Business Administration under section 301(c)
or (d) of the Small Business Investment Act of 1958; any Rural Business Investment Company as defined in section 384A of the Consolidated
Farm and Rural Development Act; any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality
of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000;
any employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if the investment decision
is made by a plan fiduciary, as defined in section 3(21) of such act, which is either a bank, savings and loan association, insurance
company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed
plan, with investment decisions made solely by persons that are accredited investors;

 

(2)
Any private business development company as defined in section 202(a)(22) of the Investment Advisers Act of 1940;

 

(3)
Any organization described in section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business trust,
partnership, or limited liability company, not formed for the specific purpose of acquiring the securities offered, with total
assets in excess of $5,000,000;

 

(4)
Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive
officer, or general partner of a general partner of that issuer;

 

(5)
Any natural person whose individual net worth, or joint net worth with that person’s spouse or spousal equivalent, exceeds
$1,000,000.

 

(i)
Except as provided in paragraph (a)(5)(ii) of this section, for purposes of calculating net worth under this paragraph (a)(5):

 

(A)
The person’s primary residence shall not be included as an asset;

 

(B)
Indebtedness that is secured by the person’s primary residence, up to the estimated fair market value of the primary residence
at the time of the sale of securities, shall not be included as a liability (except that if the amount of such indebtedness outstanding
at the time of sale of securities exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition
of the primary residence, the amount of such excess shall be included as a liability); and

 

(C)
Indebtedness that is secured by the person’s primary residence in excess of the estimated fair market value of the primary
residence at the time of the sale of securities shall be included as a liability;

 

(ii)
Paragraph (a)(5)(i) of this section will not apply to any calculation of a person’s net worth made in connection with a
purchase of securities in accordance with a right to purchase such securities, provided that:

 

(A)
Such right was held by the person on July 20, 2010;

 

(B)
The person qualified as an accredited investor on the basis of net worth at the time the person acquired such right; and

 

(C)
The person held securities of the same issuer, other than such right, on July 20, 2010.

 

(6)
Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with
that person’s spouse or spousal equivalent in excess of $300,000 in each of those years and has a reasonable expectation
of reaching the same income level in the current year;

 

(7)
Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered,
whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii);

 

(8)
Any entity in which all of the equity owners are accredited investors;

 

(9)
Any entity, of a type not listed in paragraphs (a)(1), (a)(2), (a)(3), (a)(7), or (a)(8), not formed for the specific purpose
of acquiring the securities offered, owning investments in excess of $5,000,000;

 

    	14

    	 

    

 

(10)
Any natural person holding in good standing one or more professional certifications or designations or credentials from an accredited
educational institution that the Commission has designated as qualifying an individual for accredited investor status. In determining
whether to designate a professional certification or designation or credential from an accredited educational institution for
purposes of this paragraph (a)(10), the Commission will consider, among others, the following attributes:

 

(i)
the certification, designation, or credential arises out of an examination or series of examinations administered by a self-regulatory
organization or other industry body or is issued by an accredited educational institution;

 

(ii)
the examination or series of examinations is designed to reliably and validly demonstrate an individual’s comprehension
and sophistication in the areas of securities and investing;

 

(iii)
persons obtaining such certification, designation, or credential can reasonably be expected to have sufficient knowledge and experience
in financial and business matters to evaluate the merits and risks of a prospective investment; and

 

(iv)
an indication that an individual holds the certification or designation is made publicly available by the relevant self-regulatory
organization or other industry body;

 

(11)
Any natural person who is a “knowledgeable employee,” as defined in rule 3c5(a)(4) under the Investment Company Act
of 1940 (17 CFR § 270.3c-5(a)(4)), of the issuer of the securities being offered or sold where the issuer would be an investment
company, as defined in section 3 of such act, but for the exclusion provided by either section 3(c)(1) or section 3(c)(7) of such
act;

 

(12)
Any “family office,” as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940 (17 CFR § 275.202(a)(11)(G)-1):

 

(i)
with assets under management in excess of $5,000,000,

 

(ii)
that is not formed for the specific purpose of acquiring the securities offered, and

 

(iii)
whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that
such family office is capable of evaluating the merits and risks of the prospective investment; and

 

(13)
Any “family client,” as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940 (17 CFR § 275.202(a)(11)(G)-1)),
of a family office meeting the requirements in paragraph (a)(12) of this section.

 

 

[Remainder
omitted]

 

EXHIBIT
E

Collateral
Agent Agreement

 

    	15Exhibit 4.5

 

DESCRIPTION OF THE REGISTRANT’S
SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

As of March 30, 2021,
Evo Acquisition Corp. (“we,” “our,” “us” or the “Company”) had the following three
classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”):
(i) its units, consisting of one share of Class A common stock (as defined below) and one-half
of one redeemable warrant (as defined below) with each whole warrant entitling the holder thereof to purchase one share
of Class A common stock (the “units”), (ii) its Class A common stock, $0.0001 par value per share (“Class A common
stock”), and (iii) its warrants, with each whole warrant exercisable for one share of Class A common stock for $11.50 per
share (the “warrants”).

 

Pursuant to our amended
and restated certificate of incorporation, our authorized capital stock consists of 110,000,000 shares of common stock, including
100,000,000 shares of Class A common stock, $0.0001 par value and 10,000,000 shares of Class B common stock, $0.0001
par value, and 1,000,000 shares of undesignated preferred stock, $0.0001 par value. The following description summarizes the material
terms of our capital stock and does not purport to be complete. It is subject to, and qualified in its entirety by reference to,
our amended and restated certificate of incorporation, our bylaws and our warrant agreement, each of which is incorporated by reference
as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2020 (the “Report”) of which this Exhibit
4.5 is a part.

 

Defined terms used
herein but not otherwise defined shall have the meaning ascribed to such terms in the Report.

 

Units

 

Each unit consists
of one whole share of Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof
to purchase one share of our Class A common stock at a price of $11.50 per share. Pursuant to the warrant agreement, a warrantholder
may exercise its warrants only for a whole number of shares of Class A common stock

 

Class A Common Stock

 

Common stockholders
of record are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of the Class A
common stock and holders of the Class B common stock will vote together as a single class on all matters submitted to a vote
of our stockholders, except as required by law. There is no cumulative voting with respect to the election of directors, with the
result that the holders of more than 50% of the shares voted for the election of directors can elect all of the directors. Our
stockholders are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally
available therefor.

 

We will provide our
stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business
combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of
two business days prior to the consummation of our initial business combination including interest earned on the funds held in
the trust account and not previously released to us to pay our taxes, divided by the number of then outstanding public shares,
subject to the limitations described herein. Our sponsor, officers and directors have entered into a letter agreement with us,
pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and any public shares held
by them in connection with the completion of our initial business combination.

 

If we seek stockholder
approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination
pursuant to the tender offer rules, our amended and restated certificate of incorporation will provide that a public stockholder,
together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group”
(as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than
an aggregate of 15% of the shares of common stock sold in our initial public offering, which we refer to as the Excess Shares.
However, we would not be restricting our stockholders’ ability to vote all of their shares (including Excess Shares) for
or against our initial business combination. Our stockholders’ inability to redeem the Excess Shares will reduce their influence
over our ability to complete our initial business combination, and such stockholders could suffer a material loss in their investment
if they sell such Excess Shares on the open market. Additionally, such stockholders will not receive redemption distributions with
respect to the Excess Shares if we complete the initial business combination. And, as a result, such stockholders will continue
to hold that number of shares exceeding 15% and, in order to dispose such shares would be required to sell their stock in open
market transactions, potentially at a loss.

 

In the event of a liquidation,
dissolution or winding up of the company after an initial business combination, our stockholders are entitled to share ratably
in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class
of stock, if any, having preference over the common stock. Our stockholders have no preemptive or other subscription rights. There
are no sinking fund provisions applicable to the common stock, except that we will provide our stockholders with the opportunity
to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account,
upon the completion of our initial business combination, subject to the limitations described in this Report.

 

     

     

    

 

Redeemable Warrants

 

Each whole warrant entitles
the registered holder to purchase one whole share of our Class A common stock at a price of $11.50 per share, subject to adjustment
as discussed below, at any time commencing on the later of February 11, 2022 or 30 days after the completion of our initial
business combination. Pursuant to the warrant agreement, a warrantholder may exercise its warrants only for a whole number of shares
of Class A common stock.

 

The warrants will expire
five years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption
or liquidation.

 

We will not be obligated
to deliver any shares of Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle
such warrant exercise unless a registration statement under the Securities Act with respect to the shares of Class A common
stock underlying the warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations
described below with respect to registration. No warrant will be exercisable and we will not be obligated to issue shares of Class A
common stock upon exercise of a warrant unless Class A common stock issuable upon such warrant exercise has been registered,
qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants.
In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder
of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event
will we be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised
warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the share
of Class A common stock underlying such unit.

 

We have agreed that
as soon as practicable, but in no event later than 15 business days after the closing of our initial business combination, we will
use our best efforts to file with the SEC a registration statement covering the shares of Class A common stock issuable upon
exercise of the warrants, to cause such registration statement to become effective and to maintain a current prospectus relating
to those shares of Class A common stock until the warrants expire or are redeemed, as specified in the warrant agreement.
If a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants is not effective
by the 60th business day after the closing of our initial business combination, warrantholders may, until such
time as there is an effective registration statement and during any period when we will have failed to maintain an effective registration
statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or
another exemption. Notwithstanding the foregoing, if a registration statement covering the Class A common stock issuable upon
exercise of the warrants is not effective within a specified period following the consummation of our initial business combination,
warrantholders may, until such time as there is an effective registration statement and during any period when we shall have failed
to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9)
of the Securities Act of 1933, as amended, or the Securities Act, provided that such exemption is available. If that exemption,
or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis.

 

Once the warrants become
exercisable, we may call the warrants for redemption:

 

		●	in whole and not in part;

 

		●	at a price of $0.01 per warrant;

 

		●	upon not less than 30 days’ prior written
notice of redemption (the “30-day redemption period”) to each warrantholder; and

 

		●	if, and only if, the reported last sale price of the
Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three business days before
we send the notice of redemption to the warrantholders.

 

If and when the warrants
become redeemable by us, we may not exercise our redemption right if the issuance of shares of common stock upon exercise of the
warrants is not exempt from registration or qualification under applicable state blue sky laws or we are unable to effect such
registration or qualification. We will use our best efforts to register or qualify such shares of common stock under the blue sky
laws of the state of residence in those states in which the warrants were offered by us in this offering.

 

     

     

    

 

If we call the warrants
for redemption as described above, our management will have the option to require any holder that wishes to exercise its warrant
to do so on a “cashless basis.” In determining whether to require all holders to exercise their warrants on a “cashless
basis,” our management will consider, among other factors, our cash position, the number of warrants that are outstanding
and the dilutive effect on our stockholders of issuing the maximum number of shares of Class A common stock issuable upon
the exercise of our warrants. If our management takes advantage of this option, all holders of warrants would pay the exercise
price by surrendering their warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing
(x) the product of the number of shares of Class A common stock underlying the warrants, multiplied by the difference
between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market
value. The “fair market value” shall mean the average reported last sale price of the Class A common stock for
the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders
of warrants. If our management takes advantage of this option, the notice of redemption will contain the information necessary
to calculate the number of shares of Class A common stock to be received upon exercise of the warrants, including the “fair
market value” in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and
thereby lessen the dilutive effect of a warrant redemption. We believe this feature is an attractive option to us if we do not
need the cash from the exercise of the warrants after our initial business combination. If we call our warrants for redemption
and our management does not take advantage of this option, our sponsor and its permitted transferees would still be entitled to
exercise their private placement warrants for cash or on a cashless basis using the same formula described above that other warrantholders
would have been required to use had all warrantholders been required to exercise their warrants on a cashless basis, as described
in more detail below.

 

A holder of a warrant
may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise
such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates),
to the warrant agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as a holder
may specify) of the shares of Class A common stock outstanding immediately after giving effect to such exercise.

 

The warrants have certain
anti-dilution and adjustments rights upon certain events.

 

The warrants will be
issued in registered form under a warrant agreement between Continental, as warrant agent, and us. You should review a copy of
the warrant agreement, which was filed as an with the Registration Statement, for a complete description of the terms and conditions
applicable to the warrants. The warrant agreement provides that the terms of the warrants may be amended without the consent of
any holder to cure any ambiguity or correct any mistake, including to conform the provisions of the warrant agreement to the description
of the terms of the warrants and the warrant agreement set forth in this prospectus, or to correct any defective provision, but
requires the approval by the holders of at least a majority of the then outstanding public warrants to make any change that adversely
affects the interests of the registered holders of public warrants.

 

The warrants may be
exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with
the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment
of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number
of warrants being exercised. The warrantholders do not have the rights or privileges of holders of Class A common stock and
any voting rights until they exercise their warrants and receive shares of Class A common stock. After the issuance of shares
of Class A common stock upon exercise of the warrants, each holder will be entitled to one (1) vote for each share held
of record on all matters to be voted on by stockholders.

 

In addition, if (x) we
issue additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection
with the closing of our initial business combination at a Newly Issued Price of less than $9.20 per share of Class A common
stock (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case
of any such issuance to our sponsor or its affiliates, without taking into account any founder shares held by our sponsor or such
affiliates, as applicable, prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than
60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date
of the consummation of our initial business combination (net of redemptions), and (z) the Market Value is below $9.20 per
share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of the
Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described above will be adjusted (to
the nearest cent) to be equal to 180% of the greater of the Market Value and the Newly Issued Price.

 

No fractional shares
will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional
interest in a share, we will, upon exercise, round down to the nearest whole number of shares of Class A common stock to be
issued to the warrantholder.

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